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On July 6, 2023, the plaintiff and the defendants reached an agreement to settle the litigation for a total of $896,973 in cash (the “Settlement”) on behalf of a proposed non-opt-out “Settlement Class” of record holders and beneficial owners of Advant-e common stock who were paid cash for fractional shares of Advant-e common stock as a result of the 1 for 20,000 reverse stock split that took place in December 2021 (the “2021 Reverse Stock Split”).  The proposed Settlement amounts to approximately $1.75 per share of Advant-e common stock that was cashed out in the 2021 Reverse Stock Split, or a 33.3% increase to the $5.25 per share price paid by Advant-e for shares cashed out as part of the 2021 Reverse Stock Split (the “2021 Reverse Stock Split Cash Payment”).  Potential Settlement Class members will receive notice of the proposed Settlement from the Settlement Administrator, KCC.  
 
If the Court approves the Settlement and the proposed Plan of Allocation, each Settlement Class Member will be eligible to receive a pro rata payment from the Net Settlement Fund (the Settlement Fund minus Taxes, Tax Expenses, Notice and Administration Costs, any Fee and Expense Award and Service Award awarded by the Court, and any other costs or fees approved by the Court) based on the number of shares each Settlement Class Member had cashed out in the 2021 Reverse Stock Split.
 
Settlement Class Members do not have to submit a claim form in order to be entitled to receive a payment from the Settlement Fund under the Plan of Allocation. Rather, payment will be made to Settlement Class Members in the same manner in which Settlement Class Members received their 2021 Reverse Stock Split Cash Payment based on the information provided by Defendants, their agents, and the Depository Trust Company (“DTC”).
 
The Delaware Chancery Court has scheduled a hearing on November 8, 2023 at 1:00 p.m. to consider, among other things, whether (i) to finally certify the Action as a non-opt out class action; (ii) the proposed Settlement should be approved as fair, reasonable, and adequate; (iii) the Action should be dismissed with prejudice and the releases specified and described in the Stipulation of Settlement should be granted; and (iv) to approve a request for an award of attorneys’ fees not to exceed 15% of the Settlement, or $134,545, reimbursement of litigation expenses not to exceed $25,000, and a service award to Plaintiff (to be paid solely from any award of attorneys’ fees and expenses) not to exceed $1,000. 
 
More information on the Settlement and the November 8, 2023 court hearing is available in the Stipulation of Settlement and the Long Form, and  through the settlement website, www.advantestockholdersettlement.com.  
 

• Phone: Carl L. Stine – (212) 451-9631
• Joshua W. Ruthizer – (212) 451-9668
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