ASND · Ascendis Pharma A/S

Ascendis Pharma A/S is transitioning from ADSs to a direct listing of ordinary shares on The Nasdaq Global Select Market, effective at market open on April 20, 2026, retaining the ASND ticker. This mandatory exchange converts each traded ADS into one ordinary share, ending ADS trading on April 17, 2026. The process streamlines the capital structure for the Danish foreign private issuer, potentially enhancing liquidity and reducing depositary fees, though trading dynamics may shift. DTC holders benefit from automatic conversion via brokers, minimizing action required. The Bank of New York Mellon, as depositary, facilitates the surrender. Investors face risks including delays in listing approval, DTC eligibility issues, altered liquidity, and potential tax implications from the exchange. This structural change simplifies U.S. market access to underlying shares without altering economic ownership.