Token Cat announces planned ADS ratio change

Token Cat plans to change the ratio of its American depositary shares from one ADS representing 240 Class A ordinary shares to one ADS representing 4800 Class A ordinary shares. The Company anticipates that the ADS Ratio Change will be effective on or about August 29. For the Company’s ADS holders, the ADS Ratio Change will have the same effect as a one-for-twenty reverse ADS split. On the Effective Date, holders of ADSs in The Depository Trust Company and Direct Registration System will have their ADSs automatically exchanged and need not take any action. The exchange of every twenty 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 bank.