SOLAI Plans 1-for-7 Reverse ADS Split

MT Newswires Live

06/18

SOLAI (SLAI) said Thursday it plans to implement a new ratio of its American depositary shares to its class A shares that will have the same effect as a one-for-seven reverse split for ADS holders, effective July 6.

The company said the new ratio is one ADS to 700 class A shares, instead of the current 100 shares, which is expected to increase the ADS trading price proportionally.

The change will not affect underlying class A ordinary shares and no shares will be issued or cancelled as part of the adjustment, the company added.

The company's ADS was down more than 6% in Thursday's premarket activity.

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