Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS
On May 21, 2021, the Company received a demand to inspect its books and records under 8 Del. C. § 220 from a purported stockholder of the Company. The demand alleges, among other things, that the Company's officers and directors may have breached or may in the future breach their fiduciary duties in relation to the lawsuit filed against Archer by Wisk in the U.S. District Court for the Northern District of California on April 6, 2021. The Company has produced and is continuing to produce certain materials to the stockholder's counsel. Separately, certain other purported stockholders of the Company have demanded, by letters to Atlas’s counsel, that Atlas include certain additional disclosures in this proxy statement/prospectus and that the Company provide holders of the Company’s Class A Common Stock with a separate class vote on the Class A share increase proposal. The Company does not agree with any of the stockholder’s allegations of wrongdoing.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.