Burning Rock Announces ADS Ratio Change to Be Effective on May 15, 2024
May 14 2024 - 2:02AM
Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR, the
“Company” or “Burning Rock”), a company focused on the application
of next generation sequencing (NGS) technology in the field of
precision oncology, today announced that, as previously announced
on April 26, 2024, the ratio change of its American depositary
shares (the “ADSs”) to Class A ordinary shares from one (1) ADS
representing one (1) Class A ordinary share to
one (1) ADS
representing ten (10) Class A ordinary shares (the “ADS
Ratio Change”) will become effective on May 15, 2024 (the
“Effective Date”).
For Burning Rock’s ADS holders, the ADS Ratio Change will have
the same effect as a one-for-ten reverse ADS split. There will be
no change to the Company’s Class A ordinary shares. 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 Citibank, N.A., the depositary
bank (the “Depositary”), for cancellation and will receive one (1)
new ADS in exchange for every ten (10) existing ADSs surrendered.
Holders of uncertificated ADSs in the Direct Registration System
and The Depository Trust Company 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.
Burning Rock’s ADSs will continue to be traded
on the NASDAQ Global Market and London Stock Exchange under the
symbol “BNR”, under the following new security codes:
New ADS ISIN |
US12233L2060 |
New ADS UK SEDOL |
BQ66DK4 |
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio Change. 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 will
be distributed to the applicable ADS holders by the Depositary, in
each case in accordance with the Depositary’s then current
procedures and practices and after any deductions as provided in
the deposit agreement between the Company and the Depositary for
the ADSs.
As a result of the ADS Ratio Change, the ADS price is expected
to increase proportionally, although the Company can give no
assurance that the ADS price after the ADS Ratio Change will be
equal to or greater than ten times the ADS price before the
change.
About Burning Rock
Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR), whose
mission is to guard life via science, focuses on the application of
next generation sequencing (NGS) technology in the field of
precision oncology. Its business consists of i) NGS-based therapy
selection testing for late-stage cancer patients, and ii) cancer
early detection, which has moved beyond proof-of-concept R&D
into the clinical validation stage.
For more information about Burning Rock, please visit:
ir.brbiotech.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. Burning Rock 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 Burning Rock’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
Burning Rock’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. All
information provided in this press release is as of the date of
this press release, and Burning Rock 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.
Contact: IR@brbiotech.com
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