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Matterport Ex-CEO Wins Appeal Over SPAC Stock Lockup Provision

July 27, 2022, 4:25 PM

Matterport Inc.'s ex-CEO prevailed on appeal Wednesday in a stock dispute with his former company, when Delaware’s top court ruled that he wasn’t bound by a share lockup bylaw tied to the 3D technology maker’s 2021 blank-check merger.

The state’s justices affirmed a decision by Vice Chancellor Lori W. Will, who ruled in favor of William Brown in a post-trial decision for Delaware’s Chancery Court. Will gave Brown permission to sell shares he received months after the transaction, saying they weren’t covered by the lockup clause.

The lawsuit, filed in July 2021, stems from a deal combining Matterport with Gores ...