Under the current ratio, 1 ADS represents 5 Class B common shares listed on the
The number of shares owned by ADS holders will be adjusted after the closing bell on
There will be no change to the total number of the Company’s Class B common shares. The ADS holders of record on the effective date of the reverse split will not be required to take any action in connection with the ADS ratio change. The exchange of every two (2) then-held ADSs for one (1) new ADS will occur automatically with the then-held ADSs being canceled and new ADSs being issued by the depositary bank, in each case as of the effective date for the ADS ratio change. WISeKey’s ADSs will continue to trade on the NASDAQ under the symbol “WKEY”.
No fractional new ADSs will be issued in connection with the change in the ADS ratio. Instead, the fractional entitlements to new ADSs will be aggregated and sold by the depositary bank 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 bank.
As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, but the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than 2 times the ADS price before the change.
About
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the IoT, Blockchain and AI. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
Company Contact: Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com | WISeKey Investor Relations (US) Contact: Tel: +1 212 836-9611 lcati@equityny.com |
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the
Source:
2022 GlobeNewswire, Inc., source