UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION |
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 13, 2023 |
ATHENA TECHNOLOGY ACQUISITION CORP. II
(Exact name of registrant as specified in its charter) |
| Delaware |
|
001-41144 |
|
87-2447308 |
|
(State or other jurisdiction of incorporation
or organization) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
442 5th Avenue
New York, NY 10018
(Address of registrant’s principal executive offices, including zip code)
(970)
925-1572 |
(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: |
| ☒ |
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
Symbols |
|
Name
of each exchange on which registered |
| Units, each consisting of one share of Class A Common Stock, par value $0.0001 per share, and one-half of one Redeemable Warrant |
|
ATEK.U |
|
NYSE American |
| Shares of Class A Common Stock, par value $0.0001 per share, included as part of the units |
|
ATEK |
|
NYSE American |
| Redeemable Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share |
|
ATEK
WS |
|
NYSE American |
| 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.
The
disclosure set forth below under Item 1.02 of this Current Report on Form 8-K (this “Report”) is incorporated by reference
herein.
Item 2.01. Termination of a Material Definitive Agreement.
On
April 19, 2023, Athena Technology Acquisition Corp. II, a Delaware corporation (the “Company”), Athena Technology Sponsor
II, LLC (“Sponsor”), a Delaware limited liability company, The Air Water Company, a Cayman Islands exempted company (“Holdings”),
Project Hydro Merger Sub Inc., a Delaware corporation, Air Water Ventures Ltd, a private company formed under the Laws of England and
Wales (“AWV”), and those shareholders of AWV party thereto entered into a Business Combination Agreement (as amended, the
“Business Combination Agreement”), as disclosed in the Current Report on Form 8-K filed by the Company with the Securities
and Exchange Commission (the “SEC”) on April 20, 2023. Unless otherwise indicated, capitalized terms used but not defined
in this Report have the respective meanings given to them in the Business Combination Agreement.
On
December 13, 2023, pursuant to Section 12.1(a) of the Business Combination Agreement, the Company, Sponsor, Holdings, Project Hydro
Merger Sub Inc. and AWV entered into a Mutual Release Agreement (“Mutual Release Agreement”) to terminate the Business Combination
Agreement (the “Mutual Release”). As a result of the Mutual Release Agreement, the Business Combination Agreement is of no
further force and effect, with the exception of specified provisions set forth in the Mutual Release Agreement, including confidentiality
obligations in connection with the Business Combination Agreement and related transactions, which shall survive the Mutual Release and
remain in full force and effect in accordance with their respective terms. Additionally, each of the parties to the Business Combination
Agreement has agreed on behalf of themselves and their respective related parties, to a release of claims relating to the Business Combination
Agreement and the related transactions, including the Mutual Release, with the exception of claims related to specified provisions set
forth in the Mutual Release Agreement.
Concurrently
with the Mutual Release, the Sponsor Support Agreement, date April 19, 2023, by and among the Company, Sponsor, Holdings and AWV (the
“Sponsor Support Agreement”) shall automatically terminate.
The
Company intends to identify another target business with which to pursue an initial business combination.
The
foregoing description of the Mutual Release Agreement does not purport to be complete and is qualified in its entirety by the terms and
conditions of the Mutual Release Agreement, a copy of which is filed as Exhibit 2.1 to this Report and is incorporated herein by reference.
The foregoing descriptions of the Business Combination Agreement and Sponsor Support Agreement are not complete and are qualified in
their entirety by the terms and conditions of the Business Combination Agreement and Sponsor Support Agreement, copies of which were
previously filed as Exhibit 2.1 and Exhibit 10.1, respectively, to the Company’s Current Report on Form 8-K dated April 20, 2023.
Forward-Looking
Statements
Certain
statements made in this Report are not historical facts but may be considered “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act
of 1934, as amended, and the “safe harbor” provisions under the 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”
or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or
trends or that are not statements of historical matters.
These
statements are based on the current expectations of the Company’s management 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, by
any investor 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 the Company. These statements are subject to a number of risks and uncertainties, and actual results may differ materially. These
risks and uncertainties include, but are not limited to: general economic, political and business conditions; the number of redemption
requests made by the Company’s stockholders in connection with a potential business combination; the outcome of any legal proceedings
that may be instituted against the Company; the risk that the approval of the Company’s stockholders for a potential transaction
is not obtained; expectations related to the terms and timing of a potential business combination; failure to realize the anticipated
benefits of a business combination; the risk that a business combination may not be completed by the Company’s business combination
deadline and the potential failure to obtain an extension of its business combination deadline, if sought by the Company; costs related
to a business combination; and other risks that will be detailed from time to time in filings with the SEC, including those risks discussed
under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed
with the SEC on March 30, 2023 and in subsequently filed Quarterly Reports on Form 10-Q. The foregoing list of risk factors is not exhaustive.
There may be additional risks that could also cause actual results to differ from those contained in these forward-looking statements.
In addition, forward-looking statements provide the Company’s expectations, plans or forecasts of future events and views as of
the date of this Report. And while the Company may elect to update these forward-looking statements in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments
as of any date subsequent to the date of this Report. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved
or that the results of such forward-looking statements will be achieved.
No
Offer or Solicitation
This
Report is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for
or buy any securities or the solicitation of any vote in any jurisdiction pursuant to a business combination or otherwise, nor shall
there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated:
December 14, 2023
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ATHENA TECHNOLOGY ACQUISITION CORP. II |
| |
|
|
| |
By: |
/s/ Isabelle Freidheim |
| |
Name: |
Isabelle Freidheim |
| |
Title: |
Chief Executive Officer and Chairperson of the Board of Directors |
3
Exhibit 2.1
MUTUAL
RELEASE AGREEMENT
This
MUTUAL RELEASE AGREEMENT (this “Agreement”), dated as of December 13, 2023, is by and among Athena Technology Acquisition
Corp. II, a Delaware corporation (“SPAC”), Athena Technology Sponsor II, LLC (“Sponsor”), The Air
Water Company, a Cayman Islands exempted company (“Holdings”), Project Hydro Merger Sub, Inc., a Delaware corporation
(“Merger Sub”), and Air Water Ventures Ltd., a private company formed under the laws of England and Wales (the “Company”).
The foregoing parties are collectively referred to herein as the “Parties”.
W
I T N E S S E T H:
WHEREAS,
the Parties entered into that certain Business Combination Agreement, dated as of April 19, 2023, as amended (the “Business
Combination Agreement”);
WHEREAS,
SPAC and the Company informed each other of their mutual decision to terminate the Business Combination Agreement pursuant to Section
12.1(a) of the Business Combination Agreement, which permits such termination by mutual written consent of SPAC and the Company; and
WHEREAS,
capitalized terms used but not defined herein shall have the meanings ascribed to them in the Business Combination Agreement.
NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, the receipt and sufficiency
of which are hereby acknowledged by the Parties, and intending to be legally bound hereby, the Parties agree as follows:
1. Termination.
The Business Combination Agreement shall be terminated as of the date hereof.
2. Mutual
Releases. In consideration of the covenants, agreements and undertakings of the Parties set forth herein, effective as of the date
hereof, each Party, on behalf of itself and its respective present and former Subsidiaries, Affiliates, officers, directors, stockholders,
employees, agents, representatives, successors and assigns (collectively, “Releasors”) hereby releases, waives, and
forever discharges the other Parties and their respective present and former Subsidiaries, Affiliates, officers, directors, stockholders,
employees, agents, representatives, successors and assigns (collectively, “Releasees”) of and from any and all actions,
causes of action, suits, losses, liabilities, damages, claims, and demands, of every kind and nature whatsoever, whether now known or
unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, in law or in equity, which any of such Releasors ever
had, now have, or hereafter may have against any of such Releasees for, upon, or by reason of any matter, cause, or thing whatsoever
from the beginning of time through the date of this Agreement to the extent arising out of or relating to the Business Combination Agreement
or in connection with the Transactions (collectively, “Claims”); provided that notwithstanding the foregoing,
nothing herein shall release a Party from, and Claims shall not include, the obligations of such Party under (i) this Agreement, (ii)
any provisions of the Business Combination Agreement that expressly survive post-termination of the Business Combination Agreement as
expressly set forth in Section 12.2 (Effect of Termination) of the Business Combination Agreement, including Section 9.17 (Confidential
Information) of the Business Combination Agreement, (iii) the Confidentiality Agreement or (iv) any agreements entered into between
or among the Parties following the date hereof. The Releasors irrevocably covenant not to assert any claim or demand, or commence, institute
or voluntarily aid in any way, or cause to be commenced or instituted any proceeding of any kind against any Releasee based upon any
Claim. Notwithstanding anything to the contrary in the Business Combination Agreement or this Agreement, the Releasees (other than the
Parties) are expressly intended as third party beneficiaries of this Section 2 and shall be entitled to enforce this Section 2 to the
extent it relates to their respective rights under this Section 2.
3. Public
Announcements. The Parties shall not initiate any press release or make any public announcement or statement with respect to this
Agreement, the Business Combination Agreement or the Transactions without the prior written consent of all other Parties as to the form
and content of any such communication (which consent shall not be unreasonably withheld, conditioned or delayed). To the extent any public
announcement or statement is required by applicable Law, SEC regulation, or by obligations pursuant to any listing agreement with or
rules of the NYSE in which case, each Party shall provide drafts in advance of and as soon as reasonably practicable and to the extent
permitted by applicable Law and shall not release any statement without prior express consent of the other Parties as to the form and
content of any required statement (which shall not be unreasonably withheld in the case of any statement required by law or the NYSE
listing requirements). To the extent that any public announcement or statement is approved pursuant to the preceding sentence, each Party
may make future public announcements or statements that are consistent with such approved announcement or statement.
4. No
Admissions. The Parties agree that the signing of the Agreement does not constitute an admission of any liability or wrongdoing whatsoever.
Rather, the Parties have entered the Agreement to amicably compromise their differences.
5. Acknowledgement.
The Parties represent and acknowledge that they have read the Agreement and have executed it after having the opportunity to confer with
counsel of their own choosing and that they have not in any way relied upon any oral promise or representation of the other in making
the Agreement. The Parties further represent and acknowledge that they have taken into account not only the known and anticipated claims
and defenses, but also unknown and unanticipated claims and defenses between the Parties which they hereby recognize and agree are covered
by the Agreement. The Parties further acknowledge that the Agreement has not been procured through coercion, duress, fraud or any
other improper means.
6. Representations
and Warranties. Each Party represents and warrants to the other Parties that: (i) such Party has all requisite power and authority
to enter into this Agreement and to take the actions contemplated hereby; (ii) the execution and delivery of this Agreement and the actions
contemplated hereby have been duly authorized by all necessary corporate or other action on the part of such Party; and (iii) this Agreement
has been duly executed and delivered by such Party and, assuming the due authorization, execution and delivery by the other Parties,
constitutes a legal, valid and binding obligation of such, enforceable against such Party in accordance with its terms, subject to the
customary enforceability exceptions.
7. Jurisdiction
and Choice of Law. The Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard
to conflicts of law issues. In the event any action is required to enforce the terms of this Agreement, any action to enforce this Agreement
shall be brought exclusively in a Court of competent jurisdiction in the State of Delaware. The Parties expressly consent to personal
jurisdiction and venue in the Courts located in State of Delaware for purposes of enforcing this Agreement.
8. Amendments.
This Agreement may not be amended except by an instrument in writing signed on behalf of all Parties. Any agreement on the part of a
Party hereto to any extension or waiver of this Agreement shall be valid only if set forth in a written instrument signed on behalf of
such Party.
9. Expenses
and Attorneys’ Fees. All fees, including attorneys’ fees, costs and expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the Party incurring such expenses. If an action at law or in equity is necessary
to enforce the terms of the Agreement, the substantially prevailing Party shall be entitled to recover the reasonable attorneys’
fees and documented third-party costs incurred in connection therewith in addition to any other relief to which it may be entitled.
10. Counterparts;
Electronic Signatures. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other
Parties. Delivery of an executed counterpart of a signature page to this Agreement or by electronic means, including docusign, e-mail,
or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement.
11. Incorporation
by Reference. Section 14.1 (Notices), Section 14.2 (Binding Effect; Assignment), Section 14.6 (Specific Performance),
Section 14.7 (Severability), Section 14.11 (Interpretation), Section 14.13 (No Recourse), Section 14.14 (Legal
Representation) and Article XV of the Business Combination Agreement are hereby incorporated by reference, and shall apply
hereto as though set forth herein, mutatis mutandis.
12. Entire
Agreement. The Business Combination Agreement and this Agreement, including the recitals set forth above as well as any and all exhibits
and/or schedules hereto, all of which are expressly incorporated herein and shall be deemed to constitute a material part hereof, constitutes
the full and entire understanding and agreement between the Parties with respect to the subject matter hereof, and supersedes all prior
discussions, negotiations and/or preliminary agreements, however made.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the Parties hereto have caused this Mutual Release Agreement to be executed as of the date first written above by their
respective directors or officers thereunto duly authorized.
| |
SPAC |
| |
|
|
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ATHENA TECHNOLOGY ACQUISITION CORP. II |
| |
|
|
| |
By: |
/s/ Isabelle Freidheim |
| |
Name: |
Isabelle Freidheim |
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Title: |
Chief Executive Officer |
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|
|
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SPONSOR |
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|
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ATHENA TECHNOLOGY SPONSOR II, LLC |
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|
|
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By: |
/s/ Isabelle Freidheim |
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Name: |
Isabelle Freidheim |
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Title: |
Managing Member |
[Signature Page to Mutual Release Agreement]
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MERGER SUB |
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|
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PROJECT HYDRO MERGER SUB INC. |
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|
|
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By: |
/s/ Alexander David Guy |
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Name: |
Alexander David Guy |
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Title: |
Chief Executive Officer |
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|
|
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HOLDINGS |
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|
|
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THE AIR WATER COMPANY |
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|
|
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By: |
/s/ Alexander David Guy |
| |
Name: |
Alexander David Guy |
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Title: |
Authorized Person |
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|
|
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COMPANY |
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|
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AIR WATER VENTURES LTD |
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|
|
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By: |
/s/ Alexander David Guy |
| |
Name: |
Alexander David Guy |
| |
Title: |
Executive Chairman and Founder |
[Signature Page to Mutual Release Agreement]
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