NaaS Technology (NAAS) has released an update.
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NaaS Technology Inc., a trailblazer in China’s EV charging service market, has announced a significant adjustment of its ADS Ratio from one ADS representing 10 Class A ordinary shares to one ADS for 200 Class A shares, akin to a 1-for-20 reverse split, effective around June 10, 2024. This strategic move is aimed at boosting the per-ADS trading price on the Nasdaq, with the company cautioning that the post-adjustment trading price may not necessarily be 20 times higher than the pre-adjustment price. Shareholders will be required to exchange their ADSs accordingly, with fractional shares to be sold off and proceeds distributed.
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