RelatedPosts
BEIJING, Oct. 4, 2022 /PRNewswire/ — Gravitas Education Holdings, Inc. (NYSE: GEHI) (“GEHI” or the “Company”), a number one early childhood schooling service supplier in China, at the moment introduced that it’ll change the ratio of its American Depositary Shares (“ADS(s)”) to Class A odd shares (“Share(s)”) from one (1) ADS representing one (1) Share to at least one (1) ADS representing twenty (20) Shares, efficient October [14], 2022 (the “ADS Ratio Change”).
For the Company’s ADS holders, the change within the ADS ratio may have the identical impact as a one-for-twenty reverse ADS cut up. Effective October 14, 2022, registered holders of ADS of the Company will likely be required on a compulsory foundation to give up their previous ADSs to the depositary financial institution for cancellation and can obtain one (1) new ADS in trade for each twenty (20) previous ADSs then-held. Holders within the Direct Registration System and within the Depository Trust Company may have their ADSs routinely exchanged and needn’t take any motion. No fractional new ADSs will likely be issued in reference to the ADS Ratio Change. Instead, fractional entitlements to new ADSs will likely be aggregated and bought by the depositary financial institution and the online money proceeds from the sale of the fractional ADS entitlements (after deduction of charges, taxes and bills) will distributed to the relevant ADS holders by the depositary financial institution. The ADS Ratio Change may have no affect on the Company’s underlying odd shares.
About Gravitas Education Holdings, Inc.
Recommend