RedHill Biopharma announces plan to implement ADS ratio change
- RedHill Biopharma (NASDAQ:RDHL) plans to change the ADS ratio to its non-traded ordinary shares, from one ADS representing ten ordinary shares to one ADS representing four hundred ordinary shares.
- For the company’s existing ADS holders, the change in the ADS ratio will have the same effect as a one-for-forty reverse ADS split.
- The ratio change is effective Mar.23, 2023 after market opens.
- The company's ADSs will continue to be traded on the Nasdaq Global Market under the symbol "RDHL" with a new CUSIP Number 757468202.
- As a result of the ADS ratio change, the company anticipates the price of its ADS will increase proportionally and meet the Nasdaq minimum bid price requirement, however there can be no assurance that such an increase will occur.