EDINBURGH, Scotland, July 31,
2024 /PRNewswire/ -- TC BioPharm (Holdings) PLC ("TC
BioPharm" or the "Company") (NASDAQ: TCBP) a clinical stage
biotechnology company developing platform allogeneic gamma-delta T
cell therapies for cancer and other indications, today announced
that it will change its ratio of its American Depositary Shares
("ADSs") to ordinary shares from one (1) ADS representing twenty
(20) ordinary shares to one ADS representing two hundred (200)
ordinary shares (the "ADS Ratio Change"). The ADS Ratio Change is
expected to become effective on August
5th, 2024, U.S. Eastern Time.
For the ADS holders, the ADS Ratio Change will have the same
effect as a one-for-10 reverse ADS split. The ADS Ratio Change will
have no impact on the Company's underlying ordinary shares, and no
ordinary shares will be issued or cancelled in connection with the
ADS Ratio Change.
On the Effective Date, holders of the ADSs will be required to
surrender and exchange every ten (10) ADSs then held for one
(1) new ADS. The Bank of New York Mellon, as the depositary
bank for the Company's ADS program (the "Depositary"), will arrange
for the exchange. The ADSs will continue to be traded on
Nasdaq Capital Market under the symbol "TCBP."
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 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.
As a result of the ADS Ratio Change, the ADS trading price is
expected to increase proportionally, although the Company can give
no assurance that the ADS trading price after the ADS Ratio Change
will be proportionally equal to or greater than the previous' ADS
trading price prior to the change.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this Current Report on Form 8-K
that do not relate to matters of historical fact should be
considered forward-looking statements, including without limitation
statements regarding the Company's intent or ability to affect any
budget savings or execute on any M&A or capital raising
strategy. These statements are based on management's current
assumptions and are neither promises nor guarantees, but involve
known and unknown risks, uncertainties and other important factors
that may cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. For other important factors that could
cause actual results to differ materially from the forward-looking
statements in this press release, please see the risks and
uncertainties identified under the heading "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports filed
with the SEC, all of which is available on the Company's Investor
Relations website at www.tcbiopharm.com and on the SEC website at
www.sec.gov. All forward-looking statements reflect the Company's
beliefs and assumptions only as of the date of this press release.
The Company undertakes no obligation to update forward-looking
statements to reflect future events or circumstances.
About TC BioPharm (Holdings) PLC
TC BioPharm is a clinical-stage biopharmaceutical company
focused on the discovery, development and commercialization of
gamma-delta T cell therapies for the treatment of cancer with human
efficacy data in acute myeloid leukemia. Gamma-delta T cells are
naturally occurring immune cells that embody properties of both the
innate and adaptive immune systems and can intrinsically
differentiate between healthy and diseased tissue.
TC BioPharm is the leader in developing gamma-delta T cell
therapies, and the first company to conduct phase II/pivotal
clinical studies in oncology. The Company is conducting two
investigator-initiated clinical trials for its unmodified
gamma-delta T cell product line - Phase 2b/3 pivotal trial in treatment of acute myeloid
leukemia using the Company's proprietary allogeneic CryoTC
technology to provide frozen product to clinics worldwide.
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SOURCE TC BioPharm
