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SINGAPORE, Aug. 27, 2024 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), an apparel e-commerce retailer that ships products to consumers worldwide, today announced that it plans to change the ratio of its American depositary shares ("ADSs") to its ordinary shares (the "ADS Ratio Change"), par value US$0.000067 per share, from the current ratio of one (1) ADS representing two (2) ordinary shares to a new ratio of one (1) ADS representing twelve (12) ordinary shares. The Company aims to effectuate the ADS Ratio Change on or about September 5, 2024, U.S. Eastern Time (the "Effective Date").
For the Company's ADS holders, the ADS Ratio Change will have the same effect as a one-for-six reverse ADS split. Upon the Effective Date, ADS holders will be required to surrender and exchange every six existing ADSs they hold for one new ADS. The Bank of New York Mellon, as the depositary bank for the Company's ADS program, will arrange for the exchange. The Company's ADSs will continue to be traded on the New York Stock Exchange under the ticker symbol "LITB." The new CUSIP number for the Company's ADSs following the ADS Ratio Change will be 53225G201.
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 fees, taxes, and expenses, where applicable) will be distributed to the applicable ADS holders by the depositary bank. The ADS Ratio Change will have no impact on the Company's underlying ordinary shares, and no ordinary shares will be issued or canceled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, the ADS trading price is expected to increase proportionately upon the effectiveness of the ADS Ratio Change, although the Company can give no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than six (6) times the ADS trading price before the change.
About LightInTheBox Holding Co., Ltd.
LightInTheBox is an apparel e-commerce retailer that ships products to consumers worldwide. With a focus on serving middle-aged and senior customers, LightInTheBox leverages its global supply chain and logistics networks, along with its in-house R&D and design capabilities, to offer a wide selection of comfortable, aesthetically pleasing and visually interesting apparel that brings fresh joy to customers. LightInTheBox operates its business through www.lightinthebox.com, www.ezbuy.sg and other websites as well as mobile applications, which are available in over 20 major languages and over 140 countries and regions. The Company is headquartered in Singapore, with additional offices in California, Shanghai and Beijing.