Company Overview - ARCA biopharma, Inc. has announced a reverse stock split at a ratio of 1-for-12, effective September 3, 2024, following its merger with Oruka Therapeutics, Inc. [1] - The company will change its name to Oruka Therapeutics, Inc. and its stock symbol to "ORKA" post-merger [1]. Stock Split Details - The reverse stock split will reduce the number of outstanding shares from approximately 14,507,143 to about 1,208,928 shares [2]. - The authorized common stock will increase from 100,000,000 shares to 545,000,000 shares in connection with the merger [2]. - Stockholders will receive cash payments for any fractional shares resulting from the reverse stock split, calculated based on the closing price on September 3, 2024 [2]. Merger Implications - Following the merger, the total issued and outstanding common stock is expected to be approximately 29,490,443 shares, with additional shares underlying warrants and convertible preferred stock [4]. - Proportionate adjustments will be made to the exercise prices and number of shares underlying outstanding equity and warrant awards as a result of the reverse stock split [3]. Company Missions - ARCA biopharma focuses on developing targeted therapies for cardiovascular diseases through a precision medicine approach [5]. - Oruka Therapeutics aims to develop novel biologics for chronic skin diseases, particularly targeting conditions like plaque psoriasis [6].
ARCA biopharma Announces 1-for-12 Reverse Stock Split in Connection with the Proposed Merger with Oruka Therapeutics