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GEHI - Gravitas Education announces ADS ratio change
Gravitas Education Holdings Inc. American depositary shares each representing one Class A
Gravitas Education ( NYSE: GEHI ) notifies that it will change the ratio of its American Depositary Shares , or ADSs, to Class A ordinary shares from one ADS representing one share to one ADS representing 20 shares, effective October 14.
For the company's ADS holders, the change in the ADS ratio will have the same effect as a one-for-twenty reverse ADS split.
Effective October 14, registered holders of ADS of the company will be required on a mandatory basis to surrender their old ADSs to the depositary bank for cancellation and will receive one new ADS in exchange for every twenty old ADSs then-held.