Form 8-K - Current report
30 Août 2023 - 10:01PM
Edgar (US Regulatory)
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2023-08-24
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2023-08-24
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 24, 2023
Appreciate Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-39758 |
|
83-2426917 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
6101 Baker Road,
Suite 200 Minnetonka, MN |
|
55345 |
(Address of principal executive offices) |
|
(Zip Code) |
(952) 470-8888
(Registrant’s telephone number, including
area code)
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 (see General
Instruction A.2. below):
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of Each Class |
|
Trading Symbols |
|
Name of each exchange on which registered |
Class A Common Stock, par value $0.0001 per share |
|
SFR |
|
The Nasdaq Stock Market LLC |
Warrants to purchase Class A Common Stock, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
SFRWW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the regiing growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
Item 2.04 Triggering Events That Accelerate
or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
As reported in the Report on Form 8-K filed on June 8, 2023, on June
8, 2023, the Company and certain of its affiliates executed a forbearance agreement with our senior secured lender, St. Cloud Capital
Partners III SBIC, LP (“St. Cloud,” and such agreement the “Forbearance Agreement”) whereby St. Cloud agreed to
forbear from exercising any rights and remedies under its senior secured debt facilities or under applicable law with respect to any existing
defaults thereunder or any failure to comply with certain financial covenants for a specified period of time.
On August 16, 2023, the Company and certain of its affiliates executed
a second forbearance agreement with St. Cloud (the “Second Forbearance Agreement”), effective as of August 13, 2023, whereby
St. Cloud agreed to continue to forbear from exercising any rights and remedies under its senior secured debt facilities or under applicable
law with respect to any existing defaults thereunder or any failure to comply with certain financial covenants until August 24, 2023,
provided that such date will automatically be extended to September 18, 2023, if the Company satisfies certain milestones under and continues
to comply with the terms of the Second Forbearance Agreement.
As of August 24, 2023, the Company has not satisfied a certain milestone
in the Second Forbearance Agreement. As a result, St. Cloud’s agreement to forbear from exercising any rights and remedies under
its senior secured debt facilities or under applicable law with respect to any existing defaults thereunder or any failure to comply with
certain financial covenants for a specified period of time is terminated.
The Company is continuing to engage in discussions with St. Cloud regarding
the path forward in light of the forbearance termination. If the Company is unable to reach agreement with St. Cloud regarding a new forbearance
agreement, there is a risk that St. Cloud could exercise its rights and remedies as a secured lender, including potentially foreclosing
on its collateral, which includes substantially all of the Company’s assets.
Exhibit No. |
|
Description |
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.
|
Appreciate Holdings, Inc. |
|
|
Date: August 30, 2023 |
By: |
/s/ Christopher Laurence |
|
Name: |
Christopher Laurence |
|
Title: |
Chief Executive Officer |
2
v3.23.2
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|
Aug. 24, 2023 |
Document Type |
8-K
|
Amendment Flag |
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|
Document Period End Date |
Aug. 24, 2023
|
Entity File Number |
001-39758
|
Entity Registrant Name |
Appreciate Holdings, Inc.
|
Entity Central Index Key |
0001821075
|
Entity Tax Identification Number |
83-2426917
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
6101 Baker Road
|
Entity Address, Address Line Two |
Suite 200
|
Entity Address, City or Town |
Minnetonka
|
Entity Address, State or Province |
MN
|
Entity Address, Postal Zip Code |
55345
|
City Area Code |
952
|
Local Phone Number |
470-8888
|
Written Communications |
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|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
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|
Entity Emerging Growth Company |
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|
Elected Not To Use the Extended Transition Period |
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|
Class A Common Stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A Common Stock, par value $0.0001 per share
|
Trading Symbol |
SFR
|
Security Exchange Name |
NASDAQ
|
Warrants to purchase Class A Common Stock, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Warrants to purchase Class A Common Stock
|
Trading Symbol |
SFRWW
|
Security Exchange Name |
NASDAQ
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