ON24 Acquisition Faces Scrutiny Amid Legal and Operational Hurdles

ON24 US68339B1044

The planned departure of ON24 from the public markets is advancing, yet the path to completing this transition is fraught with complexity. As the company prepares to release its upcoming financial results, investors are closely monitoring the pending acquisition by Cvent, ongoing legal challenges, and whether the proposed cash consideration can be finalized as intended.

• Acquisition Terms: Shareholders are set to receive $8.10 per share in cash from Cvent.
• Projected Timeline: The parties aim to conclude the transaction in the first half of 2026.
• Upcoming Report: Fourth-quarter and full-year 2025 results are scheduled for release on February 24, 2026.
• Legal Context: The deal faces scrutiny from law firms, and a revived class-action lawsuit related to ON24's 2021 IPO adds another layer of uncertainty.

The definitive merger agreement with industry peer Cvent is not proceeding without obstacles. Several legal firms have initiated investigations into whether the sale process and the agreed-upon price are fair to ON24's shareholders. Compounding these concerns is the January 2026 revival of a securities class action. This lawsuit alleges ON24 made misleading statements concerning customer attrition and revenue metrics in the period leading up to its initial public offering. These concurrent legal issues represent potential complications that could influence the deal's timeline or its final terms.

Operational Performance Remains Key

Despite the focus on the acquisition, ON24's operational health is still a critical factor. The financial report due on February 24, 2026, will provide a crucial snapshot of the company's performance for the final quarter and the entirety of 2025. This disclosure offers investors one of the last clear views into its standalone financial condition before its anticipated integration into Cvent. Market observers will likely pay particular attention to the development of its AI-powered marketing solutions, an area where ON24 has established a leading position.

The Path to Closing

The central element of the plan is the all-cash acquisition agreement. If completed, ON24 shareholders will receive the specified cash payout and the company will be delisted. Finalizing this move, targeted for the first six months of 2026, remains contingent upon two major factors: approval from ON24's shareholders and the receipt of necessary regulatory clearances.

As the February 2026 earnings date approaches, the company must navigate both its operational narrative and the unresolved legal landscape. The culmination of the shareholder vote and the various investigations will ultimately be the decisive elements in determining the success of the planned merger.