Vapotherm, Inc.

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Ademi LLP is investigating Vapotherm (OTCQX: VAPO) for possible breaches of fiduciary duty and other violations of law in its transaction with Perceptive.

In the transaction, Vapotherm shareholders will receive $2.18 in cash for each outstanding share of Vapotherm common stock held immediately prior to the effective time of the merger, other than shares held by certain Vapotherm stockholders who have agreed to contribute their shares of Company common stock in exchange for ownership interests in the newly-formed entity. The transaction agreement unreasonably limits competing transactions for Vapotherm by imposing a significant penalty if Vapotherm accepts a competing bid. Vapotherm insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Vapotherm’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.