Maksim Labkouski
Talaris Therapeutics (NASDAQ:TALS) said its shareholders have approved its merger with Tourmaline Bio and a reverse stock split to be conducted just prior to the closing.
The combined company will be known as Tourmaline Bio, with shares expected to trade on Nasdaq under the symbol TRML. The deal is expected to close on or around Oct. 19.
Talaris also expects to conduct a 1-for-10 reverse stock split ahead of the closing on Oct. 19. The combined company’s stock is anticipated to begin trading on a split-adjusted basis on Friday, Oct. 20.
Talaris added that the merger deal calls for a special cash dividend of $1.5118 per Talaris share. As a result of the reverse stock split, shareholders of record as of Oct. 16 who hold their shares until market open on Oct. 20 will be entitled to a dividend of $15.118 per share of the combined company’s stock.