Fresh2 Group announces one-for-ten reverse ADS split

Fresh2 Group announced that it will change the ratio of its American depositary shares, or ADSs, to its Class A ordinary shares from one ADS representing 20 Class A ordinary shares to one ADS representing 200 Class A ordinary shares. The ADS ratio change is expected to become effective on July 10. For the company’s ADS holders, the ADS Ratio Change will have the same effect as a one-for-ten reverse ADS split. There will be no change to the company’s Class A ordinary shares. On the effective date, registered holders of the company’s ADSs held in certificated form will be required on a mandatory basis to surrender their certificated ADSs to Citibank, the depositary bank, for cancellation and will receive one new ADS in exchange for every 10 existing ADSs surrendered. Holders of uncertificated ADSs in the Direct Registration System, or DRS, and The Depository Trust Company, or DTC, will have their ADSs automatically exchanged and need not take any action. The exchange of every 10)then-held ADSs for one new ADS will occur automatically at the effective date, with the then-held ADSs being cancelled and new ADSs being issued by the depositary. The company’s ADSs will continue to be traded on Nasdaq under the ticker symbol (FRES).