The Ademi Firm is investigating First IC (OTCEM: FIEB) for possible breaches of fiduciary duty and other violations of law in its transaction with MetroCity.
Based on the closing price of MetroCity common stock of $27.78 per share on March 14, 2025, the implied purchase price is $22.71 per First IC common share, with consideration consisting of approximately 46% stock and 54% cash and an aggregate transaction value of approximately $206 million. First IC insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for First IC by imposing a significant penalty if First IC accepts a competing bid. We are investigating the conduct of the First IC board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.