BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Social Capital Suvretta Holdings Corp. I (Nasdaq - DNAA), Arisz Acquisition Corp. (Nasdaq - ARIZ), Sports Ventures Acquisition Corp. (Nasdaq - AKIC)

Rhea-AI Summary

Brodsky & Smith has initiated investigations regarding possible fiduciary duty breaches by the Boards of several SPACs, including Sports Ventures Acquisition Corp. (AKIC). The investigation focuses on whether the Boards conducted fair processes during their mergers, particularly concerning shareholder dilution. In the case of AKIC, the company plans to merge with DNEG, a visual effects and animation firm, retaining 14.9% ownership for Sports Ventures shareholders. Concerns are raised about potential financial implications and governance standards.

Positive

• AKIC's planned merger with DNEG may enhance its market presence in the visual effects and animation industry.
• Shareholders of AKIC will retain 14.9% ownership in the combined company, maintaining some control after the merger.

Negative

• Investigations into AKIC's Board may indicate possible breaches of fiduciary duties, raising concerns about governance practices.
• Potential dilution of ownership interest could negatively impact current shareholders' value.

BALA CYNWYD, Pa., Jan. 26, 2022 /PRNewswire/ -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky or Marc Ackerman at 855-576-4847. There is no cost or financial obligation to you.

Social Capital Suvretta Holdings Corp. I (Nasdaq – DNAA) 

Under the terms of the agreement, Social Capital I, a SPAC, will combine with Akili Interactive ("Akili"), a leading digital medicine company developing cognitive treatments through technology, and result in Akili becoming a publicly-listed company. Under the terms of the agreement, Social Capital I shareholders will retain ownership of 23% of the combined company.

The investigation concerns whether the Social Capital I Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of ownership interest in the combined company.

Additional information can be found at https://www.brodskysmith.com/cases/social-capital-suvretta-holdings-corp-nasdaq-dnaa/.https://www.brodskysmith.com/cases/dunkin-brands-group-inc-nasdaq-dnkn/

Arisz Acquisition Corp. (Nasdaq – ARIZ)  

Under the terms of the agreement, Arisz, a SPAC, will combine with Finfront Holding Company ("BitFuFu"), a digital asset mining service and cloud-mining service provider, and result in BitFuFu becoming a publicly-listed company. Under the terms of the agreement, Arisz shareholders will retain ownership of 4.4% of the combined company. The investigation concerns whether the Arisz Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of ownership interest in the combined company.

Additional information can be found at https://www.brodskysmith.com/cases/arisz-acquisition-corp-nasdaq-ariz/.https://www.brodskysmith.com/cases/social-capital-suvretta-holdings-corp-iii-nasdaq-dnac/https://www.brodskysmith.com/cases/dunkin-brands-group-inc-nasdaq-dnkn/

Sports Ventures Acquisition Corp. (Nasdaq – AKIC)   

Under the terms of the agreement, Sports Ventures, a SPAC, will combine with DNEG, a technology-enabled visual effects and animation company for the creation of feature film, television and multiplatform content, and result in DNEG becoming a publicly-listed company. Under the terms of the agreement, Sports Ventures shareholders will retain ownership of 14.9% of the combined company. The investigation concerns whether the Sports Ventures Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of ownership interest in the combined company.

Additional information can be found at https://www.brodskysmith.com/cases/sports-ventures-acquisition-corp-nasdaq-akic/.https://www.brodskysmith.com/cases/dunkin-brands-group-inc-nasdaq-dnkn/

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. Attorney advertising. Prior results do not guarantee a similar outcome.

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SOURCE Brodsky & Smith, LLC

FAQ

What is the investigation concerning Sports Ventures Acquisition Corp. (AKIC)?

The investigation focuses on whether the AKIC Board breached fiduciary duties to shareholders during its merger process with DNEG, especially regarding ownership dilution.

What percentage of the combined company will Sports Ventures shareholders retain after the merger?

Sports Ventures shareholders will retain 14.9% ownership in the combined company post-merger with DNEG.

What is the strategic importance of the merger between AKIC and DNEG?

The merger aims to create a publicly-listed company that specializes in technology-enabled visual effects and animation, potentially expanding market reach.