On August 21, 2026, Werewolf Therapeutics (ticker HOWL) signed a merger agreement under which Ambros Therapeutics will merge into a Werewolf subsidiary and survive as its wholly owned unit, in an all-stock deal intended to qualify as a tax-free reorganization. Despite the corporate structure, this is effectively a reverse takeover: based on an implied valuation of $47.5 million for Werewolf versus $500 million for Ambros, existing Werewolf holders are expected to own only about 6.8% of the combined company, Ambros shareholders roughly 71.7%, and investors in a concurrent private placement about 21.5%. The deal still requires Werewolf stockholder approval at a special meeting, along with proposed charter amendments including a company name change, a reverse stock split, and an increase in authorized shares. One caveat: the filing excerpt provided cuts off mid-sentence, so details like the exact exchange-ratio mechanics can't be fully confirmed from what's here.
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