Wolf Popper LLP Announces Investigations on Behalf of Investors in Materially Underperforming Special Purpose Acquisition Companies

Globe Newswire 4-Apr-2024 10:40 AM

NEW YORK, April 04, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of investors in the following Special Purpose Acquisition Companies (SPAC). The stock prices of these companies, which are now combined with their respective acquisition targets, have fallen between 83% and 97% compared to their initial public offering stock price of $10.00 per share. Wolf Popper is investigating whether the SPACs and their executives made materially false or misleading statements or omitted material information regarding the companies' businesses, operations, and prospects.

On May 25, 2021, Dynamics Special Purpose Corp. (NASDAQ:DYNS) held its initial public offering (IPO) at $10.00 per share and raised $200 million. Then on December 20, 2021, Dynamics announced it was engaging in a $601 million de-SPAC transaction with Senti Biosciences, Inc. The transaction closed on June 8, 2022 and the combined company was renamed Senti Biosciences, Inc. (NASDAQ:SNTI). Senti's closing stock price on April 3, 2024 was $0.34 per share, a 96.6% decline from the $10.00 per share IPO stock price.

On February 7, 2022, Aurora Technology Acquisition Corp. (NASDAQ:ATAK) held its IPO at $10.00 per share and raised $200 million. Then on February 27, 2023, Aurora announced it was engaging in a $360 million de-SPAC transaction with DIH Holdings US, Inc. The transaction closed on February 7, 2024 and the combined company was renamed DIH Holdings US, Inc. (NASDAQ:DHAI). DHI's closing stock price on April 3, 2024 was $1.13 per share, an 88.7% decline from the $10.00 per share IPO stock price.

On February 23, 2022, Clean Earth Acquisitions Corp. (NASDAQ:CLIN) held its initial IPO at $10.00 per share and raised $200 million. Then on October 12, 2022, Clean Earth announced it was engaging in an $863 million de-SPAC transaction with Alternus Energy Group Plc. The transaction closed on December 22, 2023 and the combined company was renamed Alternus Clean Energy, Inc. (NASDAQ:ALCE). Alternus's closing stock price on April 3, 2024 was $0.42 per share, a 95.8% decline from the $10.00 per share IPO stock price.

On February 24, 2022, GSR II Meteora Acquisition Corp. (NASDAQ:GSRM) held its IPO at $10.00 per share and raised $275 million. Then on August 25, 2022, GSR II announced it was engaging in an $885 million de-SPAC transaction with Lux Vending LLC dba Bitcoin Depot. The transaction closed on July 3, 2023 and the combined company was renamed Bitcoin Depot Inc. (NASDAQ:BTM). Bitcoin's closing stock price on April 3, 2024 was $1.71 per share, an 82.9% decline from the $10.00 per share IPO stock price.

Investors in the common stock in any of the above companies who would like to discuss the investigations should contact Robert Finkel at (212) 451-9620, or rfinkel@wolfpopper.com.

Wolf Popper LLP has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by courts that have appointed the firm to major positions in securities litigation. For more information, please visit www.wolfpopper.com.

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Wolf Popper LLP
Robert C. Finkel, Esq.
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9620
Email: rfinkel@wolfpopper.com