Westminster-based ARCA Biopharma Inc. (NASDAQ: ABIO) announced the completion of its merger with Oruka Therapeutics Inc. The merger follows ARCA’s successful receipt of stockholder approval for all related proposals at a special meeting on Aug. 22, 2024.
The combined company will operate as “Oruka Therapeutics Inc.”, with its common stock to be traded on Nasdaq under the symbol “ORKA” effective Sept. 3, 2024. The merger agreement states that Oruka has become a wholly owned subsidiary of ARCA, with each outstanding share of Oruka common stock converted into 6.8569 shares of ARCA common stock.
Following the completion of the merger, ARCA issued a special cash dividend of $1.613 per share to stockholders of record as of Aug. 26. Additionally, a reverse stock split of the combined company’s common stock will be implemented at a ratio of 1-for-12 shares on Sept. 3. This means every 12 shares will be combined into 1 share, and stockholders will receive cash for any fractional shares resulting from the split.
Stockholders holding shares through a bank, broker, or other nominee will see their positions automatically adjusted for the reverse stock split without needing to take further action, depending on their brokers’ processes. The new CUSIP number for the combined company following these transactions is 687604108.
Oruka Therapeutics develops novel biologics to treat chronic skin diseases.