LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ:LIZI), an audio-based social and entertainment platform, today announced that it plans to change the ratio of its American Depositary Shares (“ADSs”) to Class A ordinary shares from one (1) ADS representing twenty (20) Class A ordinary shares to one (1) ADS representing two hundred (200) Class A ordinary shares.
This ratio change will have the same effect as a one-for-ten reverse ADS split for LIZHI’s ADSs holders. There will be no change to LIZHI’s underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with this ratio change. The effect of the ratio change on the ADS trading price on the Nasdaq Capital Market is expected to take place at the opening of business on September 20, 2023. Holders of the ADSs will be not required to take any action in connection with the ratio change, as the change will be affected on the books of the ADS depositary. Following the ratio change, LIZHI’s ADSs will continue to be traded on the Nasdaq Capital Market under the ticker symbol “LIZI.”
