DBV Technologies Announces ADS Ratio Change

DBV Technologies, a clinical-stage biopharmaceutical company, disclosed its plans to adjust the ratio of its American Depositary Shares (ADS) to ordinary shares. The adjustment will change the current ADS ratio from one ADS representing one-half of an ordinary share to one ADS representing one full ordinary share, effective June 3, 2024. This change is projected to streamline compliance with Nasdaq's minimum bid price requirement.

The modification, described as a one-for-two reverse ADS split, will necessitate registered holders of certificated ADSs to exchange their holdings on a mandatory basis. Those with uncertificated ADSs in the Direct Registration System or The Depository Trust Company will experience an automatic exchange. No fractional new ADSs will be issued; instead, proceeds from the sale of fractional entitlements will be distributed to the shareholders after deducting associated fees and expenses.

Despite the expectations for an increase in the trading price of DBV’s ADSs post-implementation, the company warned that it could not guarantee that the new trading price would definitely be double that of the price before the adjustment. This move will not affect the number of DBV’s underlying ordinary shares, and none will be issued or cancelled as a result of the ratio change.