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Jianzhi Education Technology Group Company Limited (the "Company" or "Jianzhi") (NASDAQ:JZ), a leading provider of digital educational content in China, today announced that it plans to change the ratio of its American Depositary Shares ("ADSs") from current one (1) ADS representing two (2) ordinary shares to a new ADS Ratio of one (1) ADS representing six (6) ordinary shares (the "ADS Ratio Change"). The Company anticipates that the ADS Ratio Change will be effective on or about February 20, 2024 (U.S. Eastern Time). Jianzhi's ADSs will continue to be traded on the Nasdaq Stock Exchange under the symbol "JZ".
For Jianzhi's ADS holders, the ADS Ratio Change will have the same effect as a one-for-three reverse ADS split. Each ADS holder of record at the close of business on the date when the ADS Ratio Change is effective will be required to surrender and exchange every three (3) existing ADSs then held for one (1) new ADS. The Bank of New York Mellon, as the depositary bank for Jianzhi's ADSs, will arrange for the exchange of the current ADSs for the new ones.
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 Jianzhi's underlying ordinary shares, and no ordinary shares will be issued or canceled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, Jianzhi's ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than three (3) times the ADS trading price before the change.
Posted In: JZ
