CooTek Announces Plan to Implement ADS Ratio Change
SHANGHAI, April 28, 2022 /PRNewswire/ — CooTek (Cayman) Inc. (NYSE: CTK) (“CooTek” or the “Company”), a global mobile internet company, today announced that it plans to change the ratio of its American Depositary Shares (“ADS”) to its Class A ordinary shares (the “ADS Ratio”), from the current ADS Ratio of one (1) ADS for fifty (50) Class A ordinary shares to a new Ratio ADS of one (1) ADS for six hundred and fifty (650) Class A common shares.
For CooTek ADS holders, the change in ADS ratio will have the same effect as a reversed ADS split of one for thirteen (13). 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 expects the ADS Ratio Amendment to become effective on or about May 9, 2022 (US Eastern Time), subject to the effectiveness of the post-effective amendment to the Statement of ADS registration on Form F-6 by that date. Date.
Each ADS holder of record as of the close of business on the date the ADS ratio change becomes effective will be required to surrender and exchange all 13 existing ADS then held for one (1) new ADS. Deutsche Bank Trust Company Americas, as the depository bank for CooTek’s ADS program, will arrange the exchange of current ADSs for new ones. CooTek’s ADSs will continue to trade on the New York Stock Exchange under the symbol “CTK”.
No new fractional ADSs will be issued as part of the change in the ADS ratio. Instead, the fractional rights to the new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional rights to the ADSs (after deduction of fees, taxes and expenses) will be distributed to the holders of the new ADSs. ‘ADS concerned by the custodian. bank. The change in the ADS ratio will have no impact on the underlying Class A common shares of CooTek, and no Class A common shares will be issued or canceled in connection with the change in the ADS ratio.
Following the change in the ADS ratio, the trading price of the ADS is expected to increase proportionately, although the Company cannot guarantee that the trading price of the ADS after the change in the ADS ratio will be equal to or greater than 13 times the ADS trading price before the change.
About CooTek (Cayman) Inc.
CooTek is a mobile Internet company with a global outlook that offers content-rich mobile applications, focusing on three categories: online literature, scenario-based content applications and mobile games. CooTek’s mission is to enable everyone to enjoy relevant content seamlessly. CooTek’s user-centric and data-driven approach has enabled it to launch compelling products to meet the ever-changing content needs of mobile internet users and helps it attract targeted users quickly.
For more information about CooTek, please visit https://ir.cootek.com.
Safe Harbor Statement
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 United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “will”, “expect”, “anticipate”, “future”, “intend”, “project”, “believe”, “estimate”, ” confident”, “optimistic” and similar statements. CooTek may also make written or oral forward-looking statements in its reports filed with or provided to the United States Securities and Exchange Commission, 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. All statements that are not historical facts, including statements about CooTek’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from forward-looking statements. These factors and risks include, but are not limited to: CooTek’s mission and strategies; future business developments, financial conditions and results of operations; the expected growth of the mobile Internet industry and the mobile advertising industry; expected growth in mobile advertising; expectations regarding market demand and acceptance of our products and services; competition in the mobile applications and advertising industry; relevant government policies and regulations relating to the industry and the development and impacts of COVID-19. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the United States Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and CooTek undertakes no obligation to update such information except as required by applicable law.
For more information, please contact:
CooTek (Caiman) Inc.
Mr. Robert Yi Cui
E-mail: [email protected]
CIA Investor Relations (Asia) Limit
Mr. Kevin Yang
E-mail: [email protected]
SOURCECooTek (Caiman) Inc.