ADC Therapeutics prices 13.4M shares at $4.90 in underwritten offering

ADC Therapeutics has agreed to sell, by way of an underwritten offering, 13,411,912 of its common shares at a price of $4.900 per share and, to certain investors who so choose in lieu of common shares, pre-funded warrants to purchase 8,163,265 common shares at a price of $4.812 per pre-funded warrant. The gross proceeds from the offering, before deducting the underwriting discount and offering expenses payable by the Company and assuming no exercise of the pre-funded warrants, are expected to be approximately $105.0 million. The offering is expected to close on May 8, 2024, subject to customary closing conditions. Jefferies, Guggenheim Securities and Cantor are acting as joint book-running managers for the offering.