Item 8.01. Other Events.
As
previously disclosed on a Current Report on Form 8-K, Sierra Lake Acquisition Corp., a Delaware corporation (the Company), consummated its initial public offering (the
IPO) of 30,000,000 units (the Units) on September 17, 2021. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (Class A
Common Stock), and one-half of one redeemable warrant of the Company (Warrant), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common
Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300,000,000.
Simultaneously with the consummation of the IPO, the Company completed the private sale (the Private Placement) of an
aggregate of 9,500,000 Warrants (the Private Warrants). 6,500,000 of the Private Warrants were sold to Sierra Lake Sponsor LLC, a Delaware limited liability company (the Sponsor) and 3,000,000 of the Private
Warrants were sold to Cantor Fitzgerald & Co. (Cantor) at a purchase price of $1.00 per Private Warrant, generating gross proceeds to the Company of $9,500,000.
A total of $301,500,000, comprised of the proceeds from the IPO after offering expenses and a portion of the proceeds of sale of the Private
Warrants, was placed in a U.S.-based trust account (the Trust Account) maintained by Continental Stock Transfer & Trust Company acting as trustee.
As of September 17, 2021, the balance of the Trust Account was $301,500,000. Except with respect to interest earned on the funds held in
the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest to occur of: (i) the completion of an initial business
combination; (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Companys amended and restated certificate of incorporation (A) to modify the substance or timing of the
Companys obligation to allow redemption in connection with the Companys initial business combination or to redeem 100% of the Companys public shares if the Company does not complete its initial business combination within 15 months
from the closing of IPO or (B) with respect to any other provision relating to stockholders rights or pre-initial business combination activity; and (iii) the redemption of the Companys
public shares if the Company has not completed an initial business combination within 15 months from the closing of the IPO, subject to applicable law.
An audited balance sheet as of September 17, 2021, reflecting receipt of the proceeds upon consummation of the IPO and the Private
Placement, has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.