Lion Group to implement ADS ratio change

Lion Group (LGHL) plans to change the ratio of its American Depositary Shares to its Class A ordinary shares, par value US$0.0001 per share, from the current ADS Ratio of 2,500 Class A ordinary shares, to a new ADS ratio of one ADS to 32,500 Class A ordinary shares. The company anticipates that the ADS Ratio Change will be effective on or about November 26. For the company’s ADS holders, the change in the ADS Ratio will have the same effect as a 1-for-13 reverse ADS split. The exchange of every 13 existing ADSs for one new ADS will occur automatically, with existing ADSs being cancelled and new ADSs being issued by the depositary bank on the effective date. Lion’s ADSs will continue to be traded under the ticker symbol “LGHL” on Nasdaq. As a result of the change in the ADS Ratio, Lion’s ADS trading price is expected to increase proportionally, although the company can give no assurance that the ADS trading price after the ratio change will be equal to or greater than 13 times the ADS trading price before the change.