In In re Hennessy Capital Acquisition Corp. IV Stockholder Litigation, the Delaware Court of Chancery for the first time dismissed breach of fiduciary duty claims against directors involved in a merger with a special purpose acquisition company (SPAC) under the “entire fairness” standard. This decision will help to serve as roadmap for defending against disclosure claims arising in the SPAC context.
Source: Delaware Court of Chancery dismisses “De-SPAC” merger claims at motion to dismiss stage