#USA #Wilmington #Pivotal Investment #Grant Eisenhofer #Spruce Power

Proposed Settlement Details for Pivotal Investment Corporation II Stockholders

Grant & Eisenhofer P.A. has recently announced a proposed settlement concerning a stockholder class action lawsuit related to Pivotal Investment Corporation II (Pivotal II). This class action lawsuit revolves around claims made during specific periods affecting numerous stockholders.

Summary of the Case

The case, currently pending in the Court of Chancery of the State of Delaware, is classified as the In re XL Fleet (Pivotal) Stockholder Litigation. The class action specifically pertains to all record and beneficial holders of Pivotal II common stock during the timeframe between December 7, 2020, and December 21, 2020. It also includes those who held Pivotal II shares as of December 21, 2020, now being recognized as holders of Spruce Power Holding Corp.

The proposed settlement amount is a considerable $4,750,000, aimed at compensating stockholders affected by certain violations of the company’s charter. If approved by the court during the upcoming hearing on March 21, 2025, this amount will resolve the claims brought against the defendants involved in this class action.

Important Dates and Hearing Details

The Settlement Hearing is set for March 21, 2025, at 1:30 PM. It will be presided over by Chancellor Kathaleen St. Jude McCormick at the Court of Chancery of the State of Delaware, located in Wilmington. This hearing will serve several purposes, including:

• - Reviewing the adequacy of the class representatives and their counsel.
• - Determining the fairness and reasonableness of the proposed settlement.
• - Addressing any objections raised by class members regarding the settlement.

For those affected, updates about the hearing can be found on the dedicated settlement website: PivotalXLFleetStockholderLitigation.com.

Investor Information and Rights

Eligible class members do not need to submit a claim form to participate in the settlement. They are entitled to a pro rata share of the Net Settlement Fund. The distribution will be determined by the number of eligible shares held by each class member in accordance with the proposed Plan of Allocation.

In light of the nature of these actions, it is crucial for stockholders to be aware of their rights regarding this pending action and the settlement that is being proposed. Any objections regarding the settlement must be filed by March 7, 2025. Please ensure that all correspondence is directed to the appropriate channels as specified in the official notice.

Conclusion

This proposed settlement stands to benefit many former stockholders of Pivotal Investment Corporation II by providing potential financial compensation for perceived damages incurred during the specified timeline. Stakeholders are encouraged to stay updated on the proceedings and ensure their rights are asserted in this ongoing legal matter.