SESN - Sesen Bio wins shareholder approval for Carisma merger

Clinical-stage biotech Sesen Bio ( NASDAQ: SESN ) announced Thursday that its shareholders greenlighted the company’s pending merger with Carisma Therapeutics at a special meeting of stockholders held today.

Based on early voting results, more than 88% of votes were in favor of a proposal to issue Sesen Bio ( SESN ) common stock to Carisma shareholders in connection with the transaction. Meanwhile, ~86% of votes endorsed a decision to affect a 1-for-20 reverse split of Sesen Bio ( SESN ) shares.

The approval for both proposals was required to close the merger, which is now expected to complete on Mar. 07, 2023.

“The fact that over 88% of stockholders voted in favor of the merger provides further confidence that our thorough strategic process maximizes value for stockholders,” SESN Chief Executive Thomas Cannell said.

The reverse stock split is expected to take effect in the post-market trading on Mar. 07, and split-adjusted Carisma shares will start trading on Mar. 08 under the ticker symbol “CARM” on Nasdaq.

In February, the companies announced an agreement to amend the merger terms, with a provision to increase the one-time special cash dividend to be paid for Sesen ( SESN ) stockholders to $75M from $70M previously.

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