Item 1.01. Entry into a Material Definitive Agreement.
On December 21, 2022, 7GC & Co. Holdings Inc. (the "Company") issued an
unsecured promissory note (the "Note") to 7GC & Co. Holdings LLC (the
"Sponsor"), which provides for borrowings from time to time of up to an
aggregate of $2,300,000. Up to $500,000 of the Note may be drawn and used for
working capital purposes (a "Working Capital Drawdown") and up to $1,800,000 of
the Note may be drawn and used to finance deposits to the Company's Trust
Account (as defined below) in connection with the solicitation of approval of
the stockholders of the Company to extend the deadline for the Company to
consummate an initial business combination (a "Business Combination") (an
"Extension Drawdown"). The Company borrowed $1,300,000 under the Note on
December 21, 2022, $900,000 of which was an Extension Drawdown and $400,000 of
which was a Working Capital Drawdown. The Note does not bear interest and is
repayable in full upon the earlier of the consummation of a Business Combination
or the date the Company liquidates the trust account (the "Trust Account")
established in connection with the Company's initial public offering (the "IPO")
upon the failure of the Company to consummate a Business Combination within the
requisite time period. Upon the consummation of a Business Combination, the
Sponsor shall have the option, but not the obligation, to convert the principal
balance of the Note, in whole or in part, into that number of shares of Class A
common stock, $0.0001 par value per share, of the Company (the "Converted
Shares") equal to the principal amount of the Note so converted divided by
$10.00. The terms of the Converted Shares, if issued, will be identical to the
terms of the Class A common stock issued by the Company in the IPO, except that
the Converted Shares (x) will not be registered under the Securities Act of
1933, as amended, and (y) will be subject to the terms of that certain letter
agreement, dated as of December 22, 2020, among the Company, the Sponsor, and
certain other parties thereto. The Note is subject to customary events of
default, the occurrence of which automatically trigger the unpaid principal
balance of the Note and all other sums payable with regard to the Note becoming
immediately due and payable.
The Note was issued pursuant to the exemption from registration contained in
Section 4(a)(2) of the Securities Act of 1933, as amended.
The Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference. The disclosure set forth in this Item 1.01 is
intended to be a summary only and is qualified in its entirety by reference to
the Note.
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 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
On December 21, 2022, the Company filed an amendment to the Company's Amended
and Restated Certificate of Incorporation with the Secretary of State of the
State of Delaware (the "Extension Amendment"). The Extension Amendment extends
the date by which the Company must consummate a Business Combination from
December 28, 2022 to June 28, 2023, or such earlier date as determined by the
board of directors of the Company (the "Board").
The foregoing description is qualified in its entirety by reference to
the Extension Amendment, a copy of which is attached as Exhibit 3.1 hereto and
is incorporated by reference herein.
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Item 5.07. Submission of Matters to a Vote of Security Holders.
On December 21, 2022, the Company held a special meeting of stockholders in lieu
of an annual meeting of stockholders (the "Meeting"). At the Meeting, the
Company's stockholders approved the Extension Amendment extending the date by
which the Company must consummate its initial Business Combination from December
28, 2022 to June 28, 2023, or such earlier date as determined by the Board (the
"Extension Amendment Proposal").
The final voting results for the Extension Amendment Proposal were as follows:
For Against Abstain Broker Non-Votes
22,141,905 1,537 0 0
The Company's stockholders also re-elected each of Tripp Jones and Patrick Eggen
as Class I directors of the Board until the annual meeting of the Company to be
held in 2025 or until their successors are appointed and qualified (the
"Director Election Proposal").
The final voting results for the Director Election Proposal were as follows:
For Withhold
Tripp Jones 19,997,538 2,145,904
Patrick Eggen 19,370,704 2,772,738
Stockholders holding 17,923,223 shares of the Company's Class A common stock
("Public Shares") exercised their right to redeem such shares for a pro rata
portion of the funds in the Company's Trust Account. Following redemptions, the
Company will have 5,076,777 Public Shares outstanding.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this Form 8-K:
Exhibit No. Description of Exhibits
3.1 Amendment to Amended and Restated Certificate of Incorporation.
10.1 Promissory Note, dated December 21, 2022, issued by 7GC & Co. Holdings
Inc. to 7GC & Co. Holdings LLC.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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