The share price of Syros Pharmaceuticals Inc. (NASDAQ: SYRS) rose 7.90% in pre-market trading hours to $ 0.7870 on the last check Friday after progress was made toward a merger agreement. At the end of the last trading session, SYRS’ stock gained 3.02% to $0.73, trading in a range of $0.683 to $0.75.
Is the merger deal going well for SYRS?
The results of the special meetings of Syros Pharmaceuticals (SYRS) and Tyme Technologies, Inc. (TYME) held on September 15, 2022, have been announced.
- As a result of TYME’s special meeting, all proposals were passed, including the agreement and merger plan adopted on July 3, 2022.
- TYME will survive as a wholly-owned subsidiary of Syros after a direct, wholly-owned subsidiary of Syros merges with and into it.
- All proposals were also voted in favor at SYRS’s special meeting, including the proposal to issue Syros’ common shares to holders of TYME’s common stock as part of the Merger, as well as to certain Syros investors in connection with a simultaneous private equity investment (“PIPE”) financing.
- Also today, Syros announced that it would undergo a 1-for-10 reverse stock split before the closing of the merger and the PIPE financing in September 2022.
- When the Nasdaq market opens on Monday, September 19, 2022, Syros’ common stock will trade on a split-adjusted basis.
- Following the reverse stock split, Syros’ common stock now has CUSIP number 87184Q206.
- As a result of the reverse stock split, Syros’ outstanding common stock will drop from approximately 63 million shares to approximately 6.3 million shares.
- PIPE financing and shares of Syros common stock to be issued in connection with the Merger are not included in the figure.
How will SYRS deal with it?
Syros Pharmaceuticals (SYRS) expects the Merger and PIPE financing to close on or about Friday, September 16, 2022. In the aftermath of the merger, Syros’ existing management team, including Nancy Simonian, M.D., Chief Executive Officer of Syros, will lead the combined company that will trade on The Nasdaq Global Select Market under the ticker symbol “SYRS” and continue to focus on the development of SYRS’ pipeline of small molecule cancer medicines.