For the ADS holders, the change in the ADS ratio will have the same effect as a one-for-forty reverse ADS split. There will be no change to the Company’s Class A ordinary shares. The effect of the ratio change on the ADS trading price on the Nasdaq Global Market is expected to take place at the open of trading on
No fractional new ADSs will be issued in connection with the change in the ADS ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the Depositary and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary.
As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than forty times the ADS price before the change.
For investor and media inquiries, please contact:
E-mail: ir@qk365.com
Christensen
In
Mr.
Phone: +86-10-5900-1548
E-mail: rene.vanguestaine@christensencomms.com
In
Ms.
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
Source:
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