Purple Biotech to implement ADS ratio change

Purple Biotech (PPBT) announced that it intends to change the ratio of american depositary shares to its ordinary shares from the current ADS ratio of one ADS representing 200 ordinary shares, to a new ADS ratio of one ADS representing 2,000 ordinary shares. For the company’s ADS holders, the ADS ratio change will have the same effect as a one-for-ten reverse ADS split. The ADS ratio change is expected to become effective at the beginning of trading on or about March 2. The primary purpose of the ADS ratio change is to enable the company to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.