ARCA completes reverse merger with Oruka; combined entity renamed Oruka Therapeutics (ORKA)

Oruka Therapeutics, Inc.

Merger closed: ARCA (shell) merges with private Oruka; Oruka shareholders own ~97.6% of combined company.
Pre-closing financing raised ~$275M gross from new & existing investors; includes $25M convertible note.
Special cash dividend of ~$23.4M ($1.613/share) paid to ARCA stockholders on Aug 28, 2024.
Reverse stock split (1-for-12) effective Sept 3, 2024; post-split common shares outstanding: ~29.4M.
Combined company changes name to Oruka Therapeutics, Inc. (ORKA) and begins trading on Nasdaq.

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