Last Updated:
Searching
Create account to add to watchlist!
Create account to add to watchlist!

Pearl Holdings Acquisition Corp - PRLH

  • Commons

    $9.97

    +0.00%

    PRLH Vol: 0.0

  • Warrants

    $0.09

    +12.36%

    PRLHW Vol: 275.0

  • Units

    $10.02

    +0.10%

    PRLHU Vol: 100.0

Average: 0
Rating Count: 0
You Rated: Not rated

Please log in to rate.

SPAC Stats

Market Cap: 201.6M
Average Volume: 61.1K
52W Range: $9.75 - $10.58
Weekly %: +1.31%
Monthly %: -0.10%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 295
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant
Trust Size: 17500000.0M

Management

Directors, Director Nominees and Officers.” Certain of our directors, officers and advisory board members are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Our sponsor, our team and our advisory board members are, or may in the future become, affiliated with entities that are engaged in a similar business. Our officers, directors and members of our advisory board have agreed not to participate in the formation of, or become an officer, director or strategic advisor of, any other special purpose acquisition company with a class of securities registered under the Exchange Act without our prior written consent, which will not be unreasonably withheld. Our team and our advisory board members also may become aware of business opportunities that may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual duties. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to other entities prior to its presentation to us, subject to his or her fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. For a complete discussion of our officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management and Advisors — Directors, Director Nominees and Officers,” “Management and Advisors — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” 58 Our directors, officers, advisory board members, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, advisory board members, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. In particular, affiliates of our sponsor have invested in a diverse set of industries. As a result, there may be substantial overlap between companies that would be a suitable business combination for us and companies that would make an attractive target for such other affiliates. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, directors or officers which may raise potential conflicts of interest. In light of the involvement of our sponsor, directors and officers with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, directors and officers. Certain of our directors and officers also serve as officers and board members for other entities, including those described under “Management and Advisors — Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our sponsor, directors and officers are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria and guidelines for a business combination as set forth in “Proposed Business — Effecting Our Initial Business Combination — Selection of a target business and structuring of our initial business combination” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement that we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or from an independent entity that commonly renders valuation opinions regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, directors or officers, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Meadow Lane is not under any obligation to source any potential opportunities for our initial business combination or refer any such opportunities to our company or provide any other services to our company. Meadow Lane may become aware of a potential business combination opportunity that may be an attractive opportunity for our company. However, Meadow Lane is not under any obligation to source any potential opportunities for our initial business combination or refer any such opportunities to our company or provide any other services to our company. Employees of Meadow Lane may have fiduciary and/or contractual duties to other companies in which Meadow Lane or its affiliates have invested. As a result, employees of Meadow Lane may have a duty to offer business combination opportunities to Meadow Lane, other investment vehicles or other entities before other parties, including our company. Additionally, other companies in which Meadow Lane may have invested may enter into transactions with, provide goods or services to, or receive goods or services from an entity with which we seek to complete our initial business combination. Transactions of these types may present a conflict of interest because Meadow Lane may directly or indirectly receive a financial benefit as a result of such transaction. We believe that any such potential conflicts of interest of Meadow Lane will be naturally mitigated, in part, by the differing nature of targets that Meadow Lane typically considers most attractive for its investment activities, as compared to our activities related to pursuing an initial business combination. Meadow Lane’s investment activities typically involve investing in private companies, and while Meadow Lane may take a company public, it would typically invest in such an entity several years prior to an initial public offering, not at the time of the initial public offering. In contrast, the acquisition targets that we expect to find most attractive would generally have capital structures and existing business operations and infrastructure to go public immediately upon our acquisition. 59 As a result, we may become aware of a potential transaction that is not a fit for the investment activities of Meadow Lane but that is an attractive opportunity for us. Notwithstanding our belief regarding natural mitigation, Meadow Lane may compete with us for acquisition opportunities that fall within Meadow Lane’s investment objectives or strategies. A decision by Meadow Lane to pursue an opportunity would preclude us from pursuing it and could have a negative impact on our ability to complete our partnering transaction. For a complete discussion of our officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management and Advisors — Directors, Director Nominees and Officers,” “Management and Advisors — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Since our initial shareholders will lose their entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On April 3, 2021, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering and formation costs in exchange for an aggregate of 7,187,500 founder shares. In November 2021, our sponsor surrendered an aggregate of 2,156,250 founder shares for no consideration, thereby reducing the aggregate number of founder shares outstanding to 5,031,250, resulting in an effective purchase price paid for the founder shares of approximately $0.005 per share. Our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (assuming they do not purchase any units in this offering). If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares, on an as-converted basis, at 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 9,000,000 (or 10,050,000 if the underwriters’ option to purchase additional units is exercised in full) private placement warrants, each exercisable for one Class A ordinary share, for a purchase price of $9,000,000 in the aggregate (or $10,050,000 in the aggregate if the underwriters’ option to purchase additional units is exercised in full), or $1.00 per warrant, that will also be worthless if we do not complete a business combination. Each private placement warrant may be exercised for one Class A ordinary share at a price of $11.50 per share, subject to adjustment as provided herein. The founder shares are identical to the ordinary shares included in the units being sold in this offering except that: (1) prior to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (2) the founder shares are subject to certain transfer restrictions contained in a letter agreement that our initial shareholders, directors and officers have entered into with us; (3) pursuant to such letter agreement, our initial shareholders, directors and officers have agreed to waive: (i) their redemption rights with respect to any founder shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (ii) their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months (or up to 24 months if our sponsor exercises its extension options) from the closing of this offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (iii) their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within 18 months (or up to 24 months if our sponsor exercises its extension options) from the closing of this offering (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (4) the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more detail below; and (5) the founder shares are entitled to registration rights directors and officers. If we submit our initial business combination to our public shareholders for a vote, our initial shareholders have agreed 60 (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them purchased during or after this offering in favor of our initial business combination. The personal and financial interests of our sponsor, directors and officers may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 18-month (or up to 24-month if our sponsor exercises its extension options) anniversary following the closing of this offering nears, which is the deadline for the completion of our initial business combination. While we do not expect our board of directors to approve any amendment to or waiver of the letter agreement or registration rights agreement prior to our initial business combination, it may be possible that our board of directors, in exercising its business judgement and subject to its fiduciary duties, chooses to approve one or more amendments to or waivers of such agreements in connection with the consummation of our initial business combination. Any such amendments or waivers would not require approval from our shareholders, may result in the completion of our initial business combination that may not otherwise have been possible and may have an adverse effect on the value of an investment in our securities. We may be able to complete only one business combination with the proceeds of this offering and the sale of the private placement warrants, which will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of diversification may negatively impact our operations and profitability. The net proceeds from this offering and the sale of the private placement warrants will provide us with $175,000,000 (or $201,250,000 if the underwriters’ option to purchase additional units is exercised in full) that we may use to complete our initial business combination (which includes $6,125,000 (or $7,043,750 if the underwriters’ option to purchase additional units is exercised in full) of deferred underwriting commissions being held in the trust account, and excludes estimated offering expenses of $650,000). We may effectuate our initial business combination with a single target business or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our initial business combination with more than one target business because of various factors, including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing our initial business combination with only a single entity our lack of diversification may subject us to numerous economic, competitive and regulatory risks. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects for our success may be: • solely dependent upon the performance of a single business, property or asset; or • dependent upon the development or market acceptance of a single or limited number of products, processes or services. This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination. Our management may not be able to maintain control of a target business after our initial business combination. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business. We may structure our initial business combination so that the post-transaction company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will complete such business combination only if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target, our shareholders prior to our initial business combination 61 may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in our initial business combination transaction. For example, we could pursue a transaction in which we issue a substantial number of new ordinary shares in exchange for all of the issued and outstanding capital stock, shares or other equity securities of a target, or issue a substantial number of new shares to third parties in connection with financing our initial business combination. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our issued and outstanding ordinary shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company’s shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control of the target business. Our initial shareholders will control the appointment of our board of directors until consummation of our initial business combination and will hold a subst

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 10-Q 2022-08-15 https://www.sec.gov/Archives/edgar/data/1856161/000182912622015876/pearlholdings_10q.htm
10-Q 10-Q 2022-05-16 https://www.sec.gov/Archives/edgar/data/1856161/000182912622011137/pearlholdings_10q.htm
10-K 10-K 2022-03-31 https://www.sec.gov/Archives/edgar/data/1856161/000182912622007194/pearlholdings_10k.htm
SC 13G/A FORM SC 13G/A 2022-02-14 https://www.sec.gov/Archives/edgar/data/1856161/000106299322003947/formsc13ga.htm
SC 13G SC 13G 2022-02-10 https://www.sec.gov/Archives/edgar/data/1856161/000182912622003450/pearlholdingsacqu_sc13g.htm
SC 13G SC 13G 2022-02-08 https://www.sec.gov/Archives/edgar/data/1856161/000110465922013396/tm225488d22_sc13g.htm
8-K 8-K 2022-02-03 https://www.sec.gov/Archives/edgar/data/1856161/000182912622002974/pearlholdings_8k.htm
SC 13G/A 2022-02-03 https://www.sec.gov/Archives/edgar/data/1856161/000131924422000078/PRLH_SC13GA1.htm
4 FORM 4 SUBMISSION 2022-01-18 https://www.sec.gov/Archives/edgar/data/1856161/000120919122003420/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2022-01-18 https://www.sec.gov/Archives/edgar/data/1856161/000120919122003418/xslF345X03/doc4.xml
SC 13G PEARL HOLDINGS ACQUISITION CORP 2021-12-27 https://www.sec.gov/Archives/edgar/data/1856161/000090266421005401/p21-2735sc13g.htm
8-K 8-K 2021-12-23 https://www.sec.gov/Archives/edgar/data/1856161/000182912621017000/pearlholdings_8k.htm
SC 13G FORM SC 13G 2021-12-23 https://www.sec.gov/Archives/edgar/data/1856161/000106299321013501/formsc13g.htm
SC 13G 2021-12-20 https://www.sec.gov/Archives/edgar/data/1856161/000131924421000271/PRLH_SC13G.htm
8-K 8-K 2021-12-17 https://www.sec.gov/Archives/edgar/data/1856161/000182912621016702/pearlholdings_8k.htm
424B4 424B4 2021-12-16 https://www.sec.gov/Archives/edgar/data/1856161/000182912621016560/pearlholdings_424b4.htm
EFFECT 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/999999999521004685/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069636/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069635/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069634/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069633/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069632/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069631/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069630/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000120919121069629/xslF345X02/doc3.xml
CERT 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000135445721001459/PRLH_8A_Cert_DPCS.pdf
8-A12B 8-A12B 2021-12-14 https://www.sec.gov/Archives/edgar/data/1856161/000182912621016319/pearlholdings_8a12b.htm
CORRESP 2021-12-13 https://www.sec.gov/Archives/edgar/data/1856161/000182912621016239/filename1.htm
CORRESP 2021-12-13 https://www.sec.gov/Archives/edgar/data/1856161/000182912621016238/filename1.htm
S-1 S-1 2021-11-24 https://www.sec.gov/Archives/edgar/data/1856161/000182912621014792/pearlholdings_s1.htm
UPLOAD 2021-11-17 https://www.sec.gov/Archives/edgar/data/1856161/000000000021013946/filename1.pdf
DRS/A 2021-10-22 https://www.sec.gov/Archives/edgar/data/1856161/000182912621012382/filename1.htm
CORRESP 2021-10-21 https://www.sec.gov/Archives/edgar/data/1856161/000182912621012385/filename1.htm
UPLOAD 2021-06-14 https://www.sec.gov/Archives/edgar/data/1856161/000000000021007302/filename1.pdf
DRS 2021-05-18 https://www.sec.gov/Archives/edgar/data/1856161/000182912621004044/filename1.htm