[144] Connect Biopharma Holdings Ltd SEC Filing

Rhea-AI Filing Summary

Connect Biopharma Holdings Ltd (CNTB) filing a Form 144 notifies a proposed sale of 200,000 American Depositary Shares (ADS) on or about 10/01/2025 through Charles Schwab & Co on the Nasdaq Global Market. The ADS block has an aggregate market value of $305,940 and the company reports 55,721,657 shares outstanding. The securities were originally acquired on 03/19/2021 as a stock award issued as compensation, with no cash payment required. The filer reports no sales of issuer securities in the past three months and certifies they are unaware of any undisclosed material adverse information.

Positive

• Full disclosure of intended sale value and broker details enhances transparency
• No recent sales reported in the past three months, suggesting this is an isolated planned transaction

Negative

• Insider sale of 200,000 ADS could be viewed negatively by some investors despite being a small percentage of outstanding shares

Insights

Securities Analyst

TL;DR: Insider-originated sale notice for 200,000 ADS valued at ~$306k; routine disclosure with limited market impact.

The Form 144 shows a proposed sale of ADS that were granted as compensation in 2021. The size of the proposed sale represents a small fraction of the 55.7 million shares outstanding, implying limited dilution or market pressure from this single transaction. Absence of recent dispositions in the past three months suggests this is an individual planned sale rather than a pattern of divestiture. The filing is informational and does not provide new operational or financial data about the issuer.

Corporate Governance Expert

TL;DR: Disclosure complies with Rule 144 for planned insider sale; no red flags from filing content alone.

The notice documents that the ADS were received as compensation and that the filer affirms no material nonpublic information exists. This is a standard compliance step when insiders or affiliates intend to sell restricted or control securities. Because the filing lacks mention of a trading plan date or any aggregation with other sellers, there is no indication here of coordinated insider selling or governance concerns based solely on this notice.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
American Depositary Shares, each representing One Ordinary Share	Charles Schwab & Co 3000 Schwab Way Westlake TX 76262	200000	305940.00	55721657	10/01/2025	Nasdaq Global Market

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
American Depositary Shares, each representing One Ordinary Share	03/19/2021	Compensation- Stock Award	Issuer			200000	03/19/2021	No payment - Stock awarded as compensation for services

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed by CNTB disclose?

The filing discloses a proposed sale of 200,000 ADS (aggregate value $305,940) via Charles Schwab on or about 10/01/2025.

Were the securities being sold purchased or received as compensation?

The ADS were acquired on 03/19/2021 as a stock award granted as compensation; no cash payment was made.

How large is the proposed sale relative to CNTB's outstanding shares?

The filing reports 55,721,657 shares outstanding; the 200,000 ADS represent a small fraction of the total outstanding shares.

Does the Form 144 show any sales of issuer securities in the past three months?

The filing lists Nothing to Report for securities sold during the past three months.

Which broker will handle the proposed sale?

The proposed sale is to be handled by Charles Schwab & Co, address listed in the filing.