Cara Therapeutics rises after announcement of reverse stock split
ReutersApr 14, 2025 4:36 PM
Shares of biopharma firm Cara Therapeutics CARA.O rise 14.5% to $5.61
Cara says that its board has approved a 1-for-3 reverse stock split, effective April 15
Cara entered into a merger agreement with privately held Tvardi Therapeutics in December
The stock split will be under the new name Tvardi Therapeutics Inc and symbol "TVRD" after the anticipated closing of the merger
After the closing of the merger, the combined company's total outstanding shares are expected to be about 9.4 million
As of last close, CARA had fallen 14.2% YTD
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