Rallybio, a clinical-stage biotechnology company in East Berlin, will combine every two shares of its common stock into one at 4:01 p.m. Eastern Time on November 20 ahead of its planned merger with oncology drug developer Avenzo Therapeutics. Trading on a post-split basis is expected to begin November 23. Stockholders approved a reverse split ratio between one-for-two and one-for-nine at the November 4 annual meeting. The board approved the one-for-two ratio on November 8 with Avenzo’s agreement.  

The split will cut Rallybio’s outstanding shares from about 5.6 million to about 2.8 million. Authorized shares and the $0.0001 par value stay the same. Stockholders owed a fractional share will receive cash based on the closing price on the effective date.

Rallybio develops therapies for severe and rare diseases, with a focus on complement dysregulation and hematology. Avenzo is a clinical-stage oncology company. Its pipeline includes the small molecule inhibitors AVZO-021 and AVZO-023, which target CDK2 and CDK4, and two bispecific antibody-drug conjugates, AVZO-1418 and AVZO-103.

After Nasdaq approvals and the merger closing, Rallybio plans to change its name to Avenzo Therapeutics and trade on the Nasdaq Capital Market under the symbol AVZO.