Connect Biopharma Holdings Ltd (NASDAQ:CNTB) saw its stock jump 6.4% after announcing its intention to terminate its American Depositary Receipts (ADR) program and directly list its ordinary shares on the Nasdaq Global Market.
The company plans to end its Deposit Agreement with Deutsche Bank Trust Company Americas around September 2, 2025. At that time, all outstanding ADRs will be automatically canceled and exchanged on a one-for-one basis for ordinary shares, which will then begin trading on Nasdaq under the existing ticker symbol “CNTB.”
Barry Quart, Pharm.D., CEO and Director of Connect Biopharma, said, “Ending the ADR program marks an important milestone as we transition into a U.S.-focused company. Listing our ordinary shares directly on Nasdaq will enhance visibility among institutional investors, eliminate ADR-related fees, and support broadening our shareholder base.”
The company expects to send a formal termination notice to ADR holders around August 18, 2025, detailing the next steps.
Connect Biopharma specializes in developing therapies for inflammatory conditions and highlighted that this move coincides with advancements in its Phase 2 trials for rademikibart, a potential treatment for asthma and COPD.
Connect Biopharma Holdings stock price
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