MILWAUKEE, May 24, 2023 /PRNewswire/ -- Ademi LLP is investigating CohBar (NASDAQ: CWBR) for possible breaches of fiduciary duty and other violations of law in its transaction with Morphogenesis, Inc.
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CohBar public stockholders are expected to receive a dividend equal to approximately 3.30 shares of CohBar common stock on or about the effective date of the merger. On a pro forma basis taking into account the concurrent financing described below and the issuance of the stock dividend, pre-merger CohBar equityholders are expected to collectively own approximately 15% and pre-merger Morphogenesis equityholders are expected to collectively own approximately 77%, respectively, of the common stock of CohBar on a pro forma basis. Additionally, pre-merger CohBar stockholders and certain warrant holders of record will receive a contingent value right (CVR). Holders of the CVR will be entitled to receive certain payments from proceeds received by CohBar, if any, related to the disposition of CohBar's legacy mitochondrial assets for a period of three years following the closing of the proposed merger. The transaction agreement unreasonably limits competing bids for CohBar by imposing a significant penalty if CohBar accepts a superior bid. CohBar insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of CohBar'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 CohBar.
If you own CohBar common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or
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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