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[8-K] Connect Biopharma Holdings Limited American Reports Material Event

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(Moderate)
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(Neutral)
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8-K
Rhea-AI Filing Summary

Connect Biopharma (CNTB) has initiated the termination of its American Depositary Receipt (ADR) program. On 18 Jul 2025 the company instructed Deutsche Bank Trust Company Americas to end the 18 Mar 2021 Deposit Agreement. All ADRs will be mandatorily cancelled on or about 2 Sep 2025 and exchanged on a 1-for-1 basis for the underlying ordinary shares.

Immediately after cancellation, CNTB plans a direct listing of its ordinary shares on Nasdaq under the same ticker “CNTB,� at which point the ADSs will be delisted. The Depositary will send formal notice to ADS holders describing the exchange mechanics.

The change affects capital-markets logistics rather than operations: it removes depositary fees, simplifies share structure and may broaden investor access, but requires successful coordination with Nasdaq and could create short-term trading friction. No financial results or guidance were provided.

Connect Biopharma (CNTB) ha avviato la cessazione del suo programma di American Depositary Receipt (ADR). Il 18 luglio 2025 la società ha incaricato Deutsche Bank Trust Company Americas di terminare l'Accordo di Deposito del 18 marzo 2021. Tutti gli ADR saranno obbligatoriamente cancellati intorno al 2 settembre 2025 e scambiati con un rapporto di 1 a 1 con le azioni ordinarie sottostanti.

Immediatamente dopo la cancellazione, CNTB prevede una quotazione diretta delle sue azioni ordinarie sul Nasdaq con lo stesso ticker “CNTB�, momento in cui gli ADS saranno rimossi dalla quotazione. Il depositario invierà una comunicazione formale ai detentori di ADS con le modalità dello scambio.

La modifica riguarda la logistica dei mercati finanziari più che le operazioni: elimina le commissioni di deposito, semplifica la struttura azionaria e potrebbe ampliare l'accesso degli investitori, ma richiede un coordinamento efficace con il Nasdaq e potrebbe causare attriti di trading a breve termine. Non sono stati forniti risultati finanziari o previsioni.

Connect Biopharma (CNTB) ha iniciado la terminación de su programa de American Depositary Receipt (ADR). El 18 de julio de 2025, la compañía instruyó a Deutsche Bank Trust Company Americas para finalizar el Acuerdo de Depósito del 18 de marzo de 2021. Todos los ADRs serán cancelados obligatoriamente aproximadamente el 2 de septiembre de 2025 y serán canjeados a razón de 1 por 1 por las acciones ordinarias subyacentes.

Inmediatamente después de la cancelación, CNTB planea una cotización directa de sus acciones ordinarias en Nasdaq bajo el mismo ticker “CNTB�, momento en que los ADS serán deslistados. El depositario enviará un aviso formal a los titulares de ADS describiendo la mecánica del canje.

El cambio afecta la logística del mercado de capitales más que las operaciones: elimina las tarifas de depósito, simplifica la estructura accionaria y puede ampliar el acceso de inversores, pero requiere una coordinación exitosa con Nasdaq y podría generar fricciones comerciales a corto plazo. No se proporcionaron resultados financieros ni pronósticos.

Connect Biopharma(CNTB)� 미국예탁증서(ADR) 프로그램 종료� 시작했습니다. 2025� 7� 18� 회사� Deutsche Bank Trust Company Americas� 2021� 3� 18� 체결� 예탁계약 종료� 지시했습니�. 모든 ADR은 2025� 9� 2일경 의무적으� 취소되며, 1대 1 비율� 기초 보통주로 교환됩니�.

취소 직후 CNTB� 같은 티커 “CNTB”로 나스닥에 보통� 직접 상장� 계획이며, 이때 ADS� 상장폐지됩니�. 예탁기관은 ADS 보유자에� 교환 절차� 설명하는 공식 통지� 발송� 예정입니�.

이번 변경은 운영보다� 자본시장 절차� 관� 것으�, 예탁 수수료를 없애� 주식 구조� 단순화하� 투자� 접근성을 넓힐 � 있지�, 나스닥과� 원활� 조정� 필요하고 단기 거래 마찰� 발생� � 있습니다. 재무 실적이나 가이던스는 제공되지 않았습니�.

Connect Biopharma (CNTB) a lancé la cessation de son programme d'American Depositary Receipt (ADR). Le 18 juillet 2025, la société a demandé à Deutsche Bank Trust Company Americas de mettre fin à l'Accord de Dépôt du 18 mars 2021. Tous les ADR seront obligatoirement annulés aux alentours du 2 septembre 2025 et échangés à raison de 1 pour 1 contre les actions ordinaires sous-jacentes.

Immédiatement après l'annulation, CNTB prévoit une introduction directe de ses actions ordinaires sur le Nasdaq sous le même symbole « CNTB », moment auquel les ADS seront retirés de la cote. Le dépositaire enverra un avis formel aux détenteurs d'ADS décrivant les modalités de l'échange.

Ce changement concerne la logistique des marchés financiers plus que les opérations : il supprime les frais de dépôt, simplifie la structure des actions et peut élargir l'accès des investisseurs, mais nécessite une coordination réussie avec le Nasdaq et pourrait engendrer des frictions de trading à court terme. Aucun résultat financier ni prévision n'a été communiqué.

Connect Biopharma (CNTB) hat die Beendigung seines American Depositary Receipt (ADR)-Programms eingeleitet. Am 18. Juli 2025 wies das Unternehmen die Deutsche Bank Trust Company Americas an, die am 18. März 2021 geschlossene Verwahrungsvereinbarung zu beenden. Alle ADRs werden voraussichtlich am oder um den 2. September 2025 zwingend storniert und im Verhältnis 1:1 gegen die zugrunde liegenden Stammaktien getauscht.

Unmittelbar nach der Stornierung plant CNTB eine direkte Notierung seiner Stammaktien an der Nasdaq unter dem gleichen Tickersymbol „CNTB�, woraufhin die ADS vom Handel genommen werden. Der Verwahrer wird den ADS-Inhabern eine formelle Mitteilung über die Austauschmodalitäten zusenden.

Die Änderung betrifft die Logistik der Kapitalmärkte und nicht die Geschäftstätigkeit: Sie beseitigt Verwahrungsgebühren, vereinfacht die Aktienstruktur und könnte den Anlegerzugang erweitern, erfordert jedoch eine erfolgreiche Koordination mit der Nasdaq und könnte kurzfristig Handelsstörungen verursachen. Finanzielle Ergebnisse oder Prognosen wurden nicht veröffentlicht.

Positive
  • Simplifies capital structure by replacing ADRs with direct ordinary-share listing, eliminating depositary fees.
  • One-for-one exchange preserves shareholder ownership without dilution or economic loss.
  • Continued Nasdaq trading under ticker CNTB maintains market visibility and liquidity.
Negative
  • Administrative burden on investors to process mandatory exchange before 2 Sep 2025.
  • Short-term liquidity risk if conversion or Nasdaq approval is delayed.
  • Uncertainty period may widen spreads or create volatility until listing transition completes.

Insights

TL;DR: ADR program ends; ordinary shares to list directly—structure simplified, impact largely neutral on fundamentals.

The move swaps ADSs for ordinary shares without altering CNTB’s equity base. Investors avoid future depositary fees and associated FX spreads, a minor positive for long-term cost of ownership. Liquidity should remain comparable if Nasdaq approves the substitution promptly, but interim uncertainty could widen spreads or depress volumes. Because no operational, clinical or financial data were disclosed, valuation drivers stay unchanged; therefore the event is capital-markets housekeeping with limited direct impact on cash flow or strategy.

TL;DR: Governance streamlined; fewer intermediaries, but execution risks until conversion completes.

Eliminating the ADR structure reduces administrative layers, aligning voting rights and disclosures directly with shareholders. This can enhance transparency and align CNTB with U.S. best practices for foreign issuers. However, holders must act by 2 Sep 2025; any failure could cause settlement issues. Execution risk lies in timely Nasdaq approval and proper notice delivery by Deutsche Bank. Overall governance benefits outweigh short-term complexity.

Connect Biopharma (CNTB) ha avviato la cessazione del suo programma di American Depositary Receipt (ADR). Il 18 luglio 2025 la società ha incaricato Deutsche Bank Trust Company Americas di terminare l'Accordo di Deposito del 18 marzo 2021. Tutti gli ADR saranno obbligatoriamente cancellati intorno al 2 settembre 2025 e scambiati con un rapporto di 1 a 1 con le azioni ordinarie sottostanti.

Immediatamente dopo la cancellazione, CNTB prevede una quotazione diretta delle sue azioni ordinarie sul Nasdaq con lo stesso ticker “CNTB�, momento in cui gli ADS saranno rimossi dalla quotazione. Il depositario invierà una comunicazione formale ai detentori di ADS con le modalità dello scambio.

La modifica riguarda la logistica dei mercati finanziari più che le operazioni: elimina le commissioni di deposito, semplifica la struttura azionaria e potrebbe ampliare l'accesso degli investitori, ma richiede un coordinamento efficace con il Nasdaq e potrebbe causare attriti di trading a breve termine. Non sono stati forniti risultati finanziari o previsioni.

Connect Biopharma (CNTB) ha iniciado la terminación de su programa de American Depositary Receipt (ADR). El 18 de julio de 2025, la compañía instruyó a Deutsche Bank Trust Company Americas para finalizar el Acuerdo de Depósito del 18 de marzo de 2021. Todos los ADRs serán cancelados obligatoriamente aproximadamente el 2 de septiembre de 2025 y serán canjeados a razón de 1 por 1 por las acciones ordinarias subyacentes.

Inmediatamente después de la cancelación, CNTB planea una cotización directa de sus acciones ordinarias en Nasdaq bajo el mismo ticker “CNTB�, momento en que los ADS serán deslistados. El depositario enviará un aviso formal a los titulares de ADS describiendo la mecánica del canje.

El cambio afecta la logística del mercado de capitales más que las operaciones: elimina las tarifas de depósito, simplifica la estructura accionaria y puede ampliar el acceso de inversores, pero requiere una coordinación exitosa con Nasdaq y podría generar fricciones comerciales a corto plazo. No se proporcionaron resultados financieros ni pronósticos.

Connect Biopharma(CNTB)� 미국예탁증서(ADR) 프로그램 종료� 시작했습니다. 2025� 7� 18� 회사� Deutsche Bank Trust Company Americas� 2021� 3� 18� 체결� 예탁계약 종료� 지시했습니�. 모든 ADR은 2025� 9� 2일경 의무적으� 취소되며, 1대 1 비율� 기초 보통주로 교환됩니�.

취소 직후 CNTB� 같은 티커 “CNTB”로 나스닥에 보통� 직접 상장� 계획이며, 이때 ADS� 상장폐지됩니�. 예탁기관은 ADS 보유자에� 교환 절차� 설명하는 공식 통지� 발송� 예정입니�.

이번 변경은 운영보다� 자본시장 절차� 관� 것으�, 예탁 수수료를 없애� 주식 구조� 단순화하� 투자� 접근성을 넓힐 � 있지�, 나스닥과� 원활� 조정� 필요하고 단기 거래 마찰� 발생� � 있습니다. 재무 실적이나 가이던스는 제공되지 않았습니�.

Connect Biopharma (CNTB) a lancé la cessation de son programme d'American Depositary Receipt (ADR). Le 18 juillet 2025, la société a demandé à Deutsche Bank Trust Company Americas de mettre fin à l'Accord de Dépôt du 18 mars 2021. Tous les ADR seront obligatoirement annulés aux alentours du 2 septembre 2025 et échangés à raison de 1 pour 1 contre les actions ordinaires sous-jacentes.

Immédiatement après l'annulation, CNTB prévoit une introduction directe de ses actions ordinaires sur le Nasdaq sous le même symbole « CNTB », moment auquel les ADS seront retirés de la cote. Le dépositaire enverra un avis formel aux détenteurs d'ADS décrivant les modalités de l'échange.

Ce changement concerne la logistique des marchés financiers plus que les opérations : il supprime les frais de dépôt, simplifie la structure des actions et peut élargir l'accès des investisseurs, mais nécessite une coordination réussie avec le Nasdaq et pourrait engendrer des frictions de trading à court terme. Aucun résultat financier ni prévision n'a été communiqué.

Connect Biopharma (CNTB) hat die Beendigung seines American Depositary Receipt (ADR)-Programms eingeleitet. Am 18. Juli 2025 wies das Unternehmen die Deutsche Bank Trust Company Americas an, die am 18. März 2021 geschlossene Verwahrungsvereinbarung zu beenden. Alle ADRs werden voraussichtlich am oder um den 2. September 2025 zwingend storniert und im Verhältnis 1:1 gegen die zugrunde liegenden Stammaktien getauscht.

Unmittelbar nach der Stornierung plant CNTB eine direkte Notierung seiner Stammaktien an der Nasdaq unter dem gleichen Tickersymbol „CNTB�, woraufhin die ADS vom Handel genommen werden. Der Verwahrer wird den ADS-Inhabern eine formelle Mitteilung über die Austauschmodalitäten zusenden.

Die Änderung betrifft die Logistik der Kapitalmärkte und nicht die Geschäftstätigkeit: Sie beseitigt Verwahrungsgebühren, vereinfacht die Aktienstruktur und könnte den Anlegerzugang erweitern, erfordert jedoch eine erfolgreiche Koordination mit der Nasdaq und könnte kurzfristig Handelsstörungen verursachen. Finanzielle Ergebnisse oder Prognosen wurden nicht veröffentlicht.

0001835268false00018352682025-07-182025-07-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 18, 2025
________________________________________
Connect Biopharma Holdings Limited
(Exact name of Registrant as Specified in Its Charter)
________________________________________
Cayman Islands001-40212Not Applicable
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
3580 Carmel Mountain Road, Suite 200
San Diego, California
92130
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (877) 245-2787
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
American Depositary Shares, each representing one Ordinary Share, par value $0.000174 per ShareCNTBThe Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 1.02 Termination of a Material Definitive Agreement.
On July 18, 2025, Connect Biopharma Holdings Limited (the “Company”) instructed Deutsche Bank Trust Company Americas (the “Depositary”) to terminate the Deposit Agreement dated March 18, 2021, as amended, by and among the Company, the Depositary and the holders and beneficial owners from time to time of American Depositary Shares (the “ADSs”), each of which represents one ordinary share, US$0.000174 par value, of the Company (each, an “Ordinary Share”), and which are evidenced by American Depositary Receipts (the “ADRs”) issued thereunder (the “Deposit Agreement”). The Deposit Agreement governs the rights and obligations of the Depositary, the Company and the holders and beneficial owners of the Company’s ADSs evidenced by ADRs with respect to the listing of the Company’s ADSs on the Nasdaq Global Market (“Nasdaq”). 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.
The Depositary will distribute to all holders and beneficial owners of ADSs a notification regarding the termination of the ADR program pursuant to the Deposit Agreement. Immediately following the termination of the ADR program, the Company plans to list its Ordinary Shares directly on Nasdaq in substitution for its ADSs (the “Substitution Listing”). The Company expects that, upon effectiveness of the Substitution Listing, its ADSs 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”.
On July 21, 2025, the Company issued a press release announcing its plans to terminate the ADR program and the Deposit Agreement and to effect the Substitution Listing.
Forward-Looking Statements
This disclosure contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”). Forward-looking statements are statements that are not of historical fact and include, without limitation, statements regarding the timing of the termination of the ADR program and the Deposit Agreement, as well as the Substitution Listing; and the timing of the Depositary’s delivery of the notice of termination of the ADR program pursuant to the Deposit Agreement. These statements are based on management’s current expectations of future events only as of the date of this Current Report on Form 8-K and are inherently subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control, including, among other things: we are reliant on the Depositary to provide notice of the termination of the ADR program, and we must complete the process with Nasdaq to effect the Substitution Listing.
Words such as “aim,” “anticipate,” “believe,” “could,” “expect,” “feel,” “goal,” “intend,” “look forward to,” “may,” “optimistic,” “plan,” “potential,” “promising,” “will,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. The inclusion of forward-looking statements should not be regarded as a representation by the Company that any of its expectations, projections or plans will be achieved. Actual results may differ materially due to the risks and uncertainties inherent in our business and other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”). Further information regarding these and other risks is included under the heading “Risk Factors” in our annual and periodic reports filed with the SEC. These forward-looking statements should not be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such forward-looking statements have been made are correct or exhaustive or, in the case of the assumptions, fully stated in this presentation. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You are cautioned not to place undue reliance on the scientific data presented or any forward-looking statements, which speak only as of the date of such presentation(s) or such statements. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise. The Company claims the protection of the safe harbor for forward-looking statements contained in the Act for all forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CONNECT BIOPHARMA HOLDINGS LIMITED
Date:July 21, 2025By:/s/ David Szekeres
Name:David Szekeres
Title:President

FAQ

Why is Connect Biopharma (CNTB) terminating its ADR program?

CNTB aims to list its ordinary shares directly on Nasdaq, removing the depositary intermediary and related fees.

When will CNTB ADRs be cancelled?

On or about 2 September 2025, all ADRs will be mandatorily cancelled and exchanged 1-for-1 for ordinary shares.

Will the ticker symbol change after the substitution listing?

No. The ordinary shares are expected to trade on Nasdaq under the existing symbol CNTB.

Do shareholders need to take action in the exchange?

The Depositary will provide instructions; holders must follow them to receive ordinary shares in place of ADRs.

Does the move affect CNTB's share count or valuation?

No economic dilution occurs; it only changes the security form, leaving fundamentals untouched.

What risks are associated with the listing change?

Potential short-term trading disruption and dependence on timely Nasdaq approval and Depositary notices.
Connect Biopharma Holdings Ltd

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Biotechnology
Pharmaceutical Preparations
United States
SAN DIEGO