Earlyworks previously announced the company’s plans to change the ratio of its American Depositary Shares to its ordinary shares from one ADS, representing one ordinary share, to one ADS representing five ordinary shares. The ADS Ratio Change became effective on May 16. For the company’s ADS holders, the change in the ADS Ratio has the same effect as a one-for-five reverse ADS split and has no impact on an ADS holder’s proportional equity interest in the company.
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