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Electro-Sensors, Inc.

Merger

  • Date:
  • 6/13/2022
  • Company Name:
  • Electro-Sensors, Inc.
  • Stock Symbol:
  • ELSE
  • Company Name - Buyer:
  • Mobile X
  • Status:
  • Investigating
  • Merger Announcement Date:
  • 6/13/2022

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NEW YORK, June 13, 2022 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Electro-Sensors, Inc. (“Electro-Sensors”) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by Mobile X.

On June 13, 2022, Electro-Sensors announced that it had entered into an agreement to be acquired by Mobile X in a cash and equity deal.  Pursuant to the merger agreement, Mobile X will pay approximately $4.83 per share in a one-time cash dividend. In addition, current Electro-Sensors shareholders will retain 11% ownership of the merged company. The deal is scheduled to close in the third quarter of 2022.

Bragar Eagel & Squire is concerned that Electro-Sensors’ board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Electro-Sensors’s stockholders.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Electro-Sensors. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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