MONSEY, N.Y., Dec. 13, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed merger of SomaLogic, Inc. (Nasdaq: SLGC) (“SomaLogic”) with Standard BioTools Inc. in an all-stock transaction.
If you remain a SomaLogic shareholder and have concerns about the fairness of the proposed merger, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/somalogic/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On October 4, 2023, SomaLogic announced that it had agreed to merge with Standard BioTools in an all-stock transaction. Under the terms of the merger agreement, SomaLogic shareholders will receive 1.11 shares of Standard BioTools common stock for each share of SomaLogic common stock owned. Upon the close of the transaction, Standard BioTools shareholders will own approximately 43% of the combined company, and SomaLogic shareholders will own approximately 57% of the combined company on a fully diluted basis.
“We are investigating whether the SomaLogic Board of Directors acted in the best interests of SomaLogic shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the exchange ratio agreed upon is fair to SomaLogic shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, on December 12, 2023, Madryn Asset Management, LP (“Madryn”), which owns approximately 4.2% of SomaLogic’s outstanding common shares, filed a proxy urging SomaLogic shareholders to vote against the proposed merger at a special meeting of SomaLogic shareholders scheduled for January 4, 2024. Among other things, Madryn asserts that the proposed merger “drastically undervalues” SomaLogic, and that the proposed merger is “the result of a flawed process” rife with conflicts.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
