Form 8-K - Current report
17 October 2023 - 7:30AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 16, 2023
FTAC EMERALD ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41168 |
|
86-2170416 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
2929 Arch Street, Suite 1703
Philadelphia, PA |
|
19104 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (215) 701-9555
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 share of Class A common
stock, par value $0.0001 per share, and one-half of one redeemable warrant |
|
EMLDU |
|
The
Nasdaq Stock Market LLC |
Shares of Class A common stock, par value $0.0001 per share, included as part of the units |
|
EMLD |
|
The Nasdaq Stock Market LLC |
Redeemable warrants, each exercisable for one share of Class A common stock for $11.50 per share |
|
EMLDW |
|
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 1.01 Entry into a Material Definitive
Agreement.
As previously reported, on
January 13, 2023, FTAC Emerald Acquisition Corp. (“we,” “us” or the “Company”) issued a promissory
note (the “Promissory Note”) to Emerald ESG Sponsor, LLC (the “Lender”), one of the Company’s sponsors.
On October 16, 2023, the Company and the Lender amended the Promissory Note to increase the aggregate principal amount of the Promissory
Note from $1,500,000 to $3,000,000. All other material terms of the Promissory Note remain in full force and effect. As of September 30,
2023, an aggregate of $1.5 million had been borrowed under the Promissory Note.
Item 2.03. Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
See the information set forth in Item 1.01
of this Current Report on Form 8-K, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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.
Dated: October 16, 2023 |
FTAC EMERALD ACQUISITION CORP. |
|
|
|
By: |
/s/ Bracebridge H. Young, Jr. |
|
Name: |
Bracebridge H. Young, Jr. |
|
Title: |
President and Chief Executive Officer |
2
Exhibit 10.1
FIRST AMENDMENT TO PROMISSORY NOTE
THIS FIRST AMENDMENT TO PROMISSORY NOTE (this “Amendment”)
is dated as of the 16th day of October, 2023 and is made by and between FTAC Emerald Acquisition Corp. (the “Maker”)
and Emerald ESG Sponsor, LLC (the “Payee”).
RECITALS
A. Maker executed that certain
Promissory Note dated January 13, 2023 in the original principal sum of up to one million five hundred thousand dollars ($1,500,000) (the
“Note”).
B. Maker and Payee have agreed
to amend the Note.
C. Unless otherwise set forth
herein, all other provisions of the Note shall remain in full force and effect.
D. All capitalized terms not
defined in this Amendment will have the meanings given to them in the Note.
In consideration of these promises, the mutual covenants contained
in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree
as follows:
1. The introductory paragraph
of the Note is hereby amended and restated in its entirety to read as follows:
“FTAC
Emerald Acquisition Corp. (the “Maker”) promises to pay to the order of Emerald ESG Sponsor, LLC (the “Payee”)
the principal sum of up to THREE MILLION DOLLARS ($3,000,000) (the “Maximum Principal Amount”) in lawful money of the
United States of America, on the terms and conditions described below.”
2. Section
1 of the Note is hereby amended and restated in its entirety to read as follows:
“1.
Principal. The Payee shall be obligated to lend to the Maker amounts up to the Maximum Principal Amount. The principal balance
of this Note, as reflected on Schedule A hereto (such Schedule to be updated from time to time by the Maker as amounts
are borrowed from the Payee up to the Maximum Principal Amount) shall be repayable on the date (the “Maturity Date”)
on which the Maker consummates a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses (the “Initial Business Combination”). No amount shall be due under this Note
if such Initial Business Combination is not consummated on or before such time as the Maker has redeemed 100% of the Offering Shares (as
such term is defined in Maker’s Second Amended and Restated Certificate of Incorporation, as amended from time to time, the “Charter”))
pursuant to Section 9.01(b) of the Charter.”
[Signature Page Follows]
IN WITNESS WHEREOF, the Maker,
intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.
|
FTAC EMERALD ACQUISITION CORP. |
|
|
|
|
By: |
/s/ Bracebridge
H. Young, Jr. |
|
Name: |
Bracebridge H. Young, Jr. |
|
Title: |
President and Chief Executive Officer |
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|
Entity File Number |
001-41168
|
Entity Registrant Name |
FTAC EMERALD ACQUISITION CORP.
|
Entity Central Index Key |
0001889123
|
Entity Tax Identification Number |
86-2170416
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
2929 Arch Street
|
Entity Address, Address Line Two |
Suite 1703
|
Entity Address, City or Town |
Philadelphia
|
Entity Address, State or Province |
PA
|
Entity Address, Postal Zip Code |
19104
|
City Area Code |
(215)
|
Local Phone Number |
701-9555
|
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Entity Emerging Growth Company |
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Elected Not To Use the Extended Transition Period |
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Units, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant |
|
Title of 12(b) Security |
Units, each consisting of one share of Class A common
stock, par value $0.0001 per share, and one-half of one redeemable warrant
|
Trading Symbol |
EMLDU
|
Security Exchange Name |
NASDAQ
|
Shares of Class A common stock, par value $0.0001 per share, included as part of the units |
|
Title of 12(b) Security |
Shares of Class A common stock, par value $0.0001 per share, included as part of the units
|
Trading Symbol |
EMLD
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants, each exercisable for one share of Class A common stock for $11.50 per share |
|
Title of 12(b) Security |
Redeemable warrants, each exercisable for one share of Class A common stock for $11.50 per share
|
Trading Symbol |
EMLDW
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Security Exchange Name |
NASDAQ
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