The Ademi Firm is investigating iCAD (Nasdaq: ICAD) for possible breaches of fiduciary duty and other violations of law in its transaction with RadNet.
In the transaction, shareholders of iCAD will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock they hold at the closing of the merger. Based upon RadNet’s closing price on Monday, April 14, 2025, this represents a transaction value of approximately $103 million, or approximately $3.61 per share of iCAD common stock on a fully diluted basis.
iCAD insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for iCAD by imposing a significant penalty if iCAD accepts a competing bid. We are investigating the conduct of the iCAD board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.