On June 15, 2022, Cable Car Capital LLC announced that it has entered into a cooperation agreement with ARCA biopharma, Inc. Cable Car Capital stated that pursuant to the agreement, the board of directors of the Company has appointed Jacob Ma-Weaver as a Class III director with a term expiring at the Company's 2024 annual meeting of stockholders, effective June 15, 2022 and appointed Jacob Ma-Weaver to the special committee of the Board previously announced on April 18, 2022. Cable Car Capital added that under the terms of the agreement, the Company and Cable Car Capital would initiate a process to identify a mutually acceptable second independent director to join the Company's slate of director nominees standing for election at the 2022 annual meeting of stockholders.