BEIJING, June 7, 2024
/PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NaaS) ("NaaS" or the
Company"), the first U.S. listed EV charging service
company in China, today provides an update on the effective
date of the change of the ratio of its American Depositary Shares
(the "ADSs") to its Class A ordinary shares (the "ADS Ratio").
The ADS Ratio change was previously announced on May 30, 2024 and originally planned to become
effective on or about June 10, 2024.
According to JPMorgan Chase Bank, N.A., the depositary bank for the
Company's ADS program, the ADS Ratio change will take effect at the
open of business on June 13, 2024
(U.S. Eastern Time).
As previously announced, for the Company's ADS holders, the
change in the ADS Ratio will have the same effect as a
one-for-twenty reverse ADS split and the current ADS Ratio of one
(1) ADS to 10 Class A ordinary shares will be changed to a new ADS
Ratio of one (1) ADS to 200 Class A ordinary shares.
Each ADS holder of record at the close of business on the date
when the change in ADS Ratio is effective will be required to
surrender and exchange every 20 existing ADSs then held for one
(1) new ADS. The depositary bank will arrange for the exchange
of the current ADSs for the new ones. The ADSs will continue to be
traded on the Nasdaq Stock Market under the symbol "NaaS."
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 change in
the ADS Ratio will have no impact on the Company's underlying Class
A ordinary shares, and no Class A ordinary shares will be issued or
cancelled in connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be equal to or greater than 20 times the ADS
trading price before the change.
About NaaS Technology Inc.
NaaS Technology Inc. is the first U.S. listed EV
charging service company in China. The Company is a subsidiary
of Newlinks Technology Limited, a leading energy
digitalization group in China. The
Company provides one-stop solutions to energy asset owners
comprising charging services, energy solutions and new initiatives,
supporting every stage of energy asset's lifecycle and facilitating
energy transition.
For investor and media inquiries, please contact:
Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com
View original
content:https://www.prnewswire.com/news-releases/naas-technology-inc-announces-updated-effective-date-of-ads-ratio-change-302167016.html
SOURCE NaaS Technology Inc.