Ascentage Pharma Announces Partial Exercise of Underwriters’ Option to Purchase Additional American Depositary Shares
Ascentage Pharma (Nasdaq: AAPG, HKEX: 6855) announced that underwriters of its U.S. initial public offering have partially exercised their over-allotment option to purchase an additional 935,144 American depositary shares (ADSs) at $17.25 per ADS.
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Rhea-AI Summary
Ascentage Pharma (Nasdaq: AAPG, HKEX: 6855) announced that underwriters of its U.S. initial public offering have partially exercised their over-allotment option to purchase an additional 935,144 American depositary shares (ADSs) at $17.25 per ADS. Each ADS represents four ordinary shares of the company.
Following this partial exercise, the total number of ADSs sold in the offering will increase to 8,260,144, bringing the aggregate gross proceeds to approximately $142.5 million, before deducting underwriting discounts, commissions, and other offering expenses. J.P. Morgan and Citigroup served as joint book-running managers for the offering.
Positive
- Additional capital raise of $16.1 million through over-allotment exercise
- Total gross proceeds reached $142.5 million from the offering
- Strong underwriter support with participation from major banks J.P. Morgan and Citigroup
Negative
- Potential dilution for existing shareholders due to additional ADS issuance
- Increased offering expenses and underwriting costs
Details
News Market Reaction – AAPG
The recorded move for AAPG in the trading session of this news was -0.69%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ROCKVILLE, Md. and SUZHOU, China, Feb. 07, 2025 (GLOBE NEWSWIRE) -- Ascentage Pharma (Nasdaq: AAPG, HKEX: 6855) announced today that the underwriters of its underwritten U.S. initial public offering (the “Offering”) have partially exercised their over-allotment option to purchase an additional 935,144 American depositary shares (“ADSs”) at the initial public offering price of
J.P. Morgan and Citigroup acted as joint book-running managers for the offering.
About Ascentage Pharma
Ascentage Pharma is a global, integrated biopharmaceutical company engaged in discovering, developing and commercializing therapies to address global unmet medical needs primarily in hematological malignancies. Ascentage Pharma has been listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code 6855.HK since October 2019 and has also been listed on the Nasdaq Global Market under the ticker symbol “AAPG” since January 2025.
Contacts
Investor Relations
Hogan Wan, Head of IR and Strategy
Ascentage Pharma
Hogan.Wan@ascentage.com
+86 512 85557777
Stephanie Carrington
ICR Healthcare
Stephanie.Carrington@icrhealthcare.com
(646) 277-1282
Media Relations
Sean Leous
ICR Healthcare
Sean.Leous@icrhealthcare.com
(646) 866-4012
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