Pulmatrix to merge with Cullgen in reverse merger; Cullgen holders to own 96.4%

Pulmatrix, Inc.

Pulmatrix to merge with Cullgen; exchange ratio implies Cullgen valuation of $280M, Pulmatrix $10.5M.
Pre-merger Cullgen stockholders to own ~96.4% of combined company; Pulmatrix stockholders ~3.6%.
Pulmatrix plans cash dividend to pre-merger stockholders if net cash exceeds $2.5M at closing.
Combined company board: eight members, seven from Cullgen, one from Pulmatrix.
Closing conditions include stockholder votes, Nasdaq listing, SEC S-4 effectiveness, CSRC approval.

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