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MultiPlan Corp. Becomes Latest to Seek Court Fix for SPAC Stock appeared on news.bloomberglaw.com by Mike Leonard.
MultiPlan Corp. became the ninth company in the past two weeks to request a court fix for stock issued as part of its blank-check merger with a special purpose acquisition company.
The health care company filed a petition Thursday seeking to validate shares it may have technically issued without stockholder authorization after potentially misinterpreting an obscure statutory provision. MultiPlan’s merger combined it with a blank-check company backed by Michael Klein, a prolific SPAC sponsor who once led Citigroup Inc.’s investment banking division.
Under Delaware corporate laws, judges have discretionary authority to retroactively clean up defective corporate acts if they were …
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