NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of SAB Biotherapeutics, Inc. (“SAB” or the “Company”) (NASDAQ: SABS). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether SAB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 22, 2021, in a filing with the U.S. Securities and Exchange Commission, SAB disclosed that “[o]n November 22, 2021, the audit committee of the board of directors of the Company (the “Audit Committee”) concluded, after discussion with the Company’s management, that it should restate certain of its previously reported financial statements for periods prior to the Company’s business combination with its predecessor, Big Cypress Acquisition Corp. The Company previously determined the common stock subject to possible redemption to be equal to the redemption value of $10.10 per common stock while also taking into consideration its charter’s requirement that a redemption cannot result in net tangible assets being less than $5,000,001. Upon review of certain of its financial statements for the period ended September 30, 2021, the Company reevaluated the classification of the common stock and determined that the common stock issued during the initial public offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480- 10-S99. Therefore, management concluded that the carrying value should include all common stock subject to possible redemption, resulting in the common stock subject to possible redemption being classified as temporary equity in its entirety.” On this news, SAB’s stock price fell sharply during intraday trading on November 22, 2021.
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Robert S. Willoughby