Mackinac Financial Corporation

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Ademi LLP is investigating Mackinac (Nasdaq: MFNC) for possible breaches of fiduciary duty and other violations of law in its transaction with Nicolet.

Ademi LLP alleges Mackinac’s financial outlook is excellent and yet Mackinac shareholders will receive only 0.22 shares of Nicolet's common stock and $4.64 for each share of common stock of Mackinac with total consideration to consist of approximately 80% stock and 20% cash. Based upon the closing price of Nicolet common stock of $84.40 on April 9, 2021, the implied per share purchase price is $23.21, with an aggregate transaction value of approximately $248 million. The merger agreement unreasonably limits competing bids for Mackinac by prohibiting solicitation of further bids, and imposing a termination penalty if Mackinac accepts a superior bid. Mackinac insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Mackinac’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Mackinac.