Current Report Filing (8-k)
29 December 2021 - 08:06AM
Edgar (US Regulatory)
0001790121
false
0001790121
2021-12-23
2021-12-23
0001790121
ACKIU:UnitsEachConsistingOfOneSubunitAndOnehalfOfOneWarrantMember
2021-12-23
2021-12-23
0001790121
ACKIU:SubunitsIncludedAsPartOfUnitsEachConsistingOfOneShareOfCommonStock.0001ParValueAndOnehalfOfOneWarrantMember
2021-12-23
2021-12-23
0001790121
ACKIU:RedeemableWarrantsMember
2021-12-23
2021-12-23
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): December 23, 2021
Ackrell
SPAC Partners I Co.
(Exact name of registrant as specified
in its charter)
Delaware
|
|
001-39821
|
|
83-3237047
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
2093 Philadelphia Pike #1968
Claymont, DE 19703
(Address of principal executive offices, including zip
code)
Registrant’s telephone number,
including area code: (650) 560-4753
Not
Applicable
(Former name or former address, if
changed since last report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to
Section 12(b) of the Act:
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
Units, each consisting of one subunit and one-half of one warrant
|
|
ACKIU
|
|
The Nasdaq Stock Market LLC
|
Subunits included as part of the units, each consisting of one share of common stock, $.0001 par value, and one-half of one warrant
|
|
ACKIT
|
|
The Nasdaq Stock Market LLC
|
Redeemable warrants
|
|
ACKIW
|
|
The Nasdaq Stock Market LLC
|
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.03 Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On December 23, 2021, Ackrell
SPAC Partners I Co. (the “Company”) issued an unsecured promissory note (the “Note”)
in the principal amount of $1,380,000 to Ackrell SPAC Sponsors I LLC (the “Sponsor”). The Note is non-interest
bearing and payable in cash upon the closing of the Company’s initial business combination. In the event that the Company fails
to complete an initial business combination prior to the deadline set forth in its governing document, no payment will be due under the
Note and the principal balance of this Note will be forgiven.
In connection with the issuance
of the Note, on the same day, the Company deposited an aggregate of $1,380,000 (the “Extension Payment”) into
the trust account of the Company for its public stockholders, representing $0.10 per public unit, which enables the Company to extend
the period of time it has to consummate its initial business combination by three months from December 23, 2021 to March 23, 2022 (the
“Extension”). The Extension Payment was funded by proceeds from the Note, which amount was borrowed by the Sponsor
from North Atlantic Imports, LLC, a Utah limited liability company d/b/a Blackstone Products, which entered into a business combination
agreement with the Company, among others, on December 22, 2021. The Extension is the first of up to two three-month extensions permitted
under the Company’s governing documents.
A copy of the Note is filed
as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The disclosure set forth in this Item 2.03
is intended to be a summary only and is qualified in its entirety by reference to the Note.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits
* Exhibit A to this exhibit has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company hereby agrees to furnish a
copy of the omitted exhibit to the SEC upon request.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
ACKRELL SPAC PARTNERS I CO.
|
|
|
|
Date: December 28, 2021
|
By:
|
/s/ Long Long
|
|
|
Name:
|
Long Long
|
|
|
Title:
|
Chief Financial Officer
|
Ackrell SPAC Partners I (NASDAQ:ACKIT)
Historical Stock Chart
From Mar 2024 to Mar 2024
Ackrell SPAC Partners I (NASDAQ:ACKIT)
Historical Stock Chart
From Mar 2023 to Mar 2024