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Aeterna Zentaris has finalized details of its merger with Ceapro. On May 3, 2024, Aeterna completed a 1-for-4 reverse stock split. Ceapro shareholders will receive 0.02360 of a post-split Aeterna share for each Ceapro share held. Aeterna shareholders on record by May 29, 2024, will get 0.47698 of a warrant per share on May 31, 2024. These shares will trade with a due bill from May 29 to May 31, 2024, ensuring buyers receive warrants. Ex-distribution trading starts on June 3, 2024. The due bill redemption is on June 4, 2024. Shareholders need to take no action to receive warrants, which will be managed electronically. The merger is expected to close on or about June 3, 2024.
Aeterna Zentaris (NASDAQ: AEZS) reported its Q1 2024 financial results, highlighting a cash position of $29.5 million as of March 31, 2024. The company reported a net loss of $5.8 million, compared to a $4.3 million loss in Q1 2023. This increased loss is attributed to a $2.1 million revenue drop and a $1.2 million rise in selling, general, and administrative expenses, mostly due to merger-related costs. The company successfully completed recruitment for its DETECT-trial, with results expected in Q3 2024. The merger with Ceapro Inc. is anticipated to close in Q2 2024.
Aeterna Zentaris Inc. announces the effective date of the share consolidation, reducing the number of common shares by merging with Ceapro Inc. The consolidation will result in one post-consolidation common share for every four pre-consolidation common shares. The company's transfer agent will provide instructions for shareholders on trading post-consolidation common shares on the TSX and Nasdaq Capital Market on May 3, 2024.