Welcome to our dedicated page for ARCA biopharma news (Ticker: ABIO), a resource for investors and traders seeking the latest updates and insights on ARCA biopharma stock.
ARCA biopharma, Inc. (NASDAQ: ABIO) pioneers genetically targeted therapies for cardiovascular diseases through precision medicine. This dedicated news hub provides investors and stakeholders with timely updates on the company's advancements in drug development, clinical research, and strategic initiatives.
Access comprehensive coverage of ARCA biopharma's progress, including clinical trial milestones, regulatory filings, and financial updates. Our curated news collection ensures you stay informed about developments impacting genetically tailored treatments for atrial fibrillation and other cardiovascular conditions.
Key updates include announcements on gencaro™ development, partnership agreements, and corporate financial actions. This resource serves as your central source for verified information directly related to ABIO's precision medicine approach and market positioning.
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ARCA biopharma (NASDAQ: ABIO) has announced the completion of its merger with Oruka Therapeutics. The combined entity will now operate as Oruka Therapeutics, Inc. and trade on Nasdaq under the symbol ORKA from September 3, 2024.
Following shareholder approval on August 22, 2024, each Oruka share was converted into 6.8569 ARCA shares. Existing ARCA shareholders received a special dividend of $1.613 per share on August 26, 2024.
The company will implement a 1-for-12 reverse stock split on September 3, 2024. Post-split, ARCA shares will be reclassified into Oruka Therapeutics shares, trading under the new CUSIP number 687604108. Fractional shares will be compensated in cash. Stockholders' positions via brokers will be automatically adjusted.
The merger and reverse split became effective on August 29, 2024, at 4:03 pm ET and September 3, 2024, at 12:01 a.m. ET, respectively.
ARCA biopharma (NASDAQ: ABIO) has updated the final amount of its special cash dividend to $1.613 per share, payable on August 28, 2024, to stockholders of record as of August 26, 2024. This dividend is part of the previously announced merger with Oruka Therapeutics. The ex-dividend date is set for August 29, 2024, due to Nasdaq rules. Trades during the due bill period (August 25-28, 2024) will have a due bill attached for the dividend, ensuring buyers receive the dividend even if the trade settles after the due bill period. The merger is expected to close on August 29, 2024, subject to conditions being met.
ARCA biopharma (NASDAQ: ABIO) has announced a 1-for-12 reverse stock split in preparation for its merger with Oruka Therapeutics. The split, approved by stockholders, will take effect on September 3, 2024. Post-merger, the company will trade as Oruka Therapeutics, Inc. (NASDAQ: ORKA). The reverse split will reduce ARCA's outstanding shares from approximately 14.5 million to 1.2 million. Stockholders approved increasing authorized shares from 100 million to 545 million. Adjustments will be made to equity awards, warrants, and convertible preferred stock. Post-merger, the combined company is expected to have about 29.5 million outstanding common shares, with additional shares underlying pre-funded warrants and convertible preferred stock, totaling approximately 46.3 million common-stock equivalents.
ARCA biopharma (NASDAQ: ABIO) has announced a special cash dividend estimated at $1.59 per share in connection with its proposed merger with Oruka Therapeutics. The dividend is payable to stockholders of record as of August 26, 2024, with a payment date of August 28, 2024. However, the payment is contingent on ARCA stockholder approval of the merger at a special meeting scheduled for August 22, 2024. The exact dividend amount will be based on ARCA's net cash exceeding $5 million prior to the merger closing. If approved, the merger is expected to close on August 29, 2024.
ARCA biopharma (Nasdaq: ABIO) reported its Q2 2024 financial results and provided a corporate update. The company is in the process of merging with Oruka Therapeutics, subject to stockholder approval. Key financial highlights include:
- Cash and cash equivalents of $33.3 million as of June 30, 2024
- G&A expenses increased to $3.0 million, up from $1.7 million in Q2 2023
- R&D expenses decreased to $0.1 million, down from $0.3 million in Q2 2023
- Net loss of $2.7 million, or $0.18 per share, compared to $1.5 million, or $0.10 per share in Q2 2023
ARCA is exploring strategic alternatives, including the disposal of its legacy technology and intellectual property. The company expects higher G&A expenses in 2024 due to merger-related costs.
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