REG - Burning Rock Biotech - Burning Rock Announces ADS Ratio Change

Burning Rock BiotechAnnouncement

26/04/2024 07:15

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RNS Number : 1838M  Burning Rock Biotech Limited  26 April 2024

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

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