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AMTD IDEA Group (NYSE:AMTD, SGX: HKB))))) ("AMTD IDEA" or the "Company"), today announced that it will change the ratio of its American depositary shares ("ADSs") to its Class A ordinary shares (the "ADS Ratio Change"), par value US$0.0001 per share, from one (1) ADS representing two (2) Class A ordinary shares to one (1) ADS representing six (6) Class A ordinary shares, effective on or about November 17, 2023, U.S. Eastern Time (the "Effective Date").
For the Company's ADS holders, the ADS Ratio Change will have the same effect as a one-for-three reverse ADS split. On the Effective Date, ADS holders will be required to surrender and exchange every three (3) ADSs then held for one (1) new ADS. The Bank of New York Mellon, as the depositary bank for the Company's ADS program, will arrange for the exchange. The Company's ADSs will continue to be traded on the New York Stock Exchange under the ticker symbol "AMTD".
No fractional new ADSs will be issued in connection with the ADS Ratio Change. 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, where applicable) will be distributed to the applicable ADS holders by the depositary bank. The ADS Ratio Change will have no impact on the Company's underlying Class A ordinary shares, and no ordinary shares will be issued or cancelled in connection with the ADS Ratio Change.
Posted In: AMTD
