Rumble, Perella Weinberg Seek SPAC Stock Cleanup as Others Fixed

Rumble Inc. and Perella Weinberg Partners LP brought to more than two dozen the number of businesses requesting court fixes for stock issued during a blank-check merger, the same day a Delaware judge began granting the corporate petitions.

The companies are the latest seeking to avoid potentially chaotic consequences after a Delaware Chancery Court ruling concerning a legal technicality called into question millions of shares they’d issued when combining with a special purpose acquisition company.

Under the state’s corporate laws, judges have discretionary authority to retroactively clean up defective corporate acts if they were done in good faith. The relevant ...