Form 8-K - Current report
September 01 2023 - 5:21PM
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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): September 1, 2023
Kernel
Group Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
001-39983 |
|
98-1567976 |
(State
or other jurisdiction of incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification Number) |
515 Madison Avenue, 8th Floor - Suite 8078
New York, New York |
|
10022 |
(Address of principal executive offices) |
|
(Zip Code) |
(646)
908-2659
Registrant’s
telephone number, including area code
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 to 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-half of one redeemable warrant |
|
KRNLU |
|
The
Nasdaq Stock Market LLC |
Class
A Ordinary Shares included as part of the units |
|
KRNL |
|
The
Nasdaq Stock Market LLC |
Warrants
included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
|
KRNLW |
|
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 or Rule 12b-2 of the Securities Exchange Act of 1934.
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 on January 24, 2023, Kernel Group Holdings Inc., a Cayman Islands exempted company (the “Company”),
received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company
failed to hold an annual meeting of shareholders within 12 months after its fiscal year ended December 31, 2021, as required by Nasdaq
Listing Rule 5620(a) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company submitted a plan to
regain compliance and was granted until June 29, 2023 to regain compliance.
On
July 7, 2023, the Company received a notice from the Listing Qualifications Department of Nasdaq stating that, as of June 29, 2023, the
Company had failed to hold the above-referenced annual meeting and therefore was not in compliance with the Rule. As a result, Nasdaq
advised the Company that its securities would be subject to delisting unless the Company timely requested a hearing before an independent
Hearings Panel. Accordingly, the Company made a timely request for a hearing.
On
September 1, 2023, the Company received a letter from Nasdaq stating that the Company has regained compliance under the Rule upon holding
its annual meeting of shareholders on August 31, 2023 and the subsequent Form 8-K filed with the U.S. Securities and Exchange Commission.
As such, this matter is now closed.
Item
9.01.1. Financial Statements and Exhibits.
(d)
Exhibits
The
following exhibits are attached hereto and filed herewith.
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:
September 1, 2023 |
|
|
|
|
|
|
KERNEL
GROUP HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Surendra Ajjarapu |
|
Name: |
Surendra
Ajjarapu |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
Kernel
Group Holdings, Inc. Regains Compliance with Certain Nasdaq Listing Requirement
New
York, September 1, 2023 –Kernel Group Holdings, Inc. (NASDAQ: KRNLU, KRNL, KRNLW the “Company”
or “Kernel”) today announced that on September 1, 2023, the Company
received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), confirming
that the Company had regained compliance with Nasdaq Listing Rule 5620(a) which requires companies
to hold an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year (the “Annual
Meeting Requirement”).
As
previously disclosed, the Company was notified by the Listing Qualifications Department of Nasdaq that it did not comply with the Annual
Meeting Requirement. Based on the Company’s Form 8-K filed on August 31, 2023, the Company’s definitive proxy statement was
distributed on August 11, 2023, and its annual meeting of shareholders was held on August 31, 2023. Accordingly,
the Listing Qualifications Department of Nasdaq has determined that the Company regained compliance with the Annual
Meeting Requirement.
Contact:
hd@kernelcap.com
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Entity File Number |
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|
Entity Registrant Name |
Kernel
Group Holdings, Inc.
|
Entity Central Index Key |
0001832950
|
Entity Tax Identification Number |
98-1567976
|
Entity Incorporation, State or Country Code |
E9
|
Entity Address, Address Line One |
515 Madison Avenue
|
Entity Address, Address Line Two |
8th Floor - Suite 8078
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10022
|
City Area Code |
(646)
|
Local Phone Number |
908-2659
|
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Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant |
|
Title of 12(b) Security |
Units,
each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant
|
Trading Symbol |
KRNLU
|
Security Exchange Name |
NASDAQ
|
Class A Ordinary Shares included as part of the units |
|
Title of 12(b) Security |
Class
A Ordinary Shares included as part of the units
|
Trading Symbol |
KRNL
|
Security Exchange Name |
NASDAQ
|
Warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
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Title of 12(b) Security |
Warrants
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