DBV’s ordinary shares, in the form of American Depositary Shares, or ADSs, are listed on the Nasdaq Global Select Market under the symbol “DBVT” and DBV’s ordinary shares are listed on the Euronext Paris Stock Exchange under the symbol “DBV.” Each ADS represents the right to receive one-half of one ordinary share.
The dual listing on the Nasdaq and the Euronext Paris Stock Exchange allows DBV's shares to be more accessible to U.S. institutional and retail investors while enabling Euronext Paris shareholders to hold their existing Paris–listed ordinary shares.
DBV has issued a block of new ordinary shares which are held by a Depositary bank, Citibank N.A.. These ordinary shares were issued in the form of ADSs. The ADSs may be evidenced by American Depositary Receipts, or ADRs, and each ADS represents the right to receive one-half of one ordinary share.
An American Depositary Share (ADS) is a security that represents an ownership interest in the shares of a foreign company trading on a U.S. securities market. The shares represented by the ADSs are held by a U.S. depositary bank and are evidenced by certificates called American Depositary Receipts (ADRs), although the terms ADS and ADR are often used interchangeably. ADSs enable U.S. investors to buy shares in foreign companies without undertaking cross-border transactions (i.e., in U.S. dollars), and they trade, clear and settle in accordance with U.S. market regulations and conventions.
This ratio reflects the number of ordinary shares that correspond to 1 ADR. In the case of DBV, each ADS represents 0.5 ordinary shares.
Citibank, N.A. has agreed to act as the depositary for the American Depositary Shares. Citibank’s depositary offices are located at 388 Greenwich Street, New York, New York 10013. The depositary typically appoints a custodian to safekeep the securities on deposit. In this case, the custodian is Citibank International Plc, located at EGSP 186, 1 North Wall Quay, Dublin 1 Ireland.
A depositary is a bank that facilitates cross-border trading of an issuer’s shares. Among other things, depositary banks provide ADS issuance and cancellation services, and associated stock transfer services such as maintaining the register of holders, distributing dividends in U.S. dollars, providing annual meeting services and executing corporate actions. So, in practice, the depositary bank maintains records of the holders of ADSs and manages the flow of shares between the two separate markets, essentially converting ordinary shares into ADSs when there is demand in the U.S., and converting ADSs back into ordinary shares when there is demand for the ordinary shares.
Yes, it is permissible for Euronext Paris shareholders to purchase ADSs directly or to convert their Euronext Paris ordinary shares into ADSs. We would advise that Paris shareholders seek advice from their broker and/or tax adviser.
Holders of ADSs may authorize Citibank, N.A., DBV's Depositary, to act as a proxy in exercising voting rights according to the number of ordinary shares represented by their respective ADSs.
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Deloitte & Associes
185 avenue Charles de Gaulle
92524 Neuilly-sur-Seine, Cedex, France
Rooney & Associates
DBV’s annual report, interim report and other press releases can be downloaded from DBV’s website. To receive a hard copy of DBV's latest annual report, please contact us by emailing email@example.com.
DBV's financial year ends on 31 December.