Harvard Bioscience Inc’s (HBIO) board of directors approved the spinoff of its regenerative medicine device subsidiary, Harvard Apparatus Regenerative Technology. The spin is set to take place on November 1st with HBIO shareholders receiving 1 share of the new company for every 4 shares of HBIO owned. The new company will trade under the ticker ‘HART’ and a when issued market is expected to begin on October 21st.
The parent company will proceed forward with brand new faces at the top as Jeffrey Duchemin will become its CEO and Robert Gagnon will take over as CFO. Mr. Duchemin most recently held leadership roles at Becton Dickinson (BDX) and Mr. Gagnon was the CFO at Clean Harbors (CLH). HBIO’s current President and CFO will be leading the spinoff company, typically a bullish sign.
A copy of HART’s most recently amended From 10 can be found here and for all of our earlier coverage on the subject click here.
Disclosure: Author holds no position in any stock mentioned.
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