Lead plaintiff Funicular Funds, LP and lead counsel Morris Kandinov LLP filed motions for (1) final approval of a $13 million settlement of claims arising from the liquidation of Pioneer Merger Corp., a special purpose acquisition company (SPAC); and (2) attorneys’ fees, expenses, and an incentive award to lead plaintiff.
The settlement amount equates to approximately $0.36 per share before expenses, reflecting approximately 65% of Pioneer’s remaining cash for distribution solely to Class A stockholders, and may be increased through an additional recovery from an applicable insurance policy, as discussed in the settlement notice, which has been distributed to members of the class. The final approval hearing is scheduled for May 28, 2024.
The litigation is Funicular Funds, LP v. Pioneer Merger Corp., et al., No. 22-10986-JSR. Contact Aaron Morris for additional information.
