In addition, today,
As a result of the Mandatory Exchange and Share Consolidation, ADR holders should expect to receive nine-tenths (0.9) of one (1) new ordinary share for every ADR held immediately before the Effective Date, but the opening price of the ordinary share post the Share Consolidation and Mandatory Exchange should increase by one-ninth (1/9) of the closing price of the ADRs immediately before the Effective Date.
Below is a copy of the Termination Notice to the ADR holders:
NOTICE OF TERMINATION OF ADR FACILITY
FOR
TO ALL HOLDERS AND BENEFICIAL OWNERS OF MERCURITY FINTECH HOLDING INC. AMERICAN DEPOSITARY SHARES (“ADSs”).
DEPOSITARY: | |
COMPANY: | |
DEPOSITED SECURITIES: | Existing fully paid ordinary shares of the Company (the “Shares”). |
ADS CUSIP NO: | 58936H109. |
ADS TICKER: | MFH. |
NEW SHARE CUSIP NO.: | 58936H208. |
NEW SHARE TICKER: | MFH. |
ADS(s) to SHARE(s) RATIO UPON TERMINATION: | One (1) ADS to three hundred sixty (360) existing Shares – see explanation below. |
ADS(s) TO SHARE(s) RATIO AFTER SHARE CONSOLIDATION: | One (1) ADS to nine-tenths (0.9) of a new Share – see explanation below. |
DEPOSIT AGREEMENT: | Deposit Agreement, dated as of |
TERMINATION DATE: | |
ADS CANCELLATION CUT-OFF TIME: | |
BOOKS CLOSURE PERIOD | Beginning |
Pursuant to Section 6.2 of the Deposit Agreement, the Company has directed the Depositary to terminate the Deposit Agreement and to implement a mandatory exchange of Shares for, and mandatory cancellation of, the ADSs. As a result of the termination of the Company's American Depositary Receipts facility in accordance with the Deposit Agreement, upon the Termination Date, holders of ADSs will have their ADSs automatically cancelled and would be entitled to receive the corresponding underlying
However, the Company has further advised the Depositary that, immediately following the Mandatory Exchange, the Company will undertake a consolidation of the Company’s Shares at a rate of one (1) new Share for every four hundred (400) existing Shares (the “Share Consolidation”). As a result of the Share Consolidation, former ADS holders should expect to receive nine-tenths (0.9) of a new Share for every one (1) ADS previously held.
For further information about the Share Consolidation, please contact the Company or its
In connection with the Mandatory Exchange the following ADS fee will be payable to the Depositary under the terms of the Deposit Agreement:
If you have any questions about the above termination and Mandatory Exchange, please call
About
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Tel: +1(646) 866-7989
Email: mfhfintech@iecapitalusa.com
Source:
2023 GlobeNewswire, Inc., source