ARCA biopharma, Inc. - ABIO STOCK NEWS

ARCA biopharma (NASDAQ: ABIO) has updated the final amount of its special cash dividend to $1.613 per share, payable on August 28, 2024, to stockholders of record as of August 26, 2024. This dividend is part of the previously announced merger with Oruka Therapeutics. The ex-dividend date is set for August 29, 2024, due to Nasdaq rules. Trades during the due bill period (August 25-28, 2024) will have a due bill attached for the dividend, ensuring buyers receive the dividend even if the trade settles after the due bill period. The merger is expected to close on August 29, 2024, subject to conditions being met.

ARCA biopharma (NASDAQ: ABIO) has announced a 1-for-12 reverse stock split in preparation for its merger with Oruka Therapeutics. The split, approved by stockholders, will take effect on September 3, 2024. Post-merger, the company will trade as Oruka Therapeutics, Inc. (NASDAQ: ORKA). The reverse split will reduce ARCA's outstanding shares from approximately 14.5 million to 1.2 million. Stockholders approved increasing authorized shares from 100 million to 545 million. Adjustments will be made to equity awards, warrants, and convertible preferred stock. Post-merger, the combined company is expected to have about 29.5 million outstanding common shares, with additional shares underlying pre-funded warrants and convertible preferred stock, totaling approximately 46.3 million common-stock equivalents.

ARCA biopharma (NASDAQ: ABIO) has announced a special cash dividend estimated at $1.59 per share in connection with its proposed merger with Oruka Therapeutics. The dividend is payable to stockholders of record as of August 26, 2024, with a payment date of August 28, 2024. However, the payment is contingent on ARCA stockholder approval of the merger at a special meeting scheduled for August 22, 2024. The exact dividend amount will be based on ARCA's net cash exceeding $5 million prior to the merger closing. If approved, the merger is expected to close on August 29, 2024.

ARCA biopharma (Nasdaq: ABIO) reported its Q2 2024 financial results and provided a corporate update. The company is in the process of merging with Oruka Therapeutics, subject to stockholder approval. Key financial highlights include:

- Cash and cash equivalents of $33.3 million as of June 30, 2024
- G&A expenses increased to $3.0 million, up from $1.7 million in Q2 2023
- R&D expenses decreased to $0.1 million, down from $0.3 million in Q2 2023
- Net loss of $2.7 million, or $0.18 per share, compared to $1.5 million, or $0.10 per share in Q2 2023

ARCA is exploring strategic alternatives, including the disposal of its legacy technology and intellectual property. The company expects higher G&A expenses in 2024 due to merger-related costs.

ARCA biopharma reported its first quarter 2024 financial results and announced a corporate update. The company appointed Thomas Keuer as President and entered into a Merger Agreement with Oruka Therapeutics. The merger is aimed at developing genetically targeted therapies for cardiovascular diseases.

ARCA Biopharma and Oruka Therapeutics announce a merger to focus on advancing novel biologics for chronic skin diseases. Oruka secures $275 million in private financing to fund operations through 2027. Companies plan to trade on Nasdaq under the ticker symbol 'ORKA'.

ARCA biopharma, Inc. reported 2023 financial results and provided a corporate update, revealing a strategic review process and evaluating additional development of its assets and collaborations. The company's cash and cash equivalents decreased to $37.4 million in 2023 from $42.4 million in 2022, while general and administrative expenses increased by approximately $0.4 million. Research and development expenses decreased by $3.7 million in 2023 compared to 2022. The company's net loss for 2023 was $5.3 million, a significant improvement from the $9.9 million loss in 2022.

ARCA biopharma reports Q3 2023 financial results and provides corporate update