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): January
17, 2023
KludeIn I Acquisition Corp.
(Exact name of registrant as specified in its charter)
Delaware |
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001-39843 |
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85-3187857 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
1096 Keeler Avenue
Berkeley, California 94708
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (650) 246-9907
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 |
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Trading Symbol(s) |
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Name of each exchange on which
registered |
Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant |
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INKAU |
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The Nasdaq Stock Market LLC |
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Class A Common Stock, par value $0.0001 per share |
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INKA |
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The Nasdaq Stock Market LLC |
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Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share, subject to adjustment |
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INKAW |
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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 disclosed by
KludeIn I Acquisition Corp., a Delaware corporation (the “Company”), the Company entered into an Agreement and Plan
of Merger, dated as of May 18, 2022 (as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of November 3, 2022 (the
“First Amendment to Merger Agreement”), and Amendment No. 2 to the Agreement and Plan of Merger, dated as of December
23, 2022 (the “Second Amendment to Merger Agreement”), and as further amended by the Third Amendment to Merger Agreement
described herein, and as may be further amended, restated and/or supplemented in accordance with its terms, the “Merger Agreement”),
with Paas Merger Sub 1 Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub 1”), Paas
Merger Sub 2 LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“Merger Sub 2”),
and Near Intelligence Holdings Inc. (“Near”). Pursuant to the Merger Agreement, upon the terms and subject to the conditions
set forth therein, immediately prior to the consummation of the transactions contemplated by the Merger Agreement (the “Closing”),
(i) Merger Sub 1 will merge with and into Near, with Near surviving the merger as a wholly-owned subsidiary of the Company (the “First
Merger”), and (ii) immediately following the First Merger, Near, as the surviving entity of the First Merger, will merge with
and into Merger Sub 2, with Merger Sub 2 being the surviving entity (the “Second Merger” and, together with the First
Merger, the “Mergers”). The Mergers and the other transactions contemplated by the Merger Agreement are collectively
referred to herein as the “Transaction”. The Transaction is subject to customary closing conditions, including the
approval of the Company’s stockholders and the listing on The Nasdaq Stock Market of the shares to be issued to Near stockholders
as merger consideration.
All capitalized terms but
not otherwise defined in this Current Report on Form 8-K have the meanings given to them in the Merger Agreement.
Third Amendment to Merger Agreement
On January 17, 2023, the Company
and Near entered into that certain Amendment No. 3 to Agreement and Plan of Merger (the “Third Amendment to Merger Agreement”).
Pursuant to the Third Amendment to Merger Agreement, the minimum cash condition to Closing was revised such that, upon the Closing, the
Company is required to have cash and cash equivalents, including funds remaining in its trust account (after giving effect to the payment
of public stockholder redemptions) and the proceeds of any funded transaction financing, prior to the payment of the Company’s unpaid
expenses and before repayment of any loans owed by the Company to its sponsor, at least equal to $95,000,000 less the aggregate amount
of proceeds of any Permitted Equity Financing and any Permitted Debt of Near or any other Target Company that is available to any of them
following the Closing or that previously has been drawn down by any of them prior to the Closing, including amounts in escrow that would
be eligible to be requested following the Closing and amounts that may be requested following the Closing that are contingent upon the
occurrence of specified events or the satisfaction of certain conditions precedent, whether or not such events actually occur or such
conditions ultimately are satisfied.
Other than as expressly modified
pursuant to the Third Amendment to the Merger Agreement, the Merger Agreement, which was initially filed as Exhibit 2.1 to the Company’s
Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 19, 2022, and subsequently
amended by the First Amendment to Merger Agreement, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with
the SEC on November 9, 2022, and the Second Amendment to Merger Agreement, filed as Exhibit 2.1 to the Company’s Current Report
on Form 8-K filed with the SEC on December 27, 2022, remains in full force and effect. The foregoing description of the Third Amendment
to Merger Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Third Amendment
to Merger Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and which is incorporated herein by reference.
Waiver of Certain Lock-Up Restrictions
Simultaneously with the execution
and delivery of the Merger Agreement on May 18, 2022, the Company and certain security holders of Near (the “Holders”)
entered into lock-up agreements (the “Lock-Up Agreements”) containing transfer and other restrictions on the disposition
of the Restricted Securities (as defined in the Lock-Up Agreements) held by such Holders for the Lock-Up Period (as defined in the Lock-Up
Agreements) specified therein, subject to certain exceptions.
On January 17, 2023, the Company
determined to offer a one-time waiver of the restrictions under the Lock-Up Agreements (the “Notice of Waiver”) with
certain Holders solely with respect to certain securities of Near held by such Holders (“Released Securities”), such
that the restrictions under the Lock-Up Agreements with such Holders will no longer apply to such Released Securities. The Released Securities
consist of 7.5% of the total number of shares of capital stock of Near held by such Holders as of the date of the Notice of Waiver, equal
to an aggregate of 23,453 shares of Near (which shall be converted into a different number of securities of the Purchaser at the Closing
pursuant to the terms of the Merger Agreement). All other Restricted Securities held by such Holders will remain fully subject to the
Lock-Up Agreements in all respects, and the Lock-Up Agreements will remain unchanged and in full force and effect. Holders who are executive
officers of Near will not have any of their Restricted Securities released from the lock-up restrictions contained in their respective
Lock-Up Agreements. A copy of the form of Lock-Up Agreement was filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K
filed with the SEC on May 19, 2022.
A copy of the form of Notice
of Waiver is filed as Exhibit 10.1 to this Current Report on Form 8-K and 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: January 17, 2023
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KLUDEIN I ACQUISITION CORP. |
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By: |
/s/ Narayan Ramachandran |
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Name: |
Narayan Ramachandran |
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Title: |
Chief Executive Officer |
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