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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): September
12, 2022 (September
9, 2022)
ABRI SPAC I, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
001-40723 |
|
86-2861807 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
9663 Santa Monica Blvd.,
No. 1091
Beverly Hills,
CA
90210
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code:
(424)
732-1021
n/a
(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 share of Common Stock and one
Redeemable Warrant |
|
ASPAU |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Common Stock, par value $0.0001 per share |
|
ASPA |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants, each exercisable for one share of Common Stock for $11.50
per share |
|
ASPAW |
|
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 (17
CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
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 1.01 Entry into a Material Definitive Agreement
Merger Agreement
On September 9, 2022, Abri SPAC I, Inc., a Delaware corporation
(“Abri”), entered into a Merger Agreement (the “Merger
Agreement”) by and among Abri Merger Sub, Inc., a Delaware
corporation and a wholly owned subsidiary of Abri (“Merger
Sub”), Logiq, Inc., a Delaware corporation (“DLQ
Parent”) whose common stock is quoted on the OTCQX Market under
the ticker symbol, “LGIQ”, and DLQ, Inc., a Nevada corporation
(“DLQ”) and wholly owned subsidiary of DLQ Parent. Pursuant
to the terms of the Merger Agreement, a business combination
between Abri and DLQ will be effected through the merger of Merger
Sub with and into DLQ, with DLQ surviving the merger as a wholly
owned subsidiary of Abri (the “Merger”). The board of
directors of Abri has (i) approved and declared advisable the
Merger Agreement, the Additional Agreements (as defined in the
Merger Agreement) and the transactions contemplated thereby and
(ii) resolved to recommend approval of the Merger Agreement and
related transactions by the stockholders of Abri.
The Merger is expected to be consummated after obtaining the
required approval by the stockholders of Abri, DLQ and DLQ Parent
and the satisfaction of certain other customary closing
conditions.
Merger Consideration
The total consideration to be paid at Closing (the “Merger
Consideration”) by Abri to DLQ security holders will be an
amount equal to $114 Million. The Merger Consideration will be
payable in shares of common stock, par value $0.0001 per share, of
Abri (“Abri Common Stock”).
Treatment of DLQ Securities
Cancellation of Securities
Each share of DLQ capital stock, if any, that is owned by Abri,
Merger Sub, DLQ, or any of their respective subsidiaries (as
treasury stock or otherwise) immediately prior to the effective
time of the Merger (the “Effective Time”), will
automatically be cancelled and retired without any conversion or
consideration.
|
● |
DLQ
Common Stock. Immediately prior to the Effective Time,
each issued and outstanding share of DLQ’s common stock, par value
$0.0001 per share (“DLQ Common Stock”) (other than any such
shares of DLQ capital stock cancelled as described above and any
dissenting shares) will be converted into the right to receive a
number of shares of Abri Common Stock at the Conversion Ratio set
forth in the Closing Consideration Spreadsheet with respect to such
share of DLQ Common Stock. |
|
● |
“Merger
Exchange Ratio” means the quotient obtained by dividing (a)
11,400,000 by (b) the Fully Diluted Company Shares. |
|
● |
“Fully
Diluted Company Shares” means the sum, without duplication, of
(a) all shares of DLQ Common Stock that are issued and outstanding
immediately prior to the Effective Time plus (b) all shares of
Company Common Stock issuable upon conversion, exercise or exchange
of any other in-the-money securities of the Company convertible
into or exchangeable or exercisable for shares of Company Common
Stock; |
|
● |
“Dividend
Shares” means the number of Merger Consideration Shares that
DLQ Parent will issue as a dividend to the DLQ Parent Stockholders
(the “Distribution”), on a pro rata basis in an amount equal
to approximately Twenty Five Percent (25%) of the aggregate Merger
Consideration Shares (the “Dividend Shares”), with the
remaining Merger Consideration Shares held by DLQ Parent subject to
a lock-up in accordance with the terms and conditions more fully
set forth in the Lock-Up Agreement, as described
herein. |
Merger Sub Securities
Each share of common stock, par value $0.0001 per share, of Merger
Sub issued and outstanding immediately prior to the Effective Time
will be converted into and become one newly issued share of common
stock of the surviving corporation of the Merger.
Representations and Warranties
The Merger Agreement contains customary representations and
warranties of the parties thereto with respect to, among other
things: (a) corporate existence and power; (b) authorization to
enter into the Merger Agreement and related transactions; (c)
governmental authorization; (d) non-contravention; (e)
capitalization; (f) corporate records; (g) subsidiaries; (h)
consents; (i) financial statements; (j) books and records; (k)
internal accounting controls; (l) absence of certain changes; (m)
properties; title to assets; (n) litigation; (o) contracts; (p)
licenses and permits; (q) compliance with laws; (r) intellectual
property; (s) accounts payable; affiliate loans; (t) employee
matters and benefits; (u) real property; (v) tax matters; (w)
environmental laws; (x) finders’ fees; (y) powers of attorney,
suretyships and bank accounts; (z) directors and officers; (aa)
anti-money laundering laws; (ab) insurance; (ac) related party
transactions; and (ad) certain representations related to
securities law and activity. Abri has additional representations
and warranties, including (a) issuance of shares; (b) trust fund;
(c) listing; (d) board approval; (e) SEC documents and financial
statements; (f) certain business practices; and (g) expenses,
indebtedness and other liabilities.
Covenants
The Merger Agreement includes customary covenants of the parties
with respect to operation of their respective businesses prior to
consummation of the Merger and efforts to satisfy conditions to
consummation of the Merger. The Merger Agreement also contains
additional covenants of the parties, including, among others,
conduct of business, access to information, notice of certain
events, cooperation in the preparation of the Form S-4 and Proxy
Statement (as each such term is defined in the Merger Agreement)
required to be filed in connection with the Merger and to obtain
all requisite approvals of each party’s respective stockholders.
The Merger Agreement also contains additional covenants pertaining
to DLQ and DLQ Parent including reporting; compliance with laws; no
insider trading, commercially reasonable efforts to obtain
consents, DLQ Stockholder and DLQ Parent Stockholder approval,
provide additional financial information, execute Lock-Up
Agreements, amend parent charter, issue dividend shares to DLQ
Parent Stockholders, transfer certain assets as described in the
Merger Agreement, not issue any dividends or extraordinary bonuses
until 11 months after closing, execute certain employment
agreements and take reasonable efforts to enter into a financing
source agreement of up to $25 million after the Business
Combination. Abri has also agreed to include in the Proxy Statement
the recommendation of its board that its stockholders approve all
of the proposals to be presented at the special meeting.
Non-Solicitation Restrictions
DLQ Parent and DLQ have each agreed that from the date of the
Merger Agreement until the Closing Date or, if earlier, the valid
termination of the Merger Agreement in accordance with its terms,
it will not initiate, encourage or engage in any negotiations with
any party relating to an Alternative Transaction (as defined in the
Merger Agreement), take any action intended to facilitate an
Alternative Transaction or approve, recommend or enter into any
agreement relating to an Alternative Transaction.
Conditions to Closing
The consummation of the Merger is conditioned upon, among other
things, (i) the absence of any applicable (A) law or order, or (B)
Action (as defined in the Merger Agreement) commenced or asserted
in writing by any Authority (as defined in the Merger Agreement),
prohibiting or, in the case of clause (B), materially
restrict the consummation of the Merger and related transactions;
(ii) receipt of any consent, approval or authorization required by
any Authority (as defined in the Merger Agreement); (iii) Abri
having at least $5,000,001 of net tangible assets either
immediately prior to or upon consummation of the Merger; (iv)
approval by DLQ Parent’s and DLQ’s stockholders of the Merger and
related transactions; (v) approval by Abri’s stockholders of the
Merger and related transactions; (vi) DLQ Parent shall have
transferred all of the Intellectual Property assets of Rebel AI,
Inc. and all of the Intellectual Property assets of Fixel AI, Inc.
to the Company (each a “Sister Company”); (vii) the
Distribution of the Dividend Shares (as such term is defined in the
Merger Agreement) shall be, in all respects, ready to be
consummated contemporaneously with the Merger; (viii) the
conditional approval for listing by the Nasdaq Stock Market of the
shares of Abri Common Stock to be issued in connection with the
transactions contemplated by the Merger Agreement and the
Additional Agreements and satisfaction of initial and continued
listing requirements; and (ix) the Form S-4 becoming effective in
accordance with the provisions of the Securities Act of 1933, as
amended (“Securities Act”).
Solely with respect to Abri and Merger Sub, the consummation of the
Merger is conditioned upon, among other things: (i) DLQ having duly
performed or complied with all of its obligations under the Merger
Agreement in all material respects; (ii) the representations and
warranties of DLQ, being true and correct in all material respects;
(iii) no event having occurred that would result in a Material
Adverse Effect on DLQ or any of its subsidiaries; (iv) providing a
certificate from the chief executive officer as to the accuracy of
these conditions; (v) shall have obtained certain Company Group
Consents (as such term is defined in the Merger Agreement); (vi)
DLQ shall have filed all income Tax Returns for the 2019, 2020 and
2021 tax years and paid all taxes with respect to such tax years
(including penalties and interest, if any); (vii) DLQ Parent and
Sister Companies shall have entered into one or more Intellectual
Property assignment agreements; (viii) all the Related Company
Outbound IP Agreements and all Related Company Customer Agreements
(as such terms are defined in the Merger Agreement) have been
cancelled or terminated by DLQ Parent or the applicable Sister
Company or have expired on their own terms; and (ix) DLQ Parent
shall have changed its name to a new name that neither includes nor
is confusingly similar to “Logiq,” “DataLogiq,” or any of the
Trademarks owned by the Company.
Solely with respect to DLQ, the consummation of the Merger is
conditioned upon, among other things: (i) Abri and Merger Sub
having duly performed or complied with all of their respective
obligations under the Merger Agreement in all material respects;
(ii) the representations and warranties of Abri as set forth in the
Merger Agreement that are qualified as to materiality being true in
all respects and the representations and warranties as set forth in
the Merger Agreement that are not so qualified, being true and
correct in all material respects; (iii); no event having occurred
that would result in a Material Adverse Effect on Abri or Merger
Sub; (iv) Abri, Abri Ventures I, LLC (the “Sponsor”), and
any other security holder of Abri, shall have executed and
delivered to DLQ each Additional Agreement to which they each are a
party; (v) Abri and Merger Sub having each delivered certain
certificates to DLQ; (vi) Abri having filed its Amended Parent
Charter (as defined in the Merger Agreement) and such Amended
Parent Charter being declared effective by, the Delaware Secretary
of State; (vii) Abri having delivered executed resignation of the
Abri directors and officers as set forth in the Merger Agreement;
(viii) after the redemption by all stockholders of Abri who have
elected to redeem their shares of Abri, Abri shall have made all
necessary and appropriate arrangements with the Trustee to have all
of the remaining funds contained in the Trust Account, and all such
funds released from the Trust Account shall be available to
Abri.
Termination
The Merger Agreement may be terminated as follows:
|
(i) |
by
either Abri or DLQ, without liability to the other party, if (A)
the Merger and related transactions are not consummated on or
before February 12, 2023 (the “Outside Closing Date”), and
(B) the material breach or violation of any representation,
warranty, covenant or obligation under the Merger Agreement by the
party seeking to terminate the Merger Agreement was not the cause
of, or resulted in, the failure of the Closing to occur on or
before the Outside Closing Date. Such right may be exercised by
Abri or DLQ, as the case may be, giving written notice to the other
at any time after the Outside Closing Date; |
|
(ii) |
by
either Abri or DLQ if any Authority (as defined in the Merger
Agreement) has issued any final decree, order, judgment, award,
injunction, rule or consent or enacted any law, having the effect
of permanently enjoining or prohibiting the consummation of the
Merger; |
|
(iii) |
by
Abri in the event that DLQ does not deliver to Abri the Company
Group Financial Statements on or prior to October 15, 2022, as
defined in the Merger Agreement; |
|
(iv) |
by
mutual written consent of Abri and DLQ duly authorized by each of
their respective boards of directors; |
|
(v) |
by
Abri in the event that the Board of Directors of Abri, in
exercising its fiduciary duties, determines that the Business
Combination is no longer in the best interests of the stockholders
of Abri; |
|
(vi) |
by
Abri or DLQ if, at the Abri Stockholder Meeting (including any
postponements or adjournments thereof), the Required Parent
Proposals (as described in the Merger Agreement) shall fail to be
approved by the affirmative vote of Abri stockholders
required under Abri’s organizational documents and applicable Law
or if, at the DLQ Parent Stockholder Meeting (including any
postponements or adjournments thereof), the DLQ Parent Stockholder
Approval shall fail to be approved by the affirmative vote of DLQ
Parent stockholders required under DLQ Parent’s organizational
documents and applicable Law. |
|
(vii) |
by
either Abri or DLQ, if the other party has breached any of its
covenants or representations and warranties such that it would be
impossible or would reasonably be expected to be impossible to
satisfy any of its closing conditions and such breach is incapable
of being cured or is not cured by the earlier of (A) the Outside
Closing Date and (B) 30 days following receipt by the breaching
party of a written notice of the breach or suffered a Material
Adverse Effect which is incurable and continuing; provided that the
terminating party is not then in breach of the Merger Agreement so
as to prevent the satisfaction of its closing
conditions; |
Effect of Termination
If the Merger Agreement is terminated in accordance with its terms,
the Merger Agreement will become void and of no further force and
effect without liability of any party, except for liability arising
out of any party’s willful breach of the Merger Agreement or
intentional fraud.
Certain Related Agreements
Parent Stockholder Support Agreement
In connection with the execution of the Merger Agreement, Abri, and
a certain stockholder of Abri entered into that certain Parent
Stockholder Support Agreement dated September 9, 2022 (the
“Parent Stockholder Support Agreement”) pursuant to which
that certain Abri stockholder agreed to vote all shares of Abri
Common Stock beneficially owned by them, including any additional
shares of Abri they acquire ownership of or the power to vote in
favor of the Parent Proposals (as defined in the Merger Agreement),
including the Merger and related transactions and against any
action reasonably expected to impede, delay or materially and
adversely affect the Merger and related transactions.
The foregoing description of the Parent Stockholder Support
Agreement is qualified in its entirety by reference to the full
text of the Parent Stockholder Support Agreement, a copy of which
is filed as Exhibit 10.1 to this Current Report on Form 8-K, and
incorporated herein by reference.
Agreements to be Executed at Closing
DLQ Management Earnout Agreement
In connection with the execution of the Merger Agreement, Abri and
the Sponsor will enter into a management earnout agreement (the
“Management Earnout Agreement”), pursuant to which certain
members of the management team of DLQ specified on schedule A to
the Management Earnout Agreement (the “Management”) will
have the contingent right to earn the Management Earnout Shares (as
defined in the Management Earnout Agreement). The Management
Earnout Shares consist of 2,000,000 shares of Abri Common Stock.
The release of the Management Earnout Shares shall occur as
follows:
|
● |
500,000
Management Earnout Shares will be earned and released upon
satisfaction of the First Milestone Event (as defined in the
Management Earnout Agreement); |
|
● |
650,000
Management Earnout Shares will be earned and released upon
satisfaction of the Second Milestone Event (as defined in the
Management Earnout Agreement); and |
|
● |
850,000
Management Earnout Shares will be earned and released upon
satisfaction of the Third Milestone Event (as defined in the
Management Earnout Agreement). |
The foregoing description of the Management Earnout Agreement is
qualified in its entirety by reference to the full text of the form
of Management Earnout Agreement a copy of which is included as
Exhibit B to the Merger Agreement, filed as Exhibit 2.1 to this
Current Report on Form 8-K, and incorporated herein by
reference.
Sponsor Earnout Agreement
In connection with the execution of the Merger Agreement, Abri and
the Sponsor will enter into a sponsor earnout agreement (the
“Sponsor Earnout Agreement”), pursuant to which the Sponsor
will have the contingent right to earn the Sponsor Earnout Shares
(as defined in the Sponsor Earnout Agreement). The Sponsor Earnout
Shares consist of 1,000,000 shares of Abri Common Stock. The
release of the Sponsor Earnout Shares shall occur as follows:
|
● |
250,000
Sponsor Earnout Shares will be earned and released upon
satisfaction of the First Milestone Event (as defined in the
Sponsor Earnout Agreement); |
|
● |
350,000
Sponsor Earnout Shares will be earned and released upon
satisfaction of the Second Milestone Event (as defined in the
Sponsor Earnout Agreement); and |
|
● |
400,000
Sponsor Earnout Shares will be earned and released upon
satisfaction of the Third Milestone Event (as defined in the
Sponsor Earnout Agreement). |
The foregoing description of the Sponsor Earnout Agreement is
qualified in its entirety by reference to the full text of the form
of Sponsor Earnout Agreement, a copy of which is included as
Exhibit C to the Merger Agreement, filed as Exhibit 2.1 to this
Current Report on Form 8-K, and incorporated herein by
reference.
Lock-Up Agreement
In connection with the execution of the Merger Agreement, Abri, and
certain DLQ stockholders will enter into a lock-up agreement (the
“Lock-Up Agreement”), pursuant to which each DLQ stockholder
will agree, subject to certain customary exceptions, not to (i)
sell, offer to sell, contract or agree to sell, pledge or otherwise
dispose of, directly or indirectly, seventy five percent (75%) of
the shares of Abri Common Stock held by them as part of the Merger
Consideration, which shares do not include the Dividend Shares,
(such shares, together with any securities convertible into or
exchangeable for or representing the rights to receive shares of
Common Stock if any, acquired during the Lock-Up Period (as defined
below), the “Lock-Up Shares”), (ii) enter into a transaction
that would have the same effect, (iii) enter into any swap, hedge
or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of the Lock-Up
Shares or otherwise, or engage in any short sales or other
arrangement with respect to the Lock-Up Shares or (iv) publicly
announce any intention to effect any transaction specified in
clause (i) or (ii) until the date that is 11 months after the
Closing Date (the period from the date of the Lock-Up Agreement
until such date, the “Lock-Up Period”).
The foregoing description of the Lock-Up Agreement is qualified in
its entirety by reference to the full text of the form of Lock-Up
Agreement, a copy of which is included as Exhibit E to the Merger
Agreement, filed as Exhibit 2.1 to this Current Report on Form 8-K,
and incorporated herein by reference.
Amended and Restated Registration Rights
Agreement
At Closing, Abri, the Sponsor, certain DLQ security holders and
Chardan Capital Markets, LLC as underwriter (the
“Underwriter”) will enter into an amended and restated
registration rights agreement (the “Amended and Restated
Registration Rights Agreement”), pursuant to which the Sponsor,
the Underwriter and holders of the Lock-Up Shares and recipients of
the Management Earnout Shares and Sponsor Earnout Shares, if any,
will be provided certain rights relating to the registration of
certain Abri securities.
The foregoing description of the Amended and Restated Registration
Rights Agreement is qualified in its entirety by reference to the
full text of the form of Amended and Restated Registration Rights
Agreement, a copy of which is included as Exhibit F to the Merger
Agreement, filed as Exhibit 2.1 to this Current Report on Form 8-K,
and incorporated herein by reference.
Voting Agreement
In connection with the execution of the Merger Agreement, Abri, the
Sponsor and certain holders of Abri Common Stock (as identified in
the Voting Agreement) will enter into a voting agreement (the
“Voting Agreement”), pursuant to which such holders of Abri
Common Stock agree to vote in favor of certain matters relating to
the nomination and election of the Post-Closing Board of Directors
(as described in the Voting Agreement).
The foregoing description of the Voting Agreement is qualified in
its entirety by reference to the full text of the form of Voting
Agreement, a copy of which is included as Exhibit I to the Merger
Agreement, filed as Exhibit 2.1 to this Current Report on Form 8-K,
and incorporated herein by reference.
Warrant Revenue Sharing Side Letter
In connection with the execution of the Merger Agreement, Abri, DLQ
and the Sponsor will enter into a letter agreement (the “Warrant
Revenue Sharing Side Letter”), pursuant to which Abri and DLQ
will divide the proceeds from the Warrant Exercise Price (as
defined in the Warrant Revenue Sharing Side Letter), arising from
the exercise of the warrants issued as part of the Abri units sold
in its initial public offering whereby20% of the Warrant Exercise
Price received in cash by Abri shall be delivered to the Sponsor in
cash or immediately available funds not later than three (3) days
following Abri’s receipt of the cash exercise price of any
Warrant.
The foregoing description of the Warrant Revenue Sharing Side
Letter is qualified in its entirety by reference to the full text
of the form of Warrant Revenue Sharing Side Letter, a copy of which
is included as Exhibit D to the Merger Agreement, filed as Exhibit
2.1 to this Current Report on Form 8-K, and incorporated herein by
reference.
Item 7.01 Regulation FD Disclosure.
On September 9, 2022, Abri and DLQ issued a joint press release
announcing the execution of the Merger Agreement. A copy of the
press release is furnished as Exhibit 99.1 to the Current Report on
Form 8-K as filed on September 9, 2022, and is incorporated herein
by reference.
The information in this Item 7.01, including Exhibit 99.1, is
furnished and shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or otherwise subject to liabilities under
that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act or the Exchange Act, except as
expressly set forth by specific reference in such filing.
Important Information About the Merger and Where to Find
It
In connection with the proposed Merger, Abri intends to file a
registration statement on Form S-4 with the SEC, which will include
a document that serves as a prospectus and proxy statement of Abri,
referred to as a “proxy statement/prospectus.” The preliminary and
definitive proxy statements/prospectuses and other relevant
documents will be sent or given to the stockholders of Abri as of
the record date established for voting on the proposed Merger and
will contain important information about the proposed Merger and
related matters. Before making any voting decision, investors and
security holders of Abri are urged to read, when available, the
registration statement, the preliminary proxy statement/prospectus
and any amendments thereto and, once available, the definitive
proxy statement/prospectus, in connection with Abri’s solicitation
of proxies for the meeting of stockholders to be held to approve,
among other things, the proposed Merger because these documents
will contain important information about Abri, DLQ and the proposed
Merger. When available, the definitive proxy statement/prospectus
will be mailed to Abri’s stockholders as of a record date to be
established for voting on the proposed Merger. Abri stockholders
will also be able to obtain copies of the proxy
statement/prospectus, without charge, once available, at the SEC’s
website at www.sec.gov or by directing a request to: Abri SPAC I,
Inc., at info@abriadv.com.
Participants in the Solicitation
Abri, DLQ and their respective directors and executive officers may
be deemed to be participants in the solicitation of proxies from
Abri’s stockholders in connection with the proposed Merger. Abri’s
stockholders and other interested persons may obtain, without
charge, more detailed information regarding the directors and
executive officers of Abri in Abri’s final prospectus filed with
the SEC on August 11, 2021 in connection with Abri’s initial public
offering. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies to
Abri’s stockholders in connection with the proposed Merger will be
set forth in the proxy statement/prospectus for the proposed Merger
when available. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed Merger will be included in the proxy statement/prospectus
that Abri intends to file with the SEC, as described in the
“Important Information About the Merger and Where to Find It”
section of this Current
Report on Form 8-K.
Forward-Looking Statements
This Current Report on Form
8-K and the documents incorporated by reference herein contain
certain “forward-looking statements” within the meaning of “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, as amended. Forward-looking statements can be identified
by words such as “target,” “believe,” “expect,” “will,” “shall,”
“may,” “anticipate,” “estimate,” “would,” “positioned,” “future,”
“forecast,” “intend,” “plan,” “project” and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Examples of
forward-looking statements include, among others, statements made
in this Current Report on Form 8-K regarding the proposed
transactions contemplated by the Merger Agreement, including the
benefits of the Merger, integration plans, expected synergies and
revenue opportunities, anticipated future financial and operating
performance and results, including estimates for growth,
achievement of the Management and Sponsor Earnout Shares, other
performance metrics, projections of market opportunity,
expected management and
governance of the post-business combination company and expected
timing of the Merger. Forward-looking statements are neither
historical facts nor assurances of future performance.
Instead, these statements are based on various assumptions,
whether or not identified in this Current Report on Form 8-K and on
the current expectations of Abri’s and DLQ’s respective management
and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve, and must not be relied on by
any investor, as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Abri and DLQ. Some important factors that
could cause actual results to differ materially from those in any
forward-looking statements could include changes in domestic and
foreign business, market, financial, political and legal
conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of Abri’s
and DLQ’s control. Actual results and outcomes may differ
materially from those indicated in the forward-looking statements.
Therefore, investors and security holders of Abri
should not rely on any of
these forward-looking statements.
Important factors that could
cause actual results and outcomes to differ materially from those
indicated in the forward-looking statements include, among others,
the following: (1) the occurrence of any event, change or other
circumstances that could give rise to an amendment or termination
of the Merger Agreement and the proposed transaction contemplated
thereby; (2) the inability to complete the transactions
contemplated by the Merger Agreement due to the failure to obtain
approval of the stockholders of Abri or DLQ or other conditions to
closing in the Merger Agreement; (3) the inability to project with
any certainty the amount of cash proceeds remaining in the Abri
trust account at Closing; (4) the uncertainty relative to the cash
made available to DLQ at Closing should any material redemption
requests be made by the Abri stockholders (since the sources of
cash projected in the exhibit to this Current Report on Form 8-K
assume that no redemptions will be requested by Abri stockholders);
(5) the inability of the post-business combination company to
obtain or maintain the listing of its securities on Nasdaq
following the Merger; (6) the amount of costs related to the
Merger; (7) DLQ’s ability to yield sufficient cash proceeds from
the transaction to support its short-term operations and research
and development efforts since the Merger Agreement requires no
minimum level of funding in the trust fund to close the
transaction; (8) the outcome of any legal proceedings that may be
instituted against the parties to the Merger Agreement following
the announcement of the proposed Merger; (9) changes in applicable
laws or regulations; (10) the ability of DLQ to meet its
post-Closing financial and strategic goals due to competition,
among other things; (11) the ability of the post-business
combination company to grow and manage growth profitability and
retain its key employees; (12) the possibility that the
post-business combination company may be adversely affected by
other economic, business and/or competitive factors; (13) risks
relating to the successful retention of DLQ’s customers; (14) the
potential impact that the COVID-19 pandemic may have on DLQ’s
customers, suppliers, vendors, regulatory agencies, employees and
the global economy as a whole; (15) the expected duration over
which DLQ’s balances will fund its operations; and (16) other risks
and uncertainties described herein, as well as those risks and
uncertainties indicated in Abri’s final prospectus filed
with the SEC on August 11, 2021 in connection with Abri’s initial
public offering, the
preliminary and definitive proxy statements/prospectuses
relating to the proposed
Merger to be filed by Abri with the SEC, particularly those under
the “Risk Factors” sections therein, and in Abri’s other filings
with the SEC. Abri cautions that the foregoing list of factors is
not exclusive. If any of these risks materialize or Abri’s
or DLQ’s assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that neither Abri nor DLQ
presently know, or that Abri and DLQ currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Abri and DLQ’s current
expectations, plans and forecasts of future events and views as of
the date hereof. Nothing in this Current Report on Form 8-K and the
attachments hereto should be regarded as a representation by any
person that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. Investors and security
holders of Abri should not place undue reliance on forward-looking
statements in this Current Report on Form 8-K and the attachments
hereto, which speak only as of the date they are made and are
qualified in their entirety by reference to the cautionary
statements herein and the risk factors of Abri and DLQ described
above. Abri and DLQ anticipate that subsequent events and
developments will cause their assessments to change. However, while
Abri and DLQ may elect to update these forward-looking statements
at some point in the future, they each specifically disclaim any
obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing Abri or DLQ’s assessments as of any date subsequent to
the date of this Current Report on Form 8-K. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
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 Merger. 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 or a
solicitation of any vote or approval, nor shall there be any sale
of any securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such other jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act, or an exemption therefrom.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit |
|
Description |
2.1* |
|
Merger
Agreement dated as of September 9, 2022 by and among Logiq, Inc.,
DLQ Inc., Abri SPAC I, Inc. and Abri Merger Sub,
Inc. |
10.1 |
|
Parent
Stockholder Support Agreement dated as of September 9, 2022 by and
among Abri SPAC I, Inc., DLQ Inc. and certain stockholders of Abri
SPAC I, Inc. |
99.1 |
|
Press Release dated September 9, 2022
(incorporated by reference to Exhibit 99.1 to the Current Report
with the Securities & Exchange Commission on September 9,
2022) |
104 |
|
Cover
Page Interactive Data File - the cover page XBRL tags are embedded
within the Inline XBRL document. |
* |
Certain
exhibits and schedules to this Exhibit have been omitted in
accordance with Item 601(a)(5) of Regulation S-K. Abri agrees to
furnish supplementally a copy of any omitted exhibit and schedule
to the SEC upon its request. |
SIGNATURES
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.
Dated: September 12, 2022
Abri
SPAC I, Inc. |
|
|
|
|
By: |
/s/
Jeffrey Tirman |
|
Name: |
Jeffrey
Tirman |
|
Title: |
Chief
Executive Officer |
|
10
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