TEL AVIV, Israel and RALEIGH, N.C. , Aug.
16, 2024 /PRNewswire/ -- RedHill Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, today announced that it plans to implement a ratio change of the Company's American Depositary Shares (ADSs) to its non-traded ordinary shares from the current ratio of one (1) ADS representing four hundred (400) ordinary shares to a new ratio of one (1) ADS representing ten thousand (10,000) ordinary shares. The anticipated first date of the ratio change is on or about August 20, 2024 , and the Company's ADSs will continue to be traded on the Nasdaq Capital Market ("Nasdaq") under the symbol "RDHL" with a new CUSIP Number 757468301.
For ADS holders, the ratio change will have the same effect as a one-for-25 reverse ADS split. No new ADSs will be issued in connection with the change in the ADS ratio. ADS holders will not be required to take any action and, on the effective date, the Bank of New York Mellon, the depositary bank for RedHill's ADS program, will arrange for the exchange of every twenty-five (25) existing ADSs held for one (1) new ADS.
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 the depositary bank will attempt to sell them with the net cash proceeds from the sale of the fractional ADS entitlements to be distributed to the applicable ADS holders by the depositary bank. On March 14, 20.