Business Context and Reporting Period
This Form 8-K was filed by Kayne Anderson Acquisition Corp. (the "Company") on August 8, 2018. The filing reports on a webcast held on the same date regarding a proposed business combination with Apache Corporation. Under the proposed transaction, Apache will contribute its midstream assets at Alpine High to Altus Midstream LP, a new Delaware limited partnership to be jointly owned by Apache and the Company.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity figures for the Company, Apache, or Altus Midstream. This document serves as a notification of an event and a reference to a webcast transcript rather than a financial statement.
Material Changes
The primary material event reported is the announcement of the proposed transaction structure involving the contribution of Apache's Alpine High midstream assets to the newly formed Altus Midstream LP. No historical financial comparisons or changes in financial position are detailed in this specific filing.
Guidance, Outlook, and Risks
Outlook and Forward-Looking Statements: The filing contains extensive forward-looking statements regarding the anticipated benefits of the business combination, future financial performance, and management's ability to grow the business. These statements are based on current expectations and involve significant uncertainties.
Risks and Contingencies: The Company highlights several factors that could cause actual results to differ materially from projections, including:
- Failure to obtain stockholder approval or other closing conditions.
- Legal proceedings instituted against Apache or the Company.
- Disruption of current operations due to the proposed combination.
- Inability to realize anticipated benefits due to competition or growth management challenges.
- Changes in applicable laws or regulations.
- General economic, business, and competitive factors.
Investor Action: The Company intends to file a definitive proxy statement with the SEC, which will contain detailed information about the transaction. Stockholders are advised to wait for and read this proxy statement before voting.
Key Facts for Investor Verification
- Verify the terms of the proposed transaction in the upcoming definitive proxy statement.
- Confirm the status of stockholder approval required to close the business combination.
- Review the webcast transcript (Exhibit 99.1) for specific details on the Alpine High asset contribution.
- Monitor for any legal proceedings or regulatory changes that could delay or terminate the deal.
- Note that no financial data is provided in this filing; refer to the Company's Form 10-K for historical financials.