BEIJING, March 3,
2023 /PRNewswire/ -- Cloopen Group Holding
Limited (NYSE: RAAS) ("Cloopen" or the "Company") today announced
that it will change the ratio of its American depositary shares
("ADSs") to Class A ordinary shares from one (1) ADS representing
two (2) Class A ordinary shares to one (1) ADS representing six (6)
Class A ordinary shares.
For Cloopen's ADS holders, this ratio change will have the same
effect as a 1-for-3 reverse ADS split. There will be no change to
Cloopen's Class A ordinary shares. Furthermore, no physical action
by ADS holders will be required to effect the ratio change, as the
change will be effected on the books of the depositary. The effect
of the ratio change on the ADS trading price on the New York Stock
Exchange is expected to take place at the open of business on
March 15, 2023 (U.S. Eastern Time).
Any fractional ADSs will be sold and the net proceeds from the sale
of fractional ADSs will be distributed to the holders entitled
thereto.
As a result of the change in the ADS ratio, the ADS price is
expected to increase proportionally, although Cloopen can give no
assurance that the ADS price after the change in the ADS ratio will
be equal to or greater than three times the ADS price before the
change.
About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability
cloud-based communications solution provider in China offering a full suite of cloud-based
communications solutions, covering communications platform as a
service (CPaaS), cloud-based contact centers (cloud-based CC), and
cloud-based unified communications and collaborations (cloud-based
UC&C). Cloopen's mission is to enhance the daily
communication experience and operational productivity for
enterprises. Cloopen aspires to drive the transformation of
enterprise communications industry by offering innovative marketing
and operational tactics and SaaS-based tools.
For more information, please visit
https://ir.yuntongxun.com.
Forward-Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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," "confident" and similar statements. Cloopen may also
make written or oral forward-looking statements in its reports
filed with or furnished to 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. Any statements that are not historical facts,
including statements about Cloopen's beliefs and expectations as
well as its financial outlook, are forward-looking statements.
These forward-looking statements are based on Cloopen's current
expectations and involve factors, risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Cloopen's
filings with the SEC. All information provided in this press
release is current as of the date of the press release, and Cloopen
does not undertake any obligation to update such information,
except as required under applicable law. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and you are cautioned not to place undue reliance
on these forward-looking statements.
For investor
and media inquiries, please contact:
Cloopen Group Holding
Limited
Investor Relations
Email: ir@yuntongxun.com
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SOURCE Cloopen Group Holding Limited