Current Report Filing (8-k)
13 Dezember 2021 - 12:05PM
Edgar (US Regulatory)
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2021-11-23
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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):
November 23, 2021
CENAQ Energy Corp.
(Exact name of registrant as specified in its charter)
Delaware
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001-40743
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85-1863331
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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550 Post Oak Place Dr.,
Suite 300, Houston, Texas
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77027
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(Address of Principal Executive Offices)
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(Zip Code)
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(713) 820-6300
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐
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Written communication pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencements communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Units, each consisting of one share of Class A common stock and three-quarters of one warrant
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CENQU
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The NASDAQ Stock Market LLC
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Class A common stock, par value $0.0001 per share
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CENQ
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The NASDAQ Stock Market LLC
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Warrants, each whole warrant exercisable for one share of Class A common
stock at an exercise price of $11.50 per share
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CENQW
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The NASDAQ Stock Market LLC
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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 ☒
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.
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Item 4.02
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Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim
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In connection with the preparation of its financial statements as of
September 30, 2021, CENAQ Energy Corp. (the “Company”) reevaluated the classification of its shares of Class A common stock
and concluded that it is appropriate to restate the presentation of Class A common stock subject to possible redemption to reflect all
shares of Class A common stock issued to the public in connection with the Company’s initial public offering (the “Public
Shares”) as temporary equity. The Company previously recorded the shares of Class A common stock subject to possible redemption
to be equal to the redemption value of such shares, while also taking into consideration the requirement in the Company’s amended
and restated certificate of incorporation that redemptions cannot result in net tangible assets falling below $5,000,001 (the “Minimum
Net Tangible Assets Requirement”). The Company had therefore recorded a portion of the Public Shares as permanent equity. Upon further
evaluation, the Company has determined that the Public Shares include certain redemption features that are not solely within the control
of the Company. Under Accounting Standards Codification (“ASC”) 480-10-S99, Distinguishing Liabilities from Equity, redemption
provisions not solely within the control of the Company require common stock subject to redemption to be classified as temporary equity,
regardless of the Minimum Net Tangible Assets Requirement.
Therefore, on November 23, 2021, the Company’s management and
audit committee of the board of directors (the “Audit Committee”) concluded that the Company’s audited balance sheet
as of August 17, 2021, as reported in the Company’s Current Report on Form 8-K filed on August 23, 2021 should be restated to report
all Public Shares as temporary equity. Considering such restatement, such balance sheet, as well as the relevant portions of any communication
which describes or are based on such balance sheet, should no longer be relied upon. There has been no change in the Company’s total
assets, liabilities or operating results as a result of such restatement.
The Company has reflected such restatement in its Quarterly Report
on Form 10-Q for the quarter-ended September 30, 2021 (the “Quarterly Report”), as filed with the Securities and Exchange
Commission (the “SEC”).
The Company’s management and Audit Committee have discussed the
matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with Marcum LLP, the Company’s independent registered
public accounting firm.
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.
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CENAQ
Energy Corp.
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Date:
December 10, 2021
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By:
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/s/ Michael
J. Mayell
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Name:
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Michael
J. Mayell
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Title:
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Chief
Financial Officer
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2
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