#United States #Wilmington #Graf Industrial #Velodyne #Paul Berger

Proposed Settlement Announcement for Graf Industrial Corp. Stockholders

In a significant development for stockholders of Graf Industrial Corp., a proposed settlement has been reached regarding the acquisition of Legacy Velodyne Lidar, Inc. This comes in the wake of a stockholder class action lawsuit that has been certified by the Court of Chancery in Delaware.

Background of the Case

The legal proceedings were initiated by Paul Berger, acting as the Trustee for the Paul Berger Revocable Trust. The plaintiff's claim centers on the acquisition of the legacy business, Velodyne Lidar, which took place on September 29, 2020. As of this date, all holders of Graf Industrial common stock, whether beneficial or of record, are classified within the Settlement Class. For further details, you can access the full notice on www.VelodyneSettlement.com.

Key Details of the Settlement

The proposed settlement involves a sum of $4.75 million, which has been designed to resolve all claims against the defendants named in the lawsuit, including Graf Acquisition LLC and several individuals associated with the corporation. The agreement aims to provide financial restitution to all eligible stockholders impacted by the acquisition process.

The next significant step in this matter will be the Settlement Hearing scheduled for October 7, 2025, at 1:30 PM, presided over by The Honorable Lori W. Will. Stakeholders can attend this hearing either in person or remotely via telephone or videoconference.

During the hearing, several critical issues will be addressed:

• - Confirmation of the Settlement Class for settlement purposes
• - Assessment of the adequacy of the representation by the plaintiff and legal counsel
• - Examination of whether the terms of the proposed settlement are fair and reasonable for all parties involved
• - Deliberation on the distribution of the settlement fund to eligible stockholders based on the proposed Plan of Allocation

Implications for Eligible Stockholders

For stockholders who are members of the Settlement Class, it is essential to understand how these developments could affect their rights. If the settlement receives court approval, the Net Settlement Fund will be allocated on a pro-rata basis to eligible stockholders. Importantly, individuals do not need to file a claim to receive their share of the settlement fund.

Stockholders wishing to object to any aspect of the proposed settlement must do so by September 22, 2025. Objections should be filed with the Register in Chancery at the Court, following the protocols outlined in the full notice.

For inquiries or to request a formal notice, stockholders can contact the Settlement Administrator at Velodyne Settlement, or reach out to Plaintiff's Counsel, Kimberly A. Evans from Block & Leviton LLP.

Conclusion

This proposed settlement is an essential step for stockholders of Graf Industrial Corp. following the acquisition of Velodyne Lidar. Stakeholders are encouraged to stay informed and participate in the upcoming Settlement Hearing to ensure their rights are adequately represented and considered during this process. For the latest updates, visiting the dedicated settlement website will provide ongoing information about this evolving matter.