secwatch.observer — SEC 8-K summary
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Issuer:     Terns Pharmaceuticals, Inc. (TERN)
CIK:        0001831363
Form:       8-K
Filed at:   2026-05-05T23:59:59+00:00
Accession:  0001193125-26-205305
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 2.01, 3.01, 5.01, 5.03, 3.03, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Terns Pharmaceuticals acquired by Merck for $53/share; shares to be delisted
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- Offer expired May 4, 2026 with 100,091,794 shares (86.36%) validly tendered; minimum condition met.
- On May 5, Purchaser accepted tendered shares and promptly merged Terns into a wholly owned Merck subsidiary.
- Each share converted into $53 cash; outstanding in-the-money options and RSUs cashed out per agreement.
- All incumbent directors and officers ceased; replaced by Merck designees. Charter and bylaws amended.
- Nasdaq delisting effective May 5; Form 15 to be filed to terminate SEC registration and reporting.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/d70112d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-205305

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