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MDxHealth Announces Completion of Mandatory ADS Exchange and Commencement of Transition Period to Single Listing on Nasdaq
NEWS RELEASE – REGULATED INFORMATIONNOVEMBER 27, 2023, 1:00 am ET / 7:00 am CET MDxHealth Announces Completion of Mandatory ADS Exchange and Commencement of
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[{"type":"text","content":"NEWS RELEASE – REGULATED INFORMATIONNOVEMBER 27, 2023, 1:00 am ET / 7:00 am CET MDxHealth Announces Completion of Mandatory ADS Exchange and Commencement of Transition Period to Single Listing on Nasdaq IRVINE, CA, and HERSTAL, BELGIUM – November 27, 2023 – MDxHealth SA (NASDAQ/Euronext Brussels: MDXH) (the \"Company\" or \"mdxhealth\"), a commercial-stage precision diagnostics company, today announces the completion of the mandatory exchange under the Company's American Depositary Shares (\"ADSs\") facility (the \"Mandatory ADS Exchange\"), the start of the transition to a single listing on Nasdaq, and details on the process for repositioning of the Company's shares from the Euronext Brussels trading system to the Nasdaq trading system. Mandatory ADS Exchange and transition to single listing on Nasdaq The Company announced on October 2, 2023, that its board of directors had determined that it is in the best interest of the Company, its investors and other stakeholders to consolidate all trading of the Company's securities on one exchange in the United States. This transaction involves (1) a share consolidation with respect to all outstanding Company shares by means of a 1-for-10 reverse stock split, which was completed on November 13, 2023 (the \"Share Consolidation\"), after which ten former Company shares are represented by one new Company share (each new Company share, a \"Share\"), and each ADS represents one new Share, (2) listing the Shares on Nasdaq, (3) the Mandatory ADS Exchange, (4) a repositioning of the Shares from the Euronext Brussels trading system to the Nasdaq trading system, and (5) following a transition period of at least three weeks after the Mandatory ADS Exchange, the de-listing of the Shares from listing and trading on Euronext Brussels. Folllowing the completion of the Share Consolidation on November 13, 2023, the Company completed the Mandatory ADS Exchange, effective today. As a result of the Mandatory ADS Exchange, ADS holders received Shares that are listed on Nasdaq in exchange for their ADSs on the basis of a ratio of one ADS for one Share, the ADS program will be terminated and the ADSs will cease to be listed and traded on Nasdaq. Effective as of the opening of trading on Nasdaq today, the Shares will be admitted to listing and trading on Nasdaq. During a transition period ending December 15, 20...