Forward Pharma A/S (OTC:FWPAY) (“Forward” or the “Company”) today announced that its Board of Directors has approved a change in the number of its ordinary shares represented by American Depositary Shares (“ADSs”), issued by the Bank of New York Mellon as depositary, from 14 ordinary shares per ADS to 4000 ordinary shares per ADS.
COPENHAGEN, Denmark, June 07, 2023 (GLOBE NEWSWIRE) -- Forward Pharma A/S (OTC:FWPAY) (“Forward” or the “Company”) today announced that its Board of Directors has approved a change in the number of its ordinary shares represented by American Depositary Shares (“ADSs”), issued by the Bank of New York Mellon as depositary, from 14 ordinary shares per ADS to 4000 ordinary shares per ADS. The change in exchange ratio for the ADSs will have the same effect as a 1-for-285.714 reverse stock split of the ADSs.
The ADSs will continue to trade over-the-counter under a new CUSIP. Forward’s ordinary shares will not be affected by the change, the change will have no effect on the total number of ordinary shares in the ADS program, nor will it affect the total market value of our ADS or the market cap of the Company.
The new ADS to ordinary share ratio of 1-for-4000 will be effective on June 8, 2023.
No fractional ADSs will be issued. Holders who would otherwise receive fractional ADSs will receive a cash payment in lieu of such fractional ADSs. The cash in lieu rate will be set when the depositary sells the ADSs that would otherwise have been issued as fractional ADSs in one or more market trades.
Kindly see additional information at the links to the websites of the Company and its depositary, Bank of New York Mellon below.
Forward Pharma A/S Investor Relations Contact:
Investor Relations
investors@forward-pharma.com
