Evaxion Biotech A/S announced on December 30, 2024, its plan to change the ratio of its American Depositary Shares (ADSs) to its ordinary shares. The current ratio of one ADS representing ten ordinary shares will be adjusted to one ADS representing fifty ordinary shares.
This change in the ADS ratio will have the same effect as a one-for-five reverse ADS split for the company's ADS holders. The primary intention behind this corporate action is to further support the liquidity in the company’s ADSs.
The ADS ratio change was expected to become effective on or about January 13, 2025. Holders of uncertificated ADSs in DRS and DTC would have their shares automatically exchanged, while certificated holders would need to surrender their ADSs for cancellation.
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