UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01. Entry Into a Material Definitive Agreement.
In reference to and in accordance with the business combination agreement dated as of October 12, 2022, as amended (the “Business Combination Agreement”), to which Clean Earth Acquisitions Corp., a Delaware corporation (the “Company”) and Alternus Energy Group Plc, a public limited company incorporated under the laws of Ireland (“Alternus”) are parties, on May 25, 2023, the Company and Alternus executed a mutual written consent (the “Written Consent”) pursuant to which the Company and Alternus agreed, pursuant to Section 7.03(b) of the Business Combination Agreement, to extend the Termination Date (as defined in the Business Combination Agreement) to November 28, 2023. The foregoing description of the Written Consent is qualified in its entirety by reference to the full text of the Written Consent, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K 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 5.07 of this Current Report on Form 8-K is incorporated herein by reference.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The disclosure contained in Item 5.07 of this Current Report on Form 8-K is incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On May 25, 2023, the Company held a special meeting of stockholders (the “Special Meeting”), at which holders of 24,350,330 shares, composed of 16,683,663 Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and 7,666,667 Class B common stock, par value $0.0001 per share (the “Class B Common Stock” together with the Class A Common Stock, the “Common Stock”), were present in person or by proxy, representing approximately 77.16% of the voting power of the 31,556,667 issued and outstanding Common Stock (“Outstanding Shares”) entitled to vote at the Special Meeting as of the close of business on April 20, 2023, which was the record date for the Special Meeting.
In connection with the Special Meeting, stockholders properly elected to redeem an aggregate of 14,852,437 Class A Common Stock at a redemption price of approximately $10.38 per share (the “Redemption”), for an aggregate redemption amount of approximately $154,152,327. Following the Redemption, approximately $84,562,944 will remain in the Company’s trust account (the “Trust Account”), not including any Extension Payments, as described below.
At the Special Meeting, the Company’s stockholders approved the proposal (the “Charter Amendment Proposal”) to amend the Company’s amended and restated certificate of incorporation (the “Charter”) to give the Company the right to extend the date by which it has to consummate a business combination up to six times, from May 28, 2023 (the “Termination Date”) to November 28, 2023, composed of six one-month extensions (each an “Extension,” and the end date of each Extension, the “Extended Date”), by depositing into the Trust Account on the then-applicable Extended Date, for each Extension, the lesser of (i) $195,000 and (ii) $0.04 for each share of the Company’s Class A Common Stock not redeemed in connection with the Charter Amendment Proposal until November 28, 2023, or such earlier date as determined by the Board (assuming the Company’s business combination has not occurred) in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.
As a result of the approval of the Charter Amendment Proposal, the Company’s sponsor (or one or more of its affiliates or third-party designees) (the “Sponsor”) exercised an Extension and will make a deposit (the “Extension Payment”) into the Trust Account on the Extended Date associated with each Extension in the amount of $195,000, which is the amount that is the lesser of (i) $195,000 and (ii) $0.04 for each share of the Company’s Class A Common Stock not redeemed in connection with the Charter Amendment Proposal. Each such Extension Payment will be made in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.
The following is a tabulation of the votes with respect to the Charter Amendment Proposal, which was approved by the Company’s stockholders:
| Common Stock Votes For | Common Stock Votes Against | Common Stock Abstentions | ||
| 22,744,056 | 1,606,068 | 206 |
Additionally, the Company’s stockholders approved a second proposal (the “Trust Amendment Proposal”) to amend the Investment Management Trust Agreement, dated February 23, 2022, between the Company and American Stock Transfer & Trust Company (“AST” and such agreement the “Trust Agreement”) to change the initial date on which AST must commence liquidation of the Trust Account to the Extended Date, as applicable, or such later date as may be approved by our stockholders in accordance with the Charter, as it may be further amended or restated from time to time, if a letter of termination under the Trust Agreement is not received by AST prior to such date.
The following is a tabulation of the votes with respect to the Trust Amendment Proposal, which was approved by the Company’s stockholders:
| Common Stock Votes For | Common Stock Votes Against | Common Stock Abstentions | ||
| 22,744,061 | 1,606,069 | 200 |
On May 26, 2023, the Company filed a Certificate of Amendment of the Charter with the Secretary of State of the State of Delaware (the “Charter Amendment”) to reflect the Charter Amendment Proposal and address any scriveners or typographical errors. The foregoing description of the Charter Amendment is qualified in its entirety by reference to the full text of the Charter Amendment, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
On May 26, 2023, the Company and AST entered into the Amendment to the Investment Management Trust Agreement (the “Trust Amendment”) to reflect the Trust Amendment Proposal and address any scriveners or typographical errors. The foregoing description of the Trust Amendment is qualified in its entirety by reference to the full text of the Trust Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number |
Title | |
| 2.1 | Written Consent Pursuant to the Business Combination Agreement | |
| 3.1 | Certificate of Amendment of the Second Amended and Restated Certificate of Incorporation of Clean Earth Acquisitions Corp. | |
| 10.1 | Amendment to the Investment Management Trust Agreement | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| Clean Earth Acquisitions Corp. | |||
| By: | /s/ Aaron T. Ratner | ||
| Name: | Aaron T. Ratner | ||
| Title: | Chief Executive Officer | ||
| Dated: May 30, 2023 | |||
Exhibit 2.1
WRITTEN CONSENT PURSUANT TO THE BUSINESS COMBINATION AGREEMENT
May 25, 2023
This Written Consent pursuant to the Business Combination Agreement dated as of October 12, 2022 (the “Business Combination Agreement”), as amended by that certain First Amendment to the Business Combination Agreement, dated as of April 12, 2023 (the “First Amendment to the Business Combination Agreement”), is entered into between Clean Earth Acquisitions Corp., a Delaware corporation (“Purchaser”) and Alternus Energy Group Plc, a public limited company incorporated under the laws of Ireland (“Seller”). All capitalized terms used herein but not defined shall have the meanings assigned to them in the Business Combination Agreement.
WHEREAS, Purchaser and Seller are parties to that certain Business Combination Agreement.
WHEREAS, both Seller and Purchaser have the option to terminate the Business Combination Agreement if the Closing shall not have occurred by May 26, 2023 (the “Termination Date”), provided, that the Termination Date may be extended to a later date by mutual written consent of Purchaser and Seller.
NOW, THEREFORE, BE IT RESOLVED The undersigned, being authorized officers of Purchaser and Seller, do hereby consent, pursuant to Section 7.03 (b) of the Business Combination Agreement, to extend the Termination Date to November 28, 2023.
[signature page to follow]
IN WITNESS WHEREOF, the parties have executed and delivered this Written Consent on the date first written above.
| CLEAN EARTH ACQUISITIONS CORP. | ||
| By: | /s/ Aaron T Ratner | |
| Name: | Aaron T Ratner | |
| Title: | CEO | |
| ALTERNUS ENERGY GROUP PLC | ||
| By: | /s/ Vincent Browne | |
| Name: | Vincent Browne | |
| Title: | Chief Executive Officer | |
[Signature Page to Written Consent dated May 25, 2023]
2
Exhibit 3.1
CERTIFICATE OF AMENDMENT
OF THE
SECOND AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
CLEAN EARTH ACQUISITIONS CORP.
Clean Earth Acquisitions Corp. (hereinafter called the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify as follows:
| 1. | The Second Amended and Restated Certificate of Incorporation of the Corporation, dated February 23, 2022 (the “Charter”) is hereby amended by deleting Section 9.1(b) thereof in its entirety and inserting the following in lieu thereof: |
“(b) Immediately after the Offering, a certain amount of the net offering proceeds received by the Corporation in the Offering (including the proceeds of any exercise of the underwriters’ over-allotment option) and certain other amounts specified in the Corporation’s registration statement on Form S-1, initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 18, 2021, as amended (the “Registration Statement”), shall be deposited in a trust account (the “Trust Account”), established for the benefit of the Public Stockholders (as defined below) pursuant to a trust agreement described in the Registration Statement. Except for the withdrawal of interest to pay taxes, none of the funds held in the Trust Account (including the interest earned on the funds held in the Trust Account) will be released from the Trust Account until the earliest to occur of (i) the completion of the initial Business Combination, (ii) the redemption of 100% of the Offering Shares (as defined below) if the Corporation is unable to complete its initial Business Combination within 15 months (or up to 21 months if the Company extends the period of time to consummate an initial Business Combination) from the closing of the Offering and (iii) the redemption of shares in connection with a vote seeking to amend such provisions of this Amended and Restated Certificate as described in Section 9.7. Holders of shares of Common Stock included as part of the units sold in the Offering (the “Offering Shares”) (whether such Offering Shares were purchased in the Offering or in the secondary market following the Offering and whether or not such holders are the Sponsor or officers or directors of the Corporation, or affiliates of any of the foregoing) are referred to herein as “Public Stockholders.””
| 2. | The Charter is hereby further amended by deleting Section 9.2(d) thereof in its entirety and inserting the following in lieu thereof: |
“(d) In the event that the Corporation has not consummated an initial Business Combination within 15 months from the closing of the Offering, the Board may extend the period of time to consummate an initial Business Combination up to six times, by an additional one month each time (each an “Extension”), for a total of up to 21 months from the closing of the Offering (the latest date of any such Extension is referred to as the “Extended Date”); provided that, in the case of each Extension, the Sponsor (or its affiliates or designees) (i) has provided to the Corporation a notice of such Extension no later than five business days prior to (A) May 28, 2023 or, if an Extension is exercised, (B) the then-applicable Extended Date, and (ii) will deposit into the Trust Account on the then-applicable Extended Date an amount equal to the lesser of (A) $195,000 and (B) $0.04 per share for each Offering Share that is not redeemed in connection with the special meeting called to approve Extensions of the Extended Date (such an amount, a “Deposit Amount”), which such Deposit Amount shall be used to fund the redemption of the Offering Shares as provided in this Section 9.2(d). In the event that the Corporation does not consummate a Business Combination by the later of (A) May 28, 2023 and (B) the then-applicable Extended Date, the Corporation shall (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the Offering Shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), by (B) the total number of then outstanding Offering Shares, which redemption will completely extinguish rights of the Public Stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) 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 Corporation’s obligations under the DGCL to provide for claims of creditors and other requirements of applicable law.”
| 3. | The Charter is hereby further amended by deleting Section 9.7 thereof in its entirety and inserting the following in lieu thereof: |
“Additional Redemption Rights. If, in accordance with Section 9.1(a), any amendment is made to this Amended and Restated Certificate (a) to modify the substance or timing of the Corporation’s obligation to redeem 100% of the Offering Shares if the Corporation has not consummated an initial Business Combination within 15 months (or up to 21 months if the Company extends the period of time to consummate an initial Business Combination) from the date of the closing of the Offering or (b) with respect to any other material provisions of this Amended and Restated Certificate relating to stockholders’ rights or pre-initial Business Combination activity, the Public Stockholders shall be provided with the opportunity to redeem their Offering Shares upon the approval of any such amendment, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding Offering Shares; provided, however, that any such amendment will be voided, and this Article IX will remain unchanged, if any stockholders who wish to redeem are unable to redeem due to the Redemption Limitation.”
| 4. | The foregoing amendment was duly adopted in accordance with the provisions of Section 242 of the DGCL. |
[Remainder of page intentionally left blank]
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed and acknowledged this 25th day of May, 2023.
| Clean Earth Acquisitions Corp. | |||
| By: | /s/ Aaron T. Ratner | ||
| Name: | Aaron T. Ratner | ||
| Title: | Chief Executive Officer | ||
Exhibit 10.1
AMENDMENT
TO THE
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Amendment to the Investment Management Trust Agreement (this “Amendment Agreement”) is entered into effective as of May 26, 2023 (the “Effective Date”) by and between Clean Earth Acquisitions Corp., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, a New York limited liability trust company (the “Trustee”).
WHEREAS, the parties hereto are parties to that certain Investment Management Trust Agreement made effective as of February 23, 2022 (the “Trust Agreement”);
WHEREAS, the Board of Directors of the Company has approved and declared the advisability of certain amendments to the Charter with respect to the extension of the time within which the Company must complete an initial Business Combination, which amendments have been submitted to the stockholders of the Company for their consideration and vote, together with this Amendment Agreement, at a special meeting of the stockholders of the Company held on or about the Effective Date (the “Special Meeting”);
WHEREAS, Section 6(c) of the Trust Agreement provides that the Trust Agreement may only be changed, amended or modified by a writing signed by each of the parties to the Trust Agreement, with the exception that Sections 1(i), 1(j) and 1(k) of the Trust Agreement may not be modified without the affirmative vote of a majority of the then outstanding Common Stock and Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class (such affirmative vote, the “Stockholder Approval”);
WHEREAS, the Trustee has received confirmation of Stockholder Approval with respect to this Amendment Agreement in the form of a certified report of the inspector of election in connection with the Special Meeting; and
WHEREAS, each of the Company and the Trustee desires to amend the Trust Agreement as provided in this Amendment Agreement.
NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:
| 1. | Definitions. Capitalized terms contained in this Amendment Agreement, but not specifically defined in this Amendment Agreement, shall have the meanings ascribed to such terms in the Trust Agreement. |
| 2. | Amendment to the Trust Agreement. Effective as of the Effective Date, Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety to read as follows: |
“Commence liquidation of the Trust Account only (x) after and promptly after receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) 15 months after the closing of the Offering (or up to 21 months after the closing of the Offering if extended in full as described in the Company’s amended and restated certificate of incorporation) and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, as it may be further amended or restated from time to time, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date;”
| 3. | No Further Amendment. The parties hereto agree that except as provided in this Amendment Agreement, the Trust Agreement shall continue unmodified, in full force and effect and constitute legal and binding obligations of all parties thereto in accordance with its terms. This Amendment Agreement forms an integral and inseparable part of the Trust Agreement. |
| 4. | References. All references to the “Trust Agreement” (including, but not limited to, “hereof,” “herein,” “hereunder,” “hereby” and “this Agreement”) in the Trust Agreement shall refer to the Trust Agreement as amended by this Amendment Agreement. Notwithstanding the foregoing, references to the date of the Trust Agreement (as amended hereby) and references in the Trust Agreement to “the date hereof,” “the date of this Trust Agreement” and terms of similar import shall in all instances continue to refer to February 23, 2022. |
| 5. | Governing Law; Jurisdiction. This Amendment Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes under this Amendment Agreement. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AMENDMENT AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY. |
| 6. | Counterparts. This Amendment Agreement may be executed in several original or electronic transmission or facsimile counterparts, each of which shall constitute an original, and together shall constitute but one instrument. |
[Signature page(s) follow]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to be duly executed by their duly authorized representatives effective as of the Effective Date.
| AMERICAN STOCK TRANSFER & TRUST COMPANY, as Trustee |
||
| By: | ![]() |
|
| Name: | Michael Legregin | |
| Title: | Senior Vice President, Corporate Actions Relationship Management & Operations |
|
IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to be duly executed by their duly authorized representatives effective as of the Effective Date.
| Clean Earth Acquisitions Corp. | ||
| By: | /s/ Aaron T. Ratner | |
| Name: | Aaron T. Ratner | |
| Title: | Chief Executive Officer | |