Ascentage Pharma announces partial exercise of underwriter’s option

Ascentage Pharma (AAPG) announced that the underwriters of its underwritten U.S. initial public offering have partially exercised their over-allotment option to purchase an additional 935,144 American depositary shares at the initial public offering price of $17.25 per ADS less underwriting discounts and commissions. Each ADS represents four ordinary shares of Ascentage Pharma. After giving effect to the partial exercise of the over-allotment option, the total number of ADSs sold by Ascentage Pharma in the Offering will increase to 8,260,144 ADSs and the aggregate gross proceeds to Ascentage Pharma will be approximately $142.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by Ascentage Pharma. The closing of the over-allotment option is subject to customary closing conditions. J.P. Morgan and Citigroup acted as joint book-running managers for the offering.