Item 1.01 |
Entry into Material Definitive Agreement. |
On April 26, 2023, LAMF Global Ventures Corp. I, a Cayman Islands exempted company (the Company or
LAMF), filed a definitive proxy statement (the Extension Proxy) for its extraordinary general meeting of shareholders (the Extension Meeting), scheduled to be held on May 11, 2023, at
which the Companys shareholders will vote on, among other things, a proposal to amend the Companys amended and restated memorandum and articles of association to extend the date by which the Company has to consummate an initial business
combination (the Extension Proposal) from May 16, 2023 to November 16, 2023 (the Extended Date and, such extension, the Initial Extension), and to allow the Company, without another
shareholder vote, by resolution of the Companys board of directors, to elect to further extend the Extended Date in one-month increments up to six additional times, or up to a total of twelve months, up
to May 16, 2024 (each, an Additional Monthly Extension). As disclosed in the Extension Proxy, assuming all proposals presented to shareholders are approved, LAMF SPAC Holdings I LLC, a Cayman Islands limited liability company
and the Companys sponsor (the Sponsor), has informed the Company that it expects to convert all of the Class B ordinary shares of the Company (the Founder Shares) held by it into Class A ordinary
shares prior to any redemptions of Class A ordinary shares (the Conversion).
On May 5, 2023, the Company and
the Sponsor entered into non-redemption agreements (the Non-Redemption Agreement) with unaffiliated third party investors (the
Investors), pursuant to which the Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior redemption election with respect to 1,300,000 Class A ordinary shares of the
Company in the aggregate (the Non-Redeemed Shares). Pursuant to the Non-Redemption Agreement, the Sponsor has agreed to transfer to the Investors
(i) for the Initial Extension, a number of Class B ordinary shares of the Company (the Founder Shares) equal to 21% of the number of Non-Redeemed Shares, or 273,000 Founder
Shares, and (ii) for each Additional Monthly Extension, a number of Founder Shares equal to 3.5% of the number of Non-Redeemed Shares, or 45,500 Founder Shares for each Additional Monthly Extension, or up
to an aggregate of 546,000 Founder Shares if the Initial Extension and all Additional Monthly Extensions are implemented.
Pursuant to the
terms of the Non-Redemption Agreement, the Company has agreed that it will continue to invest the funds held in its trust account in U.S. government securities or in money market funds which invest only in
direct U.S. government treasury obligations until the earlier of the consummation of the Companys initial business combination and 24 months after the date of the consummation of the Companys initial public offering and thereafter will
invest the funds held in the trust account in interest-bearing demand deposit accounts or certificates of deposit until the earlier of the consummation of the Companys initial business combination or the liquidation of the trust account. The
Company has also agreed to that it will not utilize any funds held in the trust account to pay excise taxes that may become due pursuant to the Inflation Reduction Act of 2022 upon a redemption of the Companys Class A ordinary shares, to
the extent applicable to the Company. Based upon the amount held in the trust account as of May 5, 2023, which was $265,937,376.89 (including interest not previously released to the Company to pay its taxes), the Company estimates that the
per-share price at which public shares may be redeemed from cash held in the Trust Account will be approximately $10.51 at the time of the Extension Meeting.
Pursuant to the terms of the Non-Redemption Agreement, the Company and the Sponsor may enter into
additional non-redemption agreements from time to time with other parties, subject to the terms set forth in the Non-Redemption Agreement.
The foregoing summary of the Non-Redemption Agreement does not purport to be complete and is qualified
in its entirety by reference to the form of Non-Redemption Agreement that is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Important Information and Where to Find It
LAMF has filed the Extension Proxy with the U.S. Securities and Exchange Commissions (the SEC). LAMF has mailed the
Extension Proxy to its shareholders of record as of April 10, 2023 in connection with the Extension Proposal. Investors and shareholders are advised to read the Extension Proxy and any amendments thereto, because these documents will contain
important information about the Extension Proposal and LAMF. Shareholders will also be able to obtain copies of the Extension Proxy, without charge, at the SECs website at www.sec.gov or by directing a request to: LAMF Global Ventures Corp. I,
9255 Sunset Blvd., Suite 515, West Hollywood, California 90069.