Arca biopharma provides update regarding special dividend amount in connection with the proposed merger with oruka therapeutics

Westminster, colo., aug. 26, 2024 (globe newswire) -- arca biopharma, inc. (nasdaq: abio) (“arca”) today announced an update to the previously announced final amount of the special cash dividend (the “special dividend”), which will now equal $1.613 per share of arca's common stock, payable on august 28, 2024, to arca's stockholders of record as of august 26, 2024. the special dividend was declared by arca's board of directors on august 16, 2024, in connection with the previously announced merger (the “merger”) with oruka therapeutics, inc. (“oruka”), pursuant to the agreement and plan of merger and reorganization, dated april 3, 2024 (the “merger agreement”). the exact amount of the special dividend was calculated in accordance with 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.
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