- GlycoMimetics (GLYC, Financial) stockholders have approved a merger with Crescent Biopharma.
- The merger includes a reverse stock split at a 1-for-100 ratio.
- The combined company will operate under the new name "Crescent Biopharma, Inc." with ticker symbol "CBIO".
GlycoMimetics, Inc. (GLYC) announced that its stockholders have officially approved a merger with Crescent Biopharma, Inc., marking a significant transition for the biopharmaceutical company. The decision came through a special stockholder meeting held on June 5, 2025, where all related merger proposals received the green light.
A key aspect of this merger involves a substantial corporate restructuring with a 1-for-100 reverse stock split approved by the GlycoMimetics Board of Directors. This adjustment will effectively reduce GlycoMimetics' outstanding common stock from about 64.5 million shares to approximately 0.6 million shares. Importantly, the number of authorized shares will increase from 150,000,000 to 175,000,000, leaving the par value per share unchanged.
The anticipated closing of the merger will see the new entity, now named Crescent Biopharma, Inc., trading on The Nasdaq Capital Market under the ticker symbol "CBIO" starting June 16, 2025. No fractional shares will be issued; instead, stockholders will receive cash payments for any fractional shares based on the closing share price on June 12, 2025.
Post-merger, the combined company expects a total of approximately 14.8 million shares outstanding, with a fully diluted total of about 25.3 million shares, continuing its operations with a focus on advancing care for patients with solid tumors through precision-engineered molecules.
