Sidley Represents Hennessy Capital in Precedential Decision Involving a SPAC

Sidley represented Hennessy Capital and the former directors of Hennessy Capital Acquisition Corp. IV, a Special Purpose Acquisition Company (SPAC), in breach of fiduciary litigation brought in the Delaware Court of Chancery arising out of the SPAC’s business combination with Canoo, an electric vehicle company. On May 31, 2024, the Court of Chancery dismissed the claims with prejudice, the first dismissal in a case challenging a SPAC transaction under the so-called “entire fairness” doctrine. The Sidley team was led by Jim Ducayet (Chicago), who was supported by Heather Benzmiller Sultanian (Chicago) and Thomas H. Collier (Chicago).