Under the terms of the agreement, investors are slated to receive $33.00 in cash plus 0.4735 shares of MiMedx common stock for each Sanara share held. This package is valued at approximately $35 per share, based on a five-day average closing price for MiMedx stock through July 28, 2026.

Ademi LLP alleges that the deal structure includes restrictive provisions that penalize Sanara for entertaining alternative bids, effectively limiting competition. With reports that Sanara insiders stand to gain significant financial benefits from the change-of-control arrangements, legal counsel is now evaluating if the board fulfilled its fiduciary obligations to the broader shareholder base.