Settlement Announcement for Sports Entertainment Acquisition Corp. Class Action Affects Stockholders

Overview of the SEAC Class Action Lawsuit Settlement

In a crucial announcement, Robbins Geller Rudman & Dowd LLP and Andrews & Springer LLC have informed holders of Sports Entertainment Acquisition Corp. (SEAC) Class A Common Stock about a proposed settlement regarding a stockholder class action. This notice, authorized by the Court of Chancery of Delaware, pertains to individuals who retained their shares as of the merger's closing date on January 27, 2022. The proposed settlement involves an amount of $12 million in cash, aimed at addressing all claims associated with this action.

Details of the Litigation

The plaintiff, Dylan Newman, initiated this class action suit representing all shareholders who did not fully redeem their SEAC shares during the merger procedure. The lawsuit highlights potential issues related to the merger's execution and its impact on stockholders. This action has been preliminarily classified as a class action for those eligible, encompassing shareholders whose rights may have been affected by this transaction.

Why This Matters

For all affected shareholders, the class action settlement presents an opportunity for recovery and compensation. Under the proposed settlement agreement, if it is approved in a court hearing scheduled for September 15, 2025, all claims in the action will be settled, which can ultimately provide a degree of closure to the stockholders involved. This provides a chance for those involved to reclaim a portion of their investment that may have been jeopardized during this corporate transition.

Important Deadlines and Requirements

To benefit from the proposed settlement fund, shareholders must submit a Proof of Claim by October 15, 2025. This submission can be made online via the official settlement website or through the mail. It is crucial that any claim forms are legibly postmarked by this date to be considered valid.

Participants must take note that this class is a non-opt-out group per court rules. Therefore, all members are required to abide by the court's judgment regarding the settlement, should it be finalized. This means that shareholders must ensure their claims are submitted in compliance with the stipulated deadlines to be eligible for any recovery from the settlement fund.

Upcoming Hearing

The court session on September 15, 2025, at 11:00 a.m. will determine several essential aspects:
1. Final certification of the class for settlement purposes.
2. Confirmation of plaintiff and counsel's adequacy in representing the class.
3. Evaluation of whether the settlement is fair and reasonable.
4. Assessment of the proposed plan for the allocation of the settlement fund.
5. Consideration of any objections raised regarding the settlement, allocation plan, and counsel's fees.

If you fall under the category of SEAC Class A common stockholders who did not redeem all your shares by the merger’s closing date, you are strongly encouraged to review all communications and ensure timely compliance with any required actions to participate in this settlement.

Conclusion

The notification released by Robbins Geller Rudman & Dowd LLP alongside Andrews & Springer LLC highlights the importance of being proactive in addressing potential claims arising from corporate actions. For SEAC stakeholders, this proposed settlement signifies a pathway to rectify grievances related to the merger and represents an essential step toward securing their investments. Shareholders are urged to engage with the proposed settlement actively and seek further documentation if not already received. The outcomes of the scheduled court hearing will ultimately shape the course of these proceedings and impact those involved.