HANGZHOU, China, May 10, 2022
/PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a
leading integrated smart supply chain solutions and logistics
services provider in China, today
announced that it plans to change the ratio of its American
Depositary Shares ("ADSs") to its Class A ordinary shares (the "ADS
Ratio"), par value US$0.01 per share,
from the current ADS Ratio of one (1) ADS to one (1) Class A
ordinary share, to a new ADS Ratio of one (1) ADS to five (5) Class
A ordinary shares (the "ADS Ratio Change"). The Company anticipates
that the ADS Ratio Change will be effective on or about
May 20, 2022.
![logo (PRNewsfoto/BEST Inc.) logo (PRNewsfoto/BEST Inc.)](https://mma.prnewswire.com/media/1229159/image_836843_21588047_Logo.jpg)
For BEST's ADS holders, the ADS Ratio Change will have the same
effect as a one-for-five reverse share split. Each ADS holder of
record at the close of business on the date when the ADS Ratio
Change is effective will be required to surrender and exchange
every five (5) existing ADSs then held for one (1) new ADS.
Citibank, N.A., as the depositary bank for BEST's ADS program, will
arrange for the exchange of current ADSs for new ADSs (subject to
receipt of applicable ADS fees from the exchanging ADS holders).
BEST's ADSs will continue to be traded on the New York Stock
Exchange under the ticker symbol "BEST".
No fractional new ADSs will be issued in connection with the ADS
Ratio Change. 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. The ADS Ratio Change
will have no impact on BEST's underlying Class A ordinary shares,
and no Class A ordinary shares will be issued or cancelled in
connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, BEST's ADS trading price is
expected to increase proportionally; however, there can be no
assurance that the ADS trading price after the ADS Ratio Change
will be equal to or greater than five (5) times the ADS trading
price before the change.
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
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
BEST's strategic and operational plans contain forward-looking
statements. BEST may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about BEST's beliefs and expectations, are
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, including but not limited to the
following: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
compete effectively; BEST 's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates; BEST's ADS trading price, and whether it will increase
after the ADS Ratio Change; and assumptions underlying or related
to any of the foregoing. Further information regarding these and
other risks is included in BEST's filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and BEST does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China. Through its proprietary technology
platform and extensive networks, BEST offers a comprehensive set of
logistics and value-added services, including freight delivery,
supply chain management, and global logistics services. BEST's
mission is to empower business and enrich life by leveraging
technology and business model innovation to create a smarter, more
efficient supply chain. For more information, please visit:
http://www.best-inc.com/en/.
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SOURCE BEST Inc.