ARCA Biopharma declares special dividend of $1.59 per share

ARCA biopharma announced that its Board of Directors has declared a special cash dividend in connection with the previously announced merger with Oruka Therapeutics, pursuant to the Agreement and Plan of Merger and Reorganization, dated April 3. The Special Dividend, which ARCA estimates will be $1.59 per share of ARCA’s common stock, will be payable in cash to the stockholders of record as of August 26, 2024. The exact amount of the Special Dividend will be calculated pursuant to the Merger Agreement and based on ARCA’s reasonable, good faith approximation of the amount by which ARCA’s net cash, as determined prior to the closing of the Merger, will exceed $5,000,000. Total actual distribution of the amount of the Special Dividend could be higher or lower than $1.59 per share and the estimate for amount to be distributed to stockholders could change. The payment date in respect of the Special Dividend is scheduled for August 28, 2024. Payment of the Special Dividend is conditioned upon approval by the ARCA stockholders of the Merger, which ARCA’s stockholders will consider and vote upon at the special meeting of ARCA stockholders scheduled for 9:00 a.m. MT on August 22, 2024. Closing of the Merger is expected to occur on August 29, 2024 assuming that the transaction is approved by ARCA’s stockholders and the satisfaction or waiver of all conditions under the Merger Agreement.