Catalyst Biosciences announced completion of the business combination with GNI Group Ltd. and related entities. Catalyst received stockholder approval for all proposals necessary to complete the business combination at a special meeting of stockholders held on August 29, 2023. Catalyst effected a name change and a reverse stock split of Catalyst’s common stock immediately prior to the closing of the business combination. The combined company will operate under the name “Gyre Therapeutics, Inc.” As a result of the business combination, Beijing Continent Pharmaceuticals Co., Ltd. became a majority-owned subsidiary of Gyre. To ensure Gyre’s compliance with the minimum bid price requirement of $4.00 per share for initial listing on The Nasdaq Capital Market, Catalyst implemented a reverse split of its common stock at a ratio of 1-for-15 shares. In the reverse stock split, every 15 shares of Catalyst common stock outstanding was combined and reclassified into one share of Gyre common stock.
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