Graphite Bio announces $1.03 per share special dividend
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SOUTH SAN FRANCISCO, Calif. – Graphite Bio, Inc. (NASDAQ:GRPH), a clinical-stage gene editing company, has declared a special dividend of approximately $1.03 per share, contingent on the completion of its merger with Lenz Therapeutics, Inc. The dividend is scheduled to be paid to shareholders of record as of March 18, 2024, with the payment date set for March 21, 2024.
The special dividend is part of the terms outlined in the Agreement and Plan of Merger dated November 14, 2023, and is capped at $60 million, subject to adjustments specified in the agreement. The exact dividend amount will be determined after certain cash deductions as defined in the merger agreement.
Graphite’s merger with Lenz, a biopharmaceutical company focused on eye therapies, is pending approval by Graphite’s shareholders at a special meeting set for this upcoming Monday. If the merger is approved and all conditions are met, the transaction is expected to close after the market closes on the payment date of the special dividend.
The merger is a strategic move for Graphite following its February 2023 announcement to discontinue the development of its lead product candidate for sickle cell disease and to explore options to maximize shareholder value.
This announcement is based on a press release statement, and the finalization of the special dividend is dependent on the successful closure of the merger with Lenz. The merger aims to combine Graphite’s gene editing capabilities with Lenz’s focus on developing treatments for presbyopia, a vision condition affecting a significant global population.
Investors and shareholders are advised that this communication does not constitute a solicitation of any vote or approval. Additional information regarding the merger and related materials filed with the SEC can be found on Graphite’s website or through the SEC’s website.
