DBV Technologies Announces Plan to Implement ADS Ratio Change
DBV Technologies has announced plans to change its American Depositary Shares (ADS) ratio from 1:1 to 1:5, effective around November 29, 2024. This change will function like a one-for-five reverse ADS split, aimed at regaining compliance with Nasdaq's minimum bid price requirement. ADS holders with certificated shares must surrender them for cancellation and will receive one new ADS for every five existing ones. Uncertificated ADS holders in DRS and DTC will have automatic exchanges. The company's ADSs will continue trading under 'DBVT' on Nasdaq. Fractional ADSs will be sold, with proceeds distributed to holders. The change won't affect underlying ordinary shares.
DBV Technologies ha annunciato piani per modificare il rapporto delle sue Azioni Depositarie Americane (ADS) da 1:1 a 1:5, a partire da circa 29 novembre 2024. Questa modifica funzionerà come uno scambio inverso di ADS in un rapporto di uno a cinque, con l'obiettivo di ripristinare la conformità con il requisito di prezzo minimo dell'offerta di Nasdaq. I titolari di ADS con azioni certificate devono consegnarle per la cancellazione e riceveranno una nuova ADS per ogni cinque esistenti. I titolari di ADS non certificate in DRS e DTC avranno scambi automatici. Le ADS dell'azienda continueranno a essere quotate con il simbolo 'DBVT' su Nasdaq. Le ADS frazionarie saranno vendute, con i proventi distribuiti ai titolari. La modifica non influirà sulle azioni ordinarie sottostanti.
DBV Technologies ha anunciado planes para cambiar su relación de Acciones de Depósito Americano (ADS) de 1:1 a 1:5, efectivo alrededor del 29 de noviembre de 2024. Este cambio funcionará como una división inversa de ADS de uno por cinco, con el objetivo de recuperar la conformidad con el requisito de precio mínimo de oferta de Nasdaq. Los tenedores de ADS con acciones certificadas deben entregarlas para su cancelación y recibirán una nueva ADS por cada cinco existentes. Los tenedores de ADS no certificadas en DRS y DTC tendrán intercambios automáticos. Las ADS de la empresa continuarán comercializándose bajo el símbolo 'DBVT' en Nasdaq. Las ADS fraccionarias se venderán y los ingresos se distribuirán a los titulares. El cambio no afectará las acciones ordinarias subyacentes.
DBV 기술은 미국 예탁 주식(ADS) 비율을 1:1에서 1:5로 변경할 계획을 발표하였습니다. 이 변경 사항은 2024년 11월 29일경부터 시행됩니다. 이 변경은 나스닥의 최소 입찰 가격 요구 사항을 준수하기 위한 목적으로 하나의 ADS를 다섯 개로 나누는 것과 유사하게 작용합니다. ADS 보유자는 인증된 주식을 반환하여 취소해야 하며 기존 주식 다섯 개당 새로운 ADS 하나를 받게 됩니다. DRS 및 DTC의 비인증 ADS 보유자는 자동 교환을 받습니다. 회사의 ADS는 나스닥에서 'DBVT' 기호 아래 거래를 계속합니다. 분할 ADS는 판매되며, 수익은 보유자에게 분배됩니다. 이 변경은 기본 보통주에는 영향을 미치지 않습니다.
DBV Technologies a annoncé des plans pour modifier le ratio de ses Actions de Dépôt Américaines (ADS) de 1:1 à 1:5, avec effet aux alentours du 29 novembre 2024. Ce changement fonctionnera comme un fractionnement inversé ADS un pour cinq, visant à retrouver la conformité avec l'exigence de prix minimum proposé par le Nasdaq. Les détenteurs d'ADS avec des actions certifiées devront les remettre pour annulation et recevront une nouvelle ADS pour chaque cinq existantes. Les détenteurs d'ADS non certifiées en DRS et DTC bénéficieront d'échanges automatiques. Les ADS de l'entreprise continueront à être négociées sous le symbole 'DBVT' au Nasdaq. Les ADS fractionnaires seront vendues, et les recettes seront distribuées aux détenteurs. Le changement n'affectera pas les actions ordinaires sous-jacentes.
DBV Technologies hat Pläne angekündigt, das Verhältnis ihrer amerikanischen Hinterlegte Aktien (ADS) von 1:1 auf 1:5 zu ändern, wirksam etwa ab dem 29. November 2024. Diese Änderung wird wie ein Eins-auf-Fünf-Rücksplit der ADS funktionieren, um die Einhaltung der Mindestgebotsanforderung von Nasdaq wiederherzustellen. ADS-Inhaber mit zertifizierten Aktien müssen diese zur Stornierung einreichen und erhalten für jede fünf vorhandenen Aktien eine neue ADS. Inhaber von nicht-zertifizierten ADS im DRS und DTC werden automatische Umtausche haben. Die ADS des Unternehmens werden weiterhin unter 'DBVT' an der Nasdaq gehandelt. Bruch-ADS werden verkauft, und die Einnahmen werden an die Inhaber ausgeschüttet. Die Änderung hat keine Auswirkungen auf die zugrunde liegenden Stammaktien.
- Strategic move to maintain Nasdaq listing compliance
- No impact on underlying ordinary shares structure
- Automatic exchange process for most ADS holders
- Indicates struggle to maintain minimum bid price requirements
- Potential transaction costs for holders with fractional shares
- Risk of not achieving desired price level post-ratio change
Insights
This ADS ratio change is a technical adjustment aimed at boosting DBV Technologies' share price to meet Nasdaq's minimum bid price requirements. The 1:5 reverse split equivalent means investors will receive 1 new ADS for every 5 existing ADSs, theoretically multiplying the trading price by 5 without changing the company's underlying market value.
With a micro-cap valuation of just
Châtillon, France, November 11, 2024
DBV Technologies Announces Plan to Implement ADS Ratio Change
DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT—CUSIP: 23306J200), a clinical-stage biopharmaceutical company focused on treatment options for food allergies and other immunologic conditions with significant unmet medical need, today announced plans to change the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares (the “ADS Ratio”), nominal value
For the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-five reverse ADS split and is intended to enable the Company to regain compliance with the Nasdaq minimum bid price requirement. On the Effective Date, registered holders of the Company’s ADSs held in certificated form will be required on a mandatory basis to surrender their certificated ADSs to the depositary bank for cancellation and will receive one (1) new ADS in exchange for every five existing ADSs surrendered. Holders of uncertificated ADSs in the Direct Registration System (“DRS”) and in The Depository Trust Company (“DTC”) will have their ADSs automatically exchanged and need not take any action. The exchange of every five existing ADSs then-held for one (1) new ADS will occur automatically, at the Effective Date, with the then-held ADSs being cancelled and new ADSs being issued by the depositary bank. DBV’s ADSs will continue to be traded on the Nasdaq Stock Market under the ticker symbol “DBVT”.
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 sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank. The ADS Ratio Change will have no impact on DBV’s underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the ADS Ratio Change.
As a result of the change in the ADS Ratio, DBV’s ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than five times the ADS trading price before the change.
About DBV Technologies
DBV Technologies is a clinical-stage biopharmaceutical company developing treatment options for food allergies and other immunologic conditions with significant unmet medical need. DBV is currently focused on investigating the use of its proprietary Viaskin® patch technology to address food allergies, which are caused by a hypersensitive immune reaction and characterized by a range of symptoms varying in severity from mild to life-threatening anaphylaxis. Millions of people live with food allergies, including young children. Through epicutaneous immunotherapy (EPIT™), the Viaskin® patch is designed to introduce microgram amounts of a biologically active compound to the immune system through intact skin. EPIT is a new class of non-invasive treatment that seeks to modify an individual’s underlying allergy by re-educating the immune system to become desensitized to allergen by leveraging the skin’s immune tolerizing properties. DBV is committed to transforming the care of food allergic people. The Company’s food allergy programs include ongoing clinical trials of Viaskin Peanut in peanut allergic toddlers (1 through 3 years of age) and children (4 through 7 years of age).
DBV Technologies is headquartered in Châtillon, France, with North American operations in Warren, NJ. The Company’s ordinary shares are traded on segment B of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing one ordinary share) are traded on the Nasdaq Capital Select Market (Ticker: DBVT).
For more information, please visit www.dbv-technologies.com and engage with us on X (formerly Twitter) and LinkedIn.
Forward Looking Statements
This press release may contain forward-looking statements and estimates, including the expected impact of the ADS Ratio Change on DBV’s trading price and ability to maintain compliance with the Nasdaq minimum bid price requirement. These forward-looking statements and estimates are not promises or guarantees and involve substantial risks and uncertainties. At this stage, DBV’s product candidates have not been authorized for sale in any country. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, and DBV’s ability to successfully execute on its budget discipline measures. A further list and description of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements in this press release can be found in DBV’s regulatory filings with the French Autorité des Marchés Financiers (“AMF”), DBV’s filings and reports with the U.S. Securities and Exchange Commission (“SEC”), including in DBV’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 6, 2024, and future filings and reports made with the AMF and SEC by DBV. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. Other than as required by applicable law, DBV Technologies undertakes no obligation to update or revise the information contained in this Press Release.
Viaskin is a registered trademark and EPIT is a trademark of DBV Technologies.
Investor Contact
Katie Matthews
DBV Technologies
katie.matthews@dbv-technologies.com
Media Contact
Angela Marcucci
DBV Technologies
angela.marcucci@dbv-technologies.com
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FAQ
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