Aerovate Therapeutics sees $67.6M-$69.6M dividend in connection with Jade

Aerovate Therapeutics (AVTE) announced that, in connection with its previously announced merger with Jade Biosciences, it expects to declare a cash dividend to the pre-Merger Aerovate stockholders in the range of $67.6M-$69.6M in the aggregate. This expected dividend range is based on Aerovate’s estimated net cash immediately prior to the closing of the Merger. As of April 4, 28,985,019 shares of Aerovate’s common stock are outstanding. Official declaration of the Cash Dividend is subject to approval of the Aerovate board of directors and is expected to be announced later this month. Following approval, the Cash Dividend will be paid in connection with the closing. The closing remains subject to approval of Aerovate’s stockholders and other closing conditions. Aerovate’s stockholders will consider and vote upon approval of the Merger at the special meeting of Aerovate stockholders scheduled for 9:00 a.m. ET on April 16. The parties expect the closing to occur no later than April 30.