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 20, 2023
PROSPECTOR CAPITAL CORP.
(Exact name of registrant as specified in its charter)
| Cayman Islands |
|
001-39854 |
|
N/A |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1250 Prospect Street, Suite 200
La Jolla, California 92037
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (858) 449-9643
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 Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant |
|
PRSRU |
|
The
Nasdaq Stock Market LLC |
| Class A ordinary shares, par value $0.0001 per share |
|
PRSR |
|
The
Nasdaq Stock Market LLC |
| Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |
|
PRSRW |
|
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 8.01. Other Events.
As previously disclosed, Prospector
Capital Corp. (“Prospector”) will issue, in connection with the consummation (the “Closing”) of the proposed business
combination (the “Business Combination”) with LeddarTech Inc., a corporation existing under the laws of Canada (“LeddarTech”),
and LeddarTech Holdings Inc., a company incorporated under the laws of Canada and a wholly owned subsidiary of LeddarTech, as a dividend,
to each holder on the date of the Closing (the “Closing Date”) of Class A ordinary shares of Prospector (the “Prospector
Class A Shares”) that were included in the units issued in Prospector’s initial public offering and were not redeemed, as
well as each holder of units of Prospector (the “Prospector Units”) which include Prospector Class A Shares that were not
redeemed, one additional Prospector Class A Share for each such Prospector Class A Share or Prospector Unit held by such shareholder
or unitholder on the Closing Date (such shares, the “Dividend Shares”).
On December 20, 2023, Prospector
issued a press release (the “Press Release”) announcing that its board of directors has set a new record date for the issuance
of the Dividend Shares of December 21, 2023, the currently anticipated Closing Date, immediately after giving effect to (i) the redemption
of Prospector Class A Shares previously submitted for redemption and (ii) the conversion of each Class B ordinary share of Prospector
into 0.75 Prospector Class A Shares and 0.25 Prospector Sponsor Non-Voting Special Shares, a new class of shares in the capital of Prospector
convertible into Prospector Class A Shares, on the same date (the “Record and Distribution Date”). The issuance of the Dividend
Shares is subject to the consummation of the Business Combination on the same date. If the Business Combination is not consummated on
December 21, 2023, the record date will automatically change to be on such later date on which the Business Combination is consummated,
at the time described above.
A copy of the Press Release
is attached as Exhibit 99.1 to this Current Report on Form 8-K and 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.
| |
PROSPECTOR CAPITAL CORP. |
| |
|
|
| |
By: |
/s/ Derek Aberle |
| |
|
Name: |
Derek Aberle |
| |
|
Title: |
Chief Executive Officer |
| |
|
|
|
| Dated: December 20, 2023 |
|
|
2
Exhibit 99.1
PROSPECTOR CAPITAL CORP.
ANNOUNCES NEW RECORD AND DISTRIBUTION DATE
FOR ISSUANCE OF DIVIDEND SHARES
La Jolla, CA, December 20, 2023 -- Prospector
Capital Corp. (“Prospector”) (Nasdaq: PRSRU, PRSR and PRSRW) previously announced that it will issue, in connection with the
consummation (the “Closing”) of the proposed business combination (the “Business Combination”) with LeddarTech
Inc., a corporation existing under the laws of Canada (“LeddarTech”), and LeddarTech Holdings Inc., a company incorporated
under the laws of Canada and a wholly owned subsidiary of LeddarTech, as a dividend, to each holder on the date of the Closing (the “Closing
Date”) of Class A ordinary shares of Prospector (the “Prospector Class A Shares”) that were included in the units issued
in Prospector’s initial public offering and were not redeemed, as well as each holder of units of Prospector (the “Prospector
Units”) which include Prospector Class A Shares that were not redeemed, one additional Prospector Class A Share for each such Prospector
Class A Share or Prospector Unit held by such shareholder or unitholder on the Closing Date (such shares, the “Dividend Shares”).
Prospector today announced that its board of directors has set a new record date for the Prospector Class A Shares as well as for the
Prospector Units for the issuance of the Dividend Shares of December 21, 2023, the currently anticipated Closing Date, immediately after
giving effect to (i) the redemption of Prospector Class A Shares previously submitted for redemption and (ii) the conversion of each Class
B ordinary share of Prospector into 0.75 Prospector Class A Shares and 0.25 Prospector Sponsor Non-Voting Special Shares, a new class
of shares in the capital of Prospector convertible into Prospector Class A Shares, on the same date (the “Record and Distribution
Date”). The issuance of the Dividend Shares is subject to the consummation of the Business Combination on the same date. As previously
announced, Prospector held an extraordinary general meeting (the “Extraordinary General Meeting”) of its shareholders on December
13, 2023 where the shareholders voted to approve, among other things, the Business Combination. If the Business Combination is not consummated
on December 21, 2023, the record date will automatically change to be on such later date on which the Business Combination is consummated,
at the time described above.
The closing of the Business Combination is subject
to the satisfaction of customary closing conditions and is expected to close as soon as practicable following the Extraordinary General
Meeting.
Additional Information about the Business Combination
and Where to Find It
In connection with the Business Combination, Prospector,
LeddarTech and Newco have prepared, and Newco has filed with the SEC, the Registration Statement, which includes a proxy statement/prospectus.
Prospector has mailed a definitive proxy statement/prospectus to its shareholders and will file other documents regarding the Business
Combination with the SEC. This press release is not a substitute for any proxy statement, registration statement, proxy statement/prospectus
or other documents Prospector or Newco may file with the SEC in connection with the Business Combination. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE
DEFINITIVE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT OR DEFINITIVE PROXY STATEMENT/PROSPECTUS,
AND OTHER DOCUMENTS FILED BY PROSPECTOR OR NEWCO WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL
CONTAIN IMPORTANT INFORMATION. Investors and security holders are able to obtain free copies of the Registration Statement and other documents
filed with the SEC by Prospector or Newco through the website maintained by the SEC at www.sec.gov.
Participants in the Solicitation
Prospector, LeddarTech and Newco, and certain
of their respective directors, executive officers and employees, may be deemed to be participants in the solicitation of proxies in connection
with the Business Combination. Information about the directors and executive officers of Prospector can be found in the Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 31, 2023. Information regarding the persons
who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the Business Combination,
including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the Registration
Statement and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the source
indicated above.
Caution Concerning Forward Looking Statements
Certain statements contained in this Form 8-K
may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the Business Combination involving Prospector,
LeddarTech and Newco, and the ability to consummate the Business Combination. Forward-looking statements generally include statements
that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,”
“should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,”
“estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not
historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject
to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in
any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing
of the Business Combination are not satisfied, including the failure to timely or at all obtain shareholder approval for the Business
Combination or the failure to timely or at all obtain any required regulatory clearances, including under the HSR Act or of the Superior
Court of Québec; (ii) uncertainties as to the timing of the consummation of the Business Combination and the ability of each of
Prospector, LeddarTech and Newco to consummate the Business Combination; (iii) the possibility that other anticipated benefits of the
Business Combination will not be realized, and the anticipated tax treatment of the Business Combination; (iv) the occurrence of any event
that could give rise to termination of the Business Combination; (v) the risk that shareholder litigation in connection with the Business
Combination or other settlements or investigations may affect the timing or occurrence of the Business Combination or result in significant
costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible
disruptions from the Business Combination that could harm LeddarTech’s business; (viii) the ability of LeddarTech to retain, attract
and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties
resulting from the announcement or completion of the Business Combination; (x) potential business uncertainty, including changes to existing
business relationships, during the pendency of the Business Combination that could affect LeddarTech’s financial performance; (xi)
legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited
to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as
management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Prospector’s
reports filed with the SEC, including Prospector’s Annual Report on Form 10-K, periodic Quarterly Reports on Form 10-Q, periodic
Current Reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exhaustive. Neither
Prospector nor LeddarTech can give any assurance that the conditions to the Business Combination will be satisfied. Except as required
by applicable law, neither Prospector nor LeddarTech undertakes any obligation to revise or update any forward-looking statement, or to
make any other forward-looking statements, whether as a result of new information, future events or otherwise.
About Prospector Capital Corp.
Prospector is a special purpose acquisition company
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses with a focus on companies with advanced and highly differentiated solutions for the technology sector. The
company is led by a team of experienced investors and executives focused on identifying and investing in high-growth companies with strong
management teams and attractive market opportunities. Prospector’s securities are traded on Nasdaq under the ticker symbols “PRSR”,
“PRSRU” and “PRSRW”.
About LeddarTech
A global software company founded in 2007 and
headquartered in Quebec City with additional R&D centers in Montreal, Toronto and Tel Aviv, Israel, LeddarTech develops and provides
comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS and autonomous driving
(AD) applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate
3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology
is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing
innovations, with over 150 patent applications (80 granted) that enhance ADAS and AD capabilities. Better awareness around the vehicle
is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become
the most widely adopted sensor fusion and perception software solution.
Additional information about LeddarTech is accessible
at www.leddartech.com and on LinkedIn, Twitter, Facebook and YouTube.
No Offer or Solicitation
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities of Prospector or the combined entity, a solicitation of any vote or approval,
nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus
meeting the requirements of the Securities Act.
Investor
Relations Contact:
Kevin Hunt
ICR Inc.
Kevin.Hunt@icrinc.com
MEDIA CONTACT:
Dan Brennan
ICR Inc.
Dan.Brennan@icrinc.com
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