Securities Regulation Daily Wrap Up, MERGERS AND ACQUISITIONS—Del. Ch..: SPAC could not restrict CEO’s shares of acquired company, (Jan 10, 2022)

By Lene Powell, J.D.

The court rejected the argument that the CEO’s reading of a share transfer restriction would nullify it completely, noting that the restriction did apply to some shareholders.

A CEO’s shares in a company acquired by a special purpose acquisition company (SPAC) were not subject to a lockup restriction, the Delaware Cou ...