NEW YORK, April 10, 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 65% 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 9, 2024 was $0.35 per share, a 96.5% decline from the $10.00 per share IPO stock price.
On June 29, 2021, Social Capital Suvretta Holdings Corp. III (NASDAQ: DNAC) held its initial public offering (IPO) at $10.00 per share and raised $220 million. Then on January 18, 2022, Social Capital announced it was engaging in a $2.64 billion de-SPAC transaction with ProKidney LP. The transaction closed on July 11, 2022 and the combined company was renamed ProKidney Corp. (NASDAQ: PROK). ProKidney’s closing stock price on April 9, 2024 was $1.49 per share, an 85.1% decline from the $10.00 per share IPO stock price.
On January 19, 2022, Banyan Acquisition Corporation (NYSE: BYN) held its initial public offering (IPO) at $10.00 per share and raised $210 million. Then on June 23, 2023, Banyan announced it was engaging in a $520 million de-SPAC transaction with Pinstripes, Inc. The transaction closed on December 29, 2023 and the combined company was renamed Pinstripes Holdings, Inc. (NYSE: PNST). Pinstripe’s closing stock price on April 9, 2024 was $3.47 per share, a 65.3% 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 9, 2024 was $0.44 per share, a 95.6% 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
