BALA CYNWYD, Pa., June 22, 2022 (GLOBE NEWSWIRE) — Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky ([email protected]) or Marc Ackerman ([email protected]) at 855-576-4847. There is no cost or financial obligation to you.
Ocean Bio-Chem, Inc. (Nasdaq – OBCI)
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Under the terms of the agreement, Ocean Bio-Chem will be acquired by OneWater Marine Inc. (“OneWater”) (Nasdaq – ONEW). OneWater will acquire all of the outstanding shares of Ocean Bio-Chem common stock for $13.08 per share in cash. The investigation concerns whether the Ocean Bio-Chem Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether the deal is fair to Ocean Bio-Chem shareholders.
Additional information can be found at https://www.brodskysmith.com/cases/ocean-bio-chem-inc-nasdaq-obci/.
U.S. Well Services, Inc. (Nasdaq – USWS)
Under the terms of the agreement, USWS will be acquired by ProFrac Holding Corp. (“ProFrac”) (Nasdaq – PFHC). ProFrac will acquire USWS in a stock transaction for 0.0561 shares of ProFrac Class A common stock for each share of USWS Class A common stock. The investigation concerns whether the USWS Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether ProFrac is paying too little for the Company.
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Additional information can be found at https://www.brodskysmith.com/cases/u-s-well-services-inc-nasdaq-usws/.
GrandSouth Bancorporation. (OTC – GRRB)
Under the terms of the agreement, GrandSouth will be acquired by First Bancorp (“First Bancorp”) (Nasdaq – FBNC). First Bancorp will acquire GrandSouth in a stock transaction for 0.910 shares of First Bancorp common stock for each share of GrandSouth stock, representing an implied per-share consideration of approximately $32.01 based upon First Bancorp’s June 21, 2022 closing price of $35.26. The all-stock transaction is valued at approximately $181.1 million. The investigation concerns whether the GrandSouth Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether First Bancorp is paying too little for the Company.
Additional information can be found at https://www.brodskysmith.com/cases/grandsouth-bancorporation-otc-grrb/.
Steel Connect, Inc. (Nasdaq – STCN)
Under the terms of the agreement, holders of Steel Connect’s outstanding shares of common stock will receive $1.35 per share in cash and one contingent value right (“CVR”) to receive their pro rata share of net proceeds, to the extent such net proceeds exceed $80 million plus certain related costs and expenses, if Steel Connect’s ModusLink subsidiary is sold during the two-year period following completion of the merger. The investigation concerns whether the Steel Connect Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether the deal is fair to Steel Connect shareholders.
Additional information can be found at https://www.brodskysmith.com/cases/steel-connect-inc-nasdaq-stcn/.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
