Settle for $17.75 Million in EIC Class Action Lawsuit

Investors who maintained ownership of Experience Investment Corp. (EIC) Class A common stock from September 17, 2019, to May 3, 2021, and did not redeem any stock by May 3, 2021, might be entitled to receive a cash payment as part of a $17.75 million class action settlement.

The settlement arises from allegations that Experience Sponsor LLC and several former EIC directors and officers did not provide essential information for shareholders to make informed decisions about redeeming their shares during the merger between EIC and Blade Urban Air Mobility Inc. (now known as Strata Critical Medical Inc.).

Those eligible to file a claim include individuals and entities who were holders of EIC Class A common stock within the specified timeframe and chose not to redeem any or some of their shares during the merger process. Claimants must demonstrate that they held the shares as of 5 p.m. Eastern time on May 3, 2021.

Both direct shareholders and those who held shares through a broker or nominee can be part of the settlement class. Executors, administrators, guardians, conservators, and trustees may submit claims on behalf of others but must provide supporting documentation of their legal authority.

The total settlement fund amounts to $17,750,000, and the amount each class member receives will depend on various factors, including the number of valid claims submitted, the number of eligible shares held as of May 3, 2021, and the timing of sales and holdings up to July 15, 2024. Payments will be distributed on a proportional basis according to a court-approved plan of allocation.

The calculated payment for each claimant will be determined based on the redemption price, transaction timing, and share status. Depending on these factors, the recognized loss for different scenarios will vary. If the total claims exceed the fund, payments will be reduced proportionally.

To file a claim for the EIC securities class action settlement, class members can submit their claims online or through a downloadable PDF form, with a submission deadline of May 18, 2026.

In conclusion, the class action settlement resulted from allegations of inadequate disclosure that affected shareholders who chose not to redeem their shares during the merger. The defendants, while denying any wrongdoing, agreed to settle to avoid further litigation risks and costs. Payments to eligible class members will be made after the court finalizes approval and resolves any appeals, following a fairness hearing on April 17, 2026.