ARCA biopharma Announces Special Dividend Amid Merger Plans
ARCA biopharma Special Dividend Update
ARCA biopharma, Inc. (NASDAQ: ABIO) has provided an update regarding the innovative steps taken in conjunction with its proposed merger with Oruka Therapeutics, Inc. As part of this significant transition, the company announced a special cash dividend amount of $1.613 per share of its common stock. This announcement presents an exciting opportunity for stockholders as it highlights ARCA’s commitment to delivering shareholder value.
Details of the Special Dividend
The Board of Directors declared the special dividend in connection with the merger agreement dated April 3, 2024. The calculated special dividend amount reflects ARCA’s consideration of its net cash position and the anticipation that it will exceed $5,000,000 prior to the merger's closing. This strategic move reinforces the company’s stability and financial health amidst substantial changes in its operational framework.
Ex-Dividend Date Considerations
The special dividend, exceeding 25% of ARCA's stock price on the declaration date, will trigger specific rules from The Nasdaq Stock Market LLC. Consequently, the ex-dividend date has been set for one business day after the payment date, marking August 29 as significant for investors. This means that holders of ARCA common stock must consider their trading positions carefully during this period.
Understanding the Due Bill Period
Investors engaging in transactions of ARCA common stock between August 25, 2024, and August 28, 2024, will encounter a due bill obligation, enabling purchasers during this timeframe to receive the special dividend. It is crucial for both buyers and sellers to be informed of these obligations, as they dictate the management of dividends in stock transactions. ARCA urges investors to consult their brokers to comprehend the nuances of these trading protocols accurately.
Expected Closing of the Merger
The anticipated closing of the merger with Oruka is projected to occur shortly after the special dividend's distribution, around August 29, 2024. This timeline reflects ARCA's commitment to maintaining momentum and transparency throughout this transformative phase. The merger represents a pivotal opportunity that aims to consolidate strengths and enhance the capabilities of both organizations.
ARCA biopharma's Commitment to Innovation
ARCA biopharma is steadfast in its mission to develop targeted therapies aimed at addressing cardiovascular diseases. The company focuses on precision medicine, which underscores its approach to drug development. Sharing advancements and breakthroughs is essential to ARCA's strategy, and they endeavor to keep investors informed as they continue their pursuit of innovative healthcare solutions.
Oruka Therapeutics Overview
Oruka Therapeutics aligns with ARCA's vision, concentrating on creating groundbreaking biologics for chronic skin diseases. Their portfolio is anchored in engineered antibodies targeting critical mechanisms behind diseases such as plaque psoriasis. The mission to provide enhanced treatment options aligns with the shared goal of improving patient outcomes, thus representing an exciting collaboration for both companies.
Investor Relations Contact Information
For any inquiries pertaining to this merger and the special dividend, investors can reach out to ARCA biopharma's investor relations representative, Jeff Dekker, at 720.940.2122 or via email at ir@arcabio.com. Additionally, Oruka Therapeutics can be contacted through Alan Lada at 650.606.7911 or alan.lada@orukatx.com.
Frequently Asked Questions
What is the special dividend amount declared by ARCA biopharma?
The special dividend amount is $1.613 per share of ARCA’s common stock.
When is the ex-dividend date for the special dividend?
The ex-dividend date is set for August 29, 2024.
How does the due bill period affect ARCA’s stock transactions?
The due bill period affects trades between August 25, 2024, and August 28, 2024, determining who is entitled to the dividend.
What are the main goals of the merger with Oruka Therapeutics?
The merger aims to combine resources and enhance capabilities in developing innovative treatments for various diseases.
How can investors get more information about ARCA biopharma?
Investors can visit the company’s website or contact investor relations for more details.
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