Daqo New Energy Surges 17% on ADS Ratio Change

By MidnightTrader.com Staff,

Shutterstock photo

Daqo New Energy Corp. ( DQ ) is up 17.4% after the China-based polysilicon manufacturer said that the ratio for its ordinary shares to American Depositary Shares ( ADS ) will change from one ADS representing five ordinary shares to one ADS representing 25 ordinary shares, effective December 21, 2012.

Pursuant to the ratio change, the record holders of the company's ADS as of the effective date will be entitled to receive one new ADS, each representing 25 ordinary shares, in exchange for every five ADSs held by them. No new ordinary shares will be issued in connection with the Ratio Change.

DQ is trading at $0.93 in a 52-week range of $0.68 - $4.15. Shares have fallen 50% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: ADS , DQ

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