Werewolf Shares Double as Reverse Merger Details Emerge: $47.5M Implied Value, 6.8% Stake
HOWL has more than doubled off its 52-week low of $0.27 on elevated volume (38× avg).
Summary
Werewolf Therapeutics shares more than doubled in premarket trading to $0.98 after the company disclosed full terms of its reverse merger with Ambros Therapeutics and asset sale to Merck KGaA. The deal values Werewolf at $47.5 million, with existing shareholders retaining just 6.8% of the combined company, while Ambros holders get 71.7% and PIPE investors 21.5%. The $150 million private placement is co-led by RA Capital and Janus Henderson, and the combined company expects cash runway into H1 2029. This follows the 8-K filed yesterday detailing the $28M upfront asset sale plus $5M milestone. The new ticker will be AMBX, with closing expected by Q1 2027.
At the time of this announcement, HOWL was trading at $0.99 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $21M. The 52-week trading range was $0.27 to $2.38. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.