TC BioPharm Announces ADS Ratio Change to Enhance Trading Profile on NASDAQ

EDINBURGH, Scotland, July 31, 2024 -- TC BioPharm (Holdings) PLC (NASDAQ: TCBP), a clinical-stage biotechnology firm specializing in allogeneic gamma-delta T cell therapies for cancer and other diseases, announced a change in the ratio of its American Depositary Shares (ADSs) to ordinary shares. The new ratio will shift from one ADS representing twenty ordinary shares to one ADS representing two hundred ordinary shares, effective August 5th, 2024, U.S. Eastern Time.

For ADS holders, this change will function similarly to a one-for-10 reverse ADS split. Notably, this adjustment will not affect the underlying ordinary shares of the company, and no additional ordinary shares will be issued or canceled as a consequence of the change. 

On the effective date, ADS holders will be required to exchange every ten ADSs for one new ADS. The process will be managed by The Bank of New York Mellon, the depositary bank for TC BioPharm's ADS program. Post-adjustment, the ADSs will continue to trade on the Nasdaq Capital Market under the symbol "TCBP."

No fractional new ADSs will be issued as part of this change. Instead, any fractional entitlements will be aggregated and sold by the depositary, with the net cash proceeds (after deducting fees, taxes, and expenses) distributed to the relevant ADS holders.

The company anticipates that the ADS trading price will increase proportionally as a result of the change. However, it does not guarantee that the new trading price will match or exceed the previous trading price on a proportional basis. 

About TC BioPharm (Holdings) PLC
TC BioPharm is a biopharmaceutical company at the clinical stage, focusing on discovering, developing, and commercializing gamma-delta T cell therapies for treating cancer, particularly with human efficacy data in acute myeloid leukemia. Gamma-delta T cells are unique immune cells that have characteristics of both the innate and adaptive immune systems, allowing them to naturally distinguish between healthy and diseased tissue.

The company is a leader in this area and was the first to initiate phase II pivotal clinical trials in oncology using gamma-delta T cell therapies. Currently, TC BioPharm is conducting two investigator-initiated clinical trials for its unmodified gamma-delta T cell product line. This includes a Phase 2b/3 pivotal trial for treating acute myeloid leukemia using its proprietary allogeneic CryoTC technology, which provides frozen products to clinics worldwide.

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