Are CTGO, FONR, CWAN Obtaining Fair Deals for their Shareholders?

Rhea-AI Summary

{"summary":"","positive":[],"negative":[],"faq":[]}

Key Figures

Post-merger ownership: 50% FONAR Class B price: $19.00 per share FONAR Class C price: $6.34 per share +1 more

4 metrics

Post-merger ownership 50% Contango shareholders’ ownership of combined company after Dolly Varden merger

FONAR Class B price $19.00 per share Sale of FONAR Class B common stock to CEO-affiliated buyers

FONAR Class C price $6.34 per share Sale of FONAR Class C common stock to CEO-affiliated buyers

CWAN deal price $24.55 per share Cash sale of Clearwater Analytics Holdings to Permira and Warburg Pincus

Market Reality Check

Price: $27.34 Vol: Volume 116,946 is about 5...

low vol

$27.34 Last Close

Volume Volume 116,946 is about 56% below the 20-day average of 265,421, suggesting a lighter pre-news session. low

Technical Trading above its 200-day MA of $22.74, with price at $27.34 and about 20% below the 52-week high.

Peers on Argus

CTGO was up 3.21% while selected gold peers showed mixed strength: HYMC +5.52%, ...

2 Up

CTGO was up 3.21% while selected gold peers showed mixed strength: HYMC +5.52%, USAU +2.15%, and GORO +4.35%, but scanner data flags this as stock-specific rather than a coordinated sector move.

Historical Context

5 past events · Latest: Feb 12 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 12	Financing webinar	Neutral	-9.1%	Webcast scheduled to discuss recent financing and hedge book reduction.
Feb 12	Financing closed	Neutral	-9.1%	Closed $50M equity and warrant offering to fund hedge buybacks and puts.
Feb 11	Financing announced	Neutral	+0.9%	Announced $50M underwritten offering of stock and pre‑funded warrants.
Dec 08	Merger announced	Positive	-0.8%	Merger-of-equals with Dolly Varden to form Contango Silver & Gold Inc.
Dec 02	Permitting milestone	Positive	+6.3%	Johnson Tract accepted into FAST-41, improving permitting coordination and timelines.

Pattern Detected

Recent financings and merger news often led to moderate moves, with generally aligned reactions except for a slight selloff on the initially positive merger announcement.

Recent Company History

Over the past few months, CTGO focused on balance sheet and strategic restructuring. In Dec 2025, it announced a merger-of-equals with Dolly Varden Silver targeting roughly 50/50 ownership and later detailed this in proxy filings. A FAST-41 permitting win on Dec 1, 2025 drew a 6.27% gain. In Feb 2026, CTGO raised about $50 million via an underwritten offering to buy back gold hedge contracts, which coincided with a roughly 9% pullback. Today’s law-firm investigation centers on whether merger terms are fair to shareholders.

Market Pulse Summary

This announcement highlights an investor-rights law firm reviewing whether CTGO’s merger with Dolly ...

Analysis

This announcement highlights an investor-rights law firm reviewing whether CTGO’s merger with Dolly Varden Silver, which targets roughly 50% ownership for existing Contango holders, offers fair value and adequate disclosures. It sits against a backdrop of a recent $50M equity and warrant financing aimed at hedge restructuring and a permitting milestone at Johnson Tract. Key issues to watch include the final merger vote, any changes to consideration, ongoing regulatory filings, and how integration plans evolve.

Key Terms

fiduciary duties, contingent fee, Class B common stock, Class C common stock

4 terms

fiduciary duties regulatory

"investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders"

Fiduciary duties are the legal and ethical responsibilities that company directors, officers, or financial advisors have to put shareholders’ interests ahead of their own, acting with honesty, care, and loyalty. Think of it like a guardian managing someone’s money: choices must prioritize the owner’s benefit, avoid conflicts, and be made with prudent judgment; investors rely on these duties to ensure decisions aren’t self‑serving and to provide grounds for legal action if abused.

contingent fee financial

"We would handle any matter on a contingent fee basis, whereby you would not be responsible"

A contingent fee is a payment arrangement where a party — often a lawyer, adviser or broker — gets paid only if a specified result is achieved, such as winning a case, completing a deal or recovering funds. For investors, contingent fees matter because they shift risk from the client to the service provider, can influence the timing and size of payments, and create incentives that may affect negotiation, litigation or deal strategies, similar to hiring a contractor who gets paid only when a job is finished successfully.

Class B common stock financial

"for $19.00 per share for FONAR's Class B common stock and $6.34 per share"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Class C common stock financial

"per share for FONAR's Class B common stock and $6.34 per share for FONAR's Class C common stock"

A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.

AI-generated analysis. Not financial advice.

Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transactions may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

NEW YORK, Feb. 16, 2026 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

Contango ORE, Inc. (NYSE American: CTGO)'s merger with Dolly Varden Silver Corporation. Upon completion of the proposed transaction, Contango shareholders will own approximately 50% of the combined company. If you are a Contango shareholder, click here to learn more about your legal rights and options.

FONAR Corporation (NASDAQ: FONR)'s sale to affiliates of Chief Executive Officer Timothy Damadian and certain executives and directors of the company for $19.00 per share for FONAR's Class B common stock and $6.34 per share for FONAR's Class C common stock. If you are a FONAR shareholder, click here to learn more about your legal rights and options.

Clearwater Analytics Holdings, Inc. (NYSE: CWAN)'s sale to Permira and Warburg Pincus for $24.55 per share in cash. If you are a Clearwater shareholder, click here to learn more about your rights and options.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
sadeh@halpersadeh.com
zhalper@halpersadeh.com
https://www.halpersadeh.com

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SOURCE Halper Sadeh LLP