BALA CYNWYD, Pa., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
AVROBIO, Inc. (Nasdaq – AVRO)
Under the terms of the agreement, AVROBIO will merge with Tectonic Therapeutic, Inc. (“Tectonic”). In the deal, pre-Merger AVROBIO shareholders are expected to own approximately 22.3% of the combined company and pre-Merger Tectonic shareholders are expected to own approximately 40.2% of the combined company. Following the closing of the Merger, the combined company will be led by the Tectonic management team. AVROBIO will be renamed Tectonic Therapeutic, Inc. The investigation concerns whether the AVROBIO Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to AVROBIO shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/avrobio-inc-nasdaq-avro/.
Whole Earth Brands, Inc. (Nasdaq – FREE)
Under the terms of the Merger Agreement, Whole Earth will be acquired by Ozark Holdings, LLC (which, going forward, intends to do business as Sweet Oak Parent), an affiliate of Sababa Holdings FREE, LLC (“Sababa”), which will acquire all of the outstanding shares of the Company’s common stock that it does not already own in an all-cash transaction for $4.875 per share. The investigation concerns whether the Whole Earth Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Sababa is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/whole-earth-brands-inc-nasdaq-free/.
Kinnate Biopharma Inc. (Nasdaq – KNTE)
Under the terms of the agreement, Kinnate will be acquired by XOMA Corporation (“XOMA”) (Nasdaq - XOMA). Kinnate shareholders will receive (i) a base cash price of $2.3352 per share (the Base Price) and (ii) an additional cash amount of not more than $0.2527 per share (together with the Base Price, the Cash Amount) at the closing of the merger plus a non-transferable contingent value right (CVR), representing the right to receive 85% of the net proceeds from any out license or sale of the Kinnate programs effected within one year of closing of the merger or 100% of the net proceeds from any out license or sale executed prior to the closing. The investigation concerns whether the Kinnate Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether XOMA is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/kinnate-biopharma-inc-nasdaq-knte/.
California BanCorp (Nasdaq – CALB)
Under the terms of the agreement, California Bancorp will merge with Southern California Bancorp (Nasdaq - BCAL). The companies will combine in an all-stock merger valued at approximately $233.6 million, or $26.54 per share of California BanCorp, based on the closing price of Southern California Bancorp on January 29, 2024. Specifically, each outstanding share of California BanCorp common stock will be exchanged for the right to receive 1.590 shares of Southern California Bancorp common stock. As a result of the transaction, Southern California Bancorp shareholders will own approximately 57.1% of the outstanding shares of the combined company and California BanCorp shareholders will own approximately 42.9% of the outstanding shares of the combined company. The investigation concerns whether the California BanCorp Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to California BanCorp shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/california-bancorp-nasdaq-calb/.
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