FangDD Announces Plan to Implement ADS Ratio Change
July 24 2023 - 4:05PM
Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the
Company”), a customer-oriented PropTech company in China, today
announced that it will change the ratio of the American depositary
shares (“ADSs”) representing its Class A ordinary shares from one
(1) ADS representing three hundred and seventy-five (375) Class A
ordinary share to one (1) ADS representing five thousand six
hundred and twenty-five (5,625) Class A ordinary shares.
For the ADS holders, the change in the ADS ratio
will have the same effect as a one-for-fifteen reverse ADS split.
There will be no change to the Company’s Class A ordinary shares.
The effect of the ratio change on the ADS trading price on Nasdaq
is expected to take place at the open of trading on August 4, 2023
(U.S. Eastern Time). ADS holders of record on the effective date
will not be required to take any action in connection with the ADS
ratio change. The exchange of every fifteen (15) then-held (old)
ADSs for one (1) new ADS will occur automatically with the
then-held ADSs being cancelled and new ADSs being issued by the
depositary bank, in each case as of the effective date for the ADS
ratio change. The ADSs will continue to be traded on Nasdaq under
the symbol “DUO.”
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.
As a result of the change in the ADS ratio, the
ADS price is expected to increase proportionally, although the
Company can give no assurance that the ADS price after the change
in the ADS ratio will be equal to or greater than fifteen times the
ADS price before the change.
About FangDD
Fangdd Network Group Ltd. (Nasdaq: DUO) is
customer-oriented property technology company in China, focusing on
providing real estate transaction digitalization services. Through
innovative use of mobile internet, cloud, big data, artificial
intelligence, among others, FangDD has fundamentally revolutionized
the way real estate transaction participants conduct their business
through a suite of modular products and solutions powered by SaaS
tools, products and technology. For more information, please visit
http://ir.fangdd.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 “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,”
“project,” “potential,” “seek,” “may,” “might,” “can,” “could,”
“will,” “would,” “shall,” “should,” “is likely to” and the negative
form of these words and other similar expressions. Among other
things, statements that are not historical facts, including
statements about the Company’s beliefs and expectations are or
contain 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. All information provided in this
press release is as of the date of this press release and is based
on assumptions that the Company believes to be reasonable as of
this date, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact:
Ms. Linda Li Director, Capital Markets Department
Phone: +86-0755-2699-8968 E-mail: ir@fangdd.com
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