VPC Impact Acquisition Holdings SPAC Settlement ($7 million)

If you owned Class A common stock of VPC Impact Acquisition Holdings II (VPCB) as of March 21, 2023, you may be eligible to claim a portion of a $7,000,000 settlement from a class action settlement.

VPC Impact Acquisition Holdings Sponsor II, LLC has agreed to pay $7,000,000 to settle a class action lawsuit for alleged improper deprivation of the right to receive residual assets in a distribution.

Who can submit a claim?

The settlement class includes all persons who owned Class A common stock of VPCB as of March 21, 2023, and had their shares redeemed. This includes their legal representatives, heirs, successors-in-interest, transferees, and assignees of all such holders.

This means if you held Class A Shares of VPCB on the specified date and your shares were redeemed, you are part of the settlement class and eligible to submit a claim.

How much can class members get?

The estimated recovery per Class A Share, before deductions for court-approved fees, expenses, and costs, is approximately $0.29 per share.

The final amount each class member receives will be calculated based on a pro rata distribution of the Net Settlement Fund. The Net Settlement Fund is $7,000,000 minus any Notice and Administration Costs, litigation expenses, attorneys' fees, and other court-approved costs.

How to claim an award

To claim an award, you do not need to take any action. The Settlement Administrator will automatically distribute the pro rata portion of the Net Settlement Fund to the account in which you held VPCB Class A Shares.

Settlement payment method

Payments will be distributed directly to the accounts where the Class A Shares were held at the time of redemption. No further action is required from the class members.

$7,000,000 Settlement Fund

The settlement fund of $7,000,000 will cover the payments to class members, attorneys' fees, litigation expenses, and other court-approved costs:

• Total Settlement Amount: $7,000,000
• Attorneys' Fees (not to exceed 25%): $1,750,000
• Litigation Expenses: $150,000
• Incentive Award for Lead Plaintiff: $50,000
• Net Settlement Fund (estimated): $5,050,000

Important dates

• Fairness Hearing: September 26, 2024
• Deadline to File a Claim: Not applicable as claims are automatically processed

When is the VPCB payout date?

The awards will be paid after the court grants final approval of the settlement and any appeals are resolved.

Why is there a class action settlement?

The class action lawsuit was filed to address the alleged improper deprivation of the right to receive residual assets in a distribution. The settlement aims to provide compensation to the affected class members without the need for prolonged litigation.

What happens next?

The court will hold a Fairness Hearing on September 26, 2024, to determine whether to approve the settlement. If approved, the Settlement Administrator will distribute the payments to the class members.