Connect Biopharma announced its plan to terminate its American Depositary Receipt (ADR) program and directly list its ordinary shares on the Nasdaq Global Market. The ADR program and Deposit Agreement are expected to terminate on or about September 2, 2025.
Upon termination, the company's ADRs will be mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. The ordinary shares are expected to commence trading directly on Nasdaq under the existing symbol 'CNTB' immediately following the ADR program's termination.
This strategic move aims to better facilitate institutional visibility, eliminate ADR depositary fees, and strengthen the company's ability to expand its investor base. CEO Barry Quart stated this is a meaningful step in the company's evolution to becoming a U.S.-centric entity.
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