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Berenson Acquisition Corp. I - BACA

  • Commons

    $9.72

    +0.00%

    BACA Vol: 15.1K

  • Warrants

    $0.55

    +0.00%

    BACA+ Vol: 12.2K

  • Units

    $9.98

    +0.00%

    BACA= Vol: 10.0

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SPAC Stats

Market Cap: 0.0
Average Volume: 240.8K
52W Range: $9.65 - $9.75
Weekly %: +0.20%
Monthly %: +0.00%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 61
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-half of one redeemable warrant
Trust Size: 25000000.0M

Management

Officers and Directors Upon the effectiveness of the registration statement of which this prospectus forms a part, we expect that our board of directors will consist of seven members. In accordance with the NYSE corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing on the NYSE. The term of office of our initial directors will expire at our first annual meeting of stockholders. Prior to consummation of our initial business combination, holders of our Class B common stock will have the right to elect all of our directors and remove members of our board of directors for any reason. Holders of our public shares will not have the right to vote on the election of directors during such time. These provisions of our amended and restated certificate of incorporation may only be amended if approved by holders at least 90% of the outstanding shares of our Class B common stock voting at a stockholder meeting. Approval of our initial business combination will require the affirmative vote of a majority of our board directors, which must include a majority of our independent directors. Subject to any other special rights applicable to the stockholders, prior to our initial business combination, any vacancies on our board of directors may be filled by the affirmative vote of a majority of the directors present and voting at the meeting of our board of directors that includes any directors representing our sponsor then on our board of directors, or by holders of a majority of the outstanding shares of our Class B common stock. Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our officers may consist of a Chairman of the Board, a Chief Executive Officer, a President, a Chief Financial Officer, a Secretary and such other officers (including without limitation, Vice Presidents, Assistant Secretaries and a Treasurer) as may be determined from time to time by the board of directors. Director Independence The NYSE listing standards require that a majority of our board of directors be independent within one year of our initial public offering. An “independent director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Upon the effectiveness of the registration statement of which this prospectus forms a part, we expect to have four “independent directors” as defined in the NYSE listing standards and applicable SEC rules. We expect a majority of our board of directors to be comprised of independent directors within 12 months from the date of listing to comply with the majority independent board requirement of the NYSE listing standards. Our board has determined that each of Carl Ferenbach, Kay Kapoor, Ronald Kasner and Gal Munda is an independent director under applicable SEC and the NYSE listing rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present. 135 Table of Contents Index to Financial Statements Executive Officer and Director Compensation None of our officers or directors have received any cash compensation for services rendered to us. Commencing on the date that our securities are first listed on the NYSE through the earlier of consummation of our initial business combination and our liquidation, we will pay our sponsor a total of $10,000 per month, for up to 18 months for office space, utilities, administrative and support services. Our sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor, officers, directors or our or any of their affiliates. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting, management or other compensation from the combined company. All compensation will be fully disclosed to stockholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed business combination. It is unlikely the amount of such compensation will be known at the time such materials are distributed, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our officers after the completion of our initial business combination will be determined by a compensation committee constituted solely by independent directors. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment. The existence or terms of any such employment or consulting arrangements may influence our management’s motivation in identifying or selecting a target business, and we do not believe that the ability of our management to remain with us after the consummation of our initial business combination should be a determining factor in our decision to proceed with any potential business combination. Committees of the Board of Directors Upon the effective date of the registration statement of which this prospectus forms a part, our board of directors will have three standing committees: an audit committee, a nominating and corporate governance committee and a compensation committee, each of which will be composed solely of independent directors. Subject to phase-in rules, the rules of the NYSE and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors and the rules of the NYSE require that the nominating and corporate governance committee and the compensation committee of a listed company be comprised solely of independent directors. Each committee will operate under a charter that complies with the NYSE rules, will be approved by our board of directors and will have the composition and responsibilities described below. The charter of each committee will be available on our website following the closing of this offering. Audit Committee Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish an audit committee of the board of directors. The members of our audit committee will be Gal Munda, Kay Kapoor and Carl Ferenbach. Gal Munda will serve as chairman of the audit committee. Under the NYSE listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent. Our board of directors has determined that each of Gal Munda, Kay Kapoor and Carl Ferenbach is independent under the NYSE listing standards and under Rule 10-A-3(b)(1) of the Exchange Act. Each member of the audit committee is financially literate, and our board of directors has determined that Gal Munda qualifies as an “audit committee financial expert” as defined in applicable SEC rules and has accounting or related financial management expertise. 136 Table of Contents Index to Financial Statements We will adopt an audit committee charter, which will detail the duties of the audit committee, including: • assisting board oversight of (i) the integrity of our financial statements, (ii) our compliance with legal and regulatory requirements, (iii) the independent registered public accounting firm’s qualifications and independence and (iv) the performance of our internal audit function and the independent registered public accounting firm; • the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm and any other independent registered public accounting firm engaged by us; • pre-approving all audit and non-audit services to be provided by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; • reviewing and discussing with the independent registered public accounting firm all relationships the auditors have with us in order to evaluate their continued independence; • setting clear hiring policies for employees or former employees of the independent registered public accounting firm; • setting clear policies for audit partner rotation in compliance with applicable laws and regulations; • obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent registered public accounting firm’s internal quality-control procedures and (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues; • reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and • reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities. Nominating and Corporate Governance Committee Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish a nominating and corporate governance committee of the board of directors. Under the NYSE listing standards, we are required to have a nominating and corporate governance committee composed entirely of independent directors. The members of our nominating and corporate governance committee will be Carl Ferenbach, Kay Kapoor and Ronald Kasner. Carl Ferenbach will serve as chairman of the nominating and corporate governance committee. We will adopt a nominating and corporate governance committee charter, which will detail the duties of the nominating and corporate governance committee, including: • identifying, screening and reviewing individuals qualified to serve as directors and recommending to the board of directors candidates for nomination for election at the annual meeting of stockholders or to fill vacancies on the board of directors; 137 Table of Contents Index to Financial Statements • developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines; • coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and management in the governance of the company; and • reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary. The charter will also provide that the nominating and corporate governance committee may, in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and will be directly responsible for approving the search firm’s fees and other retention terms. Guidelines for Selecting Director Nominees The guidelines for selecting nominees, which are specified in the Nominating and Corporate Governance Committee Charter, generally provide that persons to be nominated: • should have demonstrated notable or significant achievements in business, education or public service; • should possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and • should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the stockholders. The nominating and corporate governance committee will consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in evaluating a person’s candidacy for membership on the board of directors. The nominating and corporate governance committee may require certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating and corporate governance committee does not distinguish among nominees recommended by stockholders and other persons. Compensation Committee Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee of the board of directors. Under the NYSE listing standards, we are required to have a compensation committee composed entirely of independent directors. The members of our compensation committee will be Kay Kapoor, Gal Munda and Ronald Kasner. Kay Kapoor will serve as chairman of the compensation committee. We will adopt a compensation committee charter, which will detail the duties of the compensation committee, including: • reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation; • reviewing and making recommendations to our board of directors with respect to the compensation, and any incentive compensation and equity-based plans that are subject to board approval of all of our other officers; 138 Table of Contents Index to Financial Statements • reviewing our executive compensation policies and plans; • implementing and administering our incentive compensation equity-based remuneration plans; • assisting management in complying with our proxy statement and annual report disclosure requirements; • approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees; • producing a report on executive compensation to be included in our annual proxy statement (if applicable); and • reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. The charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by the NYSE and the SEC. Compensation Committee Interlocks and Insider Participation None of our officers currently serves, and in the past year has not served, as a member of the board of directors or compensation committee of any entity that has one or more officers serving on our board of directors. Code of Business Conduct and Ethics Upon the effectiveness of the registration statement of which this prospectus forms a part, we will have adopted a code of business conduct and ethics applicable to our directors, officers and employees (our “Code of Ethics”). A copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K. See “Where You Can Find Additional Information.” Corporate Governance Guidelines Our board of directors will adopt corporate governance guidelines in accordance with the corporate governance rules of the NYSE that serve as a flexible framework within which our board of directors and its committees operate. These guidelines will cover a number of areas including board membership criteria and director qualifications, director responsibilities, board agenda, roles of the chairman of the board, chief executive officer and presiding director, meetings of independent directors, committee responsibilities and assignments, board member access to management and independent advisors, director communications with third parties, director compensation, director orientation and continuing education, evaluation of senior management and management succession planning. A copy of our corporate governance guidelines will be available on our website following the closing of this offering. Conflicts of Interest Each of our officers and directors presently has, and any of them in the future may further have, fiduciary or contractual obligations to at least one other entity, including D&Z Media, pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is 139 Table of Contents Index to Financial Statements suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor these obligations to present such business combination opportunity to such entity, and only present it to us if such entity rejects the opportunity. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us. Affiliates of our sponsor are not prohibited from sponsoring other special purpose acquisition companies and such affiliates, including Navigation and Berenson, expect to sponsor special purpose acquisition companies in the future. In particular, Navigation is a sponsor of four special purpose acquisition companies that have filed registration statements in connection with their initial public offerings. Any such companies may pursue similar targets and compete with us for business combination opportunities. Any such companies may present additional conflicts of interest in pursuing an acquisition target, particularly in the event there is overlap among investment mandates. However, we do not currently expect that any such other special purpose acquisition company would materially affect our ability to complete our initial business combination. We do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect our ability to complete our business combination. Our amended and restated certificate of incorporation will provide that, prior

SEC Filings

Form Type Form Description Filing Date Document Link
8-K 8-K 2021-11-16 https://www.sec.gov/Archives/edgar/data/1869673/000119312521331077/d251759d8k.htm
4 FORM 4 SUBMISSION 2021-11-15 https://www.sec.gov/Archives/edgar/data/1869673/000089924321044575/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2021-11-15 https://www.sec.gov/Archives/edgar/data/1869673/000089924321044570/xslF345X03/doc4.xml
10-Q 10-Q 2021-11-12 https://www.sec.gov/Archives/edgar/data/1869673/000119312521328084/d207242d10q.htm
10-Q 10-Q 2021-11-12 https://www.sec.gov/Archives/edgar/data/1869673/000119312521328050/d193222d10q.htm
8-K 8-K 2021-10-27 https://www.sec.gov/Archives/edgar/data/1869673/000119312521309262/d239905d8k.htm
3 FORM 3 SUBMISSION 2021-10-22 https://www.sec.gov/Archives/edgar/data/1869673/000089924321041159/xslF345X02/doc3.xml
SC 13G/A 2021-10-13 https://www.sec.gov/Archives/edgar/data/1869673/000160825821000038/BACAU13GA.txt
SC 13G SC 13G 2021-10-08 https://www.sec.gov/Archives/edgar/data/1869673/000110465921124611/tm2129348d1_sc13g.htm
8-K 8-K 2021-10-06 https://www.sec.gov/Archives/edgar/data/1869673/000119312521293339/d223297d8k.htm
SC 13G 2021-10-06 https://www.sec.gov/Archives/edgar/data/1869673/000104106221000171/ACM_13G_Berenson.txt
8-K 8-K 2021-10-01 https://www.sec.gov/Archives/edgar/data/1869673/000119312521288282/d237475d8k.htm
4 FORM 4 SUBMISSION 2021-09-30 https://www.sec.gov/Archives/edgar/data/1869673/000089924321038475/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2021-09-30 https://www.sec.gov/Archives/edgar/data/1869673/000089924321038474/xslF345X03/doc4.xml
SC 13G 2021-09-30 https://www.sec.gov/Archives/edgar/data/1869673/000160825821000026/BACAU13G.txt
424B4 424B4 2021-09-29 https://www.sec.gov/Archives/edgar/data/1869673/000119312521286159/d194714d424b4.htm
SC 13G SCHEDULE 13G 2021-09-28 https://www.sec.gov/Archives/edgar/data/1869673/000110465921120064/tm2128685d1_sc13g.htm
EFFECT 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/999999999521003668/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037882/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037881/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037879/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037877/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037875/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037873/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037870/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000089924321037869/xslF345X02/doc3.xml
CERT NYSE CERTIFICATION 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000087666121001399/BACA092721.pdf
8-A12B 8-A12B 2021-09-27 https://www.sec.gov/Archives/edgar/data/1869673/000119312521283642/d140388d8a12b.htm
CORRESP 2021-09-23 https://www.sec.gov/Archives/edgar/data/1869673/000119312521280634/filename1.htm
CORRESP 2021-09-23 https://www.sec.gov/Archives/edgar/data/1869673/000119312521280632/filename1.htm
S-1 S-1 2021-09-10 https://www.sec.gov/Archives/edgar/data/1869673/000119312521270169/d194714ds1.htm
UPLOAD 2021-07-27 https://www.sec.gov/Archives/edgar/data/1869673/000000000021009250/filename1.pdf
DRS 2021-07-20 https://www.sec.gov/Archives/edgar/data/1869673/000095012321008993/filename1.htm