Fisker and its shareholders, among other De-SPACs, received relief from Delaware’s Court of Chancery for the position they believed they were already in.
Today, Fisker and its shareholders received relief from Delaware’s Court of Chancery surrounding it’s SPAC merger with Spartan Energy Acquisition Corp. As we mentioned earlier this month, Fisker was asking the Delaware Court of Chancery to retroactively validate stock issuances related to its blank-check merger that may have been unauthorized due to a legal technicality. Fisker had a hearing scheduled for earlier today with the Delaware Court of Chancery to resolve this matter. Apparently, the matter was resolved.
It was reported by 360Law this afternoon that Delaware’s Court of Chancery rectified doubts raised by a vice chancellor’s decision last year and “restored confidence to millions of investors in former blank-check companies, validating over a billion publicly-traded shares.” Vice Chancellor Lori Will ratified share issuances and confirmed charter amendments for several special-purpose acquisition companies (SPACs), including Fisker, Lordstown Motors, ChargePoint and Lucid, during quick bench rulings at hearings in Wilmington.
Under Delaware General Corporation Law, the court is permitted to rectify legal errors and retroactively correct “defective corporate acts,” which is what Fisker and other companies were seeking relief for. All the companies seeking relief were taken public through reverse mergers with blank-check companies. According to Fisker’s attorney, no shareholders objected at the hearing since the purpose of the hearing was to restore Fisker and its shareholders to the position they believed they were already in.
Fisker’s Q4 2022 Earnings Call
Fisker is scheduled to release its Q4 2022 earnings on Monday, February 27th, 2023 after the stock market close. The company will hold a conference call at 2:00pm Pacific Time to discuss its quarterly earnings. The earnings call was previously scheduled for after today’s hearing. This is because the uncertainty around share issuances would have prevented Fisker from providing definitive guidance for the coming year. With relief from Delaware’s Court of Chancery, Fisker can provide shareholders with the necessary updates.
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