Lion Group Holding to Execute One-for-Twenty Reverse ADS Split

The company is transitioning from an ADS ratio of 292,500 Class A ordinary shares to a ratio of one ADS per 5,850,000 Class A ordinary shares. For investors, this functions as a one-for-twenty reverse split. Holders of uncertificated shares in the Direct Registration System or those held through The Depository Trust Company will undergo the exchange automatically, requiring no manual intervention. Conversely, those holding certificated ADSs must surrender their certificates to the depositary bank for cancellation to receive the new securities.

No fees will be levied against shareholders during this transition. Fractional entitlements resulting from the split will be aggregated, sold by the depositary bank, and the net proceeds distributed to the relevant holders after expenses. While Lion Group expects the trading price to increase proportionally following the move, management noted that market performance remains subject to external volatility and provides no guarantee that the price will reach exactly twenty times its pre-split value. The adjustment does not impact the underlying Class A ordinary shares, which remain unaffected by the change in the depositary structure.