Secoo Announces Plan to Implement ADS Ratio Change
November 23 2022 - 6:00AM
Secoo Holding Limited (“Secoo” or the
“Company”) (NASDAQ: SECO), Asia’s leading online integrated upscale
products and services platform, today announced that it will change
the ratio of its American depositary shares (“ADSs”) to its Class A
ordinary shares (the “ADS Ratio”), par value US$0.001 per share,
from the current ratio of two (2) ADSs to one (1) Class A ordinary
share to a new ratio of one (1) ADS to five (5) Class A ordinary
shares.
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. A
post-effective amendment to the ADS Registration Statement on Form
F-6 will be filed with the SEC to reflect the change in the ADS
Ratio. The Company anticipates that the change in the ADS Ratio
will be effective on or about November 28, 2022 (U.S.
Eastern Time), subject to the effectiveness of the post-effective
amendment to the ADS Registration Statement on Form F-6 on or
before that date.
Each ADS holder of record at the close of business on the date
when the change in ADS Ratio is effective will be required to
surrender and exchange every ten (10) existing ADSs held then for
one (1) new ADS. Deutsche Bank Trust Company Americas, as the
depositary bank for the Company’s ADS program, will arrange for the
exchange of the current ADSs for the new ones. The Company’s ADSs
will continue to be traded on the Nasdaq Capital Market under the
symbol “SECO.”
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. The net
cash proceeds from the sale of the fractional ADS entitlements
(after the deduction of fees, taxes and expenses) will be
distributed to the applicable ADS holders by the depositary bank.
The change in the ADS Ratio will have no impact on the Company’s
underlying Class A ordinary shares, and no Class A ordinary shares
will be issued or cancelled in connection with the change in the
ADS Ratio.
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s
leading online integrated upscale products and services platform.
Secoo provides customers a wide selection of authentic upscale
products and lifestyle services on the Company’s integrated online
and offline shopping platform which consists of the Secoo.com
website, mobile applications and offline experience centers,
offering over 420,000 SKUs, covering over 3,800 global and domestic
brands. Supported by the Company’s proprietary database of upscale
products, authentication procedures and brand cooperation, Secoo is
able to ensure the authenticity and quality of every product
offered on its platform.
For more information, please visit http://ir.secoo.com.
Safe Harbor Statement
This press release 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, and as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include but are not limited to Secoo management quotes and the
Company’s financial outlook. These forward-looking statements can
be identified by terminology such as “will,” “estimate,” “project,”
“predict,” “believe,” “expect,” “anticipate,” “intend,”
“potential,” “plan,” “goal” and similar statements. Secoo Holding
Limited may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission, 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. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements. These forward-looking statements
include, but are not limited to, statements about: the Proposed
Transaction, the Company’s goals and strategies; its future
business development, financial condition and results of
operations; its ability to attract and retain new customers and to
increase revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China’s e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to the Company’s industry and
general economic conditions in China. For additional information on
these and other important factors that could adversely affect the
Company's business, financial condition, results of operations and
prospects, please see its filings with the U.S. Securities and
Exchange Commission.
Secoo Holding Limited does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release and in the attachments is as of the date of this
press release, and Secoo Holding Limited undertakes no duty to
update such information, except as required under applicable
law.
For investor and media inquiries, please
contact:
In China:Secoo Holding LimitedJingbo MaTel: +86 10
6588-0135E-mail: ir@secoo.com
The Piacente Group, Inc.Jenny CaiTel: +86 (10)
6508-0677E-mail: Secoo@tpg-ir.com
In the United States:The Piacente Group, Inc. Brandi
PiacenteTel: +1-212-481-2050E-mail: Secoo@tpg-ir.com
Secoo (NASDAQ:SECO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Secoo (NASDAQ:SECO)
Historical Stock Chart
From Jul 2023 to Jul 2024