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SaverOne 2014 Ltd. (NASDAQ:SVRE) has announced a change in the ratio of its American Depositary Shares (ADSs), according to a recent SEC filing. The adjustment will see the current ADS ratio shift from one ADS representing 1,200 ordinary shares to one ADS representing 3,600 ordinary shares. This change is equivalent to a 1-for-3 reverse stock split of the ADSs.
The new ADS ratio is expected to take effect on June 11, 2025. On this date, every three existing ADSs will be automatically exchanged for one new ADS, with the existing ADSs being canceled. The Bank of New York Mellon (NYSE:BK), the depositary bank, will handle the issuance of new ADSs. Prior to this change, there are 1,052,690 ADSs outstanding. After implementation, the number will be reduced to 350,896, representing 1,263,228,000 underlying ordinary shares.
SaverOne 2014 Ltd.’s ADSs will continue to trade on the Nasdaq under the same symbol, "SVRE," but with a new CUSIP number. The company’s ordinary shares, which are not impacted by this change, will still be traded on the Tel Aviv Stock Exchange.
The company stated that proportionate adjustments will be made to the exercise prices and the number of ordinary shares represented by ADSs underlying the company’s outstanding equity awards, convertible notes, and warrants. No new ordinary shares will be issued or canceled in connection with this change, and holders of the company’s shares will not be affected by the new ADS ratio.
Fractional new ADSs will not be issued. Instead, fractional entitlements will be aggregated and sold by the depositary, with the net cash proceeds distributed to applicable ADS holders after deducting fees, taxes, and expenses. The company anticipates that the ADS trading price will increase proportionally as a result of the change, although it cannot guarantee that the price will be equal to or greater than the pre-change price.
This information is based on a press release statement from SaverOne 2014 Ltd.
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