Form 8-K - Current report
15 Juli 2024 - 10:13PM
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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 Act of 1934
Date
of Report (Date of earliest event reported): July 15, 2024
SEP
ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation) |
001-40679
(Commission File Number) |
86-2365445
(I.R.S. Employer Identification No.) |
3737
Buffalo Speedway, Suite 1750 Houston, Texas
(Address
of principal executive offices) |
77098
(Zip
Code) |
(713)
715-6820
(Registrant’s telephone number, including area code)
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 (see General Instruction A.2. below):
☐ 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 Class A common stock and one-half of one warrant |
|
SEPAU |
|
The Nasdaq Stock
Market LLC |
Class A common stock,
par value $0.0001 per share |
|
SEPA |
|
The Nasdaq Stock
Market LLC |
Warrants, each whole
warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
|
SEPAW |
|
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 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As
previously announced, the Board of Directors (the “Board”), with the approval of the stockholders, of SEP Acquisition
Corp. (the “Company”) determined that if the Company has not consummated a Business Combination (as defined in the
Company’s Amended and Restated Certificate of Incorporation, as amended), by July 30, 2024 (the “Termination Date”),
the Company shall (i) (1) cease all operations except for the purpose of winding up, (2) as promptly as reasonably possible but
not more than ten business days after the Termination Date, subject to lawfully available funds therefor, redeem 100% of the shares
of the Company’s common stock included as part of the units sold in the Company’s initial public offering of securities
(the “Offering Shares” and the “Offering”) in consideration of a per-share price, payable in cash, equal
to the quotient obtained by dividing (x) the aggregate amount then on deposit in the Trust Account (as defined in the Company’s
Amended and Restated Certificate of Incorporation, as amended), including interest not previously released to the Company to pay
its taxes and expenses related to the administration of the Trust Account (less up to $100,000 of such net interest to pay dissolution
expenses), by (y) the total number of then outstanding Offering Shares, which redemption will completely extinguish the rights
(including the right to receive further liquidating distributions, if any) of the Public Stockholders (as defined in the Company’s
Amended and Restated Certificate of Incorporation, as amended), subject to applicable law, and (3) as promptly as reasonably possible
following such redemption, subject to the approval of the remaining stockholders and the Board in accordance with applicable law,
dissolve and liquidate, subject in each case to the Company’s obligations under the Delaware General Corporation Law to
provide for claims of creditors and other requirements of applicable law.
On
July 10, 2024, the Company (i) notified the Nasdaq Stock Market LLC (“Nasdaq”) of the anticipated redemption, liquidation
and dissolution; and (ii) requested that Nasdaq (A) suspend trading of the Company’s shares of Class A Common Stock, as well
as the associated Warrants and Units, effective after the close of trading on July 16, 2024, and (B) file with the Securities and Exchange
Commission (the “SEC”) a Form 25 Notification of Removal from Listing and/or Registration (“Form 25”) to delist
and deregister the Class A Common Stock, as well as the associated Warrants and Units, under Section 12(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). As a result, the Class A Common Stock, as well as the associated Warrants and
Units, will no longer be listed on Nasdaq. The Company expects that Nasdaq will file Form 25 with the SEC on or about July 16, 2024,
upon which the delisting of the Company’s Class A Common Stock, as well as the associated Warrants and Units, will become effective.
Following that, the Company intends to file a Form 15 Certification and Notice of Termination of Registration with the SEC, requesting
that the Company’s reporting obligations under Sections 13 and 15(d) of the Exchange Act be terminated with respect to the Class
A Common Stock, as well as the associated Warrants and Units.
The
information set forth in Item 3.01 above of this Current Report on Form 8-K is incorporated by reference herein. In the redemption,
the Offering Shares will be redeemed at a per-share price, payable in cash, equal to the quotient obtained by dividing (A) in
consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (x) the aggregate amount then
on deposit in the Trust Account, including interest not previously released to the Company to pay its taxes and expenses related
to the administration of the Trust Account (less up to $100,000 of such net interest to pay dissolution expenses), by (y) the
total number of then outstanding Offering Shares. The redemption will completely extinguish rights of the Public Stockholders
(including the right to receive further liquidating distributions, if any). After taking into account withdrawals for taxes and
expenses, the total amount held in the trust account was $13,505,269.31, and a total of 1,304,259 Offering Shares were outstanding.
The Company estimates that the total redemption amount will be approximately $13,505,269.31, and the per-share redemption
amount will be approximately $10.35474496.
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 thereunto duly authorized.
|
SEP
Acquisition Corp. |
|
|
Dated: July 15, 2024 |
/s/ R. Andrew White |
|
R.
Andrew White |
|
President
and Chief Executive Officer |
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Entity File Number |
001-40679
|
Entity Registrant Name |
SEP
ACQUISITION CORP.
|
Entity Central Index Key |
0001849902
|
Entity Tax Identification Number |
86-2365445
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
3737
Buffalo Speedway
|
Entity Address, Address Line Two |
Suite 1750
|
Entity Address, City or Town |
Houston
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
77098
|
City Area Code |
713
|
Local Phone Number |
715-6820
|
Written Communications |
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|
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Units, each consisting of one share of Class A common stock and one-half of one warrant |
|
Title of 12(b) Security |
Units, each consisting
of one share of Class A common stock and one-half of one warrant
|
Trading Symbol |
SEPAU
|
Security Exchange Name |
NASDAQ
|
Class A common stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A common stock,
par value $0.0001 per share
|
Trading Symbol |
SEPA
|
Security Exchange Name |
NASDAQ
|
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Warrants, each whole
warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
|
Trading Symbol |
SEPAW
|
Security Exchange Name |
NASDAQ
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