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What happened to Volkswagen ADR?

On Monday, August 13th, Volkswagen AG terminated its sponsored ADR program. On August 14th, J.P. Morgan established an unsponsored ADS program. Despite reports from ADR holders that their investment firms are saying it's too late or that holders have no options, it is simply not true.

How many ADRs are in a Volkswagen AG?

One unsponsored ADS represents one-tenth of one ordinary share of Volkswagen AG. Thus, one ordinary share of Volkswagen AG = five ADRs = ten ADSs. Therefore, quantities not divisible by 5 would not equate to whole ordinary shares of Volkswagen AG. ADR holders can not be forced to “just take their losses”.

What happened to Volkswagen AG's ADR program?

At the close of trading on Monday, August 13 th, 2018, Volkswagen AG terminated its ADR program ( OTCPK:VLKAY ). On August 14 th, 2018, J.P. Morgan ( JPM) established an unsponsored program ( OTCPK:VWAGY) representing Volkswagen AG ordinary shares.

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