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- Pharmaceutical company ARCA biopharma (NASDAQ:ABIO) said on Friday its board has approved a reverse stock split of its shares at a ratio of 1-for-12.
- ARCA’s (ABIO) stock is expected to begin trading on a post-reverse stock split basis on the Nasdaq Global Market on September 3, 2024.
- The company’s stock will trade under the new name Oruka Therapeutics, and under the new symbol “ORKA” after the closing of its merger with Oruka.
- The reverse stock split is expected to reduce ARCA (ABIO)’s common shares from about 14.5M shares to about 1.2M shares.
- ARCA’s shares were down 3.85% during after-hours trading.
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