Chancery Finds SPAC’s Sponsor and Board Potentially Violated Fiduciary Duties by Depriving Public Stockholders of the Information Material to the Stock Redemption Decision

Delman v. GigAcquisitions3 LLC, C.A. No. 2021-0679-LWW (Del. Ch. January 4, 2023) – Delaware law establishes that fiduciaries of a corporation cannot be exempted from “their loyalty obligation and the attendant equitable standards of review that [the] court will apply to enforce it.”
Source: Chancery Finds SPAC's Sponsor and Board Potentially Violated Fiduciary Duties by Depriving Public Stockholders of the Information Material to the Stock Redemption Decision