VEON announces ratio change under its American Depositary Receipt (“ADR”) program
February 06 2023 - 1:00AM
VEON announces ratio change under its American
Depositary Receipt (“ADR”) program
Amsterdam, Netherlands, 6 February 2023
07:00 CET: VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON)
(“VEON” or the “Company”), a global digital operator that provides
converged connectivity and online services, announced today that
its Board of Directors (the “Board”) has approved a change of ratio
in the Company’s ADR program, comprising a change in the ratio of
American Depositary Shares (the “ADSs”) to VEON common shares (the
“Shares”) from one (1) ADS representing one (1) Share, to one (1)
ADS representing twenty-five (25) Shares (the “Ratio Change”). The
effective date of the Ratio Change (the “Effective Date”) is
expected to be 6 March 2023.
Pursuant to the Ratio Change, as of the
Effective Date, record holders who directly hold ADRs will be
required to exchange their existing ADRs for new ADRs on the basis
of one (1) new ADR for every twenty-five (25) existing ADRs
surrendered. The Depositary will contact ADR holders and arrange
for the exchange of their existing ADRs for new ADRs. ADS
beneficial holders who hold through an ADR holder intermediary need
not take any action in connection with the Ratio Change.
For ADS holders, the Ratio Change will have the
same effect as a one for twenty five reverse ADS split. No new
Shares will be issued in connection with the Ratio Change and the
ADSs will continue to be traded on The Nasdaq Capital Market under
the symbol “VEON.”
As a result of the Ratio Change, the trading
price of the Company’s ADSs is expected to automatically increase
proportionally, but the Company can give no assurance that the ADS
trading price following the Ratio Change will be at least equal to
the ADS trading price before the Ratio Change multiplied by the new
25:1 ratio. As VEON announced previously on 5 October 2022, the
Listing Qualifications Department of The Nasdaq Market granted VEON
an additional grace period through 3 April 2023 to regain
compliance with the minimum bid price requirement set forth in
Nasdaq’s Listing Rule 5550(a)(2) (the “Minimum Bid Price”). While
the Ratio Change is intended to bring the bid price of the
Company’s ADSs into compliance with the Minimum Bid Price, the
Company can give no assurance that the Ratio Change will be
effective in achieving this goal.
VEON Group CEO Kaan Terzioglu commented: “We
believe the Ratio Change is in the best interest of all our
stakeholders, as it will allow us to ensure VEON’s continued Nasdaq
listing and provide a pathway toward increasing VEON’s visibility
on Nasdaq.”
About VEONVEON is a global
digital operator that currently provides converged connectivity and
online services to over 200 million customers in seven dynamic
markets. We are transforming people’s lives, empowering
individuals, creating opportunities for greater digital inclusion
and driving economic growth across countries that are home to more
than 8% of the world’s population. Headquartered in Amsterdam, VEON
is listed on NASDAQ and Euronext.
For more information visit:
https://www.veon.com.
Important NoticeThis release is
for informational purposes only and shall not constitute a
prospectus or an offer to sell or the solicitation of an offer to
buy securities in the United States or any other jurisdiction, nor
shall there be any offer of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under applicable securities laws.
This press release is not a prospectus for the
purposes of Regulation (EU) 2017/1129.
This communication or information contained
herein is not an offer, or an invitation to make offers, to sell,
exchange or otherwise transfer securities in the Russian Federation
to or for the benefit of any Russian person or entity and does not
constitute an advertisement or offering of securities in the
Russian Federation within the meaning of Russian securities
laws.
Elements of this press release contain or may
contain “inside information” as defined under the Market Abuse
Regulation (EU) No. 596/2014.
DisclaimerThis release contains
“forward-looking statements,” as the phrase is defined in Section
27A of the U.S. Securities Act of 1933, as amended, and Section 21E
of the U.S. Securities Exchange Act of 1934, as amended.
Forward-looking statements are not historical facts, and include
statements relating to, among other things, expectations regarding
the Ratio Change and the benefits of the Ratio Change, including
compliance with the Minimum Bid Price. Forward-looking statements
are inherently subject to risks and uncertainties, many of which
VEON cannot predict with accuracy and some of which VEON might not
even anticipate. The forward-looking statements contained in this
release speak only as of the date of this release. VEON does not
undertake to publicly update, except as required by U.S. federal
securities laws and except as set forth above, any forward-looking
statement to reflect events or circumstances after such date or to
reflect the occurrence of unanticipated events.
Contact InformationVEONGroup
Director Investor RelationsNik Kershawir@veon.com
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