TC Biopharm (TCBP) to Implement ADS Ratio Change

TC BioPharm (Holdings) PLC (NASDAQ: TCBP) 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.

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