Belite Bio, Inc (BLTE) Prices 6M ADS IPO at $6/ADS

Belite Bio, Inc (NASDAQ: BLTE), a clinical stage biopharmaceutical drug development company targeting currently untreatable eye diseases such as dry AMD and Stargardt disease, and metabolic diseases, today announced the pricing of its initial public offering of 6 million American Depositary Shares (ADSs) at a public offering price per ADS of $6.00. Each ADS represents one ordinary share of Belite. In addition, Belite has granted the underwriters a 30-day option to purchase an additional 900,000 ADSs at the initial public offering price, less the underwriting discounts and commissions.

Lin Bioscience International Ltd., our principal shareholder, agreed to purchase $15.0 million of ADSs in this offering,

In connection with the offering, Belite’s ADSs have been approved for listing on the Nasdaq Capital Market. The ADSs are expected to begin trading on the Nasdaq Capital Market on April 29, 2022 under the ticker symbol "BLTE". The offering is expected to close on May 3, 2022, subject to customary closing conditions.

The gross proceeds to Belite from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $36 million. Belite expects to use the net proceeds from the offering to fund the Phase 3 clinical trial of LBS-008 for STGD1, further clinical development of LBS-008 for dry AMD, working capital and other general corporate purposes.

The Benchmark Company, LLC is acting as sole book-running manager for the offering.

A registration statement on Form F-1 relating to the ordinary shares represented by the ADSs in this offering was filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC on April 28, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering will be made only by means of a prospectus forming a part of the registration statement. A copy of the final prospectus relating to this offering, when available, will be filed with the SEC and may also be obtained from The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155 or by calling 212-312-6700 or by emailing [email protected].

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