No fees will be charged to ADS holders in
connection with the ADS Ratio Change
HANGZHOU, China, March 23,
2023 /PRNewswire/ -- BEST Inc. (NYSE: BEST)
("BEST" or the "Company"), a leading integrated smart supply chain
solutions and logistics services provider in China and Southeast
Asia, today announced that it plans to change the ratio of
its American Depositary Shares ("ADSs") to its Class A ordinary
shares (the "ADS Ratio"), par value US$0.01 per share, from the current ADS Ratio of
one (1) ADS to five (5) Class A ordinary shares, to a new ADS Ratio
of one (1) ADS to twenty (20) Class A ordinary shares (the "ADS
Ratio Change"). The Company anticipates that the ADS Ratio Change
will be effective on or about April 4,
2023 (the "Effective Date"). For BEST's ADS holders, the ADS
Ratio Change will have the same effect as a one-for-four reverse
ADS split.
On the Effective Date, registered holders of ADSs held in
certificated form will be required to surrender their certificated
ADSs to Citibank, N.A., as the depositary bank for BEST's ADS
program ("Depositary Bank"), for mandatory cancellation and will
receive one (1) new ADS in exchange for every four (4) existing
ADSs then held.
Holders of uncertificated ADSs in the Direct Registration System
("DRS") and in The Depository Trust Company ("DTC") will have their
ADSs automatically exchanged and need not take any action. The
exchange of every four (4) existing ADSs for one (1) new ADS will
occur automatically, with existing ADSs being cancelled and new
ADSs being issued by the Depositary Bank on the Effective Date.
BEST's ADSs will continue to be traded under the ticker symbol
"BEST" on the New York Stock Exchange. No fees will be charged to
ADS holders, whether of certificated or uncertificated ADSs, in
connection with the exchange of existing ADSs for new ADSs.
No fractional new ADSs will be issued in connection with the
ADS Ratio Change. 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 execution costs, taxes and expenses) will be
distributed to the applicable ADS holders by the Depositary Bank.
The ADS Ratio Change will have no impact on BEST's underlying Class
A ordinary shares, and no Class A ordinary shares will be issued or
cancelled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, BEST's ADS trading price is
expected to increase proportionally; however, there can be no
assurance that the ADS trading price after the ADS Ratio Change
will be equal to or greater than four (4) times the ADS trading
price before the change.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
BEST's strategic and operational plans contain forward-looking
statements. BEST may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in its annual report 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 BEST's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. 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: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
compete effectively; BEST 's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates; BEST's ADS trading price, and whether it will increase
after the ADS Ratio Change; and assumptions underlying or related
to any of the foregoing. Further information regarding these and
other risks is included in BEST's filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and BEST does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and
extensive networks, BEST offers a comprehensive set of logistics
and value-added services, including freight delivery, supply chain
management, and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please visit:
http://www.best-inc.com/en/.
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SOURCE BEST Inc.