Company: CNTB
Filing Date: 2025-06-10
Form Type: F-3
Source: 0001193125-25-138482
Chunk: 87

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-06-10
Form: F-3
Chunk 87
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 and assets, we do not believe we were a PFIC for U.S. federal income
tax purposes for our taxable year ended December 31, 2024. However, PFIC determinations are highly factual and must be made annually after the close of each taxable year, and the application of the PFIC rules is subject to uncertainty in
several respects. Furthermore, our assessment of our PFIC status depends in large part on valuations of certain of our intangible assets performed by a third-party appraiser. Such valuations are based on various assumptions which may vary from
actual future results. Moreover, the value of those intangible assets determined under such third-party valuations differ significantly from the value of such assets that may be implied by reference to the market price of our ADSs, and the U.S.
Internal Revenue Service may disagree with our determination of the value of our assets. For the foregoing reasons, there can be no assurance that we were not a PFIC for our taxable year ended December 31, 2024 or that we will not be a PFIC our
current taxable year or for any future taxable year. Adverse U.S. federal income tax consequences could apply to a U.S. Holder (as defined in “Material Taxation Considerations —United States Federal Income Taxation Considerations”) if
we are treated as a PFIC for any taxable year during which such U.S. Holder holds our ADSs or Ordinary Shares.

15

USE OF PROCEEDS

We may sell ADSs from time to time having gross aggregate sales proceeds of up to $150,000,000. Because there is no minimum
offering amount required as a condition of this offering, the actual total public offering amount, estimated commissions and proceeds to us, if any, are not determinable at this time. There can be no assurance that we will be able to sell any ADSs
under or fully utilize the Sales Agreement with the Sales Agent as a source of financing.

We intend to use the net
proceeds from this offering, together with our existing cash and cash equivalents, to fund our pipeline development, to maintain our working capital, and for general corporate purposes.

The amounts and timing of our actual expenditures will depend upon numerous factors, including the progress of our development
and commercialization efforts, the status of and results from our clinical, non-clinical or pre-clinical trials, whether or not we enter into strategic collaborations or
partnerships, and our operating costs and expenditures. Accordingly