RCF VII Sponsor LLC and Another v Blue Gold Ltd [No.2) - Judgment

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                            "text": "1. The slide deck from White & Case for RCF Sponsor indicates they were interested in maintaining a stock price above $10 and wanted to avoid 'dumping' dynamics through selective unlocking of shares over time, contingent on the stock performing well."
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                            "text": "2. Perception Partners (on behalf of Plaintiffs) requested that RCF Sponsor agree to a lock-up similar to other shareholders in Perception SPAC, arguing uncontrolled dumping destroyed shareholder value in previous de-SPAC transactions and wanted alignment of interests to support the stock price and enable all parties to exit at attractive valuations."
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                            "text": "3. The executed WEA dated 5 November 2024 between Blue Gold and RCF Sponsor included a new Section 1.2 stating that shares held by RCF Sponsor (and Legacy Directors) would be freely tradable upon closing, with instructions for delivery to their brokerage accounts immediately after the close."
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                            "text": "4. The revised Form F-4 Registration Statement filed on 3 February 2025 by Blue Gold included a lock-up provision limiting transfer of Class A Ordinary Shares issued in the Business Combination (other than those issued to former Perception Capital shareholders). This aligns with the lock-up request made by Plaintiffs."
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                            "text": "5. The restated Articles of Association effective June 2025 define 'Unrestricted Shares' as shares that are not redeemed in the business combination and have been released from lock-up under Article 39, which directly references the lock-up arrangement sought by Plaintiffs."
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