Nuvation Bio files Delaware court petition to validate share increase amendments after Boxed ruling

Nuvation Bio Inc.

Filed petition in Delaware Court of Chancery under Section 205 of DGCL to validate charter amendment increasing authorized shares of Class A from 500M to 1B and Class B from 20M to 60M.
Petition follows December 2022 Boxed ruling that created uncertainty about whether separate class votes were required for share increases by SPACs.
Hearing set for March 14, 2023; company warns failure to validate could materially impact ability to timely file 2022 Form 10-K.
Company states that majority of all common stock voted in favor, and that Class A holders actually provided majority support even without separate vote.
If validation is not granted, uncertainty could affect validity of shares issued since February 2021 and ongoing operational matters like ESPP.

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