CL Workshop Group Limited filed a Form 6-K on November 4, 2026, announcing an ADS ratio change effective November 6, 2026, altering the relationship between its American Depositary Shares and Class A ordinary shares.

Key Highlights

  • New ADS ratio: Effective November 6, 2026, one ADS will represent 640 Class A ordinary shares, up from the prior ratio of one ADS representing eight Class A ordinary shares.
  • Reverse-split equivalent: According to the filing, the ADS ratio change will have the same effect as a one-for-eighty (80) reverse split for ADS holders.
  • Trading symbol unchanged: The company's ADSs will continue to trade on the Nasdaq Capital Market under the symbol "NWGL," with adjusted pricing beginning at the open on November 6, 2026.
  • New CUSIP number: The filing states the new CUSIP number for the ADSs will be 63903R205.
  • Compliance objective: The company disclosed it is implementing the change with the objective of increasing the per-ADS trading price and regaining compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per ADS.
  • Fractional ADSs: No fractional new ADSs will be issued; fractional entitlements will be aggregated and the depositary bank will attempt to sell them, with net cash proceeds distributed to applicable ADS holders.

CL Workshop Group Changes ADS-to-Share Ratio to Address Nasdaq Minimum Bid Requirement

CL Workshop Group Limited, a foreign private issuer based in Macau S.A.R., disclosed in its November 4, 2026 Form 6-K that it is changing the ratio of its American Depositary Shares to Class A ordinary shares from 1:8 to 1:640, effective November 6, 2026. The company trades on the Nasdaq Capital Market under NASDAQ:NWGL. According to the filing, the adjusted ADSs are expected to begin trading on that date at the opening of trading.

The filing states that the ADS ratio change "will have the same effect as a one-for-eighty (80) reverse split" for existing ADS holders. The company disclosed that it is implementing the change "with the objective of increasing the per-ADS trading price and regaining compliance with Nasdaq Listing Rule 5550(a)(2)," which the filing identifies as requiring a minimum bid price of $1.00 per ADS for continued listing. The filing adds: "There can be no assurance that the ADS Ratio Change will enable the Company to regain or maintain compliance with Nasdaq's continued-listing requirements."

The filing notes that no action is required by ADS holders to give effect to the ratio change. Fractional entitlements will not result in the issuance of new fractional ADSs; instead, the depositary bank will attempt to sell aggregated fractional entitlements and distribute net cash proceeds to the applicable holders. The Form 6-K was signed by Liying Wang, Director and Chief Executive Officer, and the filing states that its contents are incorporated by reference into the company's registration statements on Form F-3 (File No. 333-297543) and Form S-8 (Registration No. 333-299186).

What Was Disclosed

CL Workshop Group Limited reported an ADS ratio change from 1:8 to 1:640, effective November 6, 2026, equivalent to a 1-for-80 reverse split for ADS holders, with the stated objective of meeting Nasdaq's $1.00 minimum bid price requirement under Listing Rule 5550(a)(2).