TC Biopharm (TCBP) announces ADS ratio change

TC BioPharm (Holdings) PLC (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 to ordinary shares from one (1) ADS representing two hundred (200) ordinary shares to one ADS representing four thousand (4,000) ordinary shares (the "ADS Ratio Change"). The ADS Ratio Change is expected to become effective on February 10, 2025, U.S. Eastern Time.

The ADS Ratio Change will have the same effect as a 1-for-20 reverse ADS split for the ADS holders. The ADS Ratio Change will not impact the Company's underlying ordinary shares, and no ordinary shares will be issued or canceled in connection with the ADS Ratio Change.

On the Effective Date, holders of the ADSs will be required to surrender and exchange every twenty (20) ADSs, 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. However, 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 before the change.

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