Taipei, Taiwan, October 13, 2025 – Bora Pharmaceuticals Co., Ltd. (“Bora” or “the Company”) announced that its Board of Directors has approved a plan to sponsor the issuance of American Depositary Receipts (ADRs) representing its outstanding common shares, to be traded on the U.S. over-the-counter (OTC) market. This marks the official launch of Bora’s Level 1 ADR program, making it the first listed company in Taiwan to undertake an L1 ADR.
According to the plan, each L1 ADR share is expected to be equivalent to 0.2 shares of Bora’s common stock, with the total number of ADR units not exceeding 10% of the Company’s total outstanding shares. All ADRs will be backed by existing shares, and the program will not involve any issuance of new shares or dilution of current shareholders’ equity. The initiative aims to provide international investors a more flexible channel and its North American employees diversified long term incentive schemes, while enhancing Bora’s brand visibility and connection with global capital markets.
Chairman Bobby Sheng stated, “The launch of our L1 ADR program marks an important milestone for Bora as we advance our globalization strategy and formally enter the international capital markets. With multiple manufacturing sites worldwide capable of commercial-scale production across diverse dosage forms, Bora has become a recognized one-stop CDMO and an emerging specialty pharmaceutical company focused on rare diseases. At the same time, our commitment to financial transparency and investor communication has been well recognized. This year, Bora was ranked among the top 5 in both Best IR in Healthcare Industry (Greater China) and Best IR Website (Greater China) at the IR Impact Awards. This capital market driven initiative will also enable our overseas employees to hold long-term incentive shares through ADRs, strengthening their sense of belonging and long-term commitment to the Company. Moving forward, we aim to continue building investor trust and deepening the connections between our operations and the capital markets following global benchmarks.”
The Company’s Chairman and Chief Financial Officer have been authorized as representatives to execute all matters related to the ADR program. Upon approval from Taiwan’s Financial Supervisory Commission and the U.S. Securities and Exchange Commission, Bora’s ADRs are expected to begin trading on the U.S. OTC market in the first quarter of next year.