Ademi LLP is investigating Apexigen (Nasdaq: APGN) for possible breaches of fiduciary duty and other violations of law in its transaction with Pyxis Oncology.
Apexigen public stockholders are expected to receive only 0.1725 shares of its common stock, par value $0.001 per share, for a total enterprise value of approximately $16 million or an implied value of $0.64 per Apexigen share. The transaction agreement unreasonably limits competing bids for Apexigen by imposing a significant penalty if Apexigen accepts a superior bid. Apexigen insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Apexigen’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 Apexigen.