Threshold Pharmaceuticals Inc.'s stockholders approved all of the proposals including all proposals related to the merger with Molecular Templates Inc. at the annual stockholders' meeting held July 31.
As a result of the stockholder approvals, Threshold's board approved an 11-to-1 reverse split of the company's common stock, which will become effective at 5 p.m. ET Aug. 1.
The merger is expected to close shortly after the effectiveness of the reverse stock split, subject to the satisfaction of customary closing conditions.
In addition, an equity financing of $40 million is expected to close after the closing of the merger and a separate $20 million equity investment is expected to close after the $40 million financing.
The combined company will be renamed Molecular Templates Inc. and its common shares will start trading on The Nasdaq Stock Market on a post-reverse stock split basis under the new symbol MTEM on Aug. 2.