Investors are pushing Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) lower in pre-market trading, with shares moving lower 19.28 percent after announcing Cyclerion and Korsana merger agreement.
Yesterday, Cyclerion Therapeutics and Korsana Biosciences have announced a merger agreement in an all-stock transaction. The newly formed entity will operate under the Korsana Biosciences name and will be listed on Nasdaq under the ticker symbol KRSA.
Korsana Biosciences has successfully secured commitments for an oversubscribed private investment. This financing is anticipated to generate total gross proceeds of approximately $380 million. The financing is expected to close shortly before the completion of the merger.
Early trading placed Cyclerion Therapeutics, Inc. at $5.15, compared with its previous close of $6.38.
 lower in pre-market trading){kind=link}