Novo Nordisk (NYSE:NVO) shares moved lower after the Denmark-based healthcare company announced its board of directors has approved a two-for-one stock split of its B shares listed on the Nasdaq Copenhagen and its American Depository Receipts (ADRs) listed on the New York Stock Exchange.
The company said its B shares listed on the Nasdaq Copenhagen in trading units of DKK 0.20 have been changed to DKK 0.10 as of September 13, 2023.
Its ADRs will be similarly split as of September 20 to maintain the 1:1 ratio between the B share and the ADR.
The aim of the stock split is to secure liquidity for both the B shares and ADRs and to bring price levels in line with market practice, Novo Nordisk (NYSE:NVO) said.
Novo Nordisk’s U.S.-listed shares traded down 1.9% at US$193.10 in the early afternoon on Wednesday.
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