Jun. 26 at 11:31 PM
$MBAI Check-Cap announced a merger with Nobul AI in March 2024, but by May 2025—14 months later—no shareholder vote had been scheduled, and there was no disclosure that Nobul had amalgamated with Apollo Technology Capital on August 26, 2024, (GlobeNewswire) leaving Check-Cap shareholders potentially unaware their merger counterparty no longer existed in its original form.
Key governance failures:
Disclosure & Transparency Issues:
Shareholders were kept in the dark about the Nobul/Apollo merger, potentially continuing to believe they were voting on a deal with an entity that no longer existed. (GlobeNewswire) This is corporate deception via omission.
Cash Transfers with Questionable Benefit:
MediPharm raised the critical question: "How did it benefit Check-Cap shareholders to transfer millions of dollars to Nobul?" (GlobeNewswire) Suggests significant capital was moved without clear shareholder justification.
Lawsuit
In October 2024 a derivative claim was filed .
Rinse & repeat
