---
schema_version: "secwatch.filing_event.v1"
accession: "0001615219-25-000062"
form_type: "8-K"
ticker: "DCOY"
cik: "0001615219"
company_name: "Decoy Therapeutics Inc."
filed_at: "2025-06-11T23:59:59+00:00"
generated_at: "2026-05-19T13:19:59.267630+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Salarius cuts merger valuation from $4.6M to $2.31M; legacy holders drop to 7.6%

## Summary
- Parent Valuation reduced to $2.31M, down from $4.6M in original Jan 2025 merger agreement.
- Legacy Salarius stockholders retention cut to 7.6% from 14.1%; Decoy holders rise to 92.4%.
- Exchange ratio change adds ~17M more shares to Decoy stockholders at closing.
- Series A Preferred includes one-year anti-dilution protection and Nasdaq conversion restrictions.
- Automatic conversion conditioned on Nasdaq listing approval and stockholder vote per Rule 5635.

## SEC filing metadata
- accession: 0001615219-25-000062
- form_type: 8-K
- ticker: DCOY
- cik: 0001615219
- company_name: Decoy Therapeutics Inc.
- filed_at: 2025-06-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1615219/000161521925000062/0001615219-25-000062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1615219/000161521925000062/flks-20250610.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001615219-25-000062
- JSON: https://secwatch.observer/filing/0001615219-25-000062.json
- Plain text: https://secwatch.observer/filing/0001615219-25-000062.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.