ARCA biopharma Announces Completion of Merger with Oruka Therapeutics and Implementation of Reverse Stock Split
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 29 2024
0mins
Source: Newsfilter
Merger Completion: ARCA biopharma has successfully completed its merger with Oruka Therapeutics, with stockholder approval received on August 22, 2024. Following the merger, Oruka becomes a wholly owned subsidiary of ARCA, and each share of Oruka common stock is converted into 6.8569 shares of ARCA common stock.
Stock Changes: The combined company will undergo a reverse stock split at a ratio of 1-for-12 on September 3, 2024, and will operate under the name Oruka Therapeutics, Inc., trading on Nasdaq under the ticker symbol "ORKA." A special cash dividend of $1.613 per share was also issued to ARCA stockholders prior to the merger completion.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
