HomeMarket NewsAdlai Nortye Updates Terms for $58M IPO, Eyeing Nasdaq Listing

Adlai Nortye Updates Terms for $58M IPO, Eyeing Nasdaq Listing

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Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

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Adlai Nortye (NASDAQ:ANL) has announced updated terms for its planned US Initial Public Offering (IPO), with the company now aiming to raise approximately $58 million.

The biotech firm recently revised its offering details after scrubbing most of its initial filing two weeks ago. Adlai Nortye is now proposing to offer 2.5 million American Depositary Shares (ADSs) at a price of $23 per ADS. Each ADS would represent three Class A ordinary shares.

Underwriters will also have a 30-day option to purchase an additional 375,000 shares to cover over-allotments. Cantor will serve as the sole bookrunner for the IPO.

The company intends to list its shares on the Nasdaq stock exchange under the ticker symbol ANL.

Additionally, as part of the offering, Japanese chemical company Nippon Kayaku has agreed to purchase $40 million worth of Class A ordinary shares. An unnamed potential investor has also expressed interest in acquiring up to $50 million worth of ADSs.

Adlai Nortye, incorporated in the Cayman Islands, operates through subsidiaries in the United States and China. The company’s lead product, AN2025, is currently in Phase 3 clinical trials for the treatment of head and neck squamous cell carcinoma.

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