WISeKey to Split its ADS on July 5, 2023
June 21 2023 - 3:11PM
WISeKey to Split its ADS
on July 5,
2023
Geneva,
Switzerland, June
21,
2023 – WISeKey International
Holding Ltd. (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or the “Company”
or the “Group”), a leading cybersecurity and IoT company, announced
today a 1-for-2.5 reverse split of American Depository Shares
(“ADS”) listed on the NASDAQ under the ticker “WKEY” (the “ADS
Reverse Split”).
Under the current ratio, 1 ADS represents 10
Class B shares listed on the SIX Swiss Exchange.
For its 2023 Annual General Meeting of
Shareholders to be held on June 22, 2023, the Board of Directors’
proposals for shareholder approval include a reserve stock split of
the Company’s Class B shares at a ratio of 50:1 (the “Reverse Stock
Split”). The number of Class B shares issued and outstanding of the
Company will, relative to the number of Class B Shares issued and
outstanding immediately prior to the effectiveness of the Reverse
Stock Split, decrease proportionally.
Should the Company’s shareholders approve the
Reverse Stock Split, WISeKey will then carry out a 1-for-2.5 ADS
Reverse Split, which means that, post-Reverse Stock Split and ADS
Reverse Split, 2 ADSs will represent 1 Class B share.
The ADS holders of record on the effective date
of the ADS Reverse Split will not be required to take any action in
connection with the ADS ratio change. The exchange of two and a
half (2.5) new for every one (1) then-held ADS will occur
automatically with the then-held ADSs being canceled and new ADSs
being issued by the depositary bank, in each case as of the
effective date for the ADS ratio change. WISeKey’s ADSs will
continue to trade on the NASDAQ under the symbol “WKEY”.
The number of shares owned by ADS holders will
be adjusted on Wednesday, July 5, 2023.
After the Reverse Stock Split and as a result of
the ADS Reverse Split, the ADS price is expected to increase
proportionally, but the Company can give no assurance that the ADS
price after the change in the ADS ratio will be equal to or greater
than 2.5 times ADS price before the change.
About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN)
is a leading global cybersecurity company currently deploying large
scale digital identity ecosystems for people and objects using
Blockchain, AI and IoT respecting the Human as the Fulcrum of the
Internet. WISeKey microprocessors secure the pervasive computing
shaping today’s Internet of Everything. WISeKey IoT has an install
base of over 1.5 billion microchips in virtually all IoT sectors
(connected cars, smart cities, drones, agricultural sensors,
anti-counterfeiting, smart lighting, servers, computers, mobile
phones, crypto tokens etc.). WISeKey is uniquely positioned
to be at the edge of IoT as our semiconductors produce a huge
amount of Big Data that, when analyzed with Artificial Intelligence
(AI), can help industrial applications to predict the failure of
their equipment before it happens.Our technology is Trusted by the
OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”)
provides secure authentication and identification, in both physical
and virtual environments, for the Internet of Things, Blockchain
and Artificial Intelligence. The WISeKey RoT serves as a common
trust anchor to ensure the integrity of online transactions among
objects and between objects and people. For more information,
visit www.wisekey.com.
Press and investor contacts:
WISeKey
International Holding LtdCompany Contact: Carlos
MoreiraChairman & CEOTel: +41 22 594
3000info@wisekey.com |
WISeKey Investor
Relations (US)Contact: Lena CatiThe Equity Group
Inc.Tel: +1 212 836-9611lcati@equityny.com |
Disclaimer:This communication
expressly or implicitly contains certain forward-looking statements
concerning WISeKey International Holding Ltd and its business. Such
statements involve certain known and unknown risks, uncertainties
and other factors, which could cause the actual results, financial
condition, performance or achievements of WISeKey International
Holding Ltd to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. WISeKey International Holding Ltd is
providing this communication as of this date and does not undertake
to update any forward-looking statements contained herein as a
result of new information, future events or otherwise.
This press release does not constitute an offer
to sell, or a solicitation of an offer to buy, any securities, and
it does not constitute an offering prospectus within the meaning of
the Swiss Financial Services Act (“FinSA”), the FInSa's predecessor
legislation or advertising within the meaning of the FinSA.
Investors must rely on their own evaluation of WISeKey and its
securities, including the merits and risks involved. Nothing
contained herein is, or shall be relied on as, a promise or
representation as to the future performance of WISeKey.
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