- 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.
- Shares are down 0.26% premarket.
For further details see:
Gravitas Education announces ADS ratio change