Tiziana Life Sciences plc Change to ADS Ratio

Rhea-AI Summary

Tiziana Life Sciences plc (NASDAQ: TLSA) has announced a ratio change in its sponsored Level 3 American Depositary Receipt (ADR) program, transitioning to a 2.5 for 1 forward split. This adjustment, effective July 31, 2020, alters the ratio from five ordinary shares for one ADR to two ordinary shares per ADR. The change will increase the number of ADSs without affecting the underlying shares or their nominal values. Existing ADR holders will receive 2.5 additional ADRs for each ADR held as of July 27, 2020, the record date.

Positive

• Increased number of ADSs enhances market liquidity for Tiziana Life Sciences.
• The forward split may attract more investors due to a lower price per ADR.

Negative

• None.

NEW YORK and LONDON, July 15, 2020 (GLOBE NEWSWIRE) -- Tiziana Life Sciences plc ("Tiziana", AIM: TILS, NASDAQ: TLSA), announces a ratio change to its sponsored Level 3 American Depositary Receipt ("ADR") programme.

This corporate action, which is a 2.5 for 1 forward split for the purposes of the NASDAQ listing, is equivalent to a share sub-division in the UK and will have the effect of increasing the number of ADSs in issue. It has no effect on the number of underlying shares in issue or the nominal value of the ordinary shares.

The former ratio of five (5) ordinary shares to one (1) American Depositary Share ("ADS") has been changed to two (2) ordinary shares per one (1) ADS effective on 31 July 2020. There will be no change to the underlying ordinary shares.

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20%; width:20%; min-width:20%;">ADR record date:	80%; width:80%; min-width:80%;">27 July 2020
ADR payment date:	30 July 2020
ADR effective date:	31 July 2020
Symbol:	TLSA
Traded:	NASDAQ
CUSIP:	88875G101
Old Ratio:	1 ADR: 5 ordinary shares
New Ratio:	1 ADR: 2 ordinary shares
Underlying ISIN:	GB00BKWNZY55
Country of incorporation:	United Kingdom
Depositary:	J.P. Morgan Chase Bank, N.A.
Custodian:	J.P. Morgan Chase Bank, London

To effect this change, ADR holders will receive 2.5 additional ADRs for every one (1) ADR held as of 27 July 2020, the ADR record date. Existing ADRs will continue to be valid and will not have to be exchanged for new ADRs. In connection with this change, the register held by JPMorgan has been closed for issuances and cancellations from the close of business 27 July 2020 and will reopen on 04 August 2020.

For further information, please contact:

JPMorgan Service Centre ADR Settlements

001 800-990-1135 or 001 302-552-0230

About Tiziana Life Sciences

Tiziana Life Sciences plc is a dual listed (NASDAQ: TLSA & UK AIMS: TILS) biotechnology company that focuses on the discovery and development of novel molecules to treat human diseases in oncology, inflammation and infectious diseases. In addition to milciclib, the Company will be shortly initiating phase 2 studies with orally administered foralumab for Crohn's Disease and nasally administered foralumab for progressive multiple sclerosis. Foralumab is the only fully human anti-CD3 monoclonal antibody (mAb) in clinical development in the world. This phase II compound has potential application in a wide range of autoimmune and inflammatory diseases, such as Crohn's Disease, multiple sclerosis, type-1 diabetes (T1D), inflammatory bowel disease (IBD), psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable. The company is accelerating development of anti-Interleukin 6 receptor (IL6R) mAb, a fully human monoclonal antibody for treatment of IL6-induced inflammation, especially for treatment of COVID-19 patients.

For further enquiries:

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Tiziana Life Sciences plc Gabriele Cerrone, Chairman and founder	+44 (0)20 7495 2379
Cairn Financial Advisers LLP (Nominated adviser) Liam Murray / Jo Turner	+44 (0)20 7213 0880
Optiva Securities Limited (Broker) Robert Emmet	+ 44 (0)20 3981 4173

FAQ

What is the new ratio for Tiziana Life Sciences ADRs?

The new ratio is 1 ADR for 2 ordinary shares.

When will the new ADR ratio for TLSA be effective?

The new ADR ratio will be effective on July 31, 2020.

What are the key dates related to the TLSA ADR change?

The ADR record date is July 27, 2020, the payment date is July 30, 2020, and the effective date is July 31, 2020.

How many additional ADRs will existing holders receive?

Existing holders will receive 2.5 additional ADRs for every 1 ADR held as of the record date.

What is the stock symbol for Tiziana Life Sciences?

The stock symbol for Tiziana Life Sciences is TLSA.