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Evaxion Biotech A/S Reports Major ADS Ratio Change: Key Insights

$EVAX
Form 6-K
Filed on: 2025-01-10
Source
Evaxion Biotech A/S Reports Major ADS Ratio Change: Key Insights

The key information extracted from the financial report (Form 6-K) for Evaxion Biotech A/S is as follows:

  1. Company Information:
  • Name: Evaxion Biotech A/S
  • Address: Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark
  • Commission File Number: 001-39950
  1. Report Type: This report is submitted as Form 6-K, which is used by foreign private issuers to report material events.
  2. ADS Ratio Change:
  • The Board of Directors has approved a change in the ratio of American Depositary Shares (ADSs) to ordinary shares.
  • Current Ratio: 1 ADS represents 10 ordinary shares.
  • New Ratio: 1 ADS will represent 50 ordinary shares.
  • Effective Date: Expected to be on or about January 14, 2025 (extended from January 13, 2025, due to Nasdaq closure).
  1. Impact on ADS Holders:
  • This change is effectively a one-for-five reverse ADS split.
  • Holders of certificated ADSs must surrender them for cancellation to receive the new shares.
  • Uncertificated ADS holders will have their shares automatically exchanged.
  • The ADSs will continue trading on Nasdaq under the ticker symbol "EVAX."
  • No fractional new ADSs will be issued; fractional entitlements will be aggregated and sold, with net proceeds distributed to holders.
  1. Expected Market Impact:
  • The ADS trading price is expected to increase proportionally as a result of the ratio change, although there is no guarantee of this effect.
  1. Press Release: A press release regarding the ADS Ratio Change was issued on January 10, 2025, and is attached as Exhibit 99.1.
  2. Signatory: The report is signed by Christian Kanstrup, Chief Executive Officer, on January 10, 2025.

In summary, Evaxion Biotech A/S is undergoing a significant change in its ADS structure, which is aimed at improving liquidity and trading dynamics for its shares.