Trinity Biotech plc (Nasdaq: TRIB) has announced plans to significantly change the ratio of its American depositary shares (ADSs), effectively implementing a 1-for-30 reverse ADS split for existing holders. The change is expected to take effect at the opening of trading on the Nasdaq Global Market on July 24, 2026.
Under the new structure, one ADS will represent 600 Class A ordinary shares, compared with the current ratio of one ADS representing 20 Class A ordinary shares. For investors holding Trinity Biotech ADSs, every 30 existing ADSs will be exchanged for one new ADS.
Targeting Nasdaq Compliance
The company said the ratio change is intended to help it regain compliance with Nasdaq’s $1.00 minimum bid price requirement. The move also aims to broaden the potential investor base by making the ADS more accessible to investors and funds that may avoid securities trading below $5.00.
The action is a corporate restructuring of the ADS ratio rather than a change to the company’s underlying Class A ordinary shares. Trinity Biotech emphasized that the ordinary shares themselves will not be affected by the adjustment.
What Happens to Fractional ADSs?
The exchange will be mandatory for existing ADS holders. Investors will need to surrender every 30 old ADSs to The Bank of New York Mellon, Trinity Biotech’s depositary bank, in exchange for one new ADS.
Because some investors may not hold ADSs in multiples of 30, fractional entitlements could arise. Trinity Biotech said no fractional new ADSs will be issued. Instead, the depositary will aggregate and sell fractional interests, with the net proceeds distributed to the applicable ADS holders after fees, taxes and expenses.
Price Expected to Rise Proportionally
Following the ratio change, Trinity Biotech expects the ADS price to increase proportionally because each new ADS will represent 30 times the number of underlying Class A ordinary shares. However, the company cautioned that it cannot guarantee the post-adjustment ADS price will equal or exceed 30 times the pre-adjustment price.
The ADSs will continue trading on Nasdaq under the existing ticker symbol, “TRIB.” The company’s move comes as it works to maintain its Nasdaq listing and attract a broader pool of potential investors.
Investor Focus Turns to the Next Phase
The reverse ADS split may help Trinity Biotech address its listing requirements and improve the trading profile of its ADSs, but the long-term impact will depend on the company’s underlying business performance.
Trinity Biotech operates across human diagnostics, diabetes management and wearable biosensor technologies. It has also expanded into liquid cooling solutions for AI and high-performance computing infrastructure. The company sells its products directly and through distributors and strategic partners in more than 75 countries.
