SPAC Investors Get Final OK On $13M Pioneer Merger Corp. Settlement

Covered by Law360

The U.S. District Court for the Southern District of New York has approved the settlement brokered between Funicular Funds, LP, represented by Morris Kandinov LLP, and Pioneer Merger Corp., a SPAC that obtained a cash termination fee after its proposed business combination was terminated. The case arose from a dispute between Class A and Class B stockholders as to entitlement to the SPAC’s residual assets, including the termination fee. The settlement will result in a minimum distribution of $0.23 per share to Class A stockholders who held shares of Pioneer Merger Corp. at the time of its share redemption in 2023.

By MoKa

Contact Aaron Morris for additional information or visit the settlement website.