TechFlow, October 16 — According to Cointelegraph, Terry Tran, a shareholder of Semler Scientific, has filed a lawsuit in the U.S. District Court for the Northern District of Illinois against the company and its board, accusing them of misleading shareholders regarding the merger deal with Strive. The lawsuit alleges violations of provisions under the Securities Exchange Act of 1934, claiming the company failed to adequately disclose the financial impact of the merger on the combined entity and the financial fairness of the transaction.
Under the transaction plan announced in September, Strive will acquire Semler through a stock-for-stock exchange, whereby each share of Semler will be exchanged for 21.05 shares of Strive's Class A common stock. Notably, both Strive and Semler are Bitcoin reserve companies, ranking 17th and 20th respectively among global corporate Bitcoin holders.
The plaintiff is requesting the court to halt shareholder voting or any steps advancing the merger until the company issues corrective disclosures. If the transaction is completed, the plaintiff intends to seek rescission of the merger or monetary damages.
