Addex Completes ADS Ratio Change
October 20 2023 - 1:00AM
Addex Completes ADS Ratio Change
Ad Hoc Announcement Pursuant to Art. 53
LR
Geneva, Switzerland, October 20, 2023
- Addex Therapeutics (SIX and Nasdaq: ADXN), a
clinical-stage pharmaceutical company pioneering allosteric
modulation-based drug discovery and development, today announced
that the Company’s previously disclosed change to its American
Depositary Shares (“ADSs”) to ordinary share ratio has been
accepted by Nasdaq and will be effective on October 23, 2023. The
ratio will change from one (1) ADS to six (6) ordinary shares to a
new ADS ratio of one (1) ADS to one hundred and twenty (120)
ordinary shares (the “Ratio Change”).
For the Company’s ADS holders, the change in the
ADS ratio has the same effect as a one (1) for twenty (20) reverse
ADS split and is intended to enable the Company to regain
compliance with the Nasdaq minimum bid price requirement. At the
effective date of the Ratio Change, all ADSs then held will be
cancelled and new ADSs will be issued, whereby for every twenty
(20) ADSs cancelled, one new ADS will be issued. Holders of
uncertificated ADSs will have their ADSs automatically
exchanged.
The Ratio Change has no impact on the Company’s
underlying ordinary shares, and no ordinary shares will be issued
or cancelled in connection with the Ratio Change. The Ratio Change
affects all ADS holders uniformly and will not alter any ADS
holder’s percentage interest in the company’s equity, except to the
extent that the Ratio Change would have resulted in an ADS holder
owning fractional ADS. No fractional ADSs will be issued in the
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) will be distributed to the
applicable ADS holders by the depositary bank. Addex’s ADSs will
continue to be traded on the Nasdaq Capital Market under the ticker
symbol “ADXN”. About Addex
Therapeutics: Addex Therapeutics is a clinical-stage
pharmaceutical company focused on the development and
commercialization of an emerging class of novel orally available,
small molecule drugs known as allosteric modulators for
neurological disorders. Allosteric modulators offer several
potential advantages over conventional, non-allosteric molecules
and may offer an improved therapeutic approach to conventional
“orthosteric” small molecule or biological drugs. Addex’s
allosteric modulator drug discovery platform targets receptors and
other proteins that are recognized as essential for therapeutic
intervention. Addex’s lead drug candidate, ADX71149 (mGlu2 positive
allosteric modulator or PAM) is in a Phase 2 clinical trial for the
treatment of epilepsy. The company’s second clinical program,
dipraglurant (mGlu5 negative allosteric modulator or NAM), is under
evaluation for future development in post-stroke recovery. Indivior
PLC has licensed Addex’s GABAB PAM program for the development of
drug candidates, with a focus on substance use disorder. Addex is
also advancing a broad preclinical pipeline, which includes
development of a range of GABAB PAM for chronic cough, mGlu7 NAM
for stress related disorders, M4 PAM for schizophrenia and other
forms of psychosis and mGlu2 NAM for mild neurocognitive disorders
and depression. Addex shares are listed on the SIX Swiss Exchange
and American Depositary Shares representing its shares are listed
on the NASDAQ Capital Market, and trade under the ticker symbol
“ADXN” on each exchange.
Contacts:
Tim Dyer Chief Executive Officer Telephone: +41 22 884 15
55 PR@addextherapeutics.com |
Mike Sinclair Partner, Halsin Partners +44 (0)7968
022075 msinclair@halsin.com |
Addex Forward Looking
Statements: This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including
statements about the intended use of proceeds of the offering. The
words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “target” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release, are based on management’s current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, uncertainties related to market conditions. These and
other risks and uncertainties are described in greater detail in
the section entitled “Risk Factors” in Addex Therapeutics’ Annual
Report on Form 20-F for the year ended December 31, 2022, as filed
with the SEC on March 30, 2023, the final prospectus supplement and
accompanying prospectus and other filings that Addex Therapeutics
may make with the SEC in the future. Any forward-looking statements
contained in this press release represent Addex Therapeutics’ views
only as of the date hereof and should not be relied upon as
representing its views as of any subsequent date. Addex
Therapeutics explicitly disclaims any obligation to update any
forward-looking statements.
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