Scage Future Changes ADS Ratio to 1:15; Citibank Appointed Depositary Bank
2 reports, 1 independent
Updated Oct 6
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What happened
Scage Future announced a change in its American Depositary Shares (ADSs) ratio, moving from one-to-one to one-to-fifteen. Citibank, N.A., was appointed as the depositary bank for Scage Future's ADS program. The ADS Ratio Change is anticipated to take effect around October 30, 2026.
From prnewswire.com
Why it matters
The change in the ADS Ratio is equivalent to a one-for-fifteen reverse ADS split for ADS holders. Citibank, N.A. will manage the automatic exchange of existing ADSs for new ADSs, and will also sell any fractional entitlements.
From prnewswire.com
Who's involved
- CitibankWill act as the depositary bank for Scage Future's ADS program
- CitigroupIs a subsidiary of Citibank
- Bank of AmericaCoordinates with Citibank through shared lending syndicates
- PennyMac Loan ServicesUses Citibank as its Indenture Trustee for trust structures
- LufaxUses Citibank for ADS voting and instruction services
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The entities involved
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Citibank
American multinational bank