Evaxion Announces Plan to Implement ADS Ratio Change
08 Janeiro 2024 - 10:30AM
Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a
clinical-stage TechBio company specializing in developing
AI-Immunology™ powered vaccines, today announced that it
plans to change the ratio of its American Depositary Shares
(“ADSs”) to its ordinary shares, DKK 1 nominal value (the “ADS
Ratio”), from the current one (1) ADS representing one (1) ordinary
share to a new ADS Ratio of one (1) ADS representing ten (10)
ordinary shares (the “ADS Ratio Change”). The ADS Ratio Change is
expected to become effective on or about January 22, 2024, U.S.
Eastern Time (the “Effective Date”).
For the Company’s ADS holders, the change in the
ADS Ratio will have the same effect as a one-for-ten reverse ADS
split and is intended to further support the liquidity in the
Company’s ADSs and to enable the Company to regain compliance with
the Nasdaq minimum bid price requirement. On the Effective Date,
registered holders of the Company’s ADSs held in certificated form
will be required on a mandatory basis to surrender their
certificated ADSs to The Bank of New York Mellon, the depositary
bank (the “Depositary”), for cancellation and will receive one (1)
new ADS in exchange for every ten (10) existing ADSs then-held.
Holders of uncertificated ADSs in the Direct Registration System
(DRS) and The Depository Trust Company (DTC) will have their ADSs
automatically exchanged and need not take any action. The exchange
of every ten (10) then-held (existing) ADSs for one (1) new ADS
will occur automatically at the Effective Date, with the then-held
ADSs being cancelled and new ADSs being issued by the depositary
bank. The Company’s ADSs will continue to be traded on The Nasdaq
Capital Market under the ticker symbol “EVAX.”
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 ADS Ratio Change, the ADS
trading price is expected to increase proportionally, although the
Company can give no assurance that the ADS trading price after the
ADS Ratio Change will be proportionally equal to or greater than
the previous ADS trading price prior to the change or that the
Ratio Change will have any effect on the liquidity in the Company’s
ADSs.
About EVAXIONEvaxion Biotech
A/S is a pioneering TechBio company based upon its AI platform,
AI-Immunology™. Evaxion’s proprietary and scalable AI prediction
models harness the power of artificial intelligence to decode the
human immune system and develop novel immunotherapies for cancer,
bacterial diseases, and viral infections. Based upon
AI-Immunology™, Evaxion has developed a clinical-stage oncology
pipeline of novel personalized vaccines and a preclinical
infectious disease pipeline in bacterial and viral diseases with
high unmet medical needs. Evaxion is committed to transforming
patients’ lives by providing innovative and targeted treatment
options. For more information about Evaxion and its groundbreaking
AI-Immunology™ platform and vaccine pipeline, please visit our
website.
Forward-Looking
Statement This announcement contains
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The
words “target,” “believe,” “expect,” “hope,” “aim,” “intend,”
“may,” “might,” “anticipate,” “contemplate,” “continue,”
“estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can
have,” “likely,” “should,” “would,” “could,” and other words and
terms of similar meaning identify forward-looking
statements. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
factors, including, but not limited to, risks related to: our
financial condition and need for additional capital; our
development work; cost and success of our product development
activities and preclinical and clinical trials; commercializing any
approved pharmaceutical product developed using our AI platform
technology, including the rate and degree of market acceptance of
our product candidates; our dependence on third parties including
for conduct of clinical testing and product manufacture; our
inability to enter into partnerships; government regulation;
protection of our intellectual property rights; employee matters
and managing growth; our ADSs and ordinary shares, the impact
of international economic, political, legal, compliance, social and
business factors, including inflation, and the effects on
our business from the worldwide ongoing COVID-19 pandemic and
the ongoing conflict in the region
surrounding Ukraine and Russia and the Middle
East; and other uncertainties affecting our business
operations and financial condition. For a further discussion
of these risks, please refer to the risk factors included in our
most recent Annual Report on Form 20-F and other
filings with the U.S. Securities and Exchange Commission
(SEC), which are available
at www.sec.gov. We do not assume any
obligation to update any forward-looking statements except as
required by law.
Contact Information
Evaxion Biotech A/S
Christian Kanstrup
Chief Executive Officer
cka@evaxion-biotech.com
Source: Evaxion Biotech
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