- NaaS Technology Inc. (NAAS, Financial) announces a 1:4 reverse ADS split, effective April 28, 2025.
- The ADS ratio will change from 1:200 to 1:800 Class A ordinary shares.
- JPMorgan Chase Bank will manage the exchange process for shareholders.
NaaS Technology Inc. (NAAS), the pioneering U.S.-listed electric vehicle (EV) charging service company in China, has announced a significant adjustment to the ratio of its American Depositary Shares (ADS) to Class A ordinary shares. The change will adjust the ADS ratio from 1:200 to 1:800, effectively functioning as a 1:4 reverse ADS split, and will take effect on April 28, 2025.
Shareholders will be required to exchange four existing ADSs for one new ADS. JPMorgan Chase Bank, acting as the depositary bank, will oversee the exchange process. Any fractional shares resulting from the conversion will be aggregated and sold, with the proceeds distributed to the affected holders.
While the trading price of the ADS is anticipated to increase proportionally, NaaS has cautioned that the post-split price may not precisely quadruple the pre-split price. Importantly, this change will not impact the structure of the underlying Class A ordinary shares, nor will any Class A shares be issued or canceled.
NaaS will continue to operate under the ticker symbol "NAAS" on Nasdaq. The adjustment is aimed at maintaining the company's trading standards without altering its fundamental business operations. Shareholders will retain their proportional ownership in the company, albeit with fewer ADSs at a higher price point.
