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Forum - VERSARTIS, INC - VSAR   

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From: singhtelecom (Rep: 965)Date: 10/15/2018 08:14
Forum: VERSARTIS, INC - Msg #304Thread #674041312 (Rec: 0)
Aravive Biologics, Inc. and Versartis, Inc. (VSAR) announced that the merger of the two companies has closed following Versartis stockholder approval on October 5, 2018. Beginning tomorrow, October 16, 2018, the combined company will operate as Aravive, Inc. and its shares will trade on the Nasdaq Global Select Market under the new ticker symbol "ARAV". Aravive, Inc. is a clinical stage biotechnology company focusing on developing innovative therapies that target important survival pathways for cancer.Concurrent with the close of the merger, the combined company, Aravive, Inc., announced a 1-for-6 reverse split of its common shares. The reverse split will be effective upon opening of trading tomorrow, October 16, 2018. When the reverse split becomes effective, every 6 shares of issued and outstanding "ARAV" common stock will be combined into 1 issued and outstanding share of common stock with no changes to the par value of the shares. The reverse split will reduce the number of shares of Aravive's outstanding common stock from approximately 67.1 million to approximately 11.2 million. Unaudited pro forma cash and cash equivalents for the combined company as of the close of the merger is expected to be in the range of $60.0 million to $62.0 million, net of all estimated transaction costs. Following the completion of the merger, the board of directors of the combined company will include Srinivas Akkaraju, M.D., Ph.D., chairman; Jay Shepard, president and chief executive officer; Shahzad Malik, M.D; Amato Giaccia, Ph.D., scientific founder of Aravive Biologics; Ray Tabibiazar, M.D., founder and former executive chairman of Aravive Biologics; and Eric Zhang, CFA. In addition, concurrent with the close of the merger, the board of directors has appointed an additional independent director, Robert E. Hoffman. Hoffman is currently CFO and senior vice president, finance of Heron Therapeutics (HRTX).

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