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Ocugen, Histogenics complete all-stock merger

Ocugen Inc. completed its all-stock merger with Massachusetts-based Histogenics Corp.

The combined company will operate as Ocugen Inc. and expects to start trading on the Nasdaq Capital Market on Sept. 30 under the ticker symbol OCGN.

Histogenics, a cell therapy focused company, started restructuring in March to reduce costs and terminated all but one of the company's employees. The company also launched an evaluation of strategic alternatives for its business, including a potential sale.

Shankar Musunuri is the chairman and CEO of the combined company, which will have seven board members.

Immediately before the merger, Ocugen completed a private placement financing of about $25 million, while Histogenics implemented a reverse stock split of its common stock at a ratio of 1-for-60.

As a result of the merger, after taking into account the reverse stock split, stockholders of Ocugen before the merger received shares of common stock of the combined company at an exchange rate of 0.4794.

Chardan Capital Markets LLC and Morgan Lewis & Bockius LLP were the financial and legal advisers for Malvern, Pa.-based Ocugen, respectively. Canaccord Genuity LLC was Histogenics' financial adviser, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP was the legal adviser.