SHANGHAI, May 27, 2022
/PRNewswire/ -- Reference is made to Boqii Holding Limited's
("Boqii" or the "Company") (NYSE: BQ) announcement made on
May 20, 2022 with regard to plans to
change the ratio of its American depositary shares ("ADSs") to
Class A ordinary shares ("Prior Announcement").
After further consideration, the Company announced today that it
will void the purposed ratio change disclosed in the Prior
Announcement and adopt a revised ratio. Under the revised ratio,
Boqii will change its ratio from one (1) ADS representing three
fourths (0.75) Class A ordinary shares to one (1) ADS representing
four and a half (4.5) Class A ordinary shares (the "Revised ADS
Ratio Change").
The Revised ADS Ratio Change is expected to become effective on
or about June 3, 2022 (U.S. Eastern
Time).
For Boqii's ADS holders, the Revised ADS Ratio Change will have
the same effect as a one-for-six reverse split on the existing
ADSs. Each ADS holder of record at the close of business on the
date when the Revised ADS Ratio Change is effective will be
required to surrender and exchange every six (6) existing ADSs then
held for one (1) new ADS. The Bank of New York Mellon ("BNY
Mellon"), as the depositary bank for Boqii's ADS program, will
arrange for the exchange of current ADSs for new ADSs (subject to
receipt of applicable ADS fees from the exchanging ADS holders). No
action is required by holders of uncertificated ADSs to effect the
Revised ADS Ratio Change, as the change will be effected on the
books of the ADS depositary.
No fractional new ADSs will be issued in connection with the
Revised ADS Ratio Change. Instead, BNY Mellon will attempt to sell
any fractional entitlements to new ADSs 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 BNY Mellon. Boqii's ADSs will continue to be traded
on the New York Stock Exchange under the ticker symbol "BQ".
As a result of the Revised ADS Ratio Change, our ADS price is
expected to increase proportionally, although the Company can give
no assurance that the ADS price after the ADS Ratio Change will be
equal to or greater than six (6) times the ADS price before the
change.
About Boqii Holding Limited
Boqii Holding Limited (NYSE: BQ) is a leading pet-focused
platform in China. We are the
leading online destination for pet products and supplies in
China with our broad selection of
high-quality products including global leading brands, local
emerging brands, and our own private label, Yoken and Mocare,
offered at competitive prices. Our online sales platforms,
including Boqii Mall and our flagship stores on third-party
e-commerce platforms, provide customers with convenient access to a
wide selection of high-quality pet products and an engaging and
personalized shopping experience. Our Boqii Community provides an
informative and interactive content platform for users to share
their knowledge and love for pets.
For more information, please visit: http://ir.boqii.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission (the "SEC"), in its
annual reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties.
Further information regarding such risks, uncertainties or
factors is included in the Company's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any duty to
update such information, except as required under applicable
law.
For investor and media inquiries, please contact:
Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com
DLK Advisory Limited
Tel: +852-2857-7101
Email: ir@dlkadvisory.com
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SOURCE Boqii Holding Limited