DBV Technologies Announces Plan to Implement ADS Ratio Change
May 17 2024 - 3:30PM
Châtillon, France, May 17, 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, today announced plans to change the
ratio of its American Depositary Shares (“ADSs”) to its ordinary
shares (the “ADS Ratio”), nominal value €0.10 (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”). The Company
anticipates that the ADS Ratio Change will be effective on or about
June 3rd, 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 TechnologiesDBV
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™, 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™), 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 Stock Market (Ticker: DBVT, CUSIP: 23306J101).
For more information, please visit
www.dbv-technologies.com and engage with us on X (formerly Twitter)
and LinkedIn.
Forward Looking StatementsThis
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.
Viaskin and EPIT are trademarks of DBV
Technologies.
Investor Contact Katie
MatthewsDBV Technologieskatie.matthews@dbv-technologies.com
Media ContactAurora KrauseDBV
Technologiesaurora.krause-ext@dbv-technologies.com
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