UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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People’s Republic of China
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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
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| Item 5.07 | Submission of Matters to a Vote of Security Holders. |
On November 18, 2021, Yunhong International (the “Company”) held an extraordinary general meeting of shareholders (the “Extension Meeting”) to approve an amendment to the Company’s third amended and restated articles of incorporation (the “Memorandum and Articles of Association”) to extend the date by which the Company has to consummate a business combination from November 18, 2021 to up to May 18, 2022 (if the Company’s sponsor chooses to extend the period of time to consummate a business combination by depositing into the trust account of the Company (the “Trust Account”) an amount of $0.10 for each Public Share (as defined below) that are not redeemed for each three months extension) (the “Extension Amendment Proposal”). There were 7,219,500 Class A ordinary shares of the Company and 1,725,000 issued and outstanding Class B ordinary shares issued and outstanding on October 20, 2021, the record date for the Extension Meeting. At the Extension Meeting, there were 5,088,980 shares present by proxy, representing approximately 56.90% of the total shares outstanding as of the record date, which constituted a quorum.
The final voting results for the Extension Amendment Proposal were as follows:
| For | Against | Abstain | Broker Non-Votes | |||
| 5,088,980 | 0 | 0 | 0 |
Shareholders holding 1,091,949 Public Shares of the Company’s exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account for approximately $11.26 million (approximately $10.31 per share).
| Item 8.01 | Other Events. |
On November 18, 2021, the Company’s sponsor notified the Company that it will not make additional contributions to the Company’s Trust Account. Accordingly, there will be no contribution of $0.10 per Public Share for the extension period commencing on November 18, 2021 or any subsequent extension period. Due to the Company’s inability to consummate an initial business combination within the time period required by its Memorandum and Articles of Association, it intends to dissolve and liquidate in accordance with the Memorandum and Articles of Association and will redeem all of its outstanding Class A ordinary shares that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.31.
As of the close of business on November 24, 2021, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.
In order to provide for the disbursement of funds from the Trust Account, the Company has instructed the trustee of the Trust Account to take all necessary actions to immediately liquidate the Trust Account. The proceeds of the Trust Account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Holders of Public Shares may redeem their shares for their pro rata portion of the proceeds of the Trust Account by delivering their Public Shares to American Stock Transfer & Trust Company, LLC, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares will be completed within ten (10) business days after November 18, 2021.
The Company’s initial shareholders have waived their redemption rights with respect to the outstanding ordinary shares issued prior to the Company’s initial public offering or in a private placement in connection with the closing of the Company’s initial public offering.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants and rights, which will expire worthless.
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.
| Yunhong International | |||
| By: | /s/ Patrick Orlando | ||
| Name: | Patrick Orland | ||
| Title: | Chief Executive Officer | ||
| Dated: November 19, 2021 | |||