GlobeNewswire Inc | Jan 18, 2022 09:11AM EST

January 18, 2022

MONSEY, New York, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Falcon Minerals (Nasdaq: FLMN) (Falcon) acted in the best interests of FLMN shareholders in approving a merger with privately-held Desert Peak Minerals (Desert Peak). In particular, as detailed further below, affiliates of Blackstone, Inc. (Blackstone) sit on both sides of the transaction.

If you remain a FLMN shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:

https://wohlfruchter.com/cases/falcon-minerals/

Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.

Why is there an investigation? On January 12, 2022, Desert Peak and Falcon announced that they had agreed to merge in an all-stock transaction that will value the combined enterprise at $1.9 billion.

Wohl & Fruchters investigation concerns whether Falcons board acted in the best interests of FLMN shareholders in approving the merger with Desert Peak. In particular, upon completion of the merger, Desert Peaks current stockholders will own approximately 73% of the combined entity, while existing Falcon shareholders will only own approximately 27% of the combined entity. Moreover, Desert Peaks current stockholders may receive additional equity if Desert Peaks net debt is less than $140 million at closing.

Further, according to SEC filings, Royal Resources L.P. (Royal), an affiliate of Blackstone currently owns 40.6% of the voting power of Falcon, and has entered into a support agreement obligating it to vote in favor of the merger. However, on June 30, 2021, a different affiliate of Blackstone, Rock Ridge Royalty Company, LLC (Rock Ridge) sold approximately 18,500 Net Royalty Acres in the Delaware Basin to Desert Peak. According to SEC filings, Rock Ridge presently owns 19.8% of Desert Peak, and thus affiliates of Blackstone sit on both sides of the transaction.

Finally, according to Falcons last proxy statement, BlackRock itself separately owns shares constituting 3.5% of the voting power of Falcon.

Since the deal was announced, Falcons stock price has dropped from a close of $5.45 on January 11, 2022, to a close of $4.98 on January 14, 2022.

About Wohl & Fruchter Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

Contact: Wohl & Fruchter LLP Joshua E. Fruchter Toll Free 866.833.6245 alerts@wohlfruchter.comwww.wohlfruchter.com