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Filed: 15 Sep 20, 5:22pm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): September 15, 2020 (September 10, 2020)

 

TWC Tech Holdings II Corp.

(Exact name of registrant as specified in its charter)

 

Delaware 001-39499 85-2061861
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)

 

Four Embarcadero Center, Suite 2100

San Francisco, CA 94111

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (415) 780-9975

 

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 of 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 share of Class A Common Stock and one-third of one Redeemable Warrant TWCTU The Nasdaq Stock Market LLC
     
Class A Common Stock, par value $0.0001 per share TWCT The Nasdaq Stock Market LLC
     
Warrants, each exercisable for one share Class A Common Stock for $11.50 per share TWCTW 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 (§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 þ

 

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 1.01. Entry into a Material Definitive Agreement.

 

On September 15, 2020, TWC Tech Holdings II Corp. (the “Company”) consummated its initial public offering (the “IPO”) of 60,000,000 units (the “Units”), which included 7,500,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-third of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $600,000,000.

 

In connection with the IPO, the Company entered into the following agreements, forms of which were previously filed as exhibits to the Company’s Registration Statement on Form S-1 (File No. 333-240330) related to the IPO, originally filed with the U.S. Securities and Exchange Commission (the “Commission”) on August 4, 2020 (as amended, the “Registration Statement”):

 

 An Underwriting Agreement (the “Underwriting Agreement”), dated September 10, 2020, by and among the Company and Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters, a copy of which is attached as Exhibit 1.1 hereto and incorporated herein by reference.

 

 A Warrant Agreement, dated September 10, 2020, by and between the Company and American Stock Transfer & Trust Company, LLC, as warrant agent, a copy of which is attached as Exhibit 4.1 hereto and incorporated herein by reference.

 

 A Letter Agreement, dated September 10, 2020, by and among the Company, its officers, its directors and the Company’s sponsor, TWC Tech Holdings II, LLC (the “Sponsor”), a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

 

 An Investment Management Trust Agreement, dated September 10, 2020, by and between the Company and American Stock Transfer & Trust Company, LLC, as trustee, a copy of which is attached as Exhibit 10.2 hereto and incorporated herein by reference.

 

 A Registration Rights Agreement, dated September 10, 2020, by and among the Company and certain securities holders, a copy of which is attached as Exhibit 10.3 hereto and incorporated herein by reference.

 

 A Private Placement Warrants Purchase Agreement (the “Private Placement Warrants Purchase Agreement”), dated September 10, 2020, by and between the Company and the Sponsor, a copy of which is attached as Exhibit 10.4 hereto and incorporated herein by reference.

  

On September 10, 2020, the Company entered into certain Forward Purchase Agreements, the form of which was previously filed as an exhibit to the Company’s Registration Statement on August 21, 2020, with several institutional accredited investors, that will provide for the aggregate purchase of at least $100,000,000 of Class A Common Stock at $10.00 per share, in a private placement that will close concurrently with the closing of the Company’s initial business combination.

 

Item 3.02. Unregistered Sales of Equity Securities.

 

Simultaneously with the closing of the IPO, pursuant to the Private Placement Warrants Purchase Agreement, the Company completed the private sale of an aggregate of 9,666,667 Warrants (the “Private Placement Warrants”) to the Sponsor at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds to the Company of $14,500,000. The Private Placement Warrants are identical to the Warrants sold as part of the Warrants in the IPO, except as otherwise disclosed in the Registration Statement. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

 

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Item 5.03. Amendments to Certificate of Incorporation or Bylaws; Change in Fiscal Year.

 

On September 10, 2020, in connection with the IPO, the Company filed its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, effective the same day. The terms of the Amended and Restated Certificate of Incorporation are set forth in the Registration Statement and are incorporated herein by reference. A copy of the Amended and Restated Certificate of Incorporation is attached as Exhibit 3.1 hereto and incorporated herein by reference.

 

Item 8.01. Other Events.

 

A total of $600,000,000, comprised of $588,000,000 of the proceeds from the IPO (which amount included $21,000,000 of the underwriters’ deferred discount) and $12,000,000 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account maintained by American Stock Transfer & Trust Company, LLC, acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its taxes (less up to $100,000 interest to pay dissolution expenses and amounts withdrawn to fund the Company’s working capital requirements, subject to an annual limit of $500,000), the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of any of the Company’s public shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (a) to modify the substance or timing of its obligation to redeem 100% of the Company’s public shares if it does not complete its initial business combination within 24 months from the closing of the IPO (or 27 months from the closing of the IPO if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the closing of the IPO) or (b) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity and (iii) the redemption of the Company’s public shares if it is unable to complete its initial business combination within 24 months from the closing of the IPO (or 27 months from the closing of the IPO if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the closing of the IPO), subject to applicable law.

 

On September 10, 2020, the Company issued a press release announcing the pricing of the IPO, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

On September 15, 2020, the Company issued a press release announcing the closing of the IPO, a copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are being filed herewith:

 

Exhibit No.  Description
   
1.1 Underwriting Agreement, dated September 10, 2020, by and among the Company and Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters.
   
3.1 Amended and Restated Certificate of Incorporation.
   
4.1 Warrant Agreement, dated September 10, 2020, by and between the Company and American Stock Transfer & Trust Company, LLC, as warrant agent.
   
10.1 Letter Agreement, dated September 10, 2020, by and among the Company, its officers, its directors and the Sponsor.
   
10.2 Investment Management Trust Agreement, dated September 10, 2020, by and between the Company and American Stock Transfer & Trust Company, LLC, as trustee.
   
10.3 Registration Rights Agreement, dated September 10, 2020, by and among the Company and certain security holders.
   
10.4 Private Placement Warrants Purchase Agreement, dated September 10, 2020, by and between the Company and the Sponsor.
   
99.1 Press Release, dated September 10, 2020.
   
99.2 Press Release, dated September 15, 2020.

 

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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.

 

 TWC Tech Holdings II Corp.
   
 By:/s/ Adam H. Clammer
  Name: Adam H. Clammer
  Title:Chief Executive Officer
   
Dated: September 15, 2020  

 

 

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