MILWAUKEE, Dec. 14, 2023 /PRNewswire/ — Ademi LLP is investigating Blackbox (NASDAQ: BLBX) for possible breaches of fiduciary duty and other violations of law in its transaction with Evtec Aluminum.
Click here to learn how to join the https://www.ademilaw.com/case/blackboxstocks-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
In the transaction, Blackbox and Evtec Aluminum common stockholders will own 26.7% and 73.3% of the estimated 12,000,000 common shares outstanding post-merger, respectively. Blackbox plans to acquire the remaining 87% of Evtec Automotive in Q1 of 2024. Evtec Automotive’s inclusion in the merger would result in Blackbox shareholders retaining 9.5% of the combined companies. Blackbox common stockholders of record immediately prior to closing of the transaction will receive a contingent value right for the net proceeds received by the Company for the sale or spin-off of the current Blackbox fintech operations within a 24-month period after the close of the merger. The transaction agreement unreasonably limits competing transactions for Blackbox by imposing a significant penalty if Blackbox accepts a competing bid. Blackbox insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Blackbox’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
If you own Blackbox 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/blackboxstocks-inc.
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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