Dune Acquisition Corporation Files Lawsuit Against TradeZero; Says 'Tradezero And The Other Defendants Named Therein Fraudulently Induced Dune To Enter Into The Agreement And Plan Of Merger'

Author: Benzinga Newsdesk | April 18, 2022 08:02am

 Dune Acquisition Corporation (NASDAQ:DUNEU, DUNE, DUNEW))))) ("Dune"), a special purpose acquisition company, today announced that, on April 6, 2022, Dune publicly filed a complaint in Delaware court, which alleges, among other things, that TradeZero and the other defendants named therein fraudulently induced Dune to enter into the Agreement and Plan of Merger among Dune, TradeZero and the other parties thereto (the "Merger Agreement) and that TradeZero has materially breached the Merger Agreement. On April 14, 2022, TradeZero and the other defendants accepted service of the complaint. TradeZero's material breach of the Merger Agreement has and will cause irreparable injury to Dune, and Dune intends to take all necessary steps to protect Dune and its investors, including by pursuing remedies through litigation.

Dune is continuing to work with TradeZero under the terms of the Merger Agreement to finalize the proxy statement and intends to call a special meeting of Dune's stockholders to vote on the business combination with TradeZero (the "Business Combination") as promptly as practicable.

If the Business Combination is approved by Dune's stockholders, there remains a risk that one or more conditions to closing in the Merger Agreement will not be satisfied. Dune reserves its rights to assert that those or other conditions to closing cannot be satisfied, as well as other rights under the Merger Agreement.

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