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Evaxion Biotech A/S Announces Major ADS Ratio Change in Financial Report

$EVAX
Form 6-K
Filed on: 2024-12-30
Source
Evaxion Biotech A/S Announces Major ADS Ratio Change in Financial Report

Here are the key insights extracted from the provided section of the financial report (Form 6-K) for Evaxion Biotech A/S:

  1. Company Overview:
  • Name: Evaxion Biotech A/S
  • Address: Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark
  • Commission File Number: 001-39950
  1. Report Purpose:
  • This report serves as a submission by a foreign private issuer under Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934.
  1. ADS Ratio Change Announcement:
  • Current ADS Ratio: 1 ADS represents 10 ordinary shares.
  • New ADS Ratio: 1 ADS will represent 50 ordinary shares.
  • Effective Date: The change is expected to take effect on or about January 13, 2025.
  • Impact: This change is akin to a one-for-five reverse ADS split, aimed at enhancing liquidity for the Company’s ADSs.
  1. Exchange Process:
  • Certificated ADS Holders: Must surrender their existing ADSs to The Bank of New York Mellon for cancellation and will receive one new ADS for every five existing ADSs.
  • Uncertificated ADS Holders: Their ADSs will be automatically exchanged without requiring action.
  • Trading Continuity: The new ADSs will continue to trade under the ticker symbol “EVAX.”
  1. Fractional ADSs:
  • No fractional new ADSs will be issued. Any fractional entitlements will be aggregated and sold, with net proceeds distributed to ADS holders.
  1. Expected Price Movement:
  • The trading price of the ADSs is expected to increase proportionally due to the ADS Ratio Change, although the Company makes no guarantees regarding the actual trading price post-change.
  1. Press Release:
  • The Company issued a press release on December 30, 2024, regarding the ADS Ratio Change, which is included as Exhibit 99.1 of this report.
  1. Signatory:
  • The report is authorized by Christian Kanstrup, Chief Executive Officer, dated December 30, 2024.

This summary highlights the critical changes regarding the ADS structure, the procedures for holders, and the anticipated effects on trading, all of which are significant for investors and stakeholders following Evaxion Biotech A/S.