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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Standard BioTools Inc | NASDAQ:LAB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 1.58% | 2.57 | 2.48 | 2.60 | 2.58 | 2.4504 | 2.51 | 1,643,546 | 21:00:10 |
BOULDER, Colo., Dec. 28, 2023 /PRNewswire/ -- Dr. Larry Gold, the founder of SomaLogic, Inc. ("SomaLogic" or the "Company") (Nasdaq: SLGC) and Dr. Jason Cleveland, SomaLogic's current Chief Technology Officer, are issuing the below letter to SomaLogic's stockholders regarding their opposition to the Company's proposed merger with Standard BioTools, Inc. ("Standard") (Nasdaq: LAB).
Dear Fellow Stockholders:
We are writing as concerned stockholders of SomaLogic, Inc. ("SomaLogic" or the "Company"). Both of us have longstanding relationships with the Company. Larry founded SomaLogic in 2000 and continues to be a significant stockholder. Jason has been involved with the Company since 2016 and has served as Chief Technology Officer since 2021.
Both of us have great faith in SomaLogic's potential. Both of us also have serious concerns about the proposed stock-for-stock combination between the Company and Standard BioTools Inc. ("Standard") that was announced on October 4, 2023 (the "Proposed Combination") and is currently scheduled to be voted on at a stockholder meeting on January 4, 2024. In particular, we believe the Proposed Combination is lacking in clear business rationale and shows signs of having been undertaken at the direction and for the benefit of Eli Casdin, who is a significant equityholder in both SomaLogic and Standard, and a member of the boards of directors of both companies.
Based on these concerns, on December 13, 2023 we filed a class action lawsuit in Delaware Chancery Court against Eli Casdin, Casdin Capital, LLC ("Casdin Capital"), members of the boards of directors of SomaLogic and Standard (the "Stockholder Complaint"). The Stockholder Complaint asserts that the defendants breached their fiduciary duties of loyalty and care and approved a merger process that was rife with conflicts, transacted at an unfair price, and undertaken for the benefit of Mr. Casdin and his affiliates and to the detriment of SomaLogic stockholders.
Independent from the Stockholder Complaint, a number of other SomaLogic stockholders have made public statements in opposition to the Proposed Combination, including a full-fledged proxy solicitation by Madryn Asset Management, LP. Together these public campaigns and the Stockholder Complaint have raised a variety of arguments against the Proposed Combination. We will not rehash all of these arguments here. Instead, the purpose of this letter is to reiterate that both of us plan to vote AGAINST the Proposed Combination and to iterate our fundamental reasons for this position.
As we stated, the above list is not exhaustive and both the Stockholder Complaint and statements by other stockholders raise important additional arguments against the rationale of the Proposed Combination. We wanted to reiterate these concerns and restate our intention to vote AGAINST the Proposed Combination.
Sincerely,
/s/ Larry Gold
Larry Gold
/s/ Jason Cleveland
Jason Cleveland
Contact
Jason Cleveland
jpcleve@icloud.com
Media Contact
Taylor Ingraham
ASC Advisors
tingraham@ascadvisors.com
203 992 1230
View original content:https://www.prnewswire.com/news-releases/dr-larry-gold-and-dr-jason-cleveland-issue-open-letter-to-somalogic-stockholders-opposing-somalogics-proposed-merger-with-standard-biotools-302023504.html
SOURCE Dr. Larry Gold and Dr. Jason Cleveland
Copyright 2023 PR Newswire
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