Sesen Bio Inc (NASDAQ:SESN) shares are trading higher by 16.81% to $0.59 Friday morning after the company and Carisma Therapeutics announced an increased special dividend of $70 million, or $0.34 per share, in connection with the pending merger.
What Else?
Sesen Bio says the one-time special cash dividend expected to be paid to Sesen Bio stockholders will be increased to approximately $70 million, or approximately $0.34 per share, representing the amount of excess cash available after Sesen Bio meets a required net cash minimum of $75 million and represents an increase from the previously stated up to $25 million special cash dividend, or up to $0.12 per share.
Carisma’s previously announced approximately $30 million financing remains committed and is expected to close concurrently with the merger.
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Dr. Thomas Cannell, President and Chief Executive Officer of Sesen Bio, said in a statement: “Since first announcing the merger, both companies have engaged extensively with Sesen Bio stockholders and continued to explore ways to deliver greater value in connection with the closing. The $45 million increase to the expected special cash dividend delivers even more direct and immediate cash value.”
According to data from Benzinga Pro, Sesen Bio has a 52-week high of $0.96 and a 52-week low of $0.36.
