Proposed Settlement for Atlas Crest Shareholders in Class Action Litigation Announced

Proposed Class Action Settlement for Atlas Crest Shareholders

In a significant development for shareholders of Atlas Crest Investment Corp. who held Class A common stock as of September 10, 2021, a proposed settlement has been announced in the ongoing class action litigation related to the company's stock. This notice serves as an important catch-up for shareholders who chose not to redeem their shares by the specified deadline, delineating their rights and actions needed moving forward.

Background

The case is rooted in a consolidated stockholder litigation involving Archer Aviation Inc., pending before the Court of Chancery of the State of Delaware. Plaintiffs from the class action allege claims that have now resulted in a proposed settlement of $15 million, which, if approved by the court, would resolve all claims associated with the action. This has prompted the need for all record and beneficial holders of Atlas Crest shares to take note of the settlement's implications for their investment.

Details of the Settlement

As part of the settlement, a hearing is scheduled to take place on December 3, 2026, at 11:00 a.m. The hearing will be presided over by Vice Chancellor Lori W. Will at the Court of Chancery in Wilmington, Delaware. During this session, several crucial aspects will be discussed, including:

1. Class Certification: The court will determine if the class should be officially certified for the purpose of this settlement.
2. Representation: The adequacy of the representation of the plaintiffs and their counsel will be evaluated, along with their approval as representatives for the class.
3. Settlement Approval: The fairness and reasonableness of the proposed settlement will be scrutinized, ultimately deciding if it serves the best interests of the class members.
4. Distribution Plan: The court will review the proposed plan for allocating funds from the settlement.

How Shareholders Are Affected

For shareholders, this proposed settlement could mean the opportunity to share in the net settlement fund. Those who have not yet received formal notice or proof of claim should take action to ensure they have the necessary documentation. Interested parties can obtain this information by contacting the Settlement Administrator directly or through the dedicated website for the case.

Shareholders are encouraged to submit their Proofs of Claim by the deadline of January 4, 2027, either online or by mail to ensure they are eligible for any distributions once the settlement is finalized. Also, shareholders should be aware that this class is a non