Snap reaches amended settlement in stockholder lawsuit; modifies special dividend trigger condition

Snap Inc

Lawsuit alleged breach of fiduciary duty over charter amendment and stock dividend; settlement reached without admission of wrongdoing.
Special dividend now conditioned on 90-day VWAP ≥ $40 and a ratio test relative to S&P 500 (closing value of 8,862.85).
Settlement hearing scheduled for Feb 26, 2024 at 3:15 p.m. in Delaware Court of Chancery; objections due Feb 11, 2024.
Defendants deny all allegations but settle to avoid further litigation costs and distractions.

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