Purple Biotech to Implement One-for-Ten Reverse ADS Split Effective March 2, 2026
Purple Biotech will execute a one-for-ten reverse ADS split on March 2, 2026, adjusting the ratio from one ADS per 200 ordinary shares to one ADS per 2,000 shares to satisfy Nasdaq’s $1 minimum bid price rule. Fractions will be sold and proceeds distributed to ADS holders.
1. ADS Ratio Change Details
Purple Biotech will change the ADS ratio from one ADS representing 200 ordinary shares to one ADS representing 2,000 ordinary shares, effective at market open on or about March 2, 2026 (U.S. Eastern Time).
2. Purpose and Compliance
The ratio change, equivalent to a one-for-ten reverse ADS split, aims to restore compliance with the Nasdaq Capital Market’s $1.00 minimum bid price requirement for continued listing.
3. ADS Exchange Process
On the effective date, certificated ADS holders must surrender existing ADSs to The Bank of New York Mellon for cancellation and will receive one new ADS for every ten surrendered; uncertificated ADSs held in the Direct Registration System and The Depository Trust Company will exchange automatically without action.
4. Fractional ADS and Ordinary Shares
No fractional new ADSs will be issued; fractional entitlements will be aggregated and sold with net cash proceeds distributed to ADS holders; ordinary shares on the Tel Aviv Stock Exchange remain unaffected.