Graphite Bio Shares Pop 14% On Special Dividend

Dow Jones03-09

By Ben Glickman

Shares of Graphite Bio popped Friday after the company said it would pay a special dividend connected with its merger.

The stock was up 14% to $3.59 in after-hours trading, following a 0.3% rise at Friday's close. Shares are up 20% this year as of the close.

The South San Francisco, Calif.-based company said it expected the special dividend to be $1.03 a share.

The exact amount of the dividend will be set after certain cash deductions, but the total value paid will not exceed $60 million, Graphite said.

The dividend is linked to Graphite's previously announced merger with Lenz Therapeutics. The company said it expects the deal to close March 21 following a shareholder vote March 14.

The companies said they were targeting a deal close in the first quarter of 2024 when they announced the tie-up in November.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

March 08, 2024 18:15 ET (23:15 GMT)

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