Experience Sponsor EIC $17.75M Class Action Settlement

Investors who held Experience Investment Corp. Class A common stock at any time between Sept. 17, 2019, and May 3, 2021, and continued to hold those shares as of 5 p.m. Eastern time on May 3, 2021, without redeeming all or some of their stock may be eligible to claim a cash payment from a class action settlement.

Experience Sponsor LLC and several former EIC directors and officers agreed to pay $17.75 million to settle a class action lawsuit alleging they failed to provide all material information needed for public stockholders to make an informed decision about redeeming their shares in connection with the merger between EIC and Blade Urban Air Mobility Inc. (now Strata Critical Medical Inc.).

Who can file a claim?

The settlement class includes investors who were record or beneficial holders of EIC Class A common stock at any time between Sept. 17, 2019, and May 3, 2021, continued to hold such stock as of 5 p.m. Eastern time on May 3, 2021, and elected not to redeem all or some of their shares in connection with the merger.

Additional details

• Both individuals and entities can be class members.
• The settlement includes shareholders who held stock directly and those who held through a broker or other nominee and successors-in-interest who obtained shares by operation of law (such as inheritance).
• The actual beneficial holder or a legal representative must submit the claim.
• Joint owners must each sign the claim form.
• Executors, administrators, guardians, conservators and trustees may submit claims on behalf of others but must provide documentation proving their authority.

How much is the EIC payout?

The total settlement fund is $17,750,000. The amount each class member will receive depends on several factors:

• The number of valid claims submitted
• The number of eligible shares held as of 5 p.m. Eastern time on May 3, 2021
• The timing of each sale and holding through July 15, 2024
• The total recognized claims of all claimants

The settlement administrator will distribute payments on a pro rata basis according to a court-approved plan of allocation.

• Recognized claim amounts depend on the redemption price, transaction timing and share status:
• For shares sold after the close of trading on May 3, 2021, and before the close of trading on May 7, 2021, for less than $10.07, the recognized loss is $10.07 minus the sale price plus a $0.10 nominal amount.
• For shares sold at $10.07 or more, the recognized loss is $0 plus a $0.10 nominal amount.
• For shares sold between the close of trading on May 7, 2021, and the close of trading on July 15, 2024, at a price below $10.07, the recognized loss is $10.07 minus the sale price plus a $0.10 nominal amount.
• For shares held as of the close of trading on July 15, 2024, the recognized loss is $6.69 per share (the notice states $6.59 but the formula yields $6.69), calculated as $10.07 minus $3.48 (Blade's closing price on July 15, 2024) plus a $0.10 nominal amount.
• For any share redeemed in connection with the merger, the settlement administrator will not calculate a loss.

• The settlement administrator will set the recognized claim to zero if the calculation results in a negative number.
• If total recognized claims exceed the fund, the settlement administrator will reduce payments on a pro rata basis.
• Claimants whose calculated payment would be less than $10 will not receive a payout.

How to claim an EIC securities class action settlement payment

Class members may file a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The deadline to file a claim is May 18, 2026.

Settlement administrator's mailing address: EIC Stockholder Litigation, c/o A.B. Data Ltd., P.O. Box 173007, Milwaukee, WI 53217

Proof or documentation required to submit a claim

All class members must provide the last four digits of their Social Security number or their full taxpayer identification number. Class members must also provide holding, acquisition and sale information, including:

• Holdings of EIC Class A common stock as of the close of the market on May 3, 2021
• Purchases and sales of EIC Class A common stock or Blade common stock after the close of the market on May 3, 2021, through July 15, 2024
• Holdings of Blade common stock (now Strata common stock) as of the close of trading on July 15, 2024, if applicable

Claimants must provide documentation supporting their holdings and transactions. Acceptable proof includes:

• Broker confirmation slips
• Broker account statements
• Authorized statements from a broker containing transactional and holding information

Payout options

• Check
• Electronic payment

$17.75 million settlement fund

The $17,750,000 settlement fund includes:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $4,437,500
• Attorneys' expenses: To be determined
• Service awards to class representatives: Up to $10,000 total
• Payments to eligible class members: The remainder of the fund

Important dates

• Fairness hearing: April 17, 2026
• Deadline to file a claim: May 18, 2026

When is the EIC securities class action settlement payout date?

The settlement administrator will issue payments to eligible class members after the court resolves any appeals and grants final approval of the settlement.

Why did this class action settlement happen?

The class action lawsuit claimed EIC's directors, officers and sponsor failed to provide all material information necessary for public stockholders to make an informed decision about redeeming their shares in connection with the merger with Blade Urban Air Mobility Inc. The plaintiffs alleged misleading statements and omissions in the proxy materials and other disclosures harmed stockholders who chose not to redeem, causing them to hold shares at artificially inflated values.

The defendants denied all allegations of wrongdoing and liability but agreed to settle to avoid the risks, costs and delays of further litigation.

Sources

1. Class notice
2. Claim form