Item 7.01 Regulation FD
Disclosure.
On January 10,
2022, Ackrell SPAC Partners I Co. (“Ackrell”) and Blackstone Products (“Blackstone”) issued a joint
press release announcing Blackstone’s participation in the 24th Annual ICR Conference. The press release is attached hereto as Exhibit
99.1.
This Current Report
on Form 8-K (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section
18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities
of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act.
Additional Information and Where to Find
It
Ackrell intends to file
with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (as may be amended
from time to time, the “Registration Statement”), which will include a preliminary proxy statement of Ackrell
and a prospectus in connection with the proposed business combination transaction (the “Business Combination”) involving
Ackrell and North Atlantic Imports, LLC, a Utah limited liability company d/b/a Blackstone Products, which will contain information
about the proposed transaction and the respective businesses of Blackstone and Ackrell. Ackrell will mail a final prospectus and definitive
proxy statement and other relevant documents after the SEC completes its review. Ackrell stockholders are urged to read the preliminary
prospectus and proxy statement and any amendments thereto and the final prospectus and definitive proxy statement in connection with
the solicitation of proxies for the special meeting to be held to approve the proposed transaction, because these documents will contain
important information about Ackrell, Blackstone and the proposed transaction. The final prospectus and definitive proxy statement will
be mailed to stockholders of Ackrell as of a record date to be established for voting on the proposed transaction. Stockholders of Ackrell
will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about Ackrell, without
charge, at the SEC’s website (www.sec.gov) or by calling 1-800-SEC-0330. Copies of the proxy statement and Ackrell’s other
filings with the SEC can also be obtained, without charge, by directing a request to: Ackrell SPAC Partners I Co., 2093 Philadelphia
Pike #1968, Claymont, DE 19703. Additionally, all documents filed with the SEC can be found on Ackrell’s website, https://www.ackrellspac.com.
Forward-Looking Statements
Certain statements
herein are “forward-looking statements” made pursuant to the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Blackstone and
Ackrell and the transactions contemplated by the Business Combination Agreement, and the parties’ perspectives and
expectations, are forward looking statements. Such statements include, but are not limited to, statements regarding the Business
Combination, including the anticipated initial enterprise value and post-closing equity value, the benefits of the Business
Combination, revenue opportunities, anticipated future financial and operating performance and results, including estimates for
growth, the expected management and governance of the combined company, and the expected timing of the Business Combination. Such
forward-looking statements reflect Blackstone’s or Ackrell’s current expectations or beliefs concerning future events
and actual events may differ materially from current expectations. Forward-looking statements may be identified by the use of words
such as “estimate,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target,”
“designed to” or other similar expressions that predict or indicate future events or trends or that are not statements
of historical matters. Any such forward-looking statements are subject to various risks and uncertainties, including (1) the
occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent
definitive agreements with respect to the proposed Business Combination; (2) the outcome of any legal proceedings that may be
instituted against Ackrell, Blackstone, the combined company or other following the announcement of the proposed Business
Combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed Business Combination due
to the failure to obtain approval of the shareholders of Ackrell, to obtain financing to complete the proposed Business Combination
or to satisfy other conditions to closing; (4) changes to the proposed structure of the proposed Business Combination that may be
required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the
proposed Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the proposed
Business Combination; (6) the risk that the proposed Business Combination disrupts current plans and operations of Ackrell or
Blackstone as a result of the announcement and consummation of the proposed Business Combination; (7) the ability to recognize the
anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition and the ability
of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and
key employees; (8) costs related to the proposed Business Combination; (9) changes in applicable laws or regulations and delays in
obtaining, adverse conditions contained in, or the inability to obtain regulatory approvals required to complete the proposed
Business Combination; (10) Blackstone’s estimates of expenses and profitability and underlying assumptions with respect to
stockholder redemptions and purchase price and other adjustments; (11) Blackstone’s inability to increase outdoor cooking
market penetration or expand the categories for outdoor cooking; (12) the addressable market Blackstone intends to target does not
grow as expected; (13) increased regulatory costs and compliance requirements in connection with any international or product line
expansion; (14) Blackstone’s inability to expand and diversify its supply chain; (15) the loss of any key executives; (16) the
loss of any relationships with key retailers; (17) the loss of any relationships with key suppliers; (18) the inability to protect
Blackstone’s patents and other intellectual property; (19) lower than expected attachment rate and cross-selling capabilities
for new products; (20) new technologies that compete with Blackstone in the griddle market and other outdoor cooking markets; (21)
the inability to increase engagement with end-users via social media or other digital channels; (22) fluctuations in sales of
Blackstone’s major customers; (23) Blackstone’s ability to execute its business plans and strategy; (24)
Blackstone’s ability to maintain sufficient inventory and meet customer demand; (25) Blackstone’s inability to deliver
expected cost and manufacturing efficiencies; and (26) other risks and uncertainties indicated from time to time in other documents
filed or to be filed with the SEC by Ackrell. If any of these risks materialize or any of Ackrell’s or Blackstone’s
assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
Blackstone and Ackrell do not undertake to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Participants in the Solicitation
Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies from Ackrell’s stockholders in connection with the proposed Business
Combination will be included in the definitive proxy statement/prospectus that Ackrell intends to file with the SEC. Readers are referred
to the most recent reports filed with the SEC by Ackrell. Readers are cautioned not to place undue reliance upon any forward-looking statements,
which speak only as of the date made, and Ackrell undertakes no obligation to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise.
No Offer or Solicitation
This Current Report on Form
8-K shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the
proposed Business Combination. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation,
or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an
exemption therefrom.