425 1 ea0210453-8k425_welsbach.htm CURRENT REPORT

 

 

美國

證券交易委員會

華盛頓,特區。20549

 

表格 8-K

現時報告

 

根據證券法第13或15(d)條款

1934年證券交易法

 

2024年8月1日(2024年8月1日)

報告日期(最早報告日期)

 

Welsbach Technology Metals收購Corp。

(符合其章程規定的註冊人的確切名稱)

 

特拉華州   001-41183   87-1006702
(設立或註冊地區
的合併)
  (設立或其它管轄地的州)   (聯邦稅號
 

 

4422 N. Ravenswood Ave #1025

芝加哥,伊利諾伊州60640

(首席執行官辦公室的地址,包括郵政編碼)

 

註冊人的電話號碼,包括區號:(585)768-2513(251) 280-1980

 

不適用

(如自上次報告以來地址或名稱有變化,填上舊稱或舊地址)

 

如果本表8-K的提交同時滿足申報人根據下列規定的任何一個申報義務,請在下面適當的方框中打「X」:

 

根據《證券法》第425條規定的書面通信(17 CFR 230.425)

 

根據交易所法規則14a-12號徵求材料(17 CFR 240.14a-12號)

 

根據交易所法規則14d-2(b)號開示前通訊(17 CFR 240.14d-2(b)號)

 

根據交易法案第13e-4(c)規則下的前期通信 (17 CFR 240.13e-4(c)) 根據法案第12(b)節註冊的證券:

 

每一類別的名稱   交易符號   在每個交易所註冊的名稱
每單位包括一股普通股,面值$0.0001,並且有一個權利,可獲得十分之一股普通股。   WTMAU   納斯達克交易所
每股普通股的面值爲$0.0001   WTMA   納斯達克交易所
每份權益可兌換爲十分之一普通股。   WTMAR   納斯達克交易所

 

請通過勾選標記指示註冊人是否符合1933年證券法規則405條(17 CFR §230.405)或1934年證券交易法規則120億.2條(17 CFR §2401.2億.2)。

 

新興增長型企業

 

如果是新興成長型企業,請打勾,以表明註冊人已選擇不使用遵守《證券交易法》第13(a)條所規定的任何新的或修訂後的財務會計準則的延長過渡期。 ☐

 

 

 

 

項目1.01 進入重大實質性協議。

 

如 此前由特拉華州的一家公司威爾士巴赫科技金屬收購公司報道(”WTMA”),在 「當前報告」 上 在向美國證券交易委員會提交的8-k表格上(””) 2024 年 4 月 5 日,WTMA 加入了 截至2024年4月1日的協議和合並計劃(可能會不時修改或補充)合併 協議”),WTMA合併子公司是特拉華州新成立的公司,也是WTMA的全資子公司(「MergeCo」), 特拉華州的一家有限責任公司 Evolution Metals LLC(”EM”),根據該條款,除其他事項外, 根據其中的條款和條件,WTMA將完成與Em的初始業務合併(”業務合併” 和”關閉”)。業務合併後,Evolution Metals & Technologies Corp. 將是幸 實體 (”EM&T”).

 

2024年8月1日,在支持業務合併的同時,WTMA和Em已簽署了一份條款表(“條款清單”),具有某些具有法律約束力的條款與Broughton Capital Group(“BCG”),爲BCG提供50,000萬美元的股權投資 (「錨定股權投資者」) 通過PIPE錨定股權投資進行私人投資公共股本錨定股權投資併購將與Pre-money企業估值爲62億美元的EM&t的結束同時完成。此外,BCG通過一個特殊目的貸款實體同意提供貸款設施。出借人(Debt Facility) Debt Facility 最高62億美元的Debt Facility將由EM&t或EM&t的子公司提供擔保,並由EM&t與結束同時完成。PIPE Anchor Equity Investment和Debt Facility的結束將取決於BCG正在進行的盡職調查的令人滿意的完成,最終投資批准,股權認購協議的執行,債務設施協議的執行,結束以及其他結束條件。

 

關於與BCG的條款表的關鍵商業條款摘要,在盡職調查和文件化階段最終確定如下:

 

管道 錨定股權投資

 

5億美元,佔目標PIPE募集金額20億美元的25%。

 

EM&T 預投前企業估值將爲62億美元。

 

錨定權益投資者將有權指定一位董事加入EM&T的董事會。

 

借方有權指定一個觀察員出席EM&T的董事會會議。

 

債務機構貸款

 

排名: 債務額度應作爲無優先次級和擔保債務,至少與所有EM&T現有和未來的無優先無擔保債務平等排名。

 

可用性 週期: 在業務組合完成並滿足債務融資協議中規定的所有先決條件後,最長可延續10年。

 

設施 期限: 從債務設施第一次利用開始計算的10年。

 

財務條款(具體比率水平和流動性金額和定義將在盡職調查和文件階段最終確定):

 

o債務 服務儲備帳戶(DSRA): EM&t需要將基金存入等於貸款機構的預計利息的6個月的金額,以用於債務設施。

 

o貸款價值比 比率: 不得超過[●]%,計算方式爲(a)未償還的綜合債務除以(b) EM&t 的總體綜合價值,由獨立的估值顧問評估。

 

o槓桿 比率: 不得超過[●]倍,計算公式爲(a)未償還的綜合債務除以(b)最近十二個月的利潤,利息、稅收、折舊和攤銷前的淨營業利潤(「LTm EBITDA」)

 

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o利息償付倍數: 不得低於[●]倍, 計算方式爲(a)上年同期息稅前利潤除以(b)過去十二個月整體利息支出總計。

 

o最低 流動性要求: EM&t應始終保持至少[●]百萬美元的現金流動性,而不考慮信貸額度未使用部分和DSRA餘額。

 

負面 條款:

 

o分配:EM&t不得提前3年內分配任何分紅或股份回購或對次級貸款進行支付,(b)如槓桿比率超過[●]倍,(c)如果任何分配後現金流動性低於美元[●]百萬,(d)如果EM&t未履行債務措施規定的還款義務,(d)超過EM&T的合併稅後淨利潤的25%,以及(e)出現任何違約事件或潛在違約事件時,不得進行分配。

 

oNegative Share Pledge: Any shares of EM&T and its subsidiaries which are not pledged to the PIPE Anchor Investor shall not be pledged to any other third party.

 

Security and Support: the Debt Facility shall be secured by fixed and floating charges, including, inter alia: (a) charge over guarantees, (b) first ranking pledge of EM&T blocking shares, (c) first ranking pledge of EM&T’s subsidiaries shares, (d) charge over EM&T and its subsidiaries undertakings and assets, including all bank accounts ,(e) debenture of EM&T and its subsidiaries, (f) kun-mortgage of EM&T’s Korean entities and subsidiaries, (g) assignment of applicable revenue and supply agreements, (h) assignment of any government support/investment guarantees/tax credits, (i) security over acquisition documents.

 

Use of Proceeds: the primary use of proceeds from the Anchor Equity Investment, PIPE and the Debt Facility is for EM&T to:

 

Expand its current capacities in its one-of-a-kind US Department of Defense certified e-scrap recycling business across the United States;

 

Expand across the United States and the Republic of Korea its current capacities in its fully integrated NdPr metal, NdPr alloy and bonded magnet making business and sintered magnet making business without a critical dependency on Chinese feedstock;

 

Secure increased, diversified and redundant volumes of feedstocks globally for its magnet making businesses;

 

Build refinement capacity to further process the end products from its recycling businesses including Neodymium, Praseodymium, Dysprosium, Terbium, Cobalt, Lithium, Manganese, Nickel, Copper, Gold and Silver;

 

Implement our existing smart factory expertise to automate all aspects of our supply chain to reduce production costs and improve productivity, efficiency and quality control.

 

Item 8.01 Other Events.

 

On August 1, 2024, Evolution Metals and Welsbach Technology Metals Acquisition Corp issued a joint press release announcing WTMA’s and EM’s execution of the Term Sheet with Broughton Capital Group. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

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Cautionary Statement Regarding Forward-Looking Statements

 

Certain statements made in this Current Report on Form 8-K are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” with respect to the proposed transaction between a target and WTMA include statements regarding the benefits of the transaction, the anticipated timing of the transaction and the products and markets of a target. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of WTMA’s securities, (ii) the risk that the transaction may not be completed by WTMA’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by WTMA, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of a Merger Agreement by the shareholders of WTMA, the satisfaction of the minimum amount in the trust account, if any, following redemptions by WTMA’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the potential lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete a PIPE investment for the targeted amount or at all, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of a Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on a target’s business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of a target and potential difficulties in employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against a target or against WTMA related to a Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of WTMA’s securities on a national securities exchange, (xi) the price of WTMA’s securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which WTMA plans to operate or a target operates, variations in operating performance across competitors, changes in laws and regulations affecting WTMA’s or a target’s business, a target’s inability to implement its business plan or meet or exceed its financial projections and changes in the combined capital structure, (xii) changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in a registration statement on Form S-4 following identification of a target and execution of a Merger Agreement, the proxy statement/prospectus and other documents filed or that may be filed by WTMA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and a target and WTMA assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither a target nor WTMA gives any assurance that either a target or WTMA, or MergeCo, will achieve its expectations.

 

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Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release dated August 1, 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

 

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.

 

Dated: August 1, 2024

 

Welsbach Technology Metals Acquisition Corp.

 

By: /s/ Christopher Clower  
Name:  Christopher Clower  
Title: Chief Operating Officer and Director  

 

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