Freeline announces proposed ADS ratio change

Freeline Therapeutics announced that it plans to change the ratio of its American Depositary Shares to its ordinary shares, nominal value GBP 0.00001 per share, from the current ADS Ratio of one ADS to one ordinary share to a new ADS Ratio of one ADS to fifteen ordinary shares. The company anticipates that the ADS Ratio Change will be effective on or about May 12, 2023. For the company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-fifteen reverse ADS split and is intended to enable the company to regain compliance with the Nasdaq minimum bid price requirement. On the Effective Date, registered holders of company ADSs held in certificated form will be required on a mandatory basis to surrender their certificated ADSs to the depositary bank for cancellation and will receive one new ADS in exchange for every fifteen existing ADSs then-held. Holders of uncertificated ADSs in the Direct Registration System and in The Depository Trust Company will have their ADSs automatically exchanged and need not take any action. The exchange of every fifteen 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. Freeline’s ADSs will continue to be traded on the Nasdaq Capital Market under the ticker symbol "FRLN."