Wallbox N.V. NYSE: WBX

Wallbox N.V., a manufacturer of electric-vehicle charging equipment, became publicly traded in October 2021 through a business combination with Kensington Capital Acquisition Corp. II, a special purpose acquisition company. Public warrants originally issued by Kensington, entitling holders to purchase common stock at $11.50 per share, were assumed by Wallbox as part of the transaction.

Investors contended that the shares underlying the warrants had already been registered via an effective Form F-4 declared effective in September 2021, and that the warrants should therefore have been exercisable beginning in November 2021, thirty days after the business combination closed. When investors attempted to exercise their warrants at that time, the exercise attempts were rejected. Wallbox did not permit exercise until a separate Form F-1 registration became effective in mid-November 2021, by which time the stock price had declined.

The firm, working in association with co-counsel, represented affected investors in pursuing claims arising from this dispute and achieved a successful recovery on their behalf.