Trident Digital Tech (TDTH) said late Tuesday it plans to terminate the amended and restated deposit agreement dated Sept. 11, 2024, as amended, among the company, Citibank, and holders of American depositary shares from time to time, effective July 16.

In connection with the termination, Trident will hold an extraordinary general meeting of shareholders on July 8. Shareholders will vote on a redesignation of share capital, an increase in the authorized share capital, and a 240-for-1 consolidation of its ordinary shares, the company said.

The consolidation is expected to take effect immediately after the exchange of all outstanding ADSs for the underlying class B ordinary shares pursuant to the termination of the deposit agreement, the company added.

On the effective date, ADS holders will receive one Class B ordinary share for each ADS cancelled, according to the company.

Following the mandatory exchange, the Class B ordinary shares are expected to trade directly on the Nasdaq Capital Market under the trading symbol "TDTH", the company said.