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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): May 18, 2022 (May 13, 2022)

 

Better World Acquisition Corp.

(Exact name of registrant as specified in its charter)

 

Delaware   001-39698   85-2448447
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

775 Park Avenue

New York, New York 10021

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (212) 450-9700

 

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)
   
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 share of Common Stock and one Redeemable Warrant   BWACU   The Nasdaq Stock Market LLC
         
Common Stock, par value $0.0001 per share   BWAC   The Nasdaq Stock Market LLC
         
Warrants, each exercisable for one share of Common Stock for $11.50 per share   BWACW   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  

 

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.

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2022 by Better World Acquisition Corp. (the “Company”), the Company issued an amended and restated promissory note (the “Amended Note”) in the principal amount of $2,523,720 to the Company’ sponsor, BWA Holdings LLC (the “Sponsor”) on February 17, 2022.

 

On May 17, 2022, the Company amended and restated the forgoing Amended Note in its entirety to increase the principal amount thereunder from $2,523,720 to $3,223,720 (the “Second Amended Note”).

 

The foregoing description is qualified in its entirety by reference to the Second Amended Note, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

 

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

On May 12, 2022, the Company held a special meeting of stockholders (the “Meeting”). At the Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Charter Amendment”) to extend the date by which the Company must consummate its initial business combination from May 17, 2022 to August 17, 2022. On May 13, 2022, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware.

 

The foregoing description is qualified in its entirety by reference to the Charter Amendment, a copy of which is attached as Exhibit 3.1 hereto and is incorporated by reference herein.

 

Item 5.07. Submission of Matters to a Vote of Security Holders.

 

At the Meeting, the Company’s stockholders approved the Charter Amendment extending the date by which the Company must consummate its initial business combination from May 17, 2022 to August 17, 2022 (the “Extension Amendment Proposal”).

 

The final voting results for the Extension Amendment Proposal were as follows:

 

For   Against   Abstain   Broker Non-Votes
12,201,770   7,864   631,800   0

 

In connection with the Meeting, stockholders holding 5,586,910 shares of the Company’s common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account (the “Trust Account”). As a result, approximately $57.5 million ($10.30 per share) will be removed from the Trust Account to pay such holders and approximately $72.4 million will remain in the Trust Account. Following redemptions, the Company will have 7,031,690 public shares outstanding and the Company will deposit $500,000 in connection with the Charter Amendment.

 

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Item 9.01 Financial Statements and Exhibits.

 

(d)Exhibits. The following exhibits are filed with this Form 8-K:

 

Exhibit No.   Description of Exhibits
3.1   Amendment to the Amended and Restated Certificate of Incorporation.
10.1   Second Amended and Restated Promissory Note, dated May 17, 2022
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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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.

 

  Better World Acquisition Corp.
       
Dated: May 18, 2022 By: /s/ Peter S.H. Grubstein
    Name:  Peter S.H. Grubstein
    Title:    Chief Financial Officer

 

 

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