Connect Biopharma announced the completion of the termination of its American Depositary Receipt (ADR) program and the direct listing of its ordinary shares on the Nasdaq Global Market. The ADR program and Deposit Agreement officially terminated on September 2, 2025.
As part of this transition, the company's ADRs were mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. The company’s ordinary shares commenced trading directly on Nasdaq on September 3, 2025, under the existing symbol 'CNTB'.
CEO Barry Quart stated that this direct listing represents the company's continued evolution into a U.S.-centric entity. This transition is expected to drive greater institutional access with U.S. investors and support the company's mission of delivering a best-in-class treatment for asthma and COPD patients.
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