Trinity Biotech Plc Announces Plan to Implement ADS Ratio Change

DUBLIN, Ireland, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech Plc.(NASDAQ: TRIB) (the “Company”) today announced that it plans to change the ratio of the American depositary shares (“ADSs”) representing its Class A ordinary shares from one (1) ADS representing four (4) Class A ordinary share to one (1) ADS representing twenty (20) Class A ordinary shares.

For Trinity Biotech Plc ADS holders, the change in the ADS ratio will have the same effect as a one-for-five reverse ADS split and is intended to i) enable the Company to regain compliance with the $1.00 Nasdaq minimum bid price requirement, and ii) facilitate investment from a broader pool of potential investors, who may have previously been unable to invest due to the ADSs trading below a price of $1.00. There is no change to the Company’s Class A ordinary shares. The effect of the ratio change on the ADS trading price on the Nasdaq Global Market is expected to take place at the open of trading on February 21, 2024 (U.S. Eastern Time) (the “Effective Date”). The Trinity Biotech Plc ADSs holders will be required on a mandatory basis to surrender and exchange to The Bank of New York Mellon, the depositary bank (the “Depositary”), every five (5) then-held (old) ADSs to receive one (1) new ADS. The ADSs will continue to be traded on the Nasdaq Global Market under the symbol “TRIB”.

No fractional new ADSs will be issued in connection with the change in the ADS ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the Depositary and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary.

As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than five times the ADS price before the change.

About Trinity Biotech Plc

Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.