ADC Therapeutics (ADCT) has withdrawn its IPO registration statement.
The company is a clinical-stage oncology-focused biotech.
“In light of adverse market conditions, we have
determined it is in the best interests of our shareholders to withdraw
the registration statement,” says CEO Chris Martin.
“We are fortunate to have a strong balance sheet,
highly supportive investors, alternative financing options and a steady
flow of forthcoming milestones, all of which factored into our decision
to not proceed with an initial public offering in the current market
conditions,” he adds.
It had planned to offer 8.19M common shares at $23-$26/share.
https://seekingalpha.com/news/3503611-adc-therapeutics-pulls-ipo
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