Q&K Announces ADS Ratio Change
February 28 2022 - 6:00AM
Q&K International Group Limited (NASDAQ: QK) (“Q&K” or the
“Company”), a leading technology-driven long-term apartment rental
platform 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 thirty (30) Class A
ordinary share to one (1) ADS representing one hundred and fifty
(150) Class A ordinary shares.
For the ADS holders, the change in the ADS ratio
will have the same effect as a one-for-five 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 March 7, 2022
(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 five (5) 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 “QK.”
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 five times the
ADS price before the change.
About Q&K
Q&K International Group Limited (NASDAQ: QK)
is a leading technology-driven long-term apartment rental platform
in China. The Company offers young, emerging urban residents
conveniently-located, ready-to-move-in, and affordable branded
apartments as well as facilitates a variety of value-added
services. Q&K leverages advanced IT and mobile technologies to
manage rental apartments in various cities in China. Technology is
the core of Q&K’s business and is applied to its operational
process from apartment sourcing, renovation, and tenant
acquisition, to property management. The focus on technology
enables Q&K to operate a large, dispersed, and fast-growing
portfolio of apartments with high operational efficiency and
deliver a superior user experience.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements constitute “forward-looking”
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in 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. Among other things, the
quotations from management in this press release and the Company
and its subsidiaries’ (collectively, the “Group”) operations and
business outlook contain forward-looking statements. Such
statements involve certain risks, uncertainties and other factors
that could cause actual results to differ materially from those in
the forward-looking statements. These risks and uncertainties
include, but are not limited to the following: the Group’s ability
to access financing on favorable terms in a timely manner and
maintain and expand its cooperation with financial institutions;
the Group’s ability to continue as a going concern in the future or
achieve or maintain profitability; the Group’s ability to
effectively respond to the challenges and uncertainties resulting
from the COVID-19 pandemic and other outbreaks and catastrophes;
the Group’s ability to control the quality of its operations,
including the operation of the rental apartments managed by
third-party contractors; the Group’s ability to manage its growth;
the Group’s ability to integrate strategic investments,
acquisitions and new business initiatives; the Group’s ability to
attract and retain tenants and landlords, including tenants and
landlords from its acquired lease contracts; the Group’s ability to
resolve disputes with third parties; the Group’s ability to manage
its brand and reputation; the Group’s goal and strategies; the
Group’s limited operating history; the Group’s ability to compete
effectively; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in the Group’s filings with the U.S. Securities and
Exchange Commission. Except as required by law, the Group does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For investor and media inquiries, please
contact:
Q&K
E-mail: ir@qk365.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +852-6686-1376
E-mail: rvanguestaine@ChristensenIR.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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