ARCA biopharma, Inc. has completed its merger with Oruka Therapeutics, Inc., following stockholder approval. The combined entity will now operate as Oruka Therapeutics, Inc. and will execute a reverse stock split at a ratio of 1-for-12 shares. The merger was finalized on August 29, 2024, with the combined company’s shares set to trade under the ticker symbol ‘ORKA’ on Nasdaq beginning September 3, 2024. Oruka aims to revolutionize the treatment of chronic skin diseases, including plaque psoriasis, through novel biologics targeting key disease mechanisms. During the merger closure, ARCA issued a special cash dividend of $1.613 per share to its stockholders.
Biotechnology, Healthcare,United States
https://www.globenewswire.com/news-release/2024/08/29/2938141/0/en/ARCA-biopharma-Announces-Completion-of-Merger-with-Oruka-Therapeutics-and-Implementation-of-Reverse-Stock-Split.html