VEON confirms revised timing for effectiveness of ratio change under its American Depositary Receipt (“ADR”) program
08 March 2023 - 2:30AM
VEON confirms revised timing for effectiveness of ratio change
under its American Depositary Receipt (“ADR”) program
Amsterdam, Netherlands, 7 March 2023
16:30 CET: VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON)
(“VEON” or the “Company”), a global digital operator that provides
converged connectivity and online services, today provides an
update on the timing of the ratio change under the Company’s ADR
program, previously announced on 6 February 2023 and originally
planned to become effective on 6 March 2023 (the “Ratio Change”).
As announced on 6 March 2023, the Company was informed late
afternoon on Friday, 3 March 2023 by BNY Mellon that the ratio
change effectiveness had been postponed as The Depository Trust
& Clearing Corporation (“DTCC”) was not prepared to make the
new CUSIP reflecting the new ratio available on Monday, 6 March
2023 as scheduled. DTCC has now confirmed the availability of the
new CUSIP, and the effective date of the Ratio Change (the
“Effective Date”) is now confirmed as 8 March 2023.
As previously announced with respect to the
Ratio Change, as of the Effective Date, record holders who directly
hold ADRs will be required to exchange their existing ADRs for new
ADRs on the basis of one (1) new ADR for every twenty-five (25)
existing ADRs surrendered. The Depositary will contact ADR holders
and arrange for the exchange of their existing ADRs for new ADRs.
American Depositary Share (“ADS”) beneficial holders who hold
through an ADR holder intermediary need not take any action in
connection with the Ratio Change.
For ADS holders, the Ratio Change will have the
same effect as a one for twenty five reverse ADS split. No new VEON
common shares will be issued in connection with the Ratio Change
and the ADSs will continue to be traded on The Nasdaq Capital
Market under the symbol “VEON.”
As a result of the Ratio Change, the trading
price of the Company’s ADSs is expected to automatically increase
proportionally, but the Company can give no assurance that the ADS
trading price following the Ratio Change will be at least equal to
the ADS trading price before the Ratio Change multiplied by the new
25:1 ratio. As VEON announced previously on 5 October 2022, the
Listing Qualifications Department of The Nasdaq Market granted VEON
an additional grace period through 3 April 2023 to regain
compliance with the minimum bid price requirement set forth in
Nasdaq’s Listing Rule 5550(a)(2) (the “Minimum Bid Price”). While
the Ratio Change is intended to bring the bid price of the
Company’s ADSs into compliance with the Minimum Bid Price, the
Company can give no assurance that the Ratio Change will be
effective in achieving this goal.
The Company’s original announcement with respect
to the ratio change can be found on the Company’s website at this
address:https://www.veon.com/media/media-releases/2023/veon-announces-ratio-change-under-its-american-depositary-receipt-adr-program/
About VEONVEON is a global
digital operator that currently provides converged connectivity and
online services to over 200 million customers in seven dynamic
markets. We are transforming people’s lives, empowering
individuals, creating opportunities for greater digital inclusion
and driving economic growth across countries that are home to more
than 8% of the world’s population. Headquartered in Amsterdam, VEON
is listed on NASDAQ and Euronext.
For more information visit:
https://www.veon.com.
Important NoticeElements of
this press release contain or may contain “inside information” as
defined under the Market Abuse Regulation (EU) No. 596/2014.
DisclaimerThis release contains
“forward-looking statements,” as the phrase is defined in Section
27A of the U.S. Securities Act of 1933, as amended, and Section 21E
of the U.S. Securities Exchange Act of 1934, as amended.
Forward-looking statements are not historical facts, and include
statements relating to, among other things, expectations regarding
the ADR ratio change. Forward-looking statements are inherently
subject to risks and uncertainties, many of which VEON cannot
predict with accuracy and some of which VEON might not even
anticipate. The forward-looking statements contained in this
release speak only as of the date of this release. VEON does not
undertake to publicly update, except as required by U.S. federal
securities laws and except as set forth above, any forward-looking
statement to reflect events or circumstances after such date or to
reflect the occurrence of unanticipated events.
Contact InformationVEONGroup
Director Investor RelationsNik Kershawir@veon.com
VEON (EU:VEON)
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