Citi Appointed as Depositary Bank for Turbo Energy S.A.’s ADR Program

Rhea-AI Summary

Citi appointed as depositary bank for Turbo Energy's IPO of American Depositary Shares (ADSs), representing ordinary shares. Turbo Energy's ADSs trade on Nasdaq under symbol 'TURB'. Each ADS represents 5 ordinary shares. Turbo Energy plans ambitious expansion. Citi to support ADR program and investor outreach.

LONDON--(BUSINESS WIRE)-- Citi, acting through Citibank N.A., has been appointed by Turbo Energy, S.A. (“Turbo Energy”), a leader in smart solar storage on a residential scale, to act as depositary bank for its initial public offering (the “IPO”) of Turbo Energy’s American Depositary Shares (“ADSs” or “ADRs”) representing its ordinary shares.

Turbo Energy’s American Depositary Shares (“ADS”) trade on the Nasdaq Capital Market under the symbol “TURB”. Each ADS represents five ordinary shares of the company.

“We are very satisfied with this historic milestone for the company that will allow us to undertake a very ambitious expansion plan,” said Enrique Selva, Chief Executive Officer and Chairman of the Board of Turbo Energy.

Commenting on the appointment, Dirk Jones, Global Head of Issuer Services, at Citi said: “We look forward to supporting Turbo Energy’s ADR program and expanding the company’s investor outreach through the expertise of our Investor Relations Advisory team and the breadth of our global equity distribution network.”

Citi is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries, and investors.

For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.

For more information on Turbo Energy, visit https://www.turbo-e.com/.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20230928133143/en/

Citi Media:

Belinda Marks

belinda.marks@citi.com

Source: Citi