Fed’s Powell opens door to potential rate cuts at Jackson Hole
Ikena Oncology , Inc. (NASDAQ:IKNA), a small-cap biotech company currently valued at $64.52 million, announced Thursday it will conduct a 1-for-12 reverse stock split of its common stock, effective at the start of trading on Monday, July 28. According to InvestingPro analysis, the company maintains a FAIR financial health rating and holds more cash than debt on its balance sheet. Following the split, the company will change its name to ImageneBio, Inc. and begin trading under the new ticker symbol “IMA” on The Nasdaq Capital Market. The company also disclosed a new CUSIP number (45175G207) and ISIN (US45175G2075) for the rebranded shares.
The reverse stock split will reduce the number of issued and outstanding shares from approximately 48.2 million to about 4 million. The number of authorized shares will remain unchanged. No fractional shares will be issued; instead, shareholders entitled to fractional shares will receive a cash payment based on the closing price of Ikena’s stock as reported by Nasdaq on Thursday.
Proportionate adjustments will be made to the exercise prices and number of shares underlying outstanding equity awards. The par value per share will remain at $0.001. Ikena’s transfer agent, Computershare, will serve as the exchange agent for the reverse split. Shareholders holding shares in book-entry or brokerage accounts do not need to take any action.
The company noted that the reverse stock split and rebranding are being conducted ahead of a planned merger and that the changes affect all issued and outstanding shares of common stock. Details regarding the merger and related transactions have been previously disclosed by the company.
This information is based on a press release statement included in Ikena Oncology’s filing with the U.S. Securities and Exchange Commission.
In other recent news, Ikena Oncology has announced significant developments surrounding its anticipated merger with Inmagene Biopharmaceuticals. Shareholders of Ikena approved the merger, which is expected to close by the end of July 2025, along with a $75 million private placement. Upon completion, the merged entity will operate under the name ImageneBio, Inc. and will be listed on Nasdaq with the ticker symbol "IMA." The company also named Kristin Yarema, Ph.D., as the Chief Executive Officer of the new combined entity, ImageneBio. Additionally, Ikena amended an executive agreement with Dr. Jotin Marango concerning equity vesting, allowing for immediate exercisability of stock options if his employment is terminated without cause or if he resigns during a specified change in control period. This period began with the initial filing for the merger and extends twelve months beyond the merger’s effective date. These developments mark a pivotal transition for Ikena as it moves towards completing its merger with Inmagene.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.