MultiPlan, QuantumScape Latest to Seek Fix for SPAC Stock (1)

MultiPlan Corp. and QuantumScape Corp. became the ninth and 10th companies in the past two weeks to request a court fix for stock issued as part of a blank-check merger with a special purpose acquisition company.

The health care company and electric vehicle battery maker filed petitions Thursday asking Delaware’s Chancery Court to validate shares they may have technically issued without stockholder authorization after potentially misinterpreting an obscure statutory provision.

MultiPlan’s merger combined it with a blank-check company backed by Michael Klein, a prolific SPAC sponsor who once led Citigroup Inc.'s investment banking division. QuantumScape—which is trying to develop a ...