Connect Biopharma plans to terminate ADR program, list shares on Nasdaq

Connect Biopharma (CNTB) plans to terminate the Deposit Agreement dated March 18, 2021, as amended, among the Company, Deutsche Bank Trust Company Americas, and the holders and beneficial owners of American Depositary Shares evidenced by American Depositary Receipts issued thereunder. 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 in substitution for its ADRs. 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.