Burning Rock Biotech announces one-for-ten ratio change

Burning Rock Biotech announced that it will change the ratio of its American depositary shares to Class A ordinary shares from one ADS representing one Class A ordinary share to one ADS representing ten Class A ordinary shares. The ADS ratio change is expected to become effective on or about May 15. 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, the depositary bank, for cancellation and will receive one new ADS in exchange for every ten 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 then-held ADSs for one 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).