Item 8.01. Other Events
On May 23, 2023, Forum Merger IV Corporation (the "Company") issued a press
release announcing that its board of directors (the "Board") has elected to
extend the date by which it must consummate an initial business combination (the
"Deadline Date") from May 22, 2023 for an additional month to June 22, 2023, the
second of seven potential one-month extensions of the Deadline Date available to
the Company. On May 17, 2023, pursuant to the Company's amendment to the Amended
and Restated Certificate of Incorporation (the "Amended Charter"), the Board
determined to implement a second Extension to allow additional time for the
Company to complete its initial business combination. In connection with the
Board's determination to extend the Deadline Date to June 22, 2023, $175,000 was
deposited into the Company's trust account on May 23, 2023.
The Amended Charter provides the Company the right to extend the Deadline Date
from March 22, 2023 to April 22, 2023 and to provide the Company with the right
to extend the date by which it must consummate an initial business combination
up to seven times for an additional one month each time (the "Extension") up to
November 22, 2023. As previously disclosed, in April 2023, the Board had
implemented a first Extension and had extended the initial Deadline Date to May
22, 2023.
Also as previously disclosed, if an Extension is implemented, the Company shall
deposit from the Company's working capital account into the Company's trust
account, for each such additional month, the lesser of (a) $175,000 or (b) $0.05
for each public share then outstanding (the "Contribution"), which the Company
shall deposit into the Company's trust account at the beginning of each month
(the "Monthly Deposit"), for an aggregate deposit of up to the lesser of (a)
$1,225,000 or (b) $0.05 for each public share then outstanding (if all
additional extensions are exercised). In the event the Company's working capital
account has been depleted, the Company's sponsor, Forum Investors IV LLC, a
Delaware limited liability company, or one of more of its affiliates, members or
third party designees shall lend the Company the Monthly Deposit in the form of
a non-interest bearing, unsecured promissory note, which the Company shall
deposit into the Company's trust account.
As there were 6,361,299 public shares outstanding following redemptions in
connection with the special meeting of the stockholders of the Company held on
March 7, 2023, the Contribution amount for each month of the Extension is equal
to $175,000, or up to an aggregate of $1,225,000 in the event the Extension is
effectuated for the full seven months.
A copy of the press release is attached as Exhibit 99.1 to this Current Report
on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 Press Release, dated May 23, 2023.
104 Cover Page Interactive Data File (formatted as Inline XBRL)
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FORUM MERGER IV CORPORATION 
