BEIJING, April 24,
2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq:
NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging
service company in China, today
announced that that it will change the ratio of its American
Depositary Shares (the "ADSs") to its Class A ordinary shares (the
"ADS Ratio"), par value US$0.01 per
share, from the current ADS Ratio of one ADS to 200 Class A
ordinary shares to a new ADS Ratio of one ADS to 800 Class A
ordinary shares. The change in the ADS Ratio will
become effective on April 28,
2025 (U.S. Eastern Time) ("Effective Date").
For the Company's ADS holders, the change in the ADS Ratio will
have the same effect as a one-for-four reverse ADS split. Each ADS
holder of record at the close of business on the Effective Date
will be required to surrender and exchange every 4 existing ADSs
then held for one new ADS. JPMorgan Chase Bank, N.A., as the
depositary bank for the Company's ADS program, will arrange for the
exchange of the current ADSs for the new ones. The Company's
ADSs will continue to be traded on the Nasdaq Stock Market under
the symbol "NaaS."
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio. Instead, fractional entitlements to
new ADSs will be aggregated and sold by the depositary bank and the
net cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes and expenses) will be distributed
to the applicable ADS holders by the depositary bank. The
change in the ADS Ratio will have no impact on the Company's
underlying Class A ordinary shares, and no Class A ordinary shares
will be issued or cancelled in connection with the change in the
ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be proportionally equal to or greater than 4
times the ADS trading price before the change.
About NaaS Technology Inc.
NaaS Technology Inc. is the first U.S. listed EV charging
service company in China. The
Company is a subsidiary of Newlinks Technology Limited, a leading
energy digitalization group in China. The Company is one of the leading
providers of new energy asset operation services. The Company
utilizes advanced technology to intelligently match charging supply
with demand, offering electric vehicle users a seamless, efficient,
and smart charging experience. Furthermore, NaaS empowers charging
stations and charging station operators to optimize their
operations, driving greater efficiency and enhancing
profitability.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. All
information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: NaaS' goals and strategies; its future
business development, financial conditions and results of
operations; its ability to continuously develop new technology,
services and products and keep up with changes in the industries in
which it operates; growth of China's EV charging industry and EV charging
service industry and NaaS' future business development; demand for
and market acceptance of NaaS' products and services; NaaS' ability
to protect and enforce its intellectual property rights; NaaS'
ability to attract and retain qualified executives and personnel;
the COVID-19 pandemic and the effects of government and other
measures that have been or will be taken in connection therewith;
U.S.-China trade war and its
effect on NaaS' operation, fluctuations of the RMB exchange rate,
and NaaS' ability to obtain adequate financing for its planned
capital expenditure requirements; NaaS' relationships with
end-users, customers, suppliers and other business partners;
competition in the industry; relevant government policies and
regulations related to the industry; and fluctuations in general
economic and business conditions in China and globally. Further information
regarding these and other risks is included in NaaS' filings with
the SEC.
For investor and media inquiries, please contact:
Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com
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SOURCE NaaS Technology Inc.
