Yes, he's effectively counter suing them.
But he actually started it months ago before the spac got the 'voter' votes to merge. The proxy was all bullshit. But anyways stuffed in the fine print of the proxy is wording that the voters were voting on him getting a larger ownership because the shareholders wanted him to have it. Those founders knew about what he was trying to do and sued him before the merge was voted on and they tried to stop the vote. At the same time orlando, the shady money guy from brazil was also going to lose a large chunk and I think has his own lawsuit active or delayed.
Shittypants basically said the stock structure was wrong and he was fixing it. The final vote proxy on march 22 or so had all his maneuvers in it. He knew they were going to sue, so I'm sure his lawyers waited it out til the timing was right. And of course they'll set it up so there's no appeals. Whether he gets away with another major grift is yet to be seen. He's claiming they didn't do their jobs or didn't do them right. Which is exactly the wording he's used in hundreds of lawsuits to rip off contractors and not pay them their due. He knows his excuse by heart.
Shittypants is the classic crook who owns a building company with jobbers promising benefits after 90 days but works the crews like dogs, no raises like promised, late pays the checks and then fires everyone on the 89th day. Then he starts over with new people.
I'm also sure his defense has already been out judge shopping.
Interestingly, the fed government is finally doing something about lawyers being allowed to judge shop and now are trying to pass a national law that they have to take the ones in the correct jurisdiction and make it random totally.
In summary, orangefuckface was planning this from the inception. He's basically pulling a hostile takeover of his own company.
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