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 14, 2023
AMERICAN BATTERY MATERIALS, INC.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
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001-41594 |
|
22-3956444 |
|
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
500 West Putnam Ave. Suite 400
Greenwich, Connecticut 06830
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code: 800-998-7962
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 |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| None |
|
N/A |
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N/A |
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 ☐
If an emerging growth company, indicate by checkmark
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 7.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
As previously disclosed in the Current Report
on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 2, 2023, American Battery Materials,
Inc. (“ABM”, or the “Company”), entered into an Agreement and Plan of Merger dated June 1, 2023
(“the Merger Agreement”) by and among the Company; Seaport Global Acquisition II Corp., a Delaware corporation (“SGII”);
and, Lithium Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of SGII (“Merger Sub”).
On 14 July 14 2023 the Company, SGII, and Merger
Sub (collectively, the “Parties”) entered into Amendment No. 1 to Agreement and Plan of Merger (the “Amendment”).
Pursuant to the Amendment, the Parties agreed to (i) reduce the value of the shares of SGII common stock to be paid as consideration to
ABM’s stockholders from $160 million to $120 million; (ii) extend the Merger Agreement’s termination date from August 19,
2023 to February 19, 2024; and, (iii) amend the Merger Agreement to obligate the Company to fund one-half of the additional payment into
trust (i.e., $0.015 per share by the Company) that SGII intends to make in connection with an extension to the date by which SGII must
complete a business combination. If the Company fails to make any such contribution that is subsequently funded by SGII (each, a “Contribution
Shortfall”), then the Company shall issue to SGII’s sponsor a number of shares with value equal to two times the amount
of all Contribution Shortfalls either (a) if the transactions under the Merger Agreement close, of the post-business combination company;
or, (b) if the transactions under the Merger Agreement do not close, of the Company.
The foregoing description of the Amendment and
the transactions envisioned thereunder is not complete and is subject to, and qualified in its entirety by reference to, the actual Amendment,
a copy of which is filed with this Current Report on Form 8-K as Exhibit 2.1, and the terms of which are incorporated herein by reference.
Important Information and Where to Find It
The Company has previously disclosed a proposed
business combination with SGII (the “Proposed Business Combination”) and related transactions (collectively, the “Transactions”).
In connection with the Transactions, (i) the Company intends to file Schedule 14C Information Statements with the U.S. Securities and
Exchange Commission (the “SEC”); and, (ii) SGII intends to file a registration statement on Form S-4, which will include
a proxy statement/prospectus of SGII (the “S-4”), as well as other documents filed with the SEC in connection with
the Proposed Business Combination. Stockholders will be able to obtain copies of the S-4 and other documents filed with the SEC that will
be incorporated by reference therein, without charge, once available, at the SEC's website at www.sec.gov. The information contained
on, or that may be accessed through, the websites referenced in this communication is not incorporated by reference into, and is not a
part of, this communication.
Participants in the Solicitation
SGII and the Company and certain of their respective
directors, executive officers, and other members of management and employees may be deemed participants in the solicitation of proxies
from SGII’s and ABM’s stockholders in connection with the Transactions. SGII’s and ABM’s stockholders and other
interested persons may obtain, without charge, more detailed information regarding the directors and officers of SGII and ABM, in, respectively,
SGII’s Annual Report on Form 10-K for the year-ended December 31, 2022 filed with the SEC on April 4, 2023; and, ABM’s Annual
Report on Form 10-K for the year-ended December 31, 2022 filed with the SEC on April 21, 2023. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of proxies to SGII stockholders in connection with the Proposed Business Combination
will be set forth in the proxy statement for the Proposed Business Combination to be filed by SGII. Additional information regarding the
interests of participants in the solicitation of proxies in connection with the Proposed Business Combination will be included in the
Registration Statement that SGII intends to file with the SEC. Free copies of these documents may be obtained as described in the preceding
paragraph. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Proposed
Business Combination will be included in the Form S-4 that SGII intends to file with the SEC.
No Offer or Solicitation
This Current Report on Form 8-K and the exhibits
hereto do 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.
Forward Looking Statements
This Report includes certain statements that are
not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,”
“future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not
statements of historical matters. All statements, other than statements of present or historical fact included in this communication,
regarding the Proposed Business Combination, ABM’s ability to consummate the Transactions, the benefits of the Transactions and
the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated
financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking
statements. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations
of the respective management of SGII and ABM and are not predictions of actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction
or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ
from assumptions. Many actual events and circumstances are beyond the control of SGII or ABM. Potential risks and uncertainties that could
cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited
to, changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully
or timely consummate the business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that
the approval of the stockholders of SGII or ABM is not obtained; failure to realize the anticipated benefits of business combination;
risk relating to the uncertainty of the projected financial information with respect to ABM; the amount of redemption requests made by
SGII’s stockholders; the overall level of consumer demand for lithium; general economic conditions and other factors affecting;
disruption and volatility in the global currency, capital, and credit markets; ABM’s ability to implement its business and growth
strategy; changes in governmental regulation, ABM’s exposure to litigation claims and other loss contingencies; disruptions and
other impacts to ABM’s business, as a result of the COVID-19 pandemic and government actions and restrictive measures implemented
in response, and as a result of the proposed transaction; ABM’s ability to comply with environmental regulations; competitive pressures
from many sources, including those, having more experience and better financing; changes in technology that adversely affect demand for
lithium compounds; the impact that global climate change trends may have on ABM and its potential extraction operations; any breaches
of, or interruptions in, SGII’s or ABM’s information systems; fluctuations in the price, availability and quality of electricity
and other raw materials and contracted products as well as foreign currency fluctuations; changes in tax laws and liabilities, tariffs,
legal, regulatory, political and economic risks.
More information on potential factors that could
affect SGII’s or ABM’s financial results is included from time-to-time in SGII’s and ABM’s respective public reports
filed with the SEC, including their respective Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form
8-K, as well as the S-4 SGII plans to file with the SEC in connection with SGII’s solicitation of proxies for the meeting of stockholders
to be held to approve, among other things, the Proposed Business Combination. If any of these risks materialize or SGII’s or ABM’s
assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There
may be additional risks that neither SGII nor ABM presently know, or that SGII and ABM currently believe are immaterial, that could also
cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect
SGII’s and ABM’s expectations, plans or forecasts of future events and views as of the date of this communication. SGII and
ABM anticipate that subsequent events and developments will cause their assessments to change. However, while SGII and ABM may elect to
update these forward-looking statements at some point in the future, SGII and ABM specifically disclaim any obligation to do so, except
as required by law. These forward-looking statements should not be relied upon as representing SGII’s or ABM’s assessments
as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking
statements.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
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.
| Date: 14 July 2023 |
AMERICAN BATTERY MATERIALS, INC. |
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BY: |
/s/ SEBASTIAN LUX |
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Sebastian Lux, |
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Co-Chief Executive Officer |
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BY: |
/s/ DAVID GRABER |
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David Graber, |
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Co-Chief Executive Officer |
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Exhibit 2.1
AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER
This Amendment No. 1, dated
as of July 14, 2023 (this “Amendment No. 1”), to the Agreement and Plan of Merger, dated as of June 1, 2023 (the “Merger
Agreement”), by and among Seaport Global Acquisition II Corp., a Delaware corporation (“Acquiror”), Lithium
Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and American Battery Materials, Inc., a Delaware corporation
(the “Company”, and Acquiror, Merger Sub and the Company are referred to herein individually as a “Party”
and collectively as the “Parties”), is made and entered into by and among the Parties. Capitalized terms used but not
defined in this Amendment No. 1 shall have the respective meanings ascribed to such terms in the Merger Agreement, which will remain in
full force and effect as amended hereby.
RECITALS
WHEREAS, pursuant to Section
11.10 of the Merger Agreement, the Parties desire to amend the Merger Agreement, as set forth in this Amendment No. 1, effective as of
the date hereof.
AGREEMENT
NOW THEREFORE, in consideration
of the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, intending to be legally bound, the Parties hereby agree as follows:
| 1. | Amendments to the Merger Agreement. |
1.1 Article
I of the Merger Agreement. Article I of the Merger Agreement is hereby amended by adding the following defined terms to
such article:
“Contribution Amount”
has the meaning specified in Section 8.09(a).
“Contribution Date” has the
meaning specified in Section 8.09(a).
“Contribution Start Date”
has the meaning specified in Section 8.09(a).
“Purchase Price” means $120,000,000.”
1.2 Article
VIII of the Merger Agreement. Article VIII of the Merger Agreement is hereby amended by adding the following Section
8.09 immediately after Section 8.08:
“8.09 Contributions
by the Company.
(a) Beginning
on August 18, 2023 (the “Contribution Start Date”), and on the corresponding date of each calendar month after the
Contribution Start Date (each such date, including the Contribution Start Date, a “Contribution Date”) until the earlier
of (i) the date as of which the Company has made six (6) monthly contribution payments pursuant to this Section 8.09(a) and (ii)
Acquiror’s delivery of written notice to the Company that Acquiror has determined not to consummate the Transactions, the Company
shall pay or cause to be paid to Acquiror, by wire transfer of immediately available funds, an amount in cash (each such amount, a “Contribution
Amount”) equal to the product of (x) the total number of shares of Acquiror Stock outstanding as of immediately prior to the
applicable Contribution Date, taking into account all redemptions of Acquiror Stock occurring prior to such Contribution Date, multiplied
by (y) $0.015.
(b) Subject
to the performance by the Company of its obligations under Section 8.09(a), if the Closing occurs, then immediately following the
Closing, Acquiror shall issue or cause to be issued to the Company Stockholders, pro rata in accordance with the number of shares of Company
Stock held by each such Company Stockholder, an aggregate number of shares of Acquiror Common Stock equal to the quotient obtained by
dividing (i) the aggregate amount of all Contribution Amounts paid by the Company to Acquiror pursuant to Section 8.09(a), by
(ii) $10.00.
(c) If
the Company fails to pay to Acquiror any Contribution Amounts in accordance with Section 8.09(a), then Acquiror shall be entitled,
in its sole discretion, to either (i) terminate this Agreement pursuant to Section 10.01(f) of this Agreement, or (ii) direct the
Sponsor to pay to Acquiror the Contribution Amounts required to be paid by the Company pursuant to Section 8.09(a).
(d) If
Acquiror elects to direct the Sponsor to pay the Contribution Amounts pursuant to clause (ii) of Section 8.09(c), then (i) if the
Closing occurs, Acquiror shall issue to the Sponsor at the Closing a number of shares of Acquiror Common Stock equal to the quotient obtained
by dividing (x) the product of (A) all Contribution Amounts required to be paid by the Company pursuant to Section 8.09(a) (regardless
of whether such amounts are actually paid by the Company), multiplied by (B) two (2), by (y) $10.00, and (ii) if the Closing
does not occur and this Agreement is terminated (other than by Acquiror pursuant to Section 10.01(f) of this Agreement), then promptly,
but in any event no more than ten (10) Business Days following the effective date of such termination, the Company shall issue to the
Sponsor a number of shares of Company Common Stock equal to the quotient obtained by dividing (i) the product of (A) all Contribution
Amounts required to be paid by the Company pursuant to Section 8.09(a) (regardless of whether such amounts are actually paid by
the Company), multiplied by (B) two (2), by (ii) the average of the volume weighted average price of the Company Common
Stock, as reported by the OTC Markets Group, over the ten (10) trading-day period ending on the last trading day immediately prior to
the date of issuance of such shares of Company Common Stock to the Sponsor.
(e) Acquiror
shall contribute to the Trust Account any Contribution Amounts received by Acquiror pursuant this Section 8.09 reasonably promptly
following Acquiror’s receipt of any such amounts.
(f) The
obligations of the Company under this Section 8.09 shall terminate upon the Closing or the earlier termination of this Agreement.”
1.3 Section
10.01 of the Merger Agreement. Section 10.01 of the Merger Agreement is hereby amended as follows:
(a) Section
10.01(b). Clause (ii) of Section 10.01(b) of the Merger Agreement is hereby amended and restated in its entirety to
read as follows:
“(ii) the Closing
has not occurred on or before the earlier of (A) February 19, 2024 and (B) the date on which Acquiror dissolves and liquidates in accordance
with Section 9.2(d) of Acquiror’s amended and restated certificate of incorporation (the earlier of (A) and (B), the “Termination
Date”), or”.
(b) Section
10.01(d). Section 10.01(d) of the Merger Agreement is hereby amended by deleting the word “or” at the end of such
section.
(c) Section
10.01(e). Section 10.01(e) of the Merger Agreement is hereby amended by deleting “.” at the end of such section
and inserting “; or” at the end of such section.
(d) Section
10.01(f). Section 10.01 of the Merger Agreement is hereby amended by adding the following Section 10.01(f) immediately
after Section 10.01(e):
“(f) by written
notice from Acquiror to the Company if the Company shall have failed to comply with its obligations under Section 8.09 of this
Agreement.”
| 2. | Effective Date. The Parties hereby acknowledge and agree that this Amendment No. 1 shall
be effective as of the date hereof. |
| 3. | Approval and Consent. The Parties hereby approve and consent to this Amendment No. 1. |
| 4. | Other Provisions. The provisions of Article XI (Miscellaneous) of the Merger Agreement
shall apply mutatis mutandis to this Amendment No. 1. |
| 5. | Effect of Amendment No. 1. |
5.1 No
Other Amendments. Except as expressly amended by this Amendment No. 1, the Merger Agreement will remain in full force and effect
and is hereby ratified and confirmed.
5.2 References.
On and after the date hereof, each reference in the Merger Agreement to “this Agreement,” “hereof,” “herein,”
“hereby,” “hereunder,” “hereto” and derivative or similar words referring to the Merger Agreement,
and each reference in any other document relating to the “Agreement and Plan of Merger, the “Merger Agreement,” the
“Agreement,” “thereunder,” “thereof,” or words of like import referring to the Merger Agreement, means
and references the Merger Agreement as amended hereby.
| 6. | Counterparts. This Amendment No. 1 may be executed in separate counterparts (including,
without limitation, counterparts transmitted by facsimile or by other electronic means), each of which shall be an original and all of
which taken together shall constitute one and the same agreement. Signatures of the Parties transmitted by facsimile or by other electronic
means shall be deemed to be original signatures for all purposes and shall have the same force and effect as a manual signature. |
[The remainder of this page is intentionally
left blank]
IN WITNESS WHEREOF,
the Parties have caused this Amendment No. 1 to be duly executed as of the date first above written.
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ACQUIROR: |
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SEAPORT GLOBAL ACQUISITION II CORP. |
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By: |
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Name: |
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Title: |
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MERGER SUB: |
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LITHIUM MERGER SUB, INC. |
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By: |
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Name: |
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Title: |
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COMPANY: |
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AMERICAN BATTERY MATERIALS, INC. |
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By: |
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Name: |
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Title: |
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[Signature Page to Amendment No. 1 to Agreement
and Plan of Merger]
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