On January 23, 2025 Ascentage Pharma (Nasdaq: AAPG) (HKEX: 6855) reported the pricing of its U.S. initial public offering of 7,325,000 American depositary shares ("ADSs"), at a public offering price of $17.25 per ADS, before underwriting discounts and commissions (Press release, Ascentage Pharma, JAN 23, 2025, View Source [SID1234650021]). Each ADS represents four ordinary shares of Ascentage Pharma. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Ascentage Pharma, are expected to be approximately $126.4 million. In addition, Ascentage Pharma has granted the underwriters a 30-day option to purchase up to an additional 1,098,750 ADSs at the initial public offering price, less underwriting discounts and commissions. The ADSs are expected to begin trading on the Nasdaq Global Market on January 24, 2025, under the ticker "AAPGV" on a "when-issued" basis, and on January 27, 2025, under the ticker symbol "AAPG" for "regular-way" trading. The offering is expected to close on January 28, 2025, subject to customary closing conditions.
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J.P. Morgan and Citigroup are acting as joint book-running managers for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 23, 2025. The offering will be made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected] and [email protected], and Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.