The merger of two crypto treasury companies, Strive and Semler Scientific, faces shareholder opposition.

PANews reported on October 16th that, according to Cointelegraph, a shareholder of medical technology company Semler Scientific has filed a lawsuit seeking to block the company's proposed merger with Strive. According to the complaint filed in the United States District Court for the Northern District of Illinois, plaintiff Terry Tran accused Semler Scientific and its board of directors of violating Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. These two laws prohibit the provision of misleading voting materials to shareholders and hold company leaders accountable for these violations. The complaint alleges: "The registration statement contains material omissions and is misleading regarding the financial impact of the proposed transaction on the combined company and the financial fairness of the proposed transaction." The plaintiff requested the court to suspend the shareholder vote or any steps to facilitate the completion of the merger until the company issues corrected disclosures addressing the omissions in the proxy statement. If the transaction is already executed, Tran seeks to cancel the merger or receive monetary damages. If the court grants the injunction, the merger could face significant delays.

Earlier news , Strive announced that it would acquire Semler Scientific. The merged company will own more than 10,900 bitcoins before any additional financing.