ARCA biopharma Announces 1-For-12 Reverse Stock Split In Connection With The Proposed Merger With Oruka Therapeutics; To Begin Trading On A Post-reverse Stock Split Basis On The Nasdaq Global Market On September 3, 2024, And Under The New Symbol "ORKA"

ARCA biopharma, Inc. (NASDAQ:ABIO) ("ARCA") today announced that its Board of Directors (the "Board") has approved a reverse stock split of ARCA's common stock at a ratio of 1-for-12. ARCA's common stock is expected to begin trading on a post-reverse stock split basis on The Nasdaq Global Market on September 3, 2024, under the new name Oruka Therapeutics, Inc. and under the new symbol "ORKA" following the anticipated closing of the merger with Oruka Therapeutics, Inc. (the "Merger"), with a new CUSIP number 687604108 and ISIN number US6876041087.

 

The reverse stock split was approved by ARCA's stockholders at ARCA's special meeting of stockholders held on August 22, 2024 (the "Special Meeting"), to be effected in the Board's discretion of not less than 1-for-6 and not more than 1-for-12. The final reverse stock split ratio of 1-for-12 was approved by the Board on August 22, 2024.