Jan 17, 2023, 22:29 ET
MILWAUKEE, Jan. 17, 2023 /PRNewswire/ -- Ademi LLP is investigating Angion (Nasdaq: ANGN) for possible breaches of fiduciary duty and other violations of law in its transaction with Elicio.
Click here to learn how to join the action https://www.ademilaw.com/case/angion-biomedica-corp or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges Angion's financial outlook and prospects are excellent and yet Angion shareholders are being expected to approve a merger transaction in which Elicio shareholders will receive Angion shares in an exchange ratio such that upon completion of the merger, Angion shareholders' interests will be diluted to only approximately 34.5% of the combined company, subject to certain adjustments. In addition, concurrent with the execution of the merger agreement, Angion committed up to $10 million in a bridge loan to Elicio, to be made in two installments, subject to certain conditions. The transaction agreement unreasonably limits alternative transactions by imposing a significant penalty if Angion enters into a superior transaction. Angion insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Angion's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Angion.
If you own Angion common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/angion-biomedica-corp.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE Ademi LLP
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