SINGAPORE, Aug. 27,
2024 /PRNewswire/ -- LightInTheBox Holding
Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), an
apparel e-commerce retailer that ships products to consumers
worldwide, today announced that it plans to change the ratio of its
American depositary shares ("ADSs") to its ordinary shares (the
"ADS Ratio Change"), par value US$0.000067 per share, from the current ratio of
one (1) ADS representing two (2) ordinary shares to a new
ratio of one (1) ADS representing twelve (12) ordinary shares.
The Company aims to effectuate the ADS Ratio Change on or about
September 5, 2024, U.S. Eastern Time (the "Effective
Date").
For the Company's ADS holders, the ADS Ratio Change will have
the same effect as a one-for-six reverse ADS split. Upon the
Effective Date, ADS holders will be required to surrender and
exchange every six existing ADSs they hold for one new ADS. The
Bank of New York Mellon, as the depositary bank for the Company's
ADS program, will arrange for the exchange. The Company's ADSs will
continue to be traded on the New York Stock Exchange under the
ticker symbol "LITB." The new CUSIP number for the Company's ADSs
following the ADS Ratio Change will be 53225G201.
No fractional new ADSs will be issued in connection with the ADS
Ratio Change. 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, where applicable) will be
distributed to the applicable ADS holders by the depositary bank.
The ADS Ratio Change will have no impact on the Company's
underlying ordinary shares, and no ordinary shares will be issued
or canceled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, the ADS trading price is
expected to increase proportionately upon the effectiveness of the
ADS Ratio Change, although the Company can give no assurance that
the ADS trading price after the ADS Ratio Change will be equal to
or greater than six (6) times the ADS trading price before the
change.
About LightInTheBox Holding Co., Ltd.
LightInTheBox is an apparel e-commerce retailer that ships
products to consumers worldwide. With a focus on serving
middle-aged and senior customers, LightInTheBox leverages its
global supply chain and logistics networks, along with its in-house
R&D and design capabilities, to offer a wide selection of
comfortable, aesthetically pleasing and visually interesting
apparel that brings fresh joy to customers. LightInTheBox operates
its business through www.lightinthebox.com, www.ezbuy.sg and other
websites as well as mobile applications, which are available in
over 20 major languages and over 140 countries and regions. The
Company is headquartered in Singapore, with additional offices in
California, Shanghai and Beijing.
For more information, please visit
www.lightinthebox.com.
Investor Relations Contact
Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@lightinthebox.com
Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com
Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: lightinthebox@tpg-ir.com
Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things, statements
that are not historical facts, including statements about
LightInTheBox's beliefs and expectations, the business outlook and
quotations from management in this announcement, as well as
LightInTheBox's strategic and operational plans, are or contain
forward-looking statements.
LightInTheBox may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward- looking statement, including but not limited to the
following: LightInTheBox's goals and strategies; LightInTheBox's
future business development, results of operations and financial
condition; the expected growth of the global online retail market;
LightInTheBox's ability to attract customers and further enhance
customer experience and product offerings; LightInTheBox's ability
to strengthen its supply chain efficiency and optimize its
logistics network; LightInTheBox's expectations regarding demand
for and market acceptance of its products; competition;
fluctuations in general economic and business conditions and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
LightInTheBox's filings with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and LightInTheBox does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
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SOURCE LightInTheBox Holding Co., Ltd.