The latest update is out from Arca Biopharma (ABIO).
ARCA biopharma, Inc. and Oruka Therapeutics, Inc. have entered into a merger agreement that will result in Oruka becoming a wholly-owned subsidiary of ARCA. This strategic move, expected to qualify as a tax-free reorganization, aims to create a combined entity with Oruka stockholders owning a significant majority. The agreement includes provisions for stock conversions and mergers of subsidiary companies, with detailed terms for equity adjustments and financial transactions. Upon completion, the merged company will see Oruka’s leadership at the helm, with a primary focus on advancing their biopharmaceutical endeavors. The merger is contingent on several conditions, including stockholder approvals and regulatory clearances.
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