Akari Therapeutics announces ADS Ratio change

Akari Therapeutics announced that Akari will change the ratio of its American Depositary Shares to ordinary shares from one ADS representing one hundred ordinary shares to a new ratio of one ADS representing two thousand ordinary shares. The ratio change is expected to be effective on August 17, 2023. The ratio change is intended to enable Akari to regain compliance with the Nasdaq minimum bid price requirement. On the effective date, each ADS holder will be required to exchange every twenty ADSs for one new ADS. Deutsche Bank, the depositary bank, will arrange for the exchange of the current ADSs for the new ADSs. There is no change to Akari’s underlying ordinary shares, and Akari’s ADSs will continue to trade on the NASDAQ Capital Market under the symbol AKTX.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 and the net cash proceeds from the sale of the fractional ADS entitlements will be distributed to the applicable ADS holders by Deutsche Bank.