Snap settles stockholder lawsuit; modifies special dividend condition to include 90-day VWAP and S&P 500 ratio test

Snap Inc

Settlement reached June 13, 2023 in class action over co-founder transaction and charter amendment without separate Class A vote.
Special dividend condition changed: 90-day VWAP must be ≥ $40 and ratio of 90-day VWAP to $8.70 (May 10 close) must ≥ S&P 500 ratio.
Fairness hearing scheduled for September 7, 2023 in Delaware Court of Chancery.
Defendants deny all allegations but settle to avoid litigation costs and distractions.
Class members can obtain long-form notice at www.snapstockholderlitigation.com or call 1-877-495-0883.

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