HANGZHOU, China, Jan. 13, 2022 /PRNewswire/ -- Weidai Ltd. (the
"Company" or "Weidai") (NYSE: WEI), a leading auto-backed financing
solution provider in China, today
announced that it will change the ratio of its American depositary
shares ("ADSs") representing its Class A ordinary shares from one
(1) ADS representing one (1) Class A ordinary share to one (1) ADS
representing three (3) Class A ordinary shares.
For Weidai's ADS holders, the change in the ADS ratio will have
the same effect as a one-for-three 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 New York Stock
Exchange (the "NYSE") is expected to take place at the open of
trading on January 26, 2022 (U.S.
Eastern Time). ADS holders of record on the effective date will not
be required to take any action in connection with the ADS ratio
change. The exchange of every three (3) then-held ADSs for one (1)
new ADS will occur automatically with the then-held ADSs being
cancelled and new ADSs being issued by the depositary bank, in each
case as of the effective date for the ADS ratio change. Weidai's
ADSs will continue to be traded on the NYSE under the symbol
"WEI".
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 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, 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 three times the ADS price before
the change.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "confident" and similar statements. Weidai
may also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; its ability to comply with existing or
future laws and regulations related to data protection or data
security; and Weidai's ability to meet the standards necessary to
maintain listing of its ADSs on the NYSE, including its ability to
cure any non-compliance with the NYSE's continued listing criteria;
litigation and negative publicity surroundings China -based companies listed in the U.S.; and
the duration of the COVID-19 outbreak, including the emergence of
COVID variants, and its potential impact on the Company's business
and financial performance. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
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SOURCE Weidai Ltd.