AMTD IDEA changes ADS ratio in 1-for-60 reverse split equivalent
AMTD•AMTD IDEA Group will change its ADS-to-ordinary share ratio to one ADS for 360 Class A ordinary shares, effective about Oct. 19, equivalent to a 1-for-60 reverse ADS split. The move targets NYSE compliance after a notice tied to an average ADS closing price below $1.00 over 30 sessions.
1. ADS ratio change
AMTD IDEA Group will change its ADS-to-ordinary share ratio to one ADS for 360 Class A ordinary shares, effective about Oct. 19. The change is equivalent to a 1-for-60 reverse ADS split from the current ratio of one ADS for six Class A ordinary shares.
2. NYSE compliance
The action targets NYSE compliance after the company received a July 8 notice tied to an average ADS closing price below $1.00 over 30 sessions. Management expects no impact on underlying operations, financial condition or shareholders’ equity.
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