Form 8-K - Current report
07 Juillet 2023 - 10:10PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 7, 2023
Kernel
Group Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
001-39983 |
|
98-1567976 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
515
Madison Avenue, 8th Floor - Suite 8078
New
York, New York |
|
10022 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(646)
908-2659
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name 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 to the registrant under
any of the following provisions:
☐ |
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
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant |
|
KRNLU |
|
The
Nasdaq Stock Market LLC |
Class
A Ordinary Shares included as part of the units |
|
KRNL |
|
The
Nasdaq Stock Market LLC |
Warrants
included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
|
KRNLW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
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
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Purchase
Agreement.
As
previously disclosed on January 24, 2023, Kernel Group Holdings Inc., a Cayman Islands exempted company (the “Company”),
received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company
failed to hold an annual meeting of shareholders within 12 months after its fiscal year ended December 31, 2021, as required by Nasdaq
Listing Rule 5620(a) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company submitted a plan
to regain compliance and was granted until June 29, 2023 to regain compliance.
On
July 7, 2023, the Company received a notice (the “Nasdaq Notice”) from the Listing Qualifications Department of Nasdaq stating
that, as of June 29, 2023, the Company had failed to hold the above-referenced annual meeting and therefore was not in compliance with
the Rule. As a result, Nasdaq has advised the Company that its securities would be subject to delisting unless the Company timely
requests a hearing before an independent Hearings Panel (the “Panel”). Accordingly, the Company intends to timely request
a hearing. The hearing request will stay the suspension of the Company’s securities and the termination of registration of the
securities with Nasdaq as required by the rules of the Securities and Exchange Commission pending the Panel’s
decision and, therefore, Nasdaq’s notice has no immediate effect on the listing of the Company’s ordinary shares, units or
warrants on Nasdaq. The time and place of any hearing before the Panel will be determined by the Panel. There can be no assurance that
the Panel will grant the Company’s request for continued listing.
The
Company expects to hold an annual meeting at the earliest practicable date.
Cautionary
Note Regarding Forward-Looking Statements
Statements
contained in this Current Report on Form 8-K that are not historical facts may be forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements
generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential” or “continue” or the negative
of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans or intentions. Such
forward-looking statements may relate to, among other things, the Company’s continued efforts and ability to regain and maintain
compliance with the Nasdaq Listing Rules. Such forward-looking statements do not constitute guarantees of future performance and are
subject to a variety of risks and uncertainties. The Company does not undertake any obligation to update forward-looking statements as
a result of new information, future events or developments or otherwise.
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.
Dated:
July 7, 2023 |
|
|
|
|
|
|
KERNEL
GROUP HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Surendra Ajjarapu |
|
Name: |
Surendra
Ajjarapu |
|
Title: |
Chief
Executive Officer |
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Document Period End Date |
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|
Entity File Number |
001-39983
|
Entity Registrant Name |
Kernel
Group Holdings, Inc.
|
Entity Central Index Key |
0001832950
|
Entity Tax Identification Number |
98-1567976
|
Entity Incorporation, State or Country Code |
E9
|
Entity Address, Address Line One |
515
Madison Avenue
|
Entity Address, Address Line Two |
8th Floor - Suite 8078
|
Entity Address, City or Town |
New
York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10022
|
City Area Code |
(646)
|
Local Phone Number |
908-2659
|
Written Communications |
false
|
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false
|
Pre-commencement Tender Offer |
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|
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 |
false
|
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant |
|
Title of 12(b) Security |
Units,
each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant
|
Trading Symbol |
KRNLU
|
Security Exchange Name |
NASDAQ
|
Class A Ordinary Shares included as part of the units |
|
Title of 12(b) Security |
Class
A Ordinary Shares included as part of the units
|
Trading Symbol |
KRNL
|
Security Exchange Name |
NASDAQ
|
Warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
|
Title of 12(b) Security |
Warrants
included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50
|
Trading Symbol |
KRNLW
|
Security Exchange Name |
NASDAQ
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