SHIHEZI, China, Oct. 26, 2020 /PRNewswire/ -- Daqo New Energy
Corp. (NYSE: DQ) ("Daqo New Energy," the "Company" or "we"), a
leading manufacturer of high-purity polysilicon for the global
solar PV industry, today announced that it will change the ratio of
American depositary share (the "ADS") to the Company's ordinary
share (the "Ordinary Share") from one (1) ADS representing
twenty-five (25) Ordinary Shares to one (1) ADS representing five
(5) Ordinary Shares. For the Company's ADS holders, this ratio
change will have the same effect as a one-for-five ADS split.
JPMorgan Chase Bank, N.A., as depositary for the Company's ADR
program, and the Company have agreed to further amend and restate
the Amended and Restated Deposit Agreement dated as of October 11, 2016 in order to bring it in line
with current standards and to reflect the change of the ratio of
ADS to Ordinary Shares.
The depositary will announce the effective date of the ratio
change and the further amendment and restatement promptly upon the
filing of such further amended and restated deposit agreement, with
the anticipation that the change in the ADS ratio will be effective
on November 17, 2020.
As a result of the ratio change, the Company's ADS holders as of
November 9, 2020, namely the record
date, should expect to receive four (4) additional ADSs for
each ADS held. The effect on the ADS price will take place on
November 17, 2020.
No action is required by the Company's ADS holders to effect the
ADS Ratio Change. There will be no change to the Company's
underlying Ordinary Shares.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2008, the Company is one of the
world's lowest cost producers of high-purity polysilicon. Daqo's
highly-efficient and technically advanced manufacturing facility in
Xinjiang, China currently has a
nameplate annual polysilicon production capacity of 70,000 metric
tons.
For further information, please contact:
Daqo New Energy Corp.
Investor Relations Department
Phone: +86-187-1658-5553
Email: dqir@daqo.com
Christensen
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
Email: rvanguestaine@christensenir.com
In the U.S.
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
For more information, please visit www.dqsolar.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the demand for photovoltaic products and
the development of photovoltaic technologies; global supply and
demand for polysilicon; alternative technologies in cell
manufacturing; the Company's ability to significantly expand its
polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for
solar energy applications; the Company's ability to lower its
production costs; and the duration of COVID-19 outbreaks in
China and many other countries and
the impact of the outbreaks and the quarantines and travel
restrictions instituted by relevant governments on economic and
market conditions, including potentially weaker global demand for
solar PV installations that could adversely affect the Company's
business and financial performance. Further information regarding
these and other risks is included in the reports or documents that
the Company has filed with, or furnished to, the U.S. Securities
and Exchange Commission. All information provided in this press
release is as of the date hereof, and the Company undertakes no
duty to update such information or any forward-looking statement,
except as required under applicable law.
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SOURCE Daqo New Energy Corp.