Ikoncis Corporation (NASDAQ: IKNX) gained 1.58% to $21.20 in the normal trading session on Tuesday. The company declined 2.41% in the after-hours trading session.
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On Tuesday, 29 June 2021, Ikonics Corporation (NASDAQ: IKNX)was subjected to investigation by many national customer rights law firm, under the acquisition of breaching fiduciary duties relating to its sale to Tearful Inc.
Bragar Eagel & Squire, Lifshitz, and Halper Sadeh LLP are national well reputed investor’s rights law firms which has expressed strong concerns against Ikonics Corporation. The comity has put IKNX under investigation for overseeing an unjust process and ultimately agreeing to an inadequate agreement.
Ikonics manufacture and sell photosensitive liquids and films for screen printing and recognition markets worldwide. The company sells screen printing films, photo resistant films, and other related abrasive etching equipment to customer and distributors. The company merged with TeraWulf Inc. under a merger agreement of a combined new holding company. The new company will be listed on the Nasdaq stock market LLC under the trading symbol” WULF”. The new company, TeraWulf will generate environmentally sustainable bitcoins at industrial scale in the US, using over 90% zero-carbon energy.
The investigating on Ikonics is due to the terms of the agreement that each outstanding share of ikonics common stock will receive 5.00% in cash, one Contingent Value Right, and one share of the combined company’s common stock.
Conclusion
Accordingly, these law firms are investigating all relevant aspects of the deal and are committed to securing the best possible outcomes in the interest of Ikonics shareholders. Moreover, Ikonics quarterly earnings for its second quarter are expected to be published in July. We can hope to get better news.
