RCM Eos Acquires $1 Million Stake in Pulmatrix, Sets Up 94% Post-Merger Control

Pulmatrix Inc. (NASDAQ: PULM) is a Massachusetts‑based biotech focused on inhaled therapeutics. Its shares traded around $2.30 yesterday, giving the company a market cap of roughly $180 million. RCM Eos is a Delaware LLC created to hold Pulmatrix securities; it is affiliated with Rapha Capital Management and its founder Kevin Slawin, who also serves as CEO of Eos Senolytix.

On April 16, 2026 RCM Eos paid approximately $1 million for 1,000 shares of Pulmatrix’s Series B Convertible Preferred Stock. Each preferred share converts at a ratio of about 454.55 common shares, yielding roughly 405,358 shares, which represents a 9.99% stake under the ownership blocker. RCM Eos also entered a voting agreement to support the merger that will combine Pulmatrix with Eos Senolytix.

According to the merger agreement, after the transaction closes Eos investors will own about 94% of the fully diluted combined company, leaving Pulmatrix shareholders with roughly 6%. The preferred investment provides Pulmatrix with interim financing while preserving the conversion feature that will deliver the post‑merger ownership split. For Pulmatrix shareholders, the deal means substantial dilution but also access to Eos’s pipeline and balance sheet.

Investors should watch for the upcoming shareholder vote on the merger, expected in the third quarter of 2026, and any regulatory filings that could affect the closing timeline.