Advanced Health Intelligence Ltd (ASX/NASDAQ:AHI)
(“Advanced Health Intelligence”, “AHI” or the “Company”)
announces today that its planned ratio change of the Company’s
American Depositary Shares (ADSs) to its non-traded ordinary shares
from the previous ratio of one (1) ADS representing seven (7)
ordinary shares to the new ratio of one (1) ADS representing
twenty-eight (28) ordinary shares shall become effective on June
30, 2023. The ratio change will have the same effect as a reverse
split of the existing ADSs of 1 new ADS for every 4 old ADSs. The
effective date for the ratio change is June 29, 2023, and the
Company’s ADSs will continue to be traded on the Nasdaq Capital
Market (“Nasdaq”) under the symbol “AHI” with a new CUSIP Number
00777C 203.
Today, trading of the ADSs on Nasdaq was
prematurely halted in anticipation of the effectiveness of the
ratio change. It is our understanding after conversations with
Nasdaq that trading of the ADSs will resume on June 30, 2023.
On June 27, 2022, the Company announced that it
received notification from Nasdaq regarding non-compliance with the
requirement to maintain a minimum bid price of $1.00 per share. As
a result of the change in ADS ratio, the price of its ADS is
expected to increase proportionally, although AHI can give no
assurance that the ADS price after the change in ADS ratio will be
equal to or greater than 4 times the ADS price before the
change.
The company has taken this step to regain
compliance with the Rule. Once the ratio change has taken effect,
the ADSs must trade at or above $1.00 for ten consecutive business
days for the Company to regain compliance with the bid price rule.
Nasdaq’s written notice does not affect the listing or trading of
the Company’s common stock at this time, and the Company will look
to remedy the position as stated above and resolve this listing
deficiency.
No action is required by holders of ADSs to
affect the ratio change, as the change will be affected on the
books of the ADS depositary.
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 the depositary bank
will attempt to sell them with the net cash proceeds from the sale
of the fractional ADS entitlements to be distributed to the
applicable ADS holders by the depositary bank.
The Board of Advanced Health Intelligence
Limited has approved this announcement.
For more information, contact:
Scott
Montgomery Chief Executive
Officer Advanced Health Intelligence
LtdE: admin@ahi.tech |
|
Vlado
Bosanac Founder/Head of
Strategy Advanced Health
Intelligence LtdE: admin@ahi.tech |
About Advanced Health Intelligence
Ltd
Advanced Health Intelligence Ltd (‘AHI’)
delivers scalable health assessment, risk stratification and
digital triage capabilities to healthcare providers, insurers,
employers, and government agencies all over the world via our
proprietary technology and processes.
Since 2014, AHI has been delivering Health-tech
innovation via a smartphone, starting with the world's first
on-device body dimensioning capability. AHI has developed a
patented technology, showcasing the next frontier in digitising
healthcare with a suite of componentised solutions, culminating
in:
- Body dimension and composition assessment to identify the
comorbidities of obesity, such as diabetes risk estimates;
- Blood biomarker prediction, including HbA1C, HDL, LDL, and
10-year mortality risk;
- Transdermal Optical Imaging to return vital signs and
cardiovascular disease risk estimates;
- On-device dermatological skin identification across 588 skin
conditions across 133 categories (Inc. Melanoma); and
- Assisting partners in delivering personalised therapeutic and
non-therapeutic health coaching to improve daily habits and build
health literacy.
Our world-class team of subject matter experts
in machine learning, AI, computer vision, and medically trained
data scientists ensure that AHI’s technology is at the forefront of
innovation and the needs of our consumers.
With a focus on impact at scale, AHI is proud to
showcase this milestone in digital healthcare transformation,
delivering a biometrically derived triage solution accessible on
and via a smartphone. With these advanced technologies, AHI helps
its partners identify risks across their consumers and triage them
into right-care pathways for proactive health management at a
population scale.
For more information, please visit:
www.ahi.tech
Cautionary Note Regarding Forward-Looking
Statements:
This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended; Section 21E of the Securities Exchange Act of
1934, as amended; and the safe harbor provision of the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements,
or developments to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by words such as "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects,"
"potential" and similar expressions, or that events or conditions
"will," "would," "may," "could" or "should" occur.
Forward-looking information may include, without
limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, milestones, strategies, and outlook of Advance Health
Intelligence, and includes statements about, among other things,
future developments and the future operations, strengths, and
strategies of Advance Health Intelligence. Forward-looking
information is provided for the purpose of presenting information
about management's current expectations and plans relating to the
future and readers are cautioned that such statements may not be
appropriate for other purposes. These statements should not be read
as guarantees of future performance or results.
The forward-looking statements made, or
perceived to be made, in this news release are based on
management's assumptions and analysis and other factors that may be
drawn upon by management to form conclusions and make forecasts or
projections, including management's experience and assessments of
historical trends, current conditions and expected future
developments. Although management believes that these assumptions,
analysis, and assessments are reasonable at the time the statements
contained in this news release are made, actual results may differ
materially from those projected in any forward-looking statements.
These risks and uncertainties include, but are not limited to,
“Risk Factors” identified in our filings with the Securities and
Exchange Commission, including, but not limited to, our most
recently filed Annual Report on Form 20-F. Examples of risks and
factors that could cause actual results to materially differ from
forward-looking statements may include: the timing and
unpredictability of regulatory actions; regulatory, legislative,
legal or other developments with respect to its operations or
business; limited marketing and sales capabilities; early stage of
the industry and product development; limited products; reliance on
third parties; unfavourable publicity or consumer perception;
general economic conditions and financial markets; the impact of
increasing competition; the loss of key management personnel;
capital requirements and liquidity; access to capital; the timing
and amount of capital expenditures; the impact of COVID-19; shifts
in the demand for Advanced Health Intelligence's products and the
size of the market; patent law reform; patent litigation and
intellectual property; conflicts of interest; and general market
and economic conditions.
The forward-looking information contained in
this news release represents the expectations of Advance Health
Intelligence as of the date of this news release and, accordingly,
is subject to change after such date. Readers should not place
undue importance on forward-looking information and should not rely
upon this information as of any other date. Advance Health
Intelligence undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
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