WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Churchill Capital Corp III (NYSE: CCXX) in connection with the company’s proposed merger with privately-held healthcare cost management company MultiPlan, Inc. (“MultiPlan”).
Under the terms of the merger agreement, CCXX will fold into MultiPlan and cease to exist, resulting in one publicly-traded entity with existing MultiPlan investors.
This structure will result in current MultiPlan equity holders and new PIPE investors owning 62% of the surviving entity, with former public shareholders of CCXX owning from 16% to as little as 4.2% of the newly-combined company.
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Software Acquisition Group, Inc. (NASDAQ: SAQN) in connection with SAQN’s merger with privately-held Curiosity Stream Inc. (“CuriosityStream”).
Under the terms of the proposed transaction, a newly formed wholly-owned subsidiary of SAQN will acquire CuriosityStream through a reverse merger and result in CuriosityStream becoming a publicly-listed company. The deal has an enterprise value of approximately $331 million and equity value of approximately $512 million.
Following the consummation of the transaction, existing SAQN stockholders (other than the founders) and PIPE investors are expected to own only 34% of the combined entity.