--- title: "Cyclerion (now Korsana Biosciences) shareholders approve merger issuance" url: "https://aibio.space/news/cyclerion-now-korsana-biosciences-shareholders-approve-merger-issuance/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-08-27" section: "Mergers" tickers: "NASDAQ:KRSA" source: "https://www.sec.gov/Archives/edgar/data/1755237/000119312526369426/d264301d8k.htm" summary: "Shareholders backed the Korsana merger share issuance and change of control on August 26, 2026. The combined company expects to trade on Nasdaq as KRSA fro" --- By the aibio.space news desk. Sources - [Korsana Biosciences, Inc. Form 8-K filed August 27, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1755237/000119312526369426/d264301d8k.htm) - [Korsana Biosciences, Inc. Form 10-K filed March 30, 2026: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1755237/000119312526132193/cycn-20251231.htm) [KRSA](https://aibio.space/companies/korsana-biosciences/) 2026-08-27 # Cyclerion (now Korsana Biosciences) shareholders approve merger issuance and 1-for-7 reverse split Tickers [KRSA](https://aibio.space/companies/korsana-biosciences/) Shareholders backed the Korsana merger share issuance and change of control on August 26, 2026. The combined company expects to trade on Nasdaq as KRSA from September 9, 2026; a Cayman redomestication failed. ## Key facts - **Company**: Korsana Biosciences, Inc. (NASDAQ: KRSA) - **News type**: Mergers - **Primary source**: [Korsana Biosciences, Inc. Form 8-K filed August 27, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1755237/000119312526369426/d264301d8k.htm) *Trading screens with price charts. CC0, via rawpixel. The picture shows the field, not the companies named.* Shareholders of Cyclerion Therapeutics, Inc. (Nasdaq: CYCN), now renamed Korsana Biosciences, Inc., voted on August 26, 2026 to approve the share issuance and change of control tied to the merger with Korsana, along with a 1-for-7 reverse stock split. The company reported the results in a [Form 8-K filed August 27, 2026](https://www.sec.gov/Archives/edgar/data/1755237/000119312526369426/d264301d8k.htm). One proposal, a move of the company's home from Massachusetts to the Cayman Islands, was not approved. ## The vote The record date was July 17, 2026, when 4,681,351 common shares were outstanding and entitled to vote. Holders of 3,896,779 shares were represented in person or by proxy, which made a quorum. The proxy statement and prospectus on Form S-4 was last amended on July 22, 2026, declared effective on July 24, 2026 and first mailed to shareholders that day. The merger proposal passed with 3,392,645 votes for, 3,730 against and 1,459 abstentions, plus 498,945 broker non-votes. The filing says the issuance will represent more than 20% of the Cyclerion common stock outstanding before the first merger, which is why shareholder approval was needed under Nasdaq Listing Rules 5635(a) and 5635(b). The merger agreement was amended on April 17, 2026. Shareholders also approved raising authorized common shares from 400,000,000 to 700,000,000, with 3,874,047 votes for and 20,968 against. Six nominees to the board were elected, and the board will be reconstituted when the merger closes. The stock incentive plan for Korsana Biosciences drew heavy opposition, with 2,097,374 votes for, 1,298,498 against and 1,962 abstentions. ## The reverse stock split The shareholders approved a reverse split at any ratio from one new share for every two shares to one for every ten, with 3,877,744 votes for and 18,003 against. After the vote, the Cyclerion board set the final ratio at 1-for-7, agreed with Korsana. Each 7 shares will be combined into one new share, and holders who would receive a fraction of a share will be paid cash based on the Nasdaq closing price on the day the amendment is filed. The company expects the split to cut its common stock from approximately 4.7 million shares to approximately 0.7 million shares. The split does not change the authorized share count. Cyclerion must file articles of amendment with the Secretary of the Commonwealth of Massachusetts before the merger closes. ## The Cayman proposal fails Proposal 4 would have moved the company to the Cayman Islands. It drew 2,099,051 votes for and 1,296,575 against, with 2,208 abstentions and 498,945 broker non-votes. The filing does not give the threshold the proposal needed, but it says the proposal was not approved. The redomestication was the only proposal that did not pass. ## The listing The combined company's common stock is expected to start trading on a split-adjusted basis on Nasdaq as Korsana Biosciences, Inc. under the symbol KRSA at the open on September 9, 2026. The new CUSIP number is 23255M303. Until then, the stock trades as CYCN on the Nasdaq Capital Market. The merger runs in two steps. Cariboos Merger Sub Corp. will merge into Korsana, which will continue as a wholly owned subsidiary of Cyclerion. Korsana will then merge into Cariboos Merger Sub II, LLC. ## What the annual report says about cash Cyclerion's 10-K says its lead indication is treatment-resistant depression, where its CYC-126 program pairs two generic intravenous anesthetic agents, propofol and dexmedetomidine, with a personalized delivery system. The 8-K reports no clinical data for it. Cyclerion's annual report for 2025, filed March 30, 2026, says it has incurred recurring losses, including a net loss of $3.5 million for 2025, and an accumulated deficit of $271.0 million as of December 31, 2025. The report says cash and cash equivalents at that date would be sufficient to fund operations through mid-2026. It also states that substantial doubt exists about the company's ability to continue as a going concern, and that it will need additional funding to sustain operations. The 8-K does not say how the company will fund operations between the vote and the closing, or after it. The shareholder votes approve the merger's structure, but the 8-K contains no cash balance and no runway date beyond mid-2026. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story KRSA Korsana Biosciences, Inc. NASDAQ ยท United States Open the starter desk ## More in Mergers Mergers ### [InMed sets November 5 record date for CVRs tied to Mentari merger](https://aibio.space/news/inmed-sets-november-5-record-date-cvrs-tied-mentari-merger/) Oct 27, 2026 Mergers ### [Rallybio declares estimated $82.7 million cash distribution tied to Avenzo merger](https://aibio.space/news/rallybio-declares-estimated-82-7-million-cash-distribution-tied-avenzo/) Oct 26, 2026 Mergers ### [Skye Bioscience files preliminary proxy for its Redx Pharma acquisition](https://aibio.space/news/skye-bioscience-files-preliminary-proxy-redx-pharma-acquisition/) Oct 26, 2026 --- Source page: https://aibio.space/news/cyclerion-now-korsana-biosciences-shareholders-approve-merger-issuance/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Cyclerion (now Korsana Biosciences) shareholders approve merger issuance", 2026-08-27, https://aibio.space/news/cyclerion-now-korsana-biosciences-shareholders-approve-merger-issuance/