EDINBURGH, Scotland, Feb. 5, 2025
/PRNewswire/ -- TC BioPharm (Holdings) PLC ("TC BioPharm" or the
"Company") (NASDAQ: TCBP) a clinical-stage biotechnology
company developing platform allogeneic gamma-delta T cell therapies
for cancer and other indications, today announced that it will
change its ratio of its American Depositary Shares ("ADSs") to
ordinary shares from one (1) ADS representing two hundred (200)
ordinary shares to one ADS representing four thousand (4,000)
ordinary shares (the "ADS Ratio Change"). The ADS Ratio Change is
expected to become effective on February
10, 2025, U.S. Eastern Time.
The ADS Ratio Change will have the same effect as a 1-for-20
reverse ADS split for the ADS holders. The ADS Ratio Change will
not impact the Company's underlying ordinary shares, and no
ordinary shares will be issued or canceled in connection with the
ADS Ratio Change.
On the Effective Date, holders of the ADSs will be required to
surrender and exchange every twenty (20) ADSs, held for one
(1) new ADS. The Bank of New York Mellon, as the depositary
bank for the Company's ADS program (the "Depositary"), will arrange
for the exchange. The ADSs will continue to be traded on
Nasdaq Capital Market under the symbol "TCBP."
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. However, 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 before the change.
About TC BioPharm (Holdings) PLC
TC BioPharm is a clinical-stage biopharmaceutical company
focused on discovering, developing, and commercializing gamma-delta
T-cell therapies for cancer treatment with human efficacy data in
acute myeloid leukemia. Gamma-delta T cells are naturally occurring
immune cells that embody properties of both the innate and adaptive
immune systems and can intrinsically differentiate between healthy
and diseased tissue.
TC BioPharm is the leader in developing gamma-delta T cell
therapies and the first company to conduct phase II/pivotal
clinical studies in oncology. The Company is conducting two
investigator-initiated clinical trials for its unmodified
gamma-delta T cell product line - Phase 2b/3 pivotal trial in the treatment of acute
myeloid leukemia using the Company's proprietary allogeneic CryoTC
technology to provide frozen product to clinics worldwide.
Forward-Looking Statements for TC BioPharm
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this Current Report on Form 8-K
that do not relate to matters of historical fact should be
considered forward-looking statements, including without limitation
statements regarding the Company's intent or ability to affect any
budget savings or execute on any M&A or capital raising
strategy. These statements are based on management's current
assumptions and are neither promises nor guarantees, but involve
known and unknown risks, uncertainties and other important factors
that may cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. For other important factors that could
cause actual results to differ materially from the forward-looking
statements in this Current Report on Form 8-K, please see the risks
and uncertainties identified under the heading "Risk Factors" in
our Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports filed
with the SEC, all of which is available on the Company's Investor
Relations website at www.tcbiopharm.com and on the SEC
website at www.sec.gov. All forward-looking statements reflect
the Company's beliefs and assumptions only as of the date of this
press release. The Company undertakes no obligation to update
forward-looking statements to reflect future events or
circumstances.
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SOURCE TC BioPharm
