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TKB Critical Technologies 1 - USCT

  • Commons

    $9.90

    -0.10%

    USCT Vol: 1.4K

  • Warrants

    $0.43

    +1.29%

    USCTW Vol: 57.0K

  • Units

    $10.10

    -0.10%

    USCTU Vol: 18.0K

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Rating Count: 0
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SPAC Stats

Market Cap: 0.0
Average Volume: 0.0
52W Range: $0.00 - $0.00
Weekly %: +0.00%
Monthly %: +0.00%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 93
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: 20000000.0M

Management

Officers, Directors and Director Nominees.” Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities 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. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. 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 another entity prior to its presentation to us. 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. Any such companies, businesses or ventures may present additional conflicts of interest in pursuing an initial business combination. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business combination. For a complete discussion of our executive officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management — Officers, Directors and Director Nominees,” “Management — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” 54 Our sponsor or officers intend to form other special purpose acquisition companies in the future, which may occur prior our completing our initial business combination and could cause conflicts of interest. Our sponsor or our officers intend to sponsor or form other special purpose acquisition companies in the future, which may occur while we are still seeking an initial business combination. 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. Consequently, we may be precluded from procuring such opportunities and such opportunities may be presented to such other companies instead of us. 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. Our executive officers, directors, 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, executive officers, 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 executive 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. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. However, we might not ultimately be successful in any claim we may make against them for such reason. 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, executive officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our sponsor, executive officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, executive officers, directors or existing holders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management — Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our sponsor, officers and directors 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 substantive 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 for a business combination as set forth in “Proposed Business — 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 to obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm 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, executive officers, directors or existing holders, 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. Since our sponsor, executive officers and directors will lose their entire investment in us if our initial business combination is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On April 29, 2021, our sponsor paid $25,000 to purchase 5,750,000 founder shares, or approximately $0.004 per share. Prior to the initial investment in the company of $25,000 by the sponsor, the company had no assets, 55 tangible or intangible. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the number of founder shares issued. The number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriters’ over-allotment option is exercised in full, and therefore that such founder shares would represent 20% of the outstanding shares after this offering. Up to 750,000 of the founder shares will be forfeited depending on the extent to which the underwriters’ over-allotment is exercised. 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 9,550,000 private placement warrants (or 10,750,000 warrants if the underwriters’ over-allotment option is exercised in full), at a price of $1.00 per private placement warrant, each exercisable for one Class A ordinary share at $11.50 per share, for an aggregate purchase price of $9,550,000 (or $10,750,000 if the underwriters’ over-allotment option is exercised in full), or $1.00 per warrant, that will also be worthless if we do not complete our initial business combination. The personal and financial interests of our executive officers and directors 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 date that is 15 months after of the closing of this offering nears, which is the deadline for our completion of an initial business combination. Risks Relating to our Securities You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss. Our public shareholders will be entitled to receive funds from the trust account only upon the earlier to occur of: (i) our completion of an initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly elected to redeem, subject to the limitations described herein; (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend our memorandum and articles of association 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 15 months from the closing of this offering or during any Extension Period or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity; and (iii) the redemption of our public shares if we are unable to complete an initial business combination within 15 months from the closing of this offering, subject to applicable law and as further described herein. In addition, if our plan to redeem our public shares if we are unable to complete an initial business combination within 15 months from the closing of this offering is not completed for any reason, compliance with Cayman Islands law may require that we submit a plan of dissolution to our then-existing shareholders for approval prior to the distribution of the proceeds held in our trust account. In that case, public shareholders may be forced to wait beyond 15 months from the closing of this offering before they receive funds from our trust account. In no other circumstances will a public shareholder have any right or interest of any kind in the trust account. Holders of warrants will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss. Once initially listed, Nasdaq may subsequently delist our securities from its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions. We have applied to have our units listed on Nasdaq on or promptly after the date of this prospectus and our Class A ordinary shares and warrants on or promptly after their date of separation. We cannot guarantee that our securities will be approved for listing on Nasdaq. Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in Nasdaq’s listing standards, we cannot assure you that our securities will be, or will continue to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and share price levels. Generally, we must maintain a minimum average global market capitalization and a minimum number of holders of our securities. Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with Nasdaq’s initial listing requirements, which are more rigorous than Nasdaq’s continued listing requirements, in order to continue to maintain the listing of our securities on Nasdaq. For instance, our share price would generally be required to be at least $4.00 per share and the publicly held shares would be required to be at least $15 million and we would be required to have a minimum of 56 400 round lot holders and 1,000,000 publicly held shares. We cannot assure you that we will be able to meet those initial listing requirements at that time. If Nasdaq delists our securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including: § a limited availability of market quotations for our securities; § reduced liquidity for our securities; § a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; § a limited amount of news and analyst coverage; and § a decreased ability to issue additional securities or obtain additional financing in the future. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Because we expect that our units and eventually our Class A ordinary shares and warrants will be listed on Nasdaq, our units, Class A ordinary shares and warrants will qualify as covered securities under the statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each state in which we offer our securities. Holders of our Class A ordinary shares will not be entitled to vote on any appointment of directors prior to our initial business combination. Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. Accordingly, you may not have any say in the management of our company prior to the completion of an initial business combination. Since only holders of our founder shares will have the right to vote to appoint directors, upon the listing of our shares on Nasdaq, Nasdaq may consider us to be a “controlled company” within the meaning of Nasdaq rules and, as a result, we may qualify for exemptions from certain corporate governance requirements. After completion of this offering, only holders of our founder shares will have the right to vote to appoint directors. As a result, Nasdaq may consider us to be a “controlled company” within the meaning of Nasdaq corporate governance standards. Under Nasdaq corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including the requirements that: § we have a board that includes a majority of “independent directors,” as defined under the rules of Nasdaq; § we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and § we have independent director oversight of our director nominations. We do not currently intend to utilize these exemptions and intend to comply with the corporate governance requirements of Nasdaq, subject to applicable phase-in rules. However, if we determine in the future to utilize some or all of these exemptions, you will not have the same protections afforded to shareholders of companies that are subject to all of Nasdaq’s corporate governance requirements. 57 An investment in this offering may result in uncertain or adverse U.S. federal income tax consequences. An investment in this offering may result in uncertain U.S. federal income tax consequences. For instance, because there are no authorities that directly address instruments similar to the units we are issuing in this offering, the allocation an investor makes with respect to the purchase price of a unit between the Class A ordinary share and the one-half of a warrant to purchase one Class A ordinary share included in each unit could be challenged by the Internal Revenue Service, or the IRS, or courts. Furthermore, the U.S. federal income tax consequences of a cashless exercise of warrants included in the units we are issuing in this offering is unclear under current law. Finally, it is unclear whether the redemption rights with respect to our ordinary shares suspend the running of a U.S. Holder’s (as defined below in “Taxation — United States Federal Income Tax Considerations — General”) holding period for purposes of determining whether any dividends we pay would be considered “qualified dividends” for U.S. federal income tax purposes. See the section of this prospectus captioned “Taxation — United States Federal Income Tax Considerations” for a summary of the U.S. federal income tax considerations of an investment in our securities. Prospective investors are urged to consult their tax advisors with respect to these and other tax consequences when purchasing, holding or disposing of our securities. We may be a passive foreign investment company, or PFIC, which could result in adverse U.S. federal income tax consequences to U.S. investors. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section of this prospectus captioned “Taxation — United States Federal Income Tax Consider

SEC Filings

Form Type Form Description Filing Date Document Link
8-K 8-K 2021-12-16 https://www.sec.gov/Archives/edgar/data/1860514/000182912621016549/tkbcriticaltech1_8k.htm
10-Q 10-Q 2021-12-08 https://www.sec.gov/Archives/edgar/data/1860514/000182912621016004/tkbcriticaltech1_10q.htm
SC 13G FORM SC 13G 2021-11-15 https://www.sec.gov/Archives/edgar/data/1860514/000106299321010847/formsc13g.htm
SC 13G 2021-11-08 https://www.sec.gov/Archives/edgar/data/1860514/000093583621000610/tkbcritical_13g.htm
SC 13G SC 13G 2021-11-08 https://www.sec.gov/Archives/edgar/data/1860514/000110465921135638/tm2132169d1_sc13g.htm
8-K 8-K 2021-11-04 https://www.sec.gov/Archives/edgar/data/1860514/000182912621013577/tkbcriticaltech_8k.htm
SC 13G 2021-11-02 https://www.sec.gov/Archives/edgar/data/1860514/000104106221000203/ACM_13G_TKB.txt
8-K 8-K 2021-10-29 https://www.sec.gov/Archives/edgar/data/1860514/000182912621013064/tkbcriticaltech1_8k.htm
424B4 424B4 2021-10-28 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012889/tkbcriticaltech_424b4.htm
EFFECT 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/999999999521004045/xslEFFECTX01/primary_doc.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012666/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012665/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012664/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012663/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012662/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012661/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012660/xslF345X02/ownership.xml
3 3 2021-10-26 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012659/xslF345X02/ownership.xml
CERT 2021-10-22 https://www.sec.gov/Archives/edgar/data/1860514/000135445721001212/8-ACert_USCT.pdf
CORRESP 2021-10-22 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012485/filename1.htm
CORRESP 2021-10-22 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012484/filename1.htm
8-A12B 8-A12B 2021-10-22 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012483/tkbcriticaltech_8a12b.htm
S-1/A S-1/A 2021-10-19 https://www.sec.gov/Archives/edgar/data/1860514/000182912621012180/tkbcriticaltech1_s-1a.htm
CORRESP 2021-10-08 https://www.sec.gov/Archives/edgar/data/1860514/000182912621011726/filename1.htm
S-1 S-1 2021-10-08 https://www.sec.gov/Archives/edgar/data/1860514/000182912621011725/tkbcriticaltech1_s-1.htm
UPLOAD 2021-08-31 https://www.sec.gov/Archives/edgar/data/1860514/000000000021010630/filename1.pdf
CORRESP 2021-08-19 https://www.sec.gov/Archives/edgar/data/1860514/000182912621008375/filename1.htm
DRS/A 2021-08-19 https://www.sec.gov/Archives/edgar/data/1860514/000182912621008374/filename1.htm
UPLOAD 2021-06-14 https://www.sec.gov/Archives/edgar/data/1860514/000000000021007300/filename1.pdf
DRS 2021-05-19 https://www.sec.gov/Archives/edgar/data/1860514/000182912621004061/filename1.htm