BEIJING, May 30, 2024
/PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NaaS) ("NaaS" or the
"Company"), the first U.S. listed EV charging service
company in China, today announced that it plans to change the
ratio of its American Depositary Shares (the "ADSs") to its Class A
ordinary shares (the "ADS Ratio"), par value US$0.01 per share, from the current ADS Ratio of
one ADS to 10 Class A ordinary shares to a new ADS Ratio of one ADS
to 200 Class A ordinary shares.
For the Company's ADS holders, the change in the ADS Ratio will
have the same effect as a one-for-twenty reverse ADS split. A
post-effective amendment to the ADS Registration Statement on
Form F-6 will be filed with the SEC to reflect the change in
the ADS Ratio. The Company anticipates that the change in the ADS
Ratio will be effective on or about June 10, 2024 (U.S.
Eastern Time).
Each ADS holder of record at the close of business on the date
when the change in ADS Ratio is effective will be required to
surrender and exchange every 20 existing ADSs then held for one new
ADS. JPMorgan Chase Bank, N.A., as the depositary bank for the
Company's ADS program, will arrange for the exchange of the current
ADSs for the new ones. The Company's ADSs will continue to be
traded on the Nasdaq Stock Market under the symbol "NaaS."
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 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 change in
the ADS Ratio will have no impact on the Company's underlying Class
A ordinary shares, and no Class A ordinary shares will be issued or
cancelled in connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be equal to or greater than 20 times the ADS
trading price before the change.
The depositary and the Company have also agreed to amend and
restate the deposit agreement, dated as of October 19, 2017 and amended on May 31, 2022, in order to bring it in line with
current standards and to reflect the change in the ADS Ratio.
About NaaS Technology Inc.
NaaS Technology Inc. is the first U.S. listed EV
charging service company in China. The Company is a subsidiary
of Newlinks Technology Limited, a leading energy
digitalization group in China. The
Company provides one-stop solutions to energy asset owners
comprising charging services, energy solutions and new initiatives,
supporting every stage of energy asset's lifecycle and facilitating
energy transition.
For investor and media inquiries, please contact:
Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com
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SOURCE NaaS Technology Inc.