Trinity Biotech Plc Announces Plan to Implement ADS Ratio Change
February 13 2024 - 9:00AM
Trinity Biotech Plc.(NASDAQ: TRIB) (the “Company”) today announced
that it plans to change the ratio of the American depositary shares
(“ADSs”) representing its Class A ordinary shares from one (1) ADS
representing four (4) Class A ordinary share to one (1) ADS
representing twenty (20) Class A ordinary shares.
For Trinity Biotech Plc ADS holders, the change
in the ADS ratio will have the same effect as a one-for-five
reverse ADS split and is intended to i) enable the Company to
regain compliance with the $1.00 Nasdaq minimum bid price
requirement, and ii) facilitate investment from a broader pool of
potential investors, who may have previously been unable to invest
due to the ADSs trading below a price of $1.00. There is no change
to the Company’s Class A ordinary shares. The effect of the ratio
change on the ADS trading price on the Nasdaq Global Market is
expected to take place at the open of trading on February 21, 2024
(U.S. Eastern Time) (the “Effective Date”). The Trinity Biotech Plc
ADSs holders will be required on a mandatory basis to surrender and
exchange to The Bank of New York Mellon, the depositary bank (the
“Depositary”), every five (5) then-held (old) ADSs to receive one
(1) new ADS. The ADSs will continue to be traded on the Nasdaq
Global Market under the symbol “TRIB”.
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 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.
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 five times the
ADS price before the change.
About Trinity Biotech Plc
Trinity Biotech develops, acquires, manufactures
and markets diagnostic systems, including both reagents and
instrumentation, for the point-of-care and clinical laboratory
segments of the diagnostic market. The products are used to detect
infectious diseases and to quantify the level of Haemoglobin A1c
and other chemistry parameters in serum, plasma and whole blood.
Trinity Biotech sells direct in the United States, Germany, France
and the U.K. and through a network of international distributors
and strategic partners in over 75 countries worldwide. For further
information, please see the Company's website:
www.trinitybiotech.com.
Forward Looking Statements This
release includes statements that constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “Reform Act”), including but not limited to
statements related to Trinity Biotech’s cash position, financial
resources and potential for future growth, market acceptance and
penetration of new or planned product offerings, and future
recurring revenues and results of operations. Trinity Biotech
claims the protection of the safe-harbor for forward-looking
statements contained in the Reform Act. These forward-looking
statements are often characterised by the terms “may,” “believes,”
“projects,” “expects,” “anticipates,” or words of similar import,
and do not reflect historical facts. Specific forward-looking
statements contained in this presentation may be affected by risks
and uncertainties, including, but not limited to, our ability to
capitalize on our purchase of the assets of Waveform, our continued
listing on the Nasdaq Stock Market, our ability to achieve
profitable operations in the future, the impact of the spread of
COVID-19 and its variants, potential excess inventory levels and
inventory imbalances at the company’s distributors, losses or
system failures with respect to Trinity Biotech’s facilities or
manufacturing operations, the effect of exchange rate fluctuations
on international operations, fluctuations in quarterly operating
results, dependence on suppliers, the market acceptance of Trinity
Biotech’s products and services, the continuing development of its
products, required government approvals, risks associated with
manufacturing and distributing its products on a commercial scale
free of defects, risks related to the introduction of new
instruments manufactured by third parties, risks associated with
competing in the human diagnostic market, risks related to the
protection of Trinity Biotech’s intellectual property or claims of
infringement of intellectual property asserted by third parties and
risks related to condition of the United States economy and other
risks detailed under “Risk Factors” in Trinity Biotech’s annual
report on Form 20-F for the fiscal year ended December 31, 2022 and
Trinity Biotech’s other periodic reports filed from time to time
with the United States Securities and Exchange Commission.
Forward-looking statements speak only as of the date the statements
were made. Trinity Biotech does not undertake and specifically
disclaims any obligation to update any forward-looking
statements.
Contact: |
|
Trinity Biotech plcDes
Fitzgerald+353-1-2769800 |
|
Eric Ribner LifeSci Advisors, LLC +1-646
-751-4363E-mail:
investorrelations@trinitybiotech.com |
|
|
|
|
|
Trinity Biotech (NASDAQ:TRIB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Trinity Biotech (NASDAQ:TRIB)
Historical Stock Chart
From Apr 2023 to Apr 2024