Blockchain Coinvestors Acquisition Corp. I (ticker: BCSA), a special purpose acquisition company or SPAC, has reached a proposed $2.2 million settlement relating to the distribution the SPAC’s residual assets. The SPAC is currently in voluntary liquidation in the Cayman Islands and under the control of joint liquidators. The dispute arose from certain termination payments received by BCSA before its liquidation. Subject to approval of the Cayman Islands court, the settlement amount plus any interest earned thereon and less any liquidation costs, administrative costs, litigation expenses, and other costs or fees will be distributed pro rata to Class A shareholders who held shares immediately prior to the redemption. Shareholders need not submit claims forms in order to receive payment, and the proceeds will be distributed pro rata based on records held by DTC. Shareholders who do not wish to participate may submit an exclusion request as provided in the settlement agreement and notice. Shareholders who do not submit an exclusion request will be bound by the terms of the settlement agreement. The notice of settlement is available below.
Morris Kandinov LLP represented a Class A shareholder in connection with the liquidation and settlement. Contact Aaron Morris for additional information.