Avrobio (NASDAQ:AVRO) stock is on the move Thursday as the company is preparing for two major events taking place today.
The first thing to note is that Avrobio is getting ready to undergo a merger with Tectonic Therapeutic. That merger is set to take place later today after investors approved it at an earlier shareholder meeting.
Before that happens, traders will also see shares of AVRO stock undergo a reverse split. The company intends to enact a 1-for-12 reverse stock split after markets close today. This is designed to happen before the merger with Tectonic Therapeutic is completed.
What This Means for AVRO Stock
Avrobio notes that its shares will start trading on a split-adjusted basis when markets open tomorrow. Another change worth noting is the stock ticker. The company will switch from the AVRO ticker to the TECX ticker after the reverse split.
This is due to Tectonic Therapeutic merging with a merger sub owned by Avrobio. Following the merger, Tectonic Therapeutic will become a wholly-owned subsidiary of AVRO and will be the surviving entity of the merger.
AVRO stock is only up slightly as of this morning. However, some trackers reported a major drop in the stock in pre-market trading. This may have been an error due to the merger and reverse stock split plans.
There are more stock market stories worth reading about below!
We have all of the hottest stock market news ready to go on Thursday! A few examples include what’s happening with shares of Tempest Therapeutics (NASDAQ:TPST) and SMX (Security Matters) (NASDAQ:SMX) stock, as well as the biggest pre-market stock movers today. All of that news is ready at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
