Acamar Partners Acquisition today filed additional disclosures, including background information on how it evaluated merger targets, in an effort to curtail two shareholder lawsuits involving the SPAC’s CarLotz deal. A shareholder vote is set for Jan. 20.
CarLotz stockholders approved the proposed merger with Acamar last week.
The legal actions allege that members of the SPAC’s board of directors breached their fiduciary duties in connection with the merger by omitting material information with respect to the merger from the Definitive Proxy Statement/Prospectus, and that certain other defendants aided and abetted such breaches.
Acamar denies all allegations in the suits, saying it filed additional disclosures to prevent any delay in closing the deal, as well as the cost of litigation.
As part of the merger, CarLotz equityholders would receive net consideration representing an enterprise value of $750 million, comprised of $33 million in cash payable to CarLotz equityholders, $37 million in cash payable to the holder of CarLotz preferred stock as liquidation preference amount and $680 million payable in newly issued shares of Acamar Partners Class A common stock at a price of $10 per share. Read more.
