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SaverOne 2014 Ltd. Amends ADS Ratio to Meet Nasdaq Compliance - Form 6-K/A Report

$SVRE
Form 6-K/A
Filed on: 2025-02-20
Source
SaverOne 2014 Ltd. Amends ADS Ratio to Meet Nasdaq Compliance - Form 6-K/A Report

Key Information from the Financial Report (Form 6-K/A)

  1. Company Overview:
  • Name: SaverOne 2014 Ltd.
  • Address: Em Hamoshavot Rd. 94, Petah Tikvah, Israel.
  • Commission File Number: 001-41387.
  1. Report Purpose:
  • This is an amendment to the originally filed Form 6-K dated February 18, 2025. The amendment aims to correct the ratio of American Depositary Shares (ADS) related to a reverse stock split.
  1. Change in ADS Ratio:
  • Current Ratio: 1 ADS represents 90 ordinary shares.
  • New Ratio: 1 ADS will represent 1,200 ordinary shares.
  • This change effectively acts as a 1-for-13.333333 reverse stock split, slightly adjusted from the previously reported 1-for-13.33.
  1. Reason for Change:
  • The primary purpose is to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share (Nasdaq Listing Rule 5550(a)(2)).
  1. Effective Date:
  • The new ADS ratio will take effect on February 21, 2025.
  1. Trading Information:
  • The ADSs will continue to trade on Nasdaq under the symbol SVRE, but will have a new CUSIP number.
  • Ordinary shares remain unaffected and will continue trading on the Tel Aviv Stock Exchange.
  1. Fractional Shares:
  • No fractional new ADSs will be issued. Instead, fractional entitlements will be aggregated and sold, with proceeds distributed to ADS holders.
  1. Impact on Stock Price:
  • The company anticipates that the trading price of the ADS will increase proportionally due to this change. However, there is no assurance that the new trading price will meet or exceed previous prices by a specific factor.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements regarding compliance with Nasdaq requirements and other potential outcomes. These statements are subject to risks and uncertainties that could cause actual results to differ.
  1. Signatory:
    • The report is signed by Ori Gilboa, Chief Executive Officer of SaverOne 2014 Ltd., dated February 20, 2025.

This amended report primarily addresses regulatory compliance and clarifies the company's actions to stabilize its share price in line with Nasdaq requirements, which is crucial for maintaining its listing.