Arcellx to be Acquired for $115.00/share plus CVR

Arcellx, Inc. amended its Schedule 14D-9 to report the Offer by Ravens Sub, Inc./Gilead.

Rhea-AI Filing Summary

Arcellx, Inc. amended its Schedule 14D-9 to report the Offer by Ravens Sub, Inc./Gilead. The Offer expired at 5:00 p.m. ET on April 27, 2026 with 38,795,604 Shares validly tendered (approximately 77.2% of outstanding shares). Purchaser accepted those shares and will pay for them within three business days. Parent and Purchaser expect to complete the acquisition by consummating the Merger on April 28, 2026 under Section 251(h) of the DGCL. At the effective time each issued and outstanding share (subject to specified exceptions) will be converted into $115.00 in cash plus one contingent value right (CVR). The CVR may pay $5.00 on March 31, 2030 if cumulative worldwide sales of anito-cel exceed $6.0 billion on or prior to December 31, 2029. Shares will be delisted and registration/ reporting under the Exchange Act will be terminated as promptly as practicable.

Insights

M&A Legal Analyst

Deal closing imminent after sufficient tenders; statutory merger route invoked.

The statement discloses that 38,795,604 Shares were validly tendered, satisfying the Merger Agreement's minimum tender condition and enabling Purchaser to accept and pay for the tendered shares. The parties intend to consummate the Merger pursuant to Section 251(h) of the DGCL, which permits closing without a separate stockholder vote when merger consideration was obtainable via the tender offer.

Key legal items to watch in subsequent filings include completion of the payment and deposit process within the stated three business days, the handling of appraisal rights under Section 262 of the DGCL, and formal termination of Exchange Act registration and Nasdaq delisting actions; timing for those steps is described as prompt but exact dates depend on procedural steps following the Merger.

Corporate Finance Analyst

Transaction terms: $115.00 cash per share plus a contingent $5.00 CVR tied to product sales.

The merger consideration is explicit: $115.00 in cash per share plus one CVR potentially paying $5.00 on March 31, 2030, conditioned on cumulative worldwide Sales of anito-cel exceeding $6.0 billion by December 31, 2029. The Offer satisfied all conditions and will close by consummating the Merger on April 28, 2026.

Financial follow-up items include treatment of shares subject to appraisal rights and the effect of delisting on remaining public disclosure; subsequent filings will show exact payment and any escrow or withholding mechanics.

Key Figures

Shares validly tendered: 38,795,604 shares Percent of shares outstanding tendered: 77.2% Cash consideration: $115.00 per Share +4 more

7 metrics

Shares validly tendered 38,795,604 shares as of Offer expiration on April 27, 2026

Percent of shares outstanding tendered 77.2% as of Offer expiration on April 27, 2026

Cash consideration $115.00 per Share merger consideration per Share at effective time

CVR payment amount $5.00 per CVR payable March 31, 2030 upon condition

CVR sales hurdle $6.0 billion cumulative worldwide Sales of anito-cel by December 31, 2029

Offer expiration April 27, 2026 Offer expired at 5:00 p.m. ET

Expected merger date April 28, 2026 expected consummation of the Merger

Key Terms

Contingent value right (CVR), Section 251(h) of the DGCL, appraisal rights under Section 262 of the DGCL, Offer to Purchase / Letter of Transmittal

4 terms

Contingent value right (CVR) financial

"one contractual contingent value right (a “CVR”), which represents the right"

A contingent value right (CVR) is a short-term claim given to shareholders as part of a corporate deal that pays out only if specific future milestones or targets are met, such as regulatory approval or sales thresholds. Think of it like a coupon that becomes redeemable only if the company clears a stated hurdle; it matters to investors because it preserves potential upside from uncertain outcomes while also carrying extra risk and separate market value from the main stock.

Section 251(h) of the DGCL regulatory

"complete the acquisition of the Company on April 28, 2026 by consummating the Merger pursuant to Section 251(h) of the DGCL"

appraisal rights under Section 262 of the DGCL regulatory

"Shares held by stockholders who are entitled to appraisal rights under Section 262 of the DGCL"

Offer to Purchase / Letter of Transmittal financial

"described in the Offer to Purchase, dated as of March 6, 2026, and in the related Letter of Transmittal"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Arcellx (ACLX) report about the tender offer outcome?

Arcellx reported that 38,795,604 Shares were validly tendered, representing approximately 77.2% of outstanding shares as of the Offer’s expiration on April 27, 2026. This satisfied the Merger Agreement’s minimum tender condition and triggered acceptance for payment.

What will ACLX shareholders receive at the effective time of the Merger?

Each issued and outstanding share will be converted into $115.00 in cash plus one contingent value right (CVR). The CVR may pay $5.00 if anito-cel cumulative sales exceed $6.0 billion by December 31, 2029.

When do Parent and Purchaser expect to complete the acquisition of ACLX?

Parent and Purchaser expect to complete the acquisition by consummating the Merger on April 28, 2026 pursuant to Section 251(h) of the DGCL, without a separate stockholder vote because tender conditions were met.

What is the CVR payment condition in the ACLX merger?

The CVR entitles holders to one contingent payment of $5.00 payable on March 31, 2030 if cumulative worldwide Sales of anito-cel exceed $6.0 billion on or prior to December 31, 2029, subject to the CVR Agreement terms.

Will ACLX remain listed after the Merger closes?

No. Following consummation of the Merger, the Shares will be delisted from the Nasdaq Global Select Market and Parent intends to take steps to terminate the Shares’ Exchange Act registration and suspend reporting obligations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/28/2026 - 09:04 AM EDT Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14D-9

SOLICITATION/RECOMMENDATION STATEMENT

UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Arcellx, Inc.

(Name of Subject Company)

Arcellx, Inc.

(Name of Person Filing Statement)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

03940C100

(CUSIP Number of Class of Securities)

Rami Elghandour

Chief Executive Officer and Chairman of the Board of Directors

Arcellx, Inc.

800 Bridge Parkway

Redwood City, CA 94065

(240) 327-0630

(Name, address, and telephone numbers of person authorized to receive notices and communications

on behalf of the persons filing statement)

With copies to:

Robert T. Ishii

Dan Koeppen

Ross J. Tanaka

Wilson Sonsini Goodrich & Rosati, P.C.

One Market Plaza

Spear Tower, Suite 3300

San Francisco, California 94105

(415) 947-2000

¨ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

This Amendment No. 4 to Schedule 14D-9 (this “Amendment No. 4”) amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 previously filed by Arcellx, Inc., a Delaware corporation (the “Company”), with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2026 (as amended or supplemented from time to time, the “Schedule 14D-9”), with respect to the offer by Ravens Sub, Inc., a Delaware corporation (“Purchaser”) and wholly owned subsidiary of Gilead Sciences, Inc., a Delaware corporation (“Parent”), to purchase all outstanding shares of common stock, par value $0.001 per share (“Shares”), of the Company, at a price per Share of (i) $115.00 per Share, net to the seller in cash, without interest, subject to any withholding tax, plus (ii) one contractual contingent value right (a “CVR”), which represents the right to receive one contingent payment of $5.00 per CVR in cash, without interest, and subject to any withholding tax, payable on March 31, 2030, subject to cumulative worldwide Sales (as defined in the CVR Agreement (as defined below)) of the Company’s anitocabtagene autoleucel (anito-cel) product exceeding $6.0 billion on or prior to December 31, 2029 and the other terms and conditions set forth in a contingent value rights agreement (the “CVR Agreement”) to be entered into by and among Parent, Computershare, Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, upon the terms and subject to the conditions described in the Offer to Purchase, dated as of March 6, 2026 (together with any amendments or supplements thereto, the “Offer to Purchase”), and in the related Letter of Transmittal (together with any amendments or supplements thereto and with the Offer to Purchase, the “Offer”).

The Offer is described in a Tender Offer Statement filed under cover of Schedule TO with the SEC on March 6, 2026, by Parent and Purchaser (as amended or supplemented from time to time).

Capitalized terms used in this Amendment No. 4 but not defined herein shall have the respective meaning given to such terms in the Schedule 14D-9. The information set forth in the Schedule 14D-9 remains unchanged and is incorporated herein by reference, except that such information is hereby amended or supplemented to the extent specifically provided herein. This Amendment No. 4 is being filed to disclose certain updates as reflected below.

ITEM 8. ADDITIONAL INFORMATION

Item 8 of the Schedule 14D-9 is hereby amended and supplemented by adding a new section titled “Expiration of the Offering Period” immediately before the section titled “Forward-Looking Statements” as follows:

“The Offer expired at 5:00 p.m., Eastern Time, on April 27, 2026. Computershare Trust Company, N.A., in its capacity as depositary and paying agent for the Offer, advised Purchaser that, as of the expiration of the Offer, a total of 38,795,604 Shares were validly tendered and not validly withdrawn, representing, together with shares already owned by Parent, approximately 77.2% of the Shares outstanding as of the expiration of the Offer.

As of the expiration of the Offer, the number of Shares validly tendered and not validly withdrawn pursuant to the Offer satisfied the minimum tender condition set forth in the Merger Agreement, and all other conditions to the Offer were satisfied or waived. Following the expiration of the Offer, Purchaser irrevocably accepted for payment, and will promptly (and in any event within three business days) pay for, all Shares tendered and not validly withdrawn pursuant to the Offer.

Parent and Purchaser expect to complete the acquisition of the Company on April 28, 2026 by consummating the Merger pursuant to the Merger Agreement without a vote of the Company stockholders in accordance with Section 251(h) of the DGCL. At the effective time of the Merger, each issued and outstanding Share (other than (i) Shares owned immediately prior to the effective time of the Merger by the Company (including those held in the Company’s treasury), (ii) Shares owned both as of the commencement of the Offer and immediately prior to the effective time of the Merger by Parent, Purchaser or any other direct or indirect wholly owned subsidiary of Parent, (iii) Shares irrevocably accepted by Purchaser for purchase pursuant to the Offer and (iv) Shares held by stockholders who are entitled to appraisal rights under Section 262 of the DGCL and have properly exercised and perfected their respective demands for appraisal of such Shares in the time and manner provided in Section 262 of the DGCL and, as of the effective time of the Merger, have neither effectively withdrawn nor lost their rights to such appraisal and payment under the DGCL) will be converted into the right to receive, on a per Share basis, (i) $115.00 per Share, net to the seller in cash, without interest, subject to any withholding tax, plus (ii) one CVR per Share.

Following the consummation of the Merger, the Shares will be delisted and will cease to trade on the Nasdaq Global Select Market. Parent and Purchaser intend to take steps to cause the termination of the registration of the Shares under the Exchange Act and suspend all of the Company’s reporting obligations under the Exchange Act as promptly as practicable.”

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Schedule 14D-9 is true, complete and correct.

Arcellx, Inc.
By:	/s/ Rami Elghandour
	Name: Rami Elghandour
	Title: Chief Executive Officer and Chairman of the Board of Directors

Dated: April 28, 2026