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SHANGHAI, June 10, 2022 /PRNewswire/ -- Four Seasons Education (Cayman) Inc. ("Four Seasons Education" or the "Company") (NYSE:FEDU), today announced that it will change the ratio of its American depositary shares ("ADSs") representing its ordinary shares from two (2) ADSs representing one (1) ordinary share to one (1) ADS representing ten (10) ordinary shares.
For Four Seasons Education's ADS holders, the change in the ADS ratio will have the same effect as a one-for-twenty reverse ADS split. There will be no change to the Company's underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the change in ADS ratio. The Company will file a post-effective amendment to its registration statement on Form F-6 with the United States Securities and Exchange Commission ("SEC") to reflect the change in the ADS ratio. The effect of the ratio change on the Company's ADS trading price on the New York Stock Exchange (the "NYSE") is expected to take place on or about June 21, 2022 (U.S. Eastern Time).
Each ADS holder of record at the close of business on the date when the change in the ADS ratio is effective will be required to surrender their ADSs to the Company's depositary bank, Deutsche Bank Trust Company Americas, for cancellation and exchange in the ratio of every twenty (20) existing ADSs for one (1) new ADS. Four Seasons Education's ADSs will continue to be traded on the NYSE under the symbol "FEDU".
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 purpose of the ADS ratio change is to increase the Company's ADS trading price to be in compliance with the NYSE's trading price requirements. 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 twenty times the ADS trading price before the change or that the Company will be able to satisfy the NYSE's trading price or other continued listing requirements.
Posted In: FEDU
