EDINBURGH, Scotland, Dec. 13,
2023 /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, announced today that it will change its
ratio of its American Depositary Shares ("ADSs") to ordinary shares
from one (1) ADS representing one (1) ordinary share to one ADS
representing twenty (20) ordinary shares (the "ADS Ratio Change").
The ADS Ratio Change is expected to become effective on or
about December 15, 2023, U.S. Eastern Time (the "
Effective Date").
For the ADS holders, the ADS Ratio Change will have the same
effect as a one-for-20 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 twenty
(20) 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.
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 uses
an allogeneic approach in both unmodified and CAR modified
gamma-delta T cells to effectively identify, target and eradicate
both liquid and solid tumors in cancer.
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 for OmnImmune® in treatment of
acute myeloid leukemia using the Company's proprietary allogeneic
CryoTC technology to provide frozen product to clinics worldwide.
TC BioPharm also maintains a robust pipeline for future indications
in solid tumors as well as a significant IP/patent portfolio in the
use of CARs with gamma-delta T cells and owns our manufacturing
facility to maintain cost and product quality controls.
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SOURCE TC BioPharm