Burning Rock Announces ADS
Ratio Change
GUANGZHOU, China, April 26,
2024-Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR, the
"Company" or "Burning Rock"), a company focused on the application
of next generation sequencing (NGS) technology in the field of
precision oncology, today announced that it will change the ratio
of its American depositary shares (the "ADSs") to Class A ordinary
shares from one (1) ADS representing one (1) Class A ordinary share
to one (1) ADS representing ten (10) Class A ordinary shares (the
"ADS Ratio Change"). The ADS Ratio Change is expected to become
effective on or about May 15, 2024 (the "Effective
Date").
For Burning Rock's ADS holders, the
ADS Ratio Change will have the same effect as a one-for-ten reverse
ADS split. There will be no change to the Company's Class A
ordinary shares. On the Effective Date, registered holders of the
Company's ADSs held in certificated form will be required on a
mandatory basis to surrender their certificated ADSs to Citibank,
N.A., the depositary bank (the "Depositary"), for cancellation and
will receive one (1) new ADS in exchange for every ten (10)
existing ADSs surrendered. Holders of uncertificated ADSs in the
Direct Registration System and The Depository Trust Company will
have their ADSs automatically exchanged and need not take any
action. The exchange of every ten (10) then-held (existing) ADSs
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. Burning Rock's ADSs will
continue to be traded on the NASDAQ Global Market and London Stock
Exchange under the symbol "BNR".
No fractional new ADSs will be
issued in connection with the change in the ADS Ratio Change.
Instead, fractional entitlements to new ADSs will be aggregated and
sold by the Depositary and the net cash proceeds from the sale of
the fractional ADS entitlements will be distributed to the
applicable ADS holders by the Depositary, in each case in
accordance with the Depositary's then current procedures and
practices and after any deductions as provided in the deposit
agreement between the Company and the Depositary for the
ADSs.
As a result of the ADS Ratio Change,
the ADS price is expected to increase proportionally, although the
Company can give no assurance that the ADS price after the ADS
Ratio Change will be equal to or greater than ten times the ADS
price before the change.
About Burning Rock
Burning Rock Biotech Limited
(NASDAQ: BNR and LSE: BNR), whose mission is to guard life via
science, focuses on the application of next generation sequencing
(NGS) technology in the field of precision oncology. Its business
consists of i) NGS-based therapy selection testing for late-stage
cancer patients, and ii) cancer early detection, which has moved
beyond proof-of-concept R&D into the clinical validation
stage.
For more information about Burning
Rock, please visit: ir.brbiotech.com.
Safe Harbor Statement
This press release contains
forward-looking statements. These statements constitute
"forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "target," "confident" and similar
statements. Burning Rock may also make written or oral
forward-looking statements in its periodic reports to the SEC, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Burning Rock's beliefs
and expectations, are forward-looking statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond Burning Rock's
control. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results to differ
materially from those contained in any such statements. All
information provided in this press release is as of the date of
this press release, and Burning Rock does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
Contact: IR@brbiotech.com
