Filed
by TKB Critical Technologies 1
pursuant
to Rule 425 under the Securities Act of 1933
and
deemed filed pursuant to Rule 14a-12
under
the Securities Exchange Act of 1934
Subject
Company: TKB Critical Technologies 1
SEC
File No.: 001-40959
Date:
January 26, 2023
Wejo
Announces Successful Milestone in the Business Combination Process with TKB Critical Technologies 1
Approximately
$53 million is retained in TKB’s trust account
MANCHESTER,
England – January 26, 2023, Wejo Group Limited (NASDAQ: WEJO)(“Wejo”), a global leader in Smart Mobility for Good™
cloud and software solutions for connected, electric and autonomous vehicle data, today announced the first milestone in its proposed
business combination with TKB Critical Technologies 1 (NASDAQ: USCT) (“TKB”). TKB was able to
retain approximately $53 million in its trust account following the redemption deadline for the Class A ordinary shares issued in TKB’s
IPO in connection with TKB’s extraordinary general meeting seeking shareholder approval of an extension of the date by which TKB
must consummate an initial business combination (the “Extension”).
TKB
shareholders may request to withdraw redemptions at any time until the vote is taken with respect to the Extension. TKB’s shareholder
meeting will reconvene at 4:00 p.m. Eastern Time on Friday, January 27, 2023.
“We
believe TKB’s retention of $53 million in its trust account is an affirmation by TKB shareholders of their belief that Wejo is
likely undervalued and would be a great investment,” said Richard Barlow, Founder and CEO at Wejo. Mr. Barlow continued, “Wejo’s
2022 growth is expected to be between 200 to 300%, along with similar growth expectations in 2023. While being a novel transaction, Wejo
and TKB’s proposed business combination uses the same structure that was successful in Talbots Inc’s 2009 merger with BPW
Acquisition Corp. We believe this innovative structure will enable the best potential outcome for Wejo and TKB shareholders.”
With
capital predominately on the sidelines during this challenging market environment, the business combination between Wejo and TBK represents
an innovative way for Wejo to raise the capital it needs to continue its strong growth and drive toward profitability. Wejo is targeting
to raise up to $100 million through the business combination with TKB, including a strategic-lead PIPE, meanwhile continuing its efforts
to raise short-term capital until the business combination closes.
For
more information about Wejo, visit www.wejo.com.
About
Wejo
Wejo
Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous mobility, revolutionizing the
way we live, work and travel by transforming and interpreting historic and real-time vehicle data. Wejo enables smarter mobility by organizing
trillions of data points from 20.8 million vehicles, of which 13.9 million were active on the platform transmitting data in near real-time,
and over 94.6 billion journeys globally as of December 31, 2022, across multiple brands, makes and models, and then standardizing and
enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data
into insights that unlock value for consumers. With the most comprehensive and trusted data, information, and intelligence, Wejo is creating
a smarter, safer, more sustainable world for all. Founded in 2014, Wejo has offices in Manchester, UK and in regions where Wejo does
business around the world. For more information, visit www.wejo.com or connect with us on LinkedIn, Twitter,
and Instagram.
Forward-Looking
Statements
This
communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in
this communication are forward-looking statements. Forward-looking statements with respect to TKB, Wejo and their potential business
combination and related transactions (the “Potential Business Combination”), include statements regarding the anticipated
benefits of the Potential Business Combination, the anticipated timing of the Potential Business Combination, the products and services
offered by Wejo and the markets in which it operates (including future market opportunities), Wejo’s projected future results,
future financial condition and performance and expected financial impacts of the Potential Business Combination (including future revenue,
pro forma enterprise value and cash balance), the satisfaction of closing conditions to the Potential Business Combination and the level
of redemptions of TKB’s public shareholders, and Wejo’s expectations, intentions, strategies, assumptions or beliefs about
future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking
statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,”
“forecast,” “future,” “intend,” “may,” “opportunity,” “plan,”
“potential,” “project,” “representative of,” “scales,” “should,” “strategy,”
“valuation,” “will,” “will be,” “will continue,” “will likely result,” “would,”
and similar expressions (or the negative versions of such words or expressions). Forward-looking statements are based on current assumptions,
estimates, expectations, and projections of the management of TKB and Wejo and, as a result, are subject to risks and uncertainties.
Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including
but not limited to: (i) the risk that the Potential Business Combination may not be completed in a timely manner or at all, which may
adversely affect the price of TKB’s and Wejo’s securities, (ii) the risk that the Potential Business Combination may not
be completed by TKB’s business combination deadline and the potential failure to obtain an extension of the business combination
deadline if sought by TKB, (iii) the failure to satisfy the conditions to the consummation of the Potential Business Combination, including
the approval of the Potential Business Combination by the shareholders of TKB and Wejo, the satisfaction of the minimum trust account
amount following any redemptions by TKB’s public shareholders (if applicable), the failure by Wejo to obtain the additional financing
required to complete the Potential Business Combination, and the receipt of certain governmental and other third-party approvals (or
that such approvals result in the imposition of conditions that could reduce the anticipated benefits from the Potential Business Combination
or cause the parties to abandon the Potential Business Combination), (iv) the lack of a fairness opinion from Wejo in determining whether
or not to pursue the Potential Business Combination, (v) the occurrence of any event, change or other circumstance that could give rise
to the termination of the definitive agreements relating to the Potential Business Combination, (vi) the effect of the announcement or
pendency of the Potential Business Combination on Wejo’s business relationships, operating results, performance and business generally,
(vii) risks that the Potential Business Combination disrupts current plans and operations of Wejo and the disruption of management’s
attention due to the Potential Business Combination, (viii) the outcome of any legal proceedings that may be instituted against TKB or
Wejo related to the Potential Business Combination, (ix) the ability to maintain the listing of the securities of the surviving entity
resulting from the Potential Business Combination on a national securities exchange, (x) changes in the combined capital structure of
TKB and Wejo following the Potential Business Combination, (xi) changes in the competitive industries and markets in which Wejo operates
or plans to operate, (xii) changes in laws and regulations affecting Wejo’s business, (xiii) the ability to implement business
plans, forecasts, and other expectations after the completion of the Potential Business Combination, and identify and realize additional
opportunities, (xiv) risks related to the uncertainty of Wejo’s projected financial information, (xv) risks related to Wejo’s
rollout of its business and the timing of expected business milestones, (xvi) risks related to Wejo’s potential inability to achieve
or maintain profitability and generate cash, (xvii) current and future conditions in the global economy, including as a result of the
impact of the COVID-19 pandemic, inflation, supply chain constraints, and other macroeconomic factors and their impact on Wejo, its business
and markets in which it operates, (xviii) the ability of Wejo to maintain relationships with customers, suppliers and others with whom
Wejo does business, (xix) the potential inability of Wejo to manage growth effectively, (xx) the enforceability of Wejo’s intellectual
property, including its patents and the potential infringement on the intellectual property rights of others, (xxi) costs or unexpected
liabilities related to the Potential Business Combination and the failure to realize anticipated benefits of the Potential Business Combination
or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions, (xxii)
changes to the proposed structure of the Potential Business Combination that may be required or are appropriate as a result of applicable
laws or regulations, (xxiii) the ability to recruit, train and retain qualified personnel, and (xxiv) the ability of the surviving entity
resulting from the Potential Business Combination to issue equity or obtain financing.
The
foregoing list of factors that may affect the business, financial condition or operating results of TKB and/or Wejo is not exhaustive.
Additional factors are set forth in their respective filings with the U.S. Securities and Exchange Commission (the “SEC”),
and further information concerning TKB and Wejo may emerge from time to time. In particular, you should carefully consider the foregoing
factors and the other risks and uncertainties described in the “Risk Factors” section of (a) TKB’s (i) prospectus filed
with the SEC on October 28, 2021, (ii) Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 14,
2022, (iii) Forms 10-Q filed with the SEC on May 13, 2022, August 12, 2022 and November 12, 2022, (b) Wejo’s (i) Annual Report
on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 31, 2022 (as amended on April 11, 2022), (iii) Forms 10-Q
filed with the SEC on May 16, 2022, August 15, 2022 and November 21, 2022, and (c) other documents filed or to be filed by TKB and/or
Wejo with the SEC (including a registration statement on Form S-4 to be filed in connection with the Potential Business Combination).
There may be additional risks that neither TKB nor Wejo presently know or that TKB and Wejo currently believe are immaterial that could
also cause actual results to differ from those contained in the forward-looking statements. Readers are urged to consider these factors
carefully in evaluating these forward-looking statements.
Forward-looking
statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements. TKB
and Wejo expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances
on which any statement is based, except as required by law, whether as a result of new information, future events, or otherwise. Neither
TKB nor Wejo gives any assurance that either TKB, Wejo or the combined company will achieve its expectations.
No
Offer or Solicitation.
This
communication does not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities
in any jurisdiction, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the Potential
Business Combination or any related transactions, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction
where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This communication
does not constitute either advice or a recommendation regarding any securities. This communication is restricted by law; it is not intended
for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation.
No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as
amended, or exemptions therefrom.
NONE
OF THE SEC NOR ANY OTHER SECURITIES COMMISSION OR SIMILAR REGULATORY AGENCY OF ANY OTHER U.S. OR NON-U.S. JURISDICTION HAS REVIEWED,
EVALUATED, APPROVED, DISAPPROVED, PASSED UPON OR ENDORSED THE MERITS OF, THE POTENTIAL BUSINESS COMBINATION OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN, OR DETERMINED THAT THIS COMMUNICATION IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
To
the fullest extent permitted by law, in no circumstances will TKB, Wejo or any of their respective subsidiaries, shareholders, affiliates,
representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential
loss or loss of profit arising from the use of this communication, its contents (including the internal economic models), its omissions,
reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith.
Important
Information About the Proposed Business Combination and Where to Find It.
In
connection with the Potential Business Combination, TKB and Wejo intend to file relevant materials with the SEC, including a registration
statement on Form S-4, which will include a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus.
A proxy statement/prospectus will be sent to all shareholders of TKB and Wejo. TKB and Wejo will also file other documents regarding
the Potential Business Combination with the SEC. Before making any voting or investment decision, investors and security holders of TKB
and Wejo are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the Potential Business Combination as they become available because they will contain important
information about the Potential Business Combination.
Investors
and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by TKB and Wejo through the website maintained by the SEC at www.sec.gov.
The
documents filed by TKB with the SEC also may be obtained free of charge upon written request to TKB Critical Technologies 1,400 Continental
Blvd, Suite 6000, El Segundo, CA 90245 or via email at ablatteis@tkbtech.com.
The
documents filed by Wejo with the SEC also may be obtained free of charge upon written request to Wejo Group Limited, ABC Building, 21-23
Quay Street, Manchester, M3 4A or via email at investor.relations@wejo.com.
Participants
in the Solicitation.
This
communication may be deemed solicitation material in respect of the Potential Business Combination. TKB, Wejo and their respective directors,
executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation
of proxies from TKB’s or Wejo’s shareholders in connection with the Potential Business Combination. A list of the names of
such directors and executive officers, and information regarding their interests in the Potential Business Combination and their ownership
of TKB’s or Wejo’s securities, as applicable, are, or will be, contained in their respective filings with the SEC. Additional
information regarding the interests of those persons and other persons who may be deemed participants in the Potential Business Combination
may be obtained by reading the proxy statement/prospectus regarding the Potential Business Combination when it becomes available. You
may obtain free copies of these documents as described above.
Media:
Ben
Hohmann, Wejo
Ben.Hohman@Wejo.com
Katie
Obrien, RH Strategic, on behalf of Wejo
kobrien@rhstrategic.com
Investors:
Tahmin
Clarke, Wejo
tahmin.clarke@wejo.com
Roth CH Acquisition (NASDAQ:USCT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Roth CH Acquisition (NASDAQ:USCT)
Historical Stock Chart
From Jul 2023 to Jul 2024