Chancery Fixes Millions Of Potentially Invalid De-SPAC Shares
In a quick series of bench rulings at hearings in Wilmington Monday, Vice Chancellor Lori W. Will retroactively ratified share issuances and confirmed charter amendments for Lordstown Motors Corp., ChargePoint Holdings Inc., Lucid Group Inc., and Fisker Inc., finding the relief was "appropriate, just, and equitable" to the companies and their shareholders.
And it is officially official:
On February 20, 2023, the hearing took place and the Court of Chancery approved the Company’s request for relief. The Court of Chancery then entered an order under 8 Del. C. §205 on February 21, 2023 (1) declaring the Company’s second amended and restated certificate of incorporation (the “Current Certificate of Incorporation”), including the filing and effectiveness thereof, as validated and effective retroactive to the date of its filing with the Office of the Secretary of State of the State of Delaware on October 29, 2020, and all amendments effected thereby and (2) ordering that the Company’s securities (and the issuance of the securities) described in the Petition and any other securities issued in reliance on the validity of the Current Certificate of Incorporation are validated and declared effective, each as of the original issuance dates.