Merrimack Pharmaceuticals Announces Approval Of Plan Of Dissolution And Cash Liquidating Dividend Amount Of $15.10 Per Share
Portfolio Pulse from Benzinga Newsdesk
Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) announced the approval of a Plan of Dissolution by its stockholders and declared a liquidating cash dividend of $15.10 per share, to be paid on May 17, 2024. The company's stock will continue to trade on NASDAQ until May 17, 2024, and will be delisted on May 20, 2024. Future distributions are possible if reserved amounts are deemed unnecessary or if additional milestones under existing agreements are achieved.
May 10, 2024 | 8:36 pm
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Merrimack Pharmaceuticals approved a Plan of Dissolution and declared a $15.10 per share liquidating dividend, with delisting from NASDAQ on May 20, 2024. Future additional distributions are possible.
The approval of the Plan of Dissolution and the declaration of a significant cash dividend are likely to have a positive short-term impact on MACK's stock price as investors may buy into the stock to receive the dividend. However, the impending delisting could lead to increased volatility and potential sell-off as the delisting date approaches. The possibility of future distributions adds an element of uncertainty but could also be seen as potentially positive if additional funds are returned to shareholders.
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