RAAC Management $7.5M Securities Class Action Settlement

Investors who held Revolution Acceleration Acquisition Corp. Class A common stock as of July 16, 2021, and chose not to redeem all or some of their shares may be eligible to claim a cash payment from a class action settlement.

RAAC Management LLC and related defendants agreed to resolve a Delaware Court of Chancery lawsuit alleging breaches of fiduciary duty, aiding and abetting those breaches, and unjust enrichment in connection with RAAC’s 2021 merger with Berkshire Grey Inc. The lawsuit claimed that misleading disclosures kept shareholders from making informed redemption decisions and reduced the value of their holdings.

Who can file a claim?

Class members must meet all of the following criteria:

• They held RAAC Class A common stock as of the close of trading on July 16, 2021 (the redemption deadline).
• They elected not to redeem all or some of those shares in connection with the merger.
• They are either the original holder or a lawful successor (such as through inheritance or operation of law).

Additional information

• Both individuals and entities qualify.
• Nominees or brokers who held shares for others must either forward the notice and claim form to those beneficial owners or provide their contact information to the settlement administrator.
• This is a non-opt-out settlement certified under Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2), meaning class members cannot exclude themselves from the settlement.

How much is the securities payout?

The total settlement fund is $7,500,000. The settlement administrator will distribute the fund, minus deductions for taxes, notice and administration costs, and attorneys' fees and expenses, to eligible class members. 

The claims administrator will calculate and distribute payments in two parts:

• Base distribution: All eligible class members will receive $0.10 per eligible share even if they do not submit a claim form.
• Recognized claim (for claim-form filers):
• For each share supported by documentation:
• Shares sold between July 16, 2021, and July 20, 2023, at less than $10 per share will receive $10 minus the sale price.
• Shares held after July 20, 2023, will receive $8.60 per share ($10 redemption price minus $1.40, the price at which SoftBank acquired Berkshire Grey).

• Class members with negative results will receive $0.

The claims administrator will distribute the net settlement fund on a pro rata basis according to each class member’s recognized claim.

Payout calculation

The calculation is (number of eligible shares × recognized value per share = recognized claim) then (class member’s recognized claim / total recognized claims for all class members) × net settlement fund = class member’s payment.

How to claim a settlement payment

Class members can file a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is Feb. 21, 2026.

Settlement administrator’s mailing address: RAAC Stockholder Settlement, c/o A.B. Data Ltd., P.O. Box 173123, Milwaukee, WI 53217

Proof or documentation required to submit a claim

All claimants must provide:

• The last four digits of their Social Security number or full taxpayer ID number
• Documentation showing:
• Holdings of RAAC Class A common stock as of July 16, 2021
• Purchases and sales of RAAC or Berkshire Grey common stock from July 17, 2021, through July 20, 2023
• Holdings of Berkshire Grey common stock as of July 20, 2023

Acceptable proof includes broker confirmation slips, account statements or equivalent authorized records. Failure to provide sufficient documentation may result in rejection of the claim.

Payout options

• The settlement administrator will issue payments by check or electronic payment to the authorized claimant (beneficial account holder).
• Third-party filers are not eligible to receive payments.

$7.5 million settlement fund

The $7,500,000 fund includes:

• Notice and administration costs: To be determined
• Attorneys’ fees and expenses: Up to $1,500,000
• Service award to class representative: Up to $1,000 (payable from attorneys’ fees)

• Payments to eligible class members: The remainder of the fund

Important dates

• Fairness hearing: Dec. 11, 2025
• Deadline to file a claim: Feb. 21, 2026

Why was there a class action settlement?

The lawsuit alleged RAAC Management LLC and related defendants failed to disclose all material information about the merger with Berkshire Grey and made misleading statements that impaired shareholders’ ability to make informed redemption decisions.

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

Sources

1. Class notice
2. Claim form
3. Settlement agreement