DBV Technologies Plans ADS Ratio Change

Châtillon, France, May 31, 2024 – DBV Technologies (Euronext: DBV, Nasdaq: DBVT), a clinical-stage biopharmaceutical company specializing in treatments for food allergies and other immunological conditions, has announced an adjustment in the ratio of its American Depositary Shares (ADS) to its ordinary shares. This change aims to address the company's compliance with Nasdaq's minimum bid price requirement.

Initially planned for June 3, 2024, the new ADS ratio will now take effect around June 7, 2024. The modification will change the current ratio from one ADS representing one-half of an ordinary share to a new ratio where one ADS will represent one ordinary share. This adjustment functions similarly to a one-for-two reverse ADS split, designed to help the company meet Nasdaq's listing standards.

Implementation Details for ADS Holders

Upon the effective date, holders of certificated ADSs will need to submit their existing certificates to the depositary bank for cancellation. They will receive one new ADS for every two old ADSs surrendered. For holders of uncertificated ADSs in the Direct Registration System (DRS) and The Depository Trust Company (DTC), the exchange will happen automatically without any required action. The depositary bank will manage the conversion, canceling the old ADSs and issuing new ones accordingly.

Trading and Fractional Shares

Post-restructuring, DBV's ADSs will continue trading under the ticker "DBVT" on the Nasdaq Stock Market. No fractional ADSs will be issued; instead, fractional entitlements will be consolidated and sold by the depositary bank. The proceeds from these sales, minus applicable fees and expenses, will be distributed to the ADS holders.

Impact on Ordinary Shares

The ADS ratio change will not affect DBV Technologies' underlying ordinary shares. No new ordinary shares will be issued or canceled as part of this process. While the company anticipates a proportional increase in the ADS trading price following the ratio change, it cannot guarantee that the price will double.

About DBV Technologies

DBV Technologies is pioneering treatments for food allergies and other significant immunological conditions. The company is currently focusing on its Viaskin™ technology platform, aiming to treat food allergies through epicutaneous immunotherapy (EPIT™). This innovative, non-invasive treatment involves introducing minute amounts of an allergen through the skin to desensitize the immune system.

DBV is actively conducting clinical trials for Viaskin Peanut, targeting both toddlers (ages 1-3) and children (ages 4-7) with peanut allergies. The company is headquartered in Châtillon, France, and has operations in Warren, NJ, USA. DBV's ordinary shares trade on Euronext Paris, and its ADSs are listed on the Nasdaq Global Select Market.

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