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The Latest SPAC News and Rumors: February 16, 2023


The Latest SPAC News and Rumors: February 16, 2023


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Delaware Court of Chancery ruling regarding stockholder class vote creates new obstacle for de-SPACs

Delaware Court Ruling Regarding Stockholder Class Vote Creates New Obstacle For Former SPACs

In a case filed simply to determine whether a plaintiff was entitled to attorneys’ fees and expenses for conferring a benefit on a corporation, the Delaware Court of Chancery held that the planned stockholder vote by the corporation would have been insufficient under Delaware law to authorize amendments to the corporation’s certificate of incorporation in connection with a de-SPAC merger transaction. Garfield v. Boxed, Inc., No. 2022-0132-MTZ, 2022 WL 17959766 (Del. Ch. Dec. 27, 2022).