Graphite Bio Declares Special Dividend In Connection with Proposed Merger with Lenz Therapeutics

Graphite Bio, Inc. (Nasdaq: GRPH) (“Graphite” or the “Company”) today announced that its Board of Directors has declared a special dividend in connection with the previously announced merger (the “Merger”) with Lenz Therapeutics, Inc. (“LENZ”) pursuant to the Agreement and Plan of Merger, dated November 14, 2023 (the “Merger Agreement”).

The special dividend, which the Company estimates will be $1.03 per share of Graphite’s common stock, will be payable in cash to the stockholders of record as of March 18, 2024. The exact amount of the special dividend will be calculated after deducting certain cash amounts as set forth in the Merger Agreement. The payment date in respect of such special dividend will be on March 21, 2024. The special dividend will not exceed an amount equal to $60 million, subject to the adjustments set forth in the Merger Agreement.

Payment of the special dividend is conditioned upon the closing of the Merger, which Graphite’s stockholders will consider and vote upon at the special meeting of Graphite’s stockholders scheduled for 9:00 a.m. PT on March 14, 2024 with closing expected to occur after market close on March 21, 2024, assuming the transaction is approved by Graphite’s stockholders and the satisfaction or waiver of all conditions under the Merger Agreement.

If you need assistance in voting your shares or have questions regarding the special meeting of Graphite’s stockholders, please contact Graphite’s proxy solicitor, MacKenzie Partners, Inc. at [phone] (toll-free) or [phone] (collect), or email at [e-mail].

About LENZ

LENZ is a late-stage biopharmaceutical company focused on developing and commercializing innovative therapies to improve vision. Its product candidates, LNZ100 and LNZ101, are preservative-free, single-use, once-daily, aceclidine-based eye drops currently in Phase 3 clinical trials for the treatment of presbyopia. Presbyopia impacts an estimated 1.8 billion people globally and 128 million people in the United States. LENZ is headquartered in San Diego, California, and is backed by venture capital investors, including Versant Ventures, RA Capital Management, Alpha Wave Global, Point72, Samsara BioCapital, Sectoral Asset Management and RTW Investments. For more information, visit: LENZ-Tx.com.