secwatch.observer — SEC 8-K summary
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Issuer:     ADC Therapeutics SA (ADCT)
CIK:        0001771910
Form:       8-K
Filed at:   2026-10-13T10:26:29+00:00
Accession:  0000950103-26-015465
Event type: other_material
Sentiment:  positive
Materiality: 0.95
Item codes: 1.01, 2.02, 3.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

ADC Therapeutics announces $86.6M PIPE, Blue Owl loan amendment, HCR royalty amendment, and preliminary Q3 revenue
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- ADC Therapeutics agreed to sell 12,911,347 common shares at $1.4200 and pre-funded warrants for 48,088,653 shares at $1.32400 in an $86.6M private placement expected to close Oct. 22, 2026.
- Blue Owl loan amendment prepays $70.0M principal, cuts outstanding term loans to $50.0M, eliminates the minimum liquidity covenant, and sets minimum trailing U.S. ZYNLONTA sales at $65.0M.
- HCR Amendment eliminates the $150M change-of-control payment, allows royalty buyout for $525M by Dec. 31, 2029 or $750M after, and cuts permitted third-party debt to $50.0M.
- HCR warrants for 9,834,776 shares cut from $3.8130 to $0.10; Lender Warrants for 527,295 shares cut from $8.30 to $1.00.
- Preliminary Q3 ZYNLONTA net product revenues ~$21.0M; cash and equivalents $189.2M at Sept. 30, 2026; pro forma ~$196M after $76.3M PIPE net proceeds and $69.6M prepayment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1771910/000095010326015465/0000950103-26-015465-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1771910/000095010326015465/dp254756_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-26-015465

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