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Investing.com -- Connect Biopharma Holdings Ltd (NASDAQ:CNTB) stock jumped 6.4% after the clinical-stage biopharmaceutical company announced plans to terminate its American Depositary Receipts (ADR) program and directly list its ordinary shares on the Nasdaq Global Market.
The company said it will terminate the Deposit Agreement with Deutsche Bank (ETR:DBKGn) Trust Company Americas on or about September 2, 2025. At that time, Connect Biopharma’s ADRs will be mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. The ordinary shares will then commence trading on Nasdaq under the company’s existing symbol "CNTB."
"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.
The company plans to instruct the Depositary to issue a termination notice to owners and holders of ADRs on or about August 18, 2025, which will provide more details regarding the program termination.
Connect Biopharma, which focuses on developing treatments for inflammatory diseases, noted that these changes align with progress in its Phase 2 clinical development program for rademikibart, its treatment candidate for asthma and COPD patients.
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