BioLineRx changes ratio of ADRs to ordinary shares

BioLineRx (BLRX) announced that its Board of Directors has approved a change in the number of its ordinary shares represented by American Depositary Shares, issued by the Bank of New York Mellon as depositary, from 15 ordinary shares per ADS to 600 ordinary shares per ADS. The change in exchange ratio for the ADSs will have the same effect as a 1-for-40 reverse stock split of the ADSs, reducing the number of outstanding ADSs from 142,340,133 to 3,558,503 ADSs. The ADSs will continue to trade on the Nasdaq Capital Market. BioLineRx’s ordinary shares, which are not affected by the change, will continue to trade on the Tel Aviv Stock Exchange. The new ADS to ordinary share ratio of 1 for 600 will be effective prior to the commencement of trading on the Nasdaq Capital Market on Thursday, January 30. Because each ADS will represent 40 times the current number of BioLineRx’s ordinary shares represented by ADSs and the total number of ordinary shares remains the same, the trading price of the ADSs is expected to increase by the same multiple after the ratio change, enhancing the suitability of the ADSs for trading on the Nasdaq Capital Market. BioLineRx can give no assurance, however, that the ADS price after the change in the ADS ratio will be equal to or greater than 40 times the ADS price before the change.