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You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Tenzing Acquisition Corp. (“Tenzing” or the “Company”) (NASDAQ: TZAC) with Reviva Pharmaceuticals, Inc. (“Reviva”). Under the terms of the merger, Tenzing will reincorporate from the British Virgin Islands to the State of Delaware, and a newly formed Delaware subsidiary of Tenzing will merge with and into Reviva, with Reviva continuing as the surviving corporation and a wholly-owned subsidiary of Tenzing. Following the closing, shareholders of Reviva are expected to hold approximately 52% of the issued and outstanding shares of the combined company and Tenzing shareholders are expected to hold approximately 48%. The closing is subject to certain conditions and is currently expected to occur in September 2020 or the fourth quarter of 2020.
The Tenzing merger investigation concerns whether the Board of Tenzing breached their fiduciary duties to stockholders by agreeing to enter into this transaction and whether the merger undervalues Tenzing relative to Reviva, thereby harming Tenzing shareholders.
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