NEW YORK, Sept. 4, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Tottenham Acquisition I Limited ("Tottenham" or the "Company") (NASDAQ: TOTA, TOTAU, TOTAW, TOTAR) in connection with the Company's proposed merger with privately-held clinical-stage biopharmaceutical company, Clene Nanomedicine, Inc. ("Clene"). Under the terms of the merger agreement, Tottenham will acquire Clene through a reverse merger that will result in Clene becoming a public company listed on the Nasdaq Capital Market. Additionally, Clene shareholders will be entitled to receive earn-out consideration of up to an additional 8.33 million shares of the newly combined company's common stock, subject to the new company achieving certain share price thresholds prior to certain future dates or meeting certain Covid-19 clinical trial targets. The proposed transaction values Clene at $542.5 million.
If you own Tottenham shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether Tottenham's board acted in the best interest of the Company's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Clene, whether the deal's equity split is fair to Tottenham shareholders, and whether all information regarding the valuation of the transaction will be fully and fairly disclosed to Tottenham's public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP