Getty Images Holdings must pay about $88 million to three investment funds for improperly denying their exercise of stock warrants after the media supplier went public by merging with a blank-check company, Bloomberg reports.
It’s also liable for prejudgment interest in an amount still to be determined, Judge Jed S. Rakoff said for the US District Court for the Southern District of New York. Rakoff’s summary judgment ruling was entered Oct. 27 in the dockets of the two consolidated cases.
Alta Partners and two CRCM funds, CRCM Institutional Master Fund (BVI) Ltd. and CRCM SPAC Opportunity Fund won the award.
Getty Images and CC Neuberger Principal Holdings closed their merger in July 2022.
The deal was valued at $4.8 billion at announcement, with total equity investment of about $1.2 billion. In addition to its trust, the SPAC brought a $300 million backstop into the deal, with further support from a $200 million forward purchase agreement provided by an affiliate of the CC Neuberger sponsor and $150 million in PIPE financing. Read more.
