ADC Therapeutics SA (ADCT) Form 8-K — Oct 13, 2026
ADC Therapeutics entered into a $86.6 million private placement on October 7, 2026, selling 12,911,347 common shares at $1.42 plus pre-funded warrants on 48,088,653 shares at $1.324, with closing expected October 22, 2026 and resale registration rights attached. Placement agents were Jefferies, Guggenheim and Cantor Fitzgerald. In tandem, the company amended its Blue Owl loan agreement: it must prepay $70.0 million of term loans, leaving $50.0 million outstanding, while scheduled amortization and the minimum liquidity covenant are eliminated and a new $65.0 million trailing four-quarter U.S. ZYNLONTA sales covenant is imposed.
Key figures
- Gross Proceeds
- 86600000
- Offering Price
- 1.42
- Shares Offered
- 12911347
- Hcr warrants
- 9834776
- Loan prepayment
- 70000000
- Closing expected
- October 22, 2026
- Hcr buyout option
- $525M on or prior to Dec 31, 2029; $750M on or after Jan 1, 2030
- Prefunded warrants
- 48088653
- Hcr debt limitation
- 50000000
- Hcr funding to date
- 300000000
- Prefunded warrant price
- 1.324
- Zynlonta sales covenant
- $65.0 million minimum trailing four-quarter U.S. sales
- Hcr warrant exercise price reduced
- $3.8130 to $0.10
- Lender warrant exercise price reduced
- $8.30 to $1.00
- Term loans outstanding after prepayment
- 50000000
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