8-K
Kairous Acquisition Corp. Ltd (KACLF)
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
Dateof Report (Date of earliest event reported): May 10, 2023
KAIROUS
ACQUISITION CORP. LIMITED
(Exactname of registrant as specified in its charter)
| Cayman Islands | 001-41155 | n/a |
|---|---|---|
| (State or other Jurisdiction<br><br> <br>of Incorporation) | (Commission<br><br> <br>File Number) | (IRS Employer<br><br> <br>Identification No.) |
Unit9-3, Oval Tower @ Damansara,
No.685, Jalan Damansara,
60000Taman Tun Dr. Ismail,
KualaLumpur, Malaysia
(Addressof Principal Executive Offices) (Zip Code)
+603
7733 9340
(Registrant’stelephone number, including area code)
N/A
(Formername or former address, if changed since last report)
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<br> Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the<br> Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b)<br> under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c)<br> under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of each class | Trading<br> Symbol | Name<br> of each exchange on which registered |
|---|---|---|
| Units, each consisting of<br> one ordinary share, $0.0001 par value, one-half (1/2) of one redeemable warrant and one right entitling the holder to receive one-tenth<br> of one ordinary share | KACLU | The Nasdaq Stock Market<br> LLC |
| Ordinary shares, par value<br> $0.0001 per share | KACL | The Nasdaq Stock Market<br> LLC |
| Redeemable warrants, each<br> exercisable for one ordinary share at an exercise price of $11.50 included as part of the units | KACLW | The Nasdaq Stock Market<br> LLC |
| Rights, each to receive<br> one-tenth of one ordinary share | KACLR | The Nasdaq Stock Market<br> LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
Item1.01 Entry into a Material Definitive Agreement
As previously announced, on April 23, 2021, Kairous Acquisition Corp. Limited (the “Company”) issued an unsecured promissory note to Kairous Asia Limited (the “Sponsor”), pursuant to which the Company may borrow up to an aggregate principal amount of $200,000 (the “Working Capital Note”). On May 12, 2021, the maximum amount available under the Working Capital Note was increased to $1,000,000. On December 10, 2021, the Sponsor agreed to provide an extension to the maturity date of the original Working Capital Note to the term as described in the next sentence. The Working Capital Note is non-interest bearing and payable on the earlier of (i) July 30, 2023 or (ii) the consummation of the initial business combination.
As previously announced, on December 14, 2022, the Company issued an unsecured promissory note in the aggregate principal amount of $360,000 (the “Extension Note No. 1”) to the Sponsor in exchange for Sponsor depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination. The Extension Note No. 1 does not bear interest and matures upon the closing of a business combination by the Company. In addition, the Extension Note No. 1 may be converted by the holder into units of the Company identical to the units issued in the Company’s initial public offering at a price of $10.00 per unit prior to the closing of the business combination.
As previously announced, on March 10, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $360,000 (the “Extension Note No. 2”, together with Extension Note No. 1, the “Extension Notes”) to the Sponsor in exchange for Sponsor depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination. The Extension Note No. 2 does not bear interest and matures upon the closing of a business combination by the Company. In addition, the Extension Note No. 2 may be converted by the holder into ordinary shares of the Company at a price of $10.10 per share prior to the closing of the business combination.
On May 10, 2023, the Company and the Sponsor entered in to an amendment to the Working Capital Note so as to amend certain terms of the Working Capital Note, whereby the Sponsor and the Company agreed that the Working Capital Note shall be payable on the earlier of: (i) July 30, 2023 or (ii) the date on which the Company consummates the initial business combination, by conversion of the Working Capital Note into ordinary shares of the Company concurrently with the closing of a business combination at a price of $10.10 per share. A copy of the amendment to the Working Capital Note is filed herewith as Exhibit 2.1.
On May 10, 2023, the Company and the Sponsor entered in to an amendment to Extension Notes in respect of each of the Extension Notes so as to amend certain terms of the Extension Notes, whereby the Sponsor and the Company agreed that each of the Extension Notes shall be converted into ordinary shares of the Company prior to or concurrently with the closing of a business combination at a price of $10.10 per share. In the event that a business combination does not close on or prior to June 16, 2023, as such deadline may be further extended, each of the Extension Notes shall be deemed to be terminated and no amounts will thereafter be due from the Company to the Sponsor under the terms thereof. A copy of the amendment to the Extension Note No. 1, and Extension Note No. 2 is filed herewith as Exhibit 2.2 and Exhibit 2.3, respectively.
Item9.01 Financial Statements and Exhibits.
(d)Exhibits:
| Exhibit | Description |
|---|---|
| 2.1 | Amendment to Promissory Note, dated as of May 10, 2023, by and between Kairous Acquisition Corp. Limited and Kairous Asia Limited |
| 2.2 | Amendment to Promissory Note, dated as of May 10, 2023, by and between Kairous Acquisition Corp. Limited and Kairous Asia Limited |
| 2.3 | Amendment to Promissory Note, dated as of May 10, 2023, by and between Kairous Acquisition Corp. Limited and Kairous Asia Limited |
| 104 | Cover Page Interactive<br> Data File (formatted as inline XBRL). |
| 2 |
| --- |
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.
| Date:<br> May 12, 2023 | Kairous Acquisition Corp. Limited | |
|---|---|---|
| By: | /s/ Joseph Lee Moh Hon | |
| Name: | Joseph<br> Lee Moh Hon | |
| Title: | Chief<br> Executive Officer |
| 3 |
| --- |
Exhibit2.1
AMENDMENTTO PROMISSORY NOTE
This Amendment (the “Amendment”) to that certain Promissory Note, dated as of April 23, 2021 (the “Note”) by and among Kairous Acquisition Corp. Limited, a Cayman Islands company (the “Company”), and Kairous Asia Limited, the Company’s sponsor the “Sponsor”), is made and entered into effective as of May 10, 2023 by the Company and the Sponsor.
RECITALS
WHEREAS, the Company and the Sponsor agreed to increase the maximum principal amount of the Note from US $200,000 to US $1,000,000 on May 12, 2021;
WHEREAS, on December 10, 2021, the Sponsor agreed to provide an extension to the maturity date of the Note. The Working Capital Note is non-interest bearing and payable on the earlier of (i) July 30, 2023 or (ii) the date on which the Company consummates of the initial business combination;
WHEREAS, the Company and the Sponsor desire and have agreed to amend the terms of the Note as set forth below;
WHEREAS, any amendment to the Note may be made with, and only with, the written consent of the Company and the Sponsor; and
WHEREAS, all capitalized terms not defined in this Amendment will have the meanings given to them in the Note.
NOW,THEREFORE, in consideration of these premises and the mutual covenants, terms and conditions set forth herein, all of the parties hereto mutually agree as follows:
AGREEMENT
1. Amendment to Note. The Section 1 of the Note is hereby amended and restated in its entirety to read as follows:
“Principaland Conversion Rights. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) July 30, 2023 or (ii) the date on which the Company consummates the initial business combination by conversion as described below concurrently with the closing of an initial business combination (a “Business Combination”) with a target business (as described in the Maker’s initial public offering prospectus dated December 13, 2021). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.
The Payee and the Maker shall cause this Note to be converted into ordinary shares (the “Shares”) of the Maker concurrently with the closing of a Business Combination. The number of Shares to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such Payee as of the time of conversion by (y) $10.10.”
2. No Other Amendments. Wherever necessary, all other terms of the Note are hereby amended to be consistent with the terms of this Amendment. Except as specifically set forth herein, the Note shall remain in full force and effect.
3. Counterparts; Facsimile. This Amendment may be executed in any number of counterparts, each of which shall be an original, and all of which together shall constitute one instrument. Executed signatures transmitted via facsimile or PDF will be accepted and considered duly executed.
[SignaturePage Follows]
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.
| COMPANY: | |
|---|---|
| KAIROUS ACQUISITION CORP. LIMITED | |
| By: | /s/ Joseph Lee Moh Hon |
| Name: | Joseph<br> Lee Moh Hon |
| Title: | Chief Executive<br> Officer |
| SPONSOR: | |
| --- | --- |
| KAIROUS ASIA LIMITED | |
| By: | /s/ Joseph Lee Moh Hon |
| Name: | Joseph Lee<br> Moh Hon |
| Title: | Director |
Exhibit2.2
AMENDMENTTO PROMISSORY NOTE
This Amendment (the “Amendment”) to that certain Promissory Note, dated as of December 14, 2022 (the “Note”) by and among Kairous Acquisition Corp. Limited, a Cayman Islands company (the “Company”), and Kairous Asia Limited, the Company’s sponsor the “Sponsor”), is made and entered into effective as of May 10, 2023 by the Company and the Sponsor.
RECITALS
WHEREAS, the Company and the Sponsor desire to amend the terms of the Note as set forth below;
WHEREAS, the Note provides that the principal balance of the Note shall be payable promptly after the date on which the Company consummates an initial business combination (a “Business Combination”) with a target business (as described in its initial public offering prospectus dated December 13, 2021). In the event that a Business Combination does not close on or prior to June 16, 2023, as such deadline may be further extended, the Note shall be deemed to be terminated and no amounts will thereafter be due from the Company to the Sponsor under the terms thereof;
WHEREAS, Company and Sponsor have agreed to make certain amendments to the Note;
WHEREAS, any amendment to the Note may be made with, and only with, the written consent of the Company and the Sponsor; and
WHEREAS, all capitalized terms not defined in this Amendment will have the meanings given to them in the Note.
NOW,THEREFORE, in consideration of these premises and the mutual covenants, terms and conditions set forth herein, all of the parties hereto mutually agree as follows:
AGREEMENT
Amendment to Note. Section 1 and Section 2 of the Note are hereby amended and restated in its entirety to read as follows:
| “1. | Principal.<br> The principal balance of this Promissory Note (this “Note”) shall be payable<br> by conversion pursuant to Section 2 hereof prior to or concurrently with the closing of an<br> initial business combination (a “Business Combination”) with a target business<br> (as described in the Maker’s initial public offering prospectus dated December 13,<br> 2021 (the “Prospectus”)). In the event that a Business Combination does not close<br> on or prior to June 16, 2023, as such deadline may be further extended, this Note shall be<br> deemed to be terminated and no amounts will thereafter be due from Maker to Payee under the<br> terms hereof. The principal balance may not be prepaid without the consent of the Payee. |
|---|---|
| 2. | Conversion Rights. The Payee and the Maker shall cause this Note to be converted into ordinary shares<br> (the “Shares”) of the Maker prior to or concurrently with the closing<br> of a Business Combination. The number of Shares to be received by the Payee in connection<br> with such conversion shall be an amount determined by dividing (x) the sum of the outstanding<br> principal amount payable to such Payee as of the time of conversion by (y) $10.10.” |
2. No Other Amendments. Wherever necessary, all other terms of the Note are hereby amended to be consistent with the terms of this Amendment. Except as specifically set forth herein, the Note shall remain in full force and effect.
3. Counterparts; Facsimile. This Amendment may be executed in any number of counterparts, each of which shall be an original, and all of which together shall constitute one instrument. Executed signatures transmitted via facsimile or PDF will be accepted and considered duly executed.
[SignaturePage Follows]
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.
| COMPANY: | |
|---|---|
| KAIROUS ACQUISITION CORP. LIMITED | |
| By: | /s/ Joseph Lee Moh Hon |
| Name: | Joseph<br> Lee Moh Hon |
| Title: | Chief<br> Executive Officer |
| SPONSOR: | |
| --- | --- |
| KAIROUS ASIA LIMITED | |
| By: | /s/ Joseph Lee Moh Hon |
| Name: | Joseph<br> Lee Moh Hon |
| Title: | Director |
Exhibit2.3
AMENDMENTTO PROMISSORY NOTE
This Amendment (the “Amendment”) to that certain Promissory Note, dated as of March 10, 2023 (the “Note”) by and among Kairous Acquisition Corp. Limited, a Cayman Islands company (the “Company”), and Kairous Asia Limited, the Company’s sponsor the “Sponsor”), is made and entered into effective as of May 10, 2023 by the Company and the Sponsor.
RECITALS
WHEREAS, the Company and the Sponsor desire to amend the terms of the Note as set forth below; and
WHEREAS, the Note provides that the principal balance of the Note shall be payable promptly after the date on which the Company consummates an initial business combination (a “Business Combination”) with a target business (as described in its initial public offering prospectus dated December 13, 2021). In the event that a Business Combination does not close on or prior to June 16, 2023, as such deadline may be further extended, the Note shall be deemed to be terminated and no amounts will thereafter be due from the Company to the Sponsor under the terms thereof; and
WHEREAS, Company and Sponsor have agreed to make certain amendments to the Note; and
WHEREAS, any amendment to the Note may be made with, and only with, the written consent of the Company and the Sponsor; and
WHEREAS, all capitalized terms not defined in this Amendment will have the meanings given to them in the Note.
NOW,THEREFORE, in consideration of these premises and the mutual covenants, terms and conditions set forth herein, all of the parties hereto mutually agree as follows:
AGREEMENT
Amendment to Note. Section 1 and Section 2 of the Note are hereby amended and restated in its entirety to read as follows:
| “1. | Principal.<br> The principal balance of this Promissory Note (this “Note”) shall be payable<br> by conversion pursuant to Section 2 hereof prior to or concurrently with the closing of an<br> initial business combination (a “Business Combination”) with a target business<br> (as described in the Maker’s initial public offering prospectus dated December 13,<br> 2021 (the “Prospectus”)). In the event that a Business Combination does not close<br> on or prior to June 16, 2023, as such deadline may be further extended, this Note shall be<br> deemed to be terminated and no amounts will thereafter be due from Maker to Payee under the<br> terms hereof. The principal balance may not be prepaid without the consent of the Payee. |
|---|---|
| 2. | Conversion Rights. The Payee and the Maker shall cause this Note to be converted into ordinary shares<br> (the “Shares”) of the Maker prior to or concurrently with the closing<br> of a Business Combination. The number of Shares to be received by the Payee in connection<br> with such conversion shall be an amount determined by dividing (x) the sum of the outstanding<br> principal amount payable to such Payee as of the time of conversion by (y) $10.10.” |
| --- | --- |
2. No Other Amendments. Wherever necessary, all other terms of the Note are hereby amended to be consistent with the terms of this Amendment. Except as specifically set forth herein, the Note shall remain in full force and effect.
3. Counterparts; Facsimile. This Amendment may be executed in any number of counterparts, each of which shall be an original, and all of which together shall constitute one instrument. Executed signatures transmitted via facsimile or PDF will be accepted and considered duly executed.
[SignaturePage Follows]
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.
| COMPANY: | |
|---|---|
| KAIROUS ACQUISITION CORP. LIMITED | |
| By: | /s/ Joseph Lee Moh Hon |
| Name: | Joseph<br> Lee Moh Hon |
| Title: | Chief<br> Executive Officer |
| SPONSOR: | |
| --- | --- |
| KAIROUS ASIA LIMITED | |
| By: | /s/ Joseph Lee Moh Hon |
| Name: | Joseph<br> Lee Moh Hon |
| Title: | Director |