Benzinga | Jul 27, 2021 11:13AM EDT

I-Mab Reports Board Approved Prelim. Proposal For Potential Dual Listing Of Co.'s Shares On Shanghai's Science And Technology Innovation Board, for Listing Tutoring Deal Between Co., Sponsor China Int'l. Capital Corp.

I-Mab (the "Company") (NASDAQ:IMAB), a clinical stage biopharmaceutical company committed to the discovery, development and commercialization of novel biologics, today announced that on July 27, 2021, the Board of Directors of the Company (the "Board") approved a preliminary proposal for the potential dual listing of the Company's newly issued shares on the Science and Technology Innovation Board of the Shanghai Stock Exchange (the "STAR Board"). The Board also authorized certain officers to execute the Listing Tutoring Agreement between the Company and the Sponsor China International Capital Corporation Limited (the "Tutoring Agreement").



The proposed dual listing on the STAR Board is expected to be completed in 2022, conditional upon and subject to, among other things, market conditions, further approval of the Board and potentially of the Shareholders at a general meeting of the Company, and the obtaining of the necessary regulatory approvals. Shareholders and potential investors should exercise caution when dealing in the securities of the Company.

Upon the signing of the Tutoring Agreement, the Company will proceed to make a filing with the Shanghai Branch of China Securities Regulatory Commission for entering the IPO tutoring program, as required by the relevant rules and regulations.

"We are making concrete progress in our plan to pursue further equity listings on Greater China stock exchanges (including Shanghai Stock Exchange and Hong Kong Stock Exchange)," said Jielun Zhu, CFO of I-Mab. "The potential dual listing on the STAR Board in China will enable us to tap into a complementary shareholder base in the onshore market to support our exciting growth and transition into a fully-integrated global biopharma company."

The Company will make further announcement(s) to disclose any material updates and progress in respect of the proposed dual listing in accordance with applicable laws and regulations as and when appropriate. This announcement is for information purposes only and does not constitute, or form part of, any invitation or offer to acquire, purchase or subscribe for any securities of the Company.