The company requested the trial begin in September because the merger agreement with Musk terminates on 25 October 2022.
“Twitter’s sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the truth about spam accounts long enough to railroad defendants into closing,” Musk’s filing said. Musk’s lawyers argued the dispute over false and spam accounts was fundamental to Twitter’s value and extremely fact- and expert-intensive. They said it would require substantial time for discovery and requested a trial date on or after 13 February next year.
The debt financing package committed by banks for Musk’s acquisition expires in April 2023. That means if the trial began in February and did not finish by April, the deal could collapse.Shares of Twitter were down about 1% in extended trading. On Thursday, the Securities and Exchange Commission asked Musk to file any material aimed at influencing shareholders properly in his attempt to buy Twitter. The SEC’s request comes after an issue was pointed out in another filing.
I think elonmusk forgot what he initially agreed.
What a nugget