Gottesman SPAC Dissolution Gets Shareholder Suit to Fold Too

A potentially ground-breaking suit challenging the legality of a blank-check company co-founded by billionaire Noam Gottesman was dropped after the SPAC decided to discontinue operations.

The company, Go Acquisition Co., told investors on June 17 that it was dropping its pursuit of a business combination and will return all funds to investors for at least $10 a share.

Go had been one of two SPACs, along with Bill Ackman’s Pershing Square Tontine Holdings, sued by shareholder George Assad, who claimed they were effectively investment companies and should be subject to regulation by the Securities and Exchange Commission. ...