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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): July 7, 2023
Newcourt Acquisition Corp
(Exact name of registrant as specified in its charter)
Cayman Islands |
|
001-40929 |
|
N/A |
(State or other jurisdiction
of
incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
2201 Broadway, Suite 705
Oakland, CA 94612
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (510) 214-3750
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) |
x |
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, par value $0.0001 per share, and one-half of one Redeemable Warrant |
|
NCACU |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Class A ordinary shares, par value $0.0001 per share, included as part of the Units |
|
NCAC |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Redeemable Warrants, each exercisable for one Class A ordinary share for $11.50 per share, included as part of the Units |
|
NCACW |
|
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 x
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.
On June 23, 2023, Newcourt Acquisition Corp (the
“Company”) filed a definitive proxy statement (the “Definitive Proxy Statement”) for the solicitation of proxies
in connection with an extraordinary general meeting of the Company’s shareholders to be held on July 11, 2023 (the “EGM”)
to consider and vote on, among other proposals, the extension (the “Extension”) of the time period the Company has to complete
an initial business combination (the “Business Combination”).
Amendment and Supplement to the Definitive Proxy Statement
The Company has determined to amend and supplement
the Definitive Proxy Statement as described herein (the “Proxy Supplement”) solely to amend disclosure regarding plans for
funds held in the Trust Account (as defined in the Definitive Proxy Statement) following 24-month anniversary of the Company’s IPO
(as defined in the Definitive Proxy Statement).
AMENDMENT AND SUPPLEMENT TO THE DEFINITIVE PROXY
STATEMENT
The Company is providing additional information
to its shareholders, as described in this amendment and supplement to the Definitive Proxy Statement filed with the Securities and Exchange
Commission (the “SEC”) on June 23, 2023, in connection with the extraordinary general meeting of the Company’s shareholders
to be held on July 11, 2023. These disclosures should be read in connection with the definitive proxy statement, which should be read
in its entirety. To the extent that the information set forth herein differs from or updates information contained in the Definitive Proxy
Statement, the information set forth herein shall supersede or supplement the information in the Definitive Proxy Statement. Defined terms
used but not defined herein have the meanings set forth in the Definitive Proxy Statement and all page references are to pages in the
Definitive Proxy Statement. The Company makes the following amended and supplemental disclosures:
Certain disclosure on pages 12, 13 and 14
of the Definitive Proxy Statement under Risk Factors is hereby amended and restated to read as follows:
If we are deemed to be an investment company under the
Investment Company Act of 1940, as amended (the “Investment Company Act”), we would be required to institute burdensome compliance
requirements and our activities would be severely restricted. As a result, in such circumstances, we would expect to abandon our efforts
to complete an initial business combination and liquidate the Trust Account.
If we are deemed to be an investment company
under the Investment Company Act, our activities would be severely restricted, including:
| · | restrictions on the nature of our investments; and |
| · | restrictions on the issuance of securities. |
In addition, we would be subject to burdensome compliance
requirements, including:
| · | registration as an investment company with the SEC; |
| · | adoption of a specific form of corporate structure; and |
| · | reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations
that we are currently not subject to. |
As a result, if we were deemed to be an
investment company under the Investment Company Act, we would expect to abandon our efforts to complete an initial business combination
and liquidate the Trust Account.
In order not to be regulated as an investment
company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business
other than investing, reinvesting or trading in securities and that our activities do not include investing, reinvesting, owning, holding
or trading “investment securities” constituting more than 40% of our total assets (exclusive of U.S. government securities
and cash items) on an unconsolidated basis. Our business will be to identify and complete an initial business combination and thereafter
to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to resale
or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.
To that end, the proceeds held in the Trust
Account may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the Trust Agreement, the
Trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments,
and by having a business plan targeted at acquiring and growing businesses for the long term, we intend to avoid being deemed an “investment
company” within the meaning of the Investment Company Act.
Certain proposed rules issued by the SEC
on March 30, 2022 would provide a safe harbor for SPACs from the definition of “investment company” under Section 3(a)(1)(A)
of the Investment Company Act, provided that they satisfy certain conditions that limit a SPAC’s duration, asset composition, business
purpose and activities. The duration component of the proposed safe harbor rule would require a SPAC to file a Current Report on Form
8-K with the SEC announcing that it has entered into an agreement with the target company (or companies) to engage in an initial business
combination no later than 18 months after the effective date of the SPAC’s registration statement for its initial public offering.
The SPAC would then be required to complete its initial business combination no later than 24 months after the effective date of
its registration statement for its initial public offering. Although the proposed rules, including the proposed safe harbor rule, have
not yet been adopted, and may be adopted in a revised form, the SEC has indicated that there are serious questions concerning the applicability
of the Investment Company Act to a SPAC that does not complete its initial business combination within the proposed time frame set forth
in the proposed safe harbor rule.
Notwithstanding whether or not the proposed
rules are adopted by the SEC, we may be deemed to be an investment company under the Investment Company Act. As a SPAC, we were formed
for the sole purpose of completing an initial business combination. The longer that the funds in the Trust Account are held in short-term
U.S. government treasury obligations or in money market funds invested exclusively in such securities, even prior to the 24-month anniversary
of our IPO, the greater the risk that we may be considered an unregistered investment company, in which case we may be required to liquidate.
Accordingly, we will liquidate the securities held in the Trust Account prior to the end of the 24-month period after the effective date
of our IPO registration statement, or October 19, 2023, and instead hold all funds in the Trust Account in cash, which would
further or in an interest-bearing bank account, which may reduce the dollar amount our public stockholders would receive
upon any redemption or liquidation. Further, if we do not invest the proceeds held in the Trust Account as discussed above, we may be
deemed to be subject to the Investment Company Act, and the loss you may suffer as a result of being deemed subject to the Investment
Company Act may be greater than if we liquidated the securities held in the Trust Account and instead held such funds in cash or in
an interest-bearing bank account.
We do not believe that our principal activities
will subject us to regulation under the Investment Company Act. However, if we were deemed to be subject to the Investment Company Act,
compliance with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may hinder
our ability to complete the Business Combination. In such circumstances, we would expect to abandon our efforts to complete the Business
Combination and liquidate the Trust Account. If we are unable to complete our initial business combination within the required time period
and are required to liquidate the Trust Account, our public stockholders may receive only approximately $10.73 per share (based on the
amount in the Trust Account as of March 31, 2023 or less in certain circumstances, on the liquidation of our Trust Account, and our
warrants will expire worthless. If we are required to liquidate, you may lose all or part of your investment in the Company and our investors
would not be able to realize the benefits of owning shares in a successor operating business, including the potential appreciation in
the value of our shares and warrants following such a transaction, and our warrants would expire and become worthless.
In order to mitigate the risk that we might be deemed
to be an investment company for purposes of the Investment Company Act, we will, prior to the end of the 24-month period after the effective
date of our IPO registration statement, or October 19, 2023, instruct the Trustee to hold all funds in the Trust Account in cash
or in an interest-bearing bank account until the earlier of the consummation of the Business Combination or our liquidation. Any
decision to hold all funds in the Trust Account in cash or in an interest-bearing bank account would likely reduce the amount our
public stockholders would receive upon any redemption or liquidation.
While the funds in our Trust Account may
only be invested in U.S. government treasury bills with a maturity of 185 days or less, or in money market funds investing solely
in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, we will, prior to the end of
the 24-month period after the effective date of our IPO registration statement, or October 19, 2023, instruct the Trustee to hold
all funds in the Trust Account in cash or in an interest-bearing bank account until the earlier of the consummation of the Business
Combination or our liquidation in order to mitigate the risk that we might be deemed to be an investment company for purposes of the Investment
Company Act. Any decision to hold all funds in the Trust Account in cash or in an interest-bearing bank account, combined with
any permitted withdrawals of interest held in the Trust Account to pay our taxes, would likely reduce the effective yield on the amounts
in the Trust Account and the amount our public stockholders would receive upon any redemption or liquidation.
Participants in the Solicitation
The Company and its directors and executive officers
and other persons may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in respect of
the Extension. Information regarding the Company’s directors and executive officers is available in its annual report on Form 10-K
filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and
indirect interests are contained in the Definitive Proxy Statement.
No Offer or Solicitation
This communication shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom.
Additional Information
The Company has filed with the SEC a Definitive
Proxy Statement in connection with the extraordinary general meeting of the shareholders (the “EGM”) to consider and
vote upon the Extension and, on July 11, 2023, mailed the Definitive Proxy Statement and other relevant documents to its shareholders
as of the June 20, 2023 record date for the EGM. The Company’s shareholders and other interested persons are advised to read
the Definitive Proxy Statement and any other relevant documents that have been or will be filed with the SEC in connection with the Company’s
solicitation of proxies for the EGM because these documents will contain important information about the Company, the Extension and related
matters. Shareholders may also obtain a free copy of the Definitive Proxy Statement, as well as other relevant documents that have been
or will be filed with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a request
to Advantage Proxy, at 206-870-8565 (call collect), 877-870-8565 (call toll-free).
Forward-Looking Statements
The information included herein may include, and
oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements
other than statements of historical fact included in this document are forward-looking statements. When used in this document, words such
as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “would” and similar expressions, as they relate to us or our management team,
identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made
by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated
by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this
paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including
those set forth in the Risk Factors section of the Company’s Definitive Proxy Statement and the Company’s registration statement
and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release, except as required by law.
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.
|
NEWCOURT ACQUISITION CORP |
|
|
|
|
By: |
/s/ Marc Balkin |
|
|
Name: |
Marc Balkin |
|
|
Title: |
Chief Executive Officer |
|
|
|
Dated: July 7, 2023 |
|
|
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Newcourt Acquisition (NASDAQ:NCACU)
Historical Stock Chart
From Apr 2024 to May 2024
Newcourt Acquisition (NASDAQ:NCACU)
Historical Stock Chart
From May 2023 to May 2024