Item 8.01 Other Events
Background
As previously announced, on September 14, 2022, TPB Acquisition Corporation I
("TPBA") entered into a Business Combination Agreement (the "Business
Combination Agreement"and the transactions contemplated thereby, the "Business
Combination") by and among Lavoro Limited ("Lavoro"), Lavoro Merger Sub I
Limited, an exempted company incorporated with limited liability in the Cayman
Islands and a direct, wholly owned subsidiary of Lavoro ("First Merger Sub"),
Lavoro Merger Sub II Limited, an exempted company incorporated with limited
liability in the Cayman Islands and a direct, wholly owned subsidiary of Lavoro
("Second Merger Sub"), Lavoro Merger Sub III Limited, an exempted company
incorporated with limited liability in the Cayman Islands and a direct, wholly
owned subsidiary of Lavoro ("Third Merger Sub" and, together with First Merger
Sub and Second Merger Sub, the "Merger Subs"), and Lavoro Agro Limited, an
exempted company incorporated with limited liability in the Cayman Islands (the
"Company"). Each of Lavoro, the Merger Subs, the Company and TPBA will
individually be referred to herein as a "Party" and, collectively, as the
"Parties." Terms used but not defined herein shall have the meaning given to
such terms in the Business Combination Agreement.
Waiver of the Minimum Cash Condition
Under the terms of the Business Combination Agreement, it is a condition
precedent to the respective obligations of each Party to consummate the Business
Combination that, at or prior to the First Effective Time, the aggregate amount
of cash contained in TPBA's trust account (net of the aggregate amount of cash
proceeds required to satisfy any exercise by TPBA's shareholders of their
redemption rights and net of the Parties fees and expenses incurred in
connection with the Business Combination) plus the amount of cash proceeds to
TPBA resulting from the PIPE Investment consummated prior to the First Effective
Time be at least $180,000,000. In connection with closing of the Business
Combination, the Parties have waived such condition precedent.
Amendment No. 2 to the Sponsor Letter Agreement
Concurrently with the closing of the Business Combination, on February 28, 2023,
TPB Acquisition Sponsor I, LLC (the "Sponsor") entered into that certain
Amendment No. 2 to the Sponsor Letter Agreement, dated August 13, 2021, as
amended September 14, 2022 (the "Amendment No. 2 to the Sponsor Letter
Agreement"), among TPBA, the Company, Lavoro, and the parties named therein.
Pursuant to the terms of Amendment No. 2 to the Sponsor Letter Agreement, the
Sponsor agreed, among other things, to certain beneficial ownership limitations
whereby Sponsor's beneficial ownership of Lavoro shall not exceed 9.99% of
Lavoro's outstanding ordinary shares.
The Amendment No 2. to the Sponsor Letter Agreement is filed as Exhibit 10.1 to
this Current Report on Form 8-K and the foregoing description of the form of
Amendment No. 2 to the Sponsor Letter Agreement is qualified in its entirety by
reference thereto.
Closing of the Business Combination
On February 28, 2023, TPBA and Lavoro jointly issued a press release announcing
that they have closed the Business Combination and that, beginning on March 1,
2023, Lavoro's ordinary shares and public warrants are expected to begin trading
on the Nasdaq Stock Market under the ticker symbols "LVRO" and "LVROW",
respectively. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1 Amendment No. 2 to the Sponsor Letter Agreement, dated as of
February 28, 2023, by and among TPBA, the Sponsor, and those parties
named therein.
99.1 Press release, dated February 28, 2023
EXHIBIT 104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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