ABIO Overview

Greenlight Capital's Q2 2025 Trades: The hedge fund, led by David Einhorn, has initiated new positions in Fluor Corp. and Victoria’s Secret & Co., while exiting its stake in Varex Imaging Corp. It also adjusted existing holdings, increasing stakes in Albireo Pharma and Amgen, and reducing investments in Activision Blizzard and Bristol Myers Squibb.

Investment Strategy Insights: These trades reflect Greenlight Capital's dynamic investment strategy, indicating confidence in the future performance of Fluor and Victoria’s Secret, while suggesting a cautious outlook on Varex Imaging and other reduced holdings.

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.

Affirm Holdings Performance: Affirm Holdings, Inc. shares surged 18% in pre-market trading after reporting a smaller-than-expected quarterly loss and exceeding revenue estimates, with losses of 14 cents per share against a consensus of 51 cents.

Stock Movements: Several stocks saw significant pre-market movements, including BioCardia gaining 109.5% after FDA approval, while Big Lots dropped 30.5% amid bankruptcy concerns.

Special Dividend Announcement: ARCA biopharma has declared a special cash dividend of $1.613 per share, payable on August 28, 2024, to stockholders of record as of August 26, 2024, in connection with its merger with Oruka Therapeutics.

Ex-Dividend Date and Trading Implications: The ex-dividend date is set for August 29, 2024, and trades during the due bill period from August 25 to August 28 will affect eligibility for the dividend, requiring buyers to hold shares through the payment date to receive it.

Reverse Stock Split Announcement: ARCA biopharma has approved a reverse stock split of its common stock at a ratio of 1-for-12, effective September 3, 2024, coinciding with its merger with Oruka Therapeutics, which will also change the company's name and trading symbol.

Stockholder Approvals and Future Plans: The special meeting held on August 22, 2024, resulted in stockholder approval for the reverse stock split and an increase in authorized shares from 100 million to 545 million, as part of the merger preparations.

Reverse Stock Split Announcement: ARCA biopharma has approved a 1-for-12 reverse stock split, reducing its shares from approximately 14.5 million to about 1.2 million, effective September 3, 2024.

Company Name and Symbol Change: Following the merger with Oruka, ARCA will change its name to Oruka Therapeutics and its trading symbol to "ORKA" on the Nasdaq Global Market.