Châtillon, France, May 17, 2024
DBV Technologies announces its intention to modify the ADS ratio
DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT—CUSIP: 23306J101), a clinical-stage biopharmaceutical company specializing in treatment options for food allergies and other immunological conditions not medically required satisfied (“the Company”), today announced its intention to change the ratio of its American Depositary Shares (“ADS”) to its ordinary shares, each with a nominal value of 0.10 euros (10 cents euros) per share, and traded on segment B of Euronext (the “Ordinary Shares”, or an “Ordinary Share”).
The Company plans to change the ADS ratio from the current ADS ratio of one (1) ADS for half (1/2) of one (1) Ordinary Share to a new ADS ratio of one (1) ADS for one (1) Ordinary Share (the “ADS Ratio Change”).
The ADS Ratio Change is expected to be effective on June 3, 2024 (the “Effective Date”).
The ADS Ratio Change is intended to enable the Company to return to compliance with Nasdaq’s requirement of a floor price for its ADSs greater than 1 United States dollar (“USD”).
For registered holders of ADSs (the “ADS Holders”), the ADS Ratio Change will have the effect of halving the number of ADSs.
On the Effective Date, ADS Holders held in certificate form will be required to return their certified ADSs to Citibank NA (“the Custodian Bank”) for cancellation, and will receive one (1) new ADS in exchange for two (2) ADSs existing ones restored.
Uncertificated ADS Holders in the Direct Registration System (“DRS”) and The Depository Trust Company (“DTC”) will have their ADSs automatically exchanged and will not need to take any action. The exchange of two existing ADSs (the “Old ADSs”) for one (1) new ADS (the “New ADSs”) will take place automatically on the Effective Date, the Old ADSs being canceled and the New ADSs issued by the Depositary bank.
The New ADSs will continue to trade on the Nasdaq Stock Market under the symbol “DBVT”.
No fraction of New ADSs will be issued in connection with the ADS Ratio Change. Fractional rights to New ADSs will be aggregated and sold by the Depositary Bank, and the net proceeds from the sale of such fractional rights (after deduction of fees, taxes and expenses) will be distributed in cash among the relevant ADS Holders, per the Custodian Bank.
The ADS Ratio Change will have no impact on the Ordinary Shares, and no Ordinary Shares will be issued or canceled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, the trading price of the New ADSs is expected to increase proportionately, although the Company cannot guarantee that the trading price of the New ADSs will be equal to or greater than twice the trading price of the Old ADSs.
About DBV Technologies
DBV Technologies is a clinical-stage biopharmaceutical company focused on developing treatment options for food allergies and other immunological conditions with significant unmet medical needs. DBV Technologies is currently focused on investigating the use of its proprietary technology platform, Viaskin™, to treat food allergies caused by a hypersensitive immune response and characterized by a range of symptoms ranging in severity from mild to anaphylaxis potentially fatal. Millions of people live with food allergies, including young children. Using epicutaneous immunotherapy (EPIT™), the Viaskin platform is designed to deliver microgram quantities of a biologically active compound into the immune system through intact skin. EPIT is a new class of non-invasive treatment seeking to modify an individual’s underlying allergy by re-educating the immune system to desensitize to the allergen by taking advantage of the immune tolerance properties of the skin. DBV Technologies is committed to transforming the treatment of people with food allergies. The Company’s food allergy programs include ongoing clinical studies with Viaskin Peanut in young children (ages 1 to 3 years) and children (ages 4 to 7 years) with peanut allergies.
DBV Technologies’ global headquarters is located in Châtillon, France, with North American operations based in Warren, New Jersey. The Company’s ordinary shares are traded on segment B of Euronext Paris (symbol: DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing half an ordinary share) are traded on the Nasdaq Stock Market (symbol : DBVT—CUSIP: 23306J101).
For more information, please visit www.dbv-technologies.com and contact us on X (formerly Twitter) and LinkedIn.
Forward-looking statements
This press release may contain forward-looking statements and estimates, including the expected impact of the ADS ratio change on DBV’s stock price and the ability to maintain compliance with the minimum offering price requirement on the Nasdaq. These forward-looking statements and estimates are neither promises nor guarantees, and involve substantial risks and uncertainties. At this time, DBV Technologies’ product candidates have not been authorized for sale in any country. Factors that could cause actual results to differ materially from those described or projected herein include uncertainties relating generally to research and development, clinical studies and related regulatory reviews and approvals. as the ability of DBV Technologies to successfully carry out its budgetary discipline measures. A more detailed list and description of the risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements in this press release can be found in the regulatory documents filed by DBV Technologies with the Securities and Exchange Commission. Financial Markets (“AMF”), in documents and reports filed by DBV Technologies with the United States Securities and Exchange Commission (“SEC”), including in DBV’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 7, 2024, and future documents and reports filed by DBV with the AMF and the SEC.
Existing and potential investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. Except as required by applicable law, DBV Technologies undertakes no obligation to update or revise the information contained in this press release.
Viaskin and EPIT are trademarks of DBV Technologies.
Contact with investors
Katie Matthews
DBV Technologies
[email protected]
Media Contact
Aurora Krause
DBV Technologies
[email protected]
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