Can-Fite BioPharma announces ADS ratio change

Can-Fite BioPharma announced that the company will change the ratio of its American Depositary Shares, or ADSs, to ordinary shares from one ADS representing 30 ordinary shares to a new ratio of one ADS representing 300 ordinary shares. The ratio change will be effective on January 9, 2023. For ADS holders, the ratio change will have the same effect as a one-for-ten reverse ADS split. On the effective date, each ADS holder will be required to exchange every 10 ADSs then held for one (1) new ADS. The Bank of New York Mellon, the depositary bank, will arrange for the exchange of the current ADSs for the new ones. There is no change to the company’s underlying ordinary shares, and the company’s ADSs will continue to trade on the NYSE American.