ARCA Biopharma announces 1-for-12 reverse stock split

ARCA Biopharma announced that its board of directors 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 Nasdaq on September 3, under the new name Oruka Therapeutics and under the new symbol (ORKA) following the anticipated closing of the merger with Oruka Therapeutics. The reverse stock split was approved by ARCA’s stockholders at ARCA’s special meeting of stockholders held on August 22, 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.