Eastern Bankshares has announced its plans to merge with Cambridge Bancorp in a significant all-stock deal worth $528 million. Under the terms of the agreement, each share of Cambridge Bancorp will be exchanged for 4.956 shares of Eastern's common stock. This represents a generous 24% premium on Cambridge's 30-day volume-weighted average price. Following this news, shares of Cambridge Bancorp experienced a notable surge in after-hours trading, rising by 22% to reach $59.33.
Taysha Gene Therapies Halts Development of TSHA-120 Program for Giant Axonal Neuropathy
Taysha Gene Therapies has made the decision to discontinue the development of its TSHA-120 program, which aimed to treat giant axonal neuropathy. This choice was made after the company received study-design feedback from the Food and Drug Administration. However, Taysha Gene Therapies remains dedicated to exploring external strategic options for the treatment. This decision will also extend the company's cash runway into the fourth quarter of 2025. In response to this announcement, shares of Taysha Gene Therapies fell by 7.1% in after-hours trading, reaching $3.03.
Sonder Holdings Implements 1-for-20 Reverse Stock Split
Sonder Holdings has recently announced its decision to enact a 1-for-20 reverse stock split in order to regain compliance with Nasdaq's minimum $1 per share bid price requirement. This reverse split is set to take effect at the close of the market on September 20. As a result of this news, Sonder Holdings experienced an 8.8% decline in share price, which now stands at 31 cents per share.