Revolution Medicines And EQRx Stockholders Approve EQRx Acquisition
Portfolio Pulse from Benzinga Newsdesk
Revolution Medicines, Inc. (NASDAQ:RVMD) and EQRx, Inc. (NASDAQ:EQRX) stockholders have approved Revolution Medicines' proposed acquisition of EQRx. The transaction is expected to close in November 2023. Upon completion, each share of EQRx will be converted into 0.1112 shares of Revolution Medicines. Revolution Medicines expects to issue approximately 55 million shares of its common stock in connection with the merger.
November 08, 2023 | 4:33 pm
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NEUTRAL IMPACT
EQRx stockholders have approved the company's acquisition by Revolution Medicines. Each share of EQRx will be converted into 0.1112 shares of Revolution Medicines upon completion of the transaction.
The approval of the acquisition is a significant event for EQRx. However, the impact on the stock price is uncertain as it depends on how the market perceives the benefits of the acquisition and the conversion rate of EQRx shares to Revolution Medicines shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Revolution Medicines' acquisition of EQRx has been approved by stockholders. The company expects to issue approximately 55 million shares of its common stock in connection with the merger.
The acquisition approval is a significant event for Revolution Medicines. However, the impact on the stock price is uncertain as it depends on how the market perceives the benefits of the acquisition versus the dilution from the issuance of new shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100