Business Context and Reporting Period
This Form 8-K filing by KBL Merger Corp. IV (trading as KBLM) reports events occurring on June 5, 2019. The registrant is a special purpose acquisition company (SPAC) incorporated in Delaware. The filing details a special meeting of stockholders held to approve an extension of the deadline to consummate an initial business combination.
Key Financial Metrics
The filing does not provide standard operating metrics such as revenue, profit, or cash flow from operations, as the company is in a pre-business combination phase. Key liquidity figures related to the Trust Account are as follows:
- Redemption Amount: Approximately $16,476,233 was removed from the Trust Account to pay redeeming stockholders.
- Shares Redeemed: 1,580,762 public shares were redeemed.
- Remaining Trust Balance: Approximately $49,933,473 remains in the Trust Account following redemptions.
Material Changes
The primary material change is the approval of an amendment to the Company's Charter extending the deadline for completing an initial business combination:
- Previous Deadline: June 7, 2019.
- New Deadline: September 9, 2019.
- Conditional Extension: The deadline may be extended to December 9, 2019, if a definitive agreement for an initial business combination is executed by September 9, 2019.
- Voting Results: The proposal was approved with 8,539,913 votes "For," 0 "Against," and 0 "Abstain."
Outlook, Risks, and Management Commentary
Management has secured additional time to identify and complete a target acquisition. The filing notes that if the Company fails to complete an initial business combination by the new deadline, it will cease operations. The filing does not provide specific forward-looking guidance on potential targets or detailed risk factors beyond the standard requirement to liquidate if a combination is not achieved.
Investor Verification Checklist
- Verify the exact remaining cash balance in the Trust Account ($49,933,473) against the number of outstanding shares to confirm the per-share liquidation value.
- Confirm the specific conditions required to trigger the extension to December 9, 2019 (execution of a definitive agreement by September 9, 2019).
- Review the attached Second Amendment to the Amended and Restated Certificate of Incorporation (Exhibit 3.1) for any other charter changes.
- Monitor subsequent filings for the announcement of a definitive business combination agreement before the September 9, 2019 deadline.