India, April 21 -- Aerovate Therapeutics, Inc. (AVTE), a clinical-stage biopharmaceutical company, on Monday announced that its stockholders have approved the proposed merger with Jade Biosciences, Inc. In addition, stockholders approved a reverse stock split, as well as an increase in the number of authorized shares.
At the special meeting on April 16, stockholders agreed to increase the number of authorized common shares to 300 million from 150 million in preparation for the upcoming merger.
On April 18, Aerovate's Board approved a reverse stock split at a 1-for-35 ratio, ahead of the expected merger closing.
The reverse stock split would reduce the number of Aerovate's outstanding common stock to around 0.8 million shares from around ...