Funicular Fund increased its stake after securing a Board seat in ARCA biopharma (ABIO)

Key Summary: On April 4, 2022, Funicular Fund/Cable Car Capital (13.5%) urged the company to preserve shareholder value by halting clinical trials, cutting expenses, and ceasing further development investment, citing the market’s disapproval reflected in the stock’s discount to net cash; the firm later increased its stake to 15.06% (April 14) and 17.91% (June 15), and on June 15, entered a Cooperation Agreement under which Jacob Ma-Weaver was appointed to the board and both parties agreed to identify a second independent director for the 2022 AGM slate.