Ikena announces 1-for-12 reverse stock split, approval of Inmagene merger

Ikena Oncology (IKNA) stockholders voted in favor of all proposals, including a proposal approving the previously announced merger with Inmagene Biopharmaceuticals. The merger proposal allows for the issuance of shares of Ikena’s common stock both to the shareholders of Inmagene and to the investors of the financing concurrent to the merger. Following the closing of the merger, the combined company plans to change its name from Ikena Oncology, Inc. to ImageneBio, Inc. and trade on Nasdaq under the ticker symbol (IMA). In addition, the shareholders approved a proposal for a reverse stock split, giving Ikena’s board of directors the authority to select a ratio for the split ranging from 1-for-5 to 1-for-15. Ikena announced that it will effect a 1-for-12 reverse stock split of Ikena common stock that is expected to be effective around the end of July, prior to the closing of the merger. The combined company’s common stock is expected to begin trading on Nasdaq on a split-adjusted basis around the end of July. The reverse stock split effects all issued and outstanding shares of Ikena common stock. The reverse stock split will reduce the number of shares of issued and outstanding Ikena common stock from approximately 48.2M to approximately 4M.