Evaxion Biotech to implement ADS ratio change

Evaxion Biotech plans to change the ratio of its American Depositary Shares to its ordinary shares, DKK 1 nominal value from the current one ADS representing one ordinary share to a new ADS Ratio of one ADS representing ten ordinary shares. The ADS Ratio Change is expected to become effective on or about January 22, 2024, U.S. Eastern Time. For the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split and is intended to further support the liquidity in the Company’s ADSs and to enable the Company to regain compliance with the Nasdaq minimum bid price requirement. 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 The Bank of New York Mellon, the depositary bank for cancellation and will receive one new ADS in exchange for every ten existing ADSs then-held. 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 bank. The Company’s ADSs will continue to be traded on The Nasdaq Capital Market under the ticker symbol “EVAX.”