Merrimack Pharmaceuticals, Inc. announced stockholder approval of a Plan of Dissolution and declared a cash liquidating dividend of $15.10 per share of common stock. The dividend is expected to be paid on or about May 17, 2024. The common stock will trade on NASDAQ until May 17, 2024, delisting on May 20, 2024. CEO Gary Crocker expressed gratitude for shareholder support and the opportunity to return milestone proceeds to shareholders.
Merrimack Pharmaceuticals, Inc. announced a planned liquidating cash dividend of $15.10 per share, contingent on stockholder approval of the Plan of Dissolution at a meeting on May 10, 2024. The dividend is set to be paid around May 17, 2024, with potential for higher or lower distributions depending on future developments. The company also hinted at possible additional distributions based on certain agreements. Stockholders are advised to review the definitive proxy statement for more details.
Merrimack Pharmaceuticals announced its intention to voluntarily delist its common stock on NASDAQ, contingent upon stockholder approval of the Plan of Dissolution. The company plans to issue an initial liquidating cash dividend in the range of $14.92 to $15.15 per share, subject to approval. The record date for stockholders to receive the dividend is May 10, 2024, with the stock to go ex-dividend on May 15, 2024. If the Plan of Dissolution is not approved, regular trading will continue. The company urges investors to review the Proxy Statement filed with the SEC for more information.
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Merrimack Pharmaceuticals (NASDAQ: MACK) reported a net loss of $1.5 million or $0.11 per share for 2022, improving from a loss of $2.5 million in 2021. The company anticipates sufficient cash to operate beyond 2027, aided by a $6.5 million influx from stock options. Notably, Ipsen's NAPOLI 3 trial showed promising results for Onivyde in treating metastatic pancreatic ductal adenocarcinoma, aiming for a supplemental FDA application. However, setbacks in small cell lung cancer trials could hinder future milestone payments. Merrimack's cash reserves totaled $19.4 million at year-end.