Jasper Therapeutics completed its acquisition of Kira Pharmaceuticals on July 16, 2026, issuing approximately 5.2 million shares of voting common stock and 4.6 million shares of convertible preferred stock (convertible into roughly 283 million common shares) to Kira shareholders. The reverse merger transaction marks the former shell company's transformation into an operating pharmaceutical entity.

Beyond the major reverse merger, the week saw several significant transactions across other small-cap securities. GlucoTrack completed a reverse merger acquiring Lokahi Therapeutics on July 14, with Lokahi shareholders receiving approximately 90 percent of GlucoTrack's fully-diluted equity. Separately, flyExclusive completed its merger with Jet.AI SpinCo on July 13, with SpinCo shareholders receiving approximately 7.1 million shares of flyExclusive Class A Common Stock.

This commentary is for informational purposes only and is not investment advice.