Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion"), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, today announced that it is amending the effective date for its plans to change the ratio of its American Depositary Shares ("ADSs") to its ordinary shares, DKK 1 nominal value (the "ADS ratio"), from the current one (1) ADS representing ten (10) ordinary share to a new ADS ratio of one (1) ADS representing fifty (50) ordinary shares (the "ADS ratio change").

The ADS ratio change is expected to become effective on or about January 14, 2025, U.S. Eastern Time (the "effective date"). Previously, Evaxion planned for the ADS ratio change to become effective on or about January 13, 2025. The date has been extended by one day as Nasdaq Capital Markets was closed on January 9, 2025, in order to observe the passing of President Jimmy Carter. This was not known when Evaxion announced the initial effective date.

For the company's 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 further support the liquidity in the company's ADSs.