31.05.2024 15:51:17 - dpa-AFX: GNW-Adhoc: DBV Technologies Announces Plan to Implement ADS Ratio Change
Châtillon, France, May 31, 2024
DBV Technologies Announces Plan to Implement ADS Ratio Change
DBV Technologies (Euronext: DBV - ISIN: FR0010417345 - Nasdaq Stock Market:
DBVT-CUSIP: 23306J101), a clinical-stage biopharmaceutical company focused on
treatment options for food allergies and other immunologic conditions with
significant unmet medical need, previously announced plans to change the ratio
of its American Depositary Shares ("ADSs") to its ordinary shares (the "ADS
Ratio"), nominal value EUR0.10 (ten cents) per share, from the current ADS Ratio
of one (1) ADS to one-half (1/2) of one (1) ordinary share to a new ADS Ratio of
one (1) ADS to one (1) ordinary share (the "ADS Ratio Change") to be effective
on or about June 3rd, 2024. The Company now anticipates that the ADS Ratio
Change will be effective on or about June 7th, 2024 (the "Effective Date").
For the Company's ADS holders, the change in the ADS Ratio will have the same
effect as a one-for-two reverse ADS split and is intended to enable the Company
to regain compliance with the Nasdaq minimum bid price requirement. On the
Effective Date, registered holders of company ADSs held in certificated form
will be required on a mandatory basis to surrender their certificated ADSs to
the depositary bank for cancellation and will receive one (1) new ADS in
exchange for every two existing ADSs surrendered. Holders of uncertificated ADSs
in the Direct Registration System ("DRS") and in The Depository Trust Company
("DTC") will have their ADSs automatically exchanged and need not take any
action. The exchange of every two existing ADSs then-held for one (1) 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. DBV's ADSs will
continue to be traded on the Nasdaq Stock Market under the ticker symbol "DBVT".
No fractional new ADSs will be issued in connection with the change in the ADS
Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold
by the depositary bank and the net cash proceeds from the sale of the fractional
ADS entitlements (after deduction of fees, taxes and expenses) will be
distributed to the applicable ADS holders by the depositary bank. The ADS Ratio
Change will have no impact on DBV's underlying ordinary shares, and no ordinary
shares will be issued or cancelled in connection with the ADS Ratio Change.
As a result of the change in the ADS Ratio, DBV's ADS trading price is expected
to increase proportionally, although the Company can give no assurance that the
ADS trading price after the ADS Ratio Change will be equal to or greater than
twice the ADS trading price before the change.
About DBV Technologies
DBV Technologies is a clinical-stage biopharmaceutical company developing
treatment options for food allergies and other immunologic conditions with
significant unmet medical need. DBV is currently focused on investigating the
use of its proprietary technology platform, Viaskin(TM), to address food allergies,
which are caused by a hypersensitive immune reaction and characterized by a
range of symptoms varying in severity from mild to life-threatening anaphylaxis.
Millions of people live with food allergies, including young children. Through
epicutaneous immunotherapy (EPIT(TM)), the Viaskin platform is designed to
introduce microgram amounts of a biologically active compound to the immune
system through intact skin. EPIT is a new class of non-invasive treatment that
seeks to modify an individual's underlying allergy by re-educating the immune
system to become desensitized to allergen by leveraging the skin's immune
tolerizing properties. DBV is committed to transforming the care of food
allergic people. The Company's food allergy programs include ongoing clinical
trials of Viaskin Peanut in peanut allergic toddlers (1 through 3 years of age)
and children (4 through 7 years of age).
DBV Technologies is headquartered in Châtillon, France, with North American
operations in Warren, NJ. The Company's ordinary shares are traded on segment B
of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345) and the Company's ADSs
(each representing one-half of one ordinary share) are traded on the Nasdaq
Global Select Market (Ticker: DBVT, CUSIP: 23306J101).
For more information, please visit www.dbv-technologies.com
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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 trading price and
ability to maintain compliance with the Nasdaq minimum bid price requirement.
These forward-looking statements and estimates are not promises or guarantees
and involve substantial risks and uncertainties. At this stage, DBV's product
candidates have not been authorized for sale in any country. Among the factors
that could cause actual results to differ materially from those described or
projected herein include uncertainties associated generally with research and
development, clinical trials and related regulatory reviews and approvals, and
DBV's ability to successfully execute on its budget discipline measures. A
further list and description of 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 DBV's regulatory filings with
the French Autorité des Marchés Financiers ("AMF"), DBV's filings and reports
with the U.S. 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 filings and reports made with the AMF and SEC
by DBV. Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements and estimates, which speak only as
of the date hereof. Other than as required by applicable law, DBV Technologies
undertakes no obligation to update or revise the information contained in this
Press Release.
Investor Contact
Katie Matthews
DBV Technologies
katie.matthews@dbv-technologies.com (mailto:katie.matthews@dbv-technologies.com)
Media Contact
Angela Marcucci
DBV Technologies
angela.marcucci@dbv-technologies.com (mailto:angela.marcucci@dbv-
technologies.com)
Viaskin and EPIT are trademarks of DBV Technologies.
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