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Connect Biopharma Announces Plans to Terminate its American Depositary Receipt Program and Directly List its Ordinary Shares on Nasdaq
SAN DIEGO, July 21, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (“Connect Biopharma” or the “Company”), a clinical-stage
About this update from Connect Biopharma Holdings Limited
[{"type":"text","content":"SAN DIEGO, July 21, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (“Connect Biopharma” or the “Company”), a clinical-stage biopharmaceutical company focused on transforming care for the treatment of inflammatory diseases, today announced that it plans to terminate the Deposit Agreement dated March 18, 2021, as amended, among the Company, Deutsche Bank Trust Company Americas (the “Depositary”), and the holders and beneficial owners of American Depositary Shares (“ADSs”) evidenced by American Depositary Receipts (“ADRs”) issued thereunder (the “Deposit Agreement”). The ADR program and the Deposit Agreement are expected to terminate on or about September 2, 2025. At such time, the Company’s ADRs will be mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. Immediately following the termination of the ADR program, the Company plans to list its ordinary shares on the Nasdaq Global Market (“Nasdaq”) in substitution for its ADRs (the “Substitution Listing”). The Company expects that, upon the effectiveness of the Substitution Listing, its ADRs will cease to be listed on Nasdaq and the ordinary shares represented by the ADRs will commence trading on Nasdaq under the Company’s existing symbol “CNTB”. The Company will instruct the Depositary to issue a termination notice to owners and holders of ADRs on or about August 18, 2025, which will provide more information regarding the termination of the ADR program. “The termination of our ADR program is a meaningful step in our evolution to becoming a U.S.-centric company. The conversion from ADRs to directly listing our ordinary shares on Nasdaq will better facilitate institutional visibility, eliminate ADR depositary fees, and strengthen our ability to expand our investor base,” said Barry Quart, Pharm.D., CEO and Director of Connect Biopharma. “These changes, in conjunction with the progress we have made in our rapid Phase 2 clinical development program for rademikibart, will continue to support our mission of delivering a best-in-class treatment for asthma and COPD patients and building long-term shareholder value.” About Connect Biopharma Connect Biopharma is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and COPD. Headquartered in San Diego, California, the Company is advancing rademikibart, a nex...