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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 14, 2023

 

Hainan Manaslu Acquisition Corp.

(Exact name of registrant as specified in its charter)

 

Cayman Islands   001-41474   N/A
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (I.R.S. Employer
Identification No.)

 

B3406, 34F, West Tower, Block B
Guorui Building, 11 Guoxing Avenue
Haikou, Hainan Province, People’s Republic of China		   570203
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: +86-898-65315786

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one ordinary share, one redeemable warrant, and one right   HMACU   The Nasdaq Stock Market LLC
Ordinary shares, par value $0.0001 per share   HMAC   The Nasdaq Stock Market LLC
Redeemable warrants, each warrant entitling the holder to purchase one ordinary share at a price of $11.50 per share   HMACW   The Nasdaq Stock Market LLC
Rights, each right entitling the holder to receive one-tenth of one ordinary share   HMACR   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Hainan Manaslu Acquisition Corp. (the “HMAC” or the “Company”) previously announced its planned business combination with Able View, Inc. (“Able View”).

 

 

 

 

 

 

Item 8.01. Other Events.

 

As previously disclosed on a Current Report on Form 8-K dated August 3, 2023 (the “Current Report”), Hainan Manaslu Acquisition Corp. held an extraordinary general meeting of its shareholders (the “Extraordinary General Meeting”). In connection with the shareholders’ vote at the Extraordinary General Meeting, 6,766,651 ordinary shares were tendered for redemption. An unaudited pro forma combined balance sheet as of March 31, 2023 and unaudited pro forma combined statement of operations for the twelve months ended March 31, 2023 reflecting the redemptions, are included with this report as Exhibit 99.1.

 

The pro forma financial information included in this Current Report on Form 8-K has been presented for informational purposes only. It does not purport to represent the actual results of operations that HMAC and Able View would have achieved had HMAC and Able View been combined during the periods presented in the pro forma financial information.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit No.   Description
99.1   Unaudited Pro Forma Combined Balance Sheet and Unaudited Pro Forma Combined Statement of Operations.
104   The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline Extensible Business Reporting Language).

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 14, 2023 Hainan Manaslu Acquisition Corp.
     
  By:  /s/ Zhifan Zhou
    Name:  Zhifan Zhou
    Title: Chairman and Chief Executive Officer

 

 

2

 

 

 

Exhibit 99.1

 

UNAUDITED PRO FORMA COMBINED BALANCE SHEET

AS OF MARCH 31, 2023

 

   (A)
Hainan
Manaslu		   (B)
Able View		   Pro Forma
Adjustments		   Pro Forma
Balance Sheet		 
ASSETS                
Current Assets                
Cash and cash equivalents  $9,194   $5,773,380   $73,508,987(b)  $4,960,705 
    —    —    (2,242,500)(c)   — 
    —    —    (72,088,356)(d)   — 
Accounts receivable   —    21,138,144    —    21,138,144 
Prepayments and other current assets   119,867    3,487,772    (466,787)(e)   3,140,852 
Amount due from related parties   —    3,053,451    —    3,053,451 
Inventories   —    18,678,648    —    18,678,648 
Total Current Assets   129,061    52,131,395    (1,288,656)   50,971,800 
                     
Non-current Assets                    
Cash and investments held in trust account   71,587,428    —    1,921,559(a)   — 
    —    —    (73,508,987)(b)   — 
Other non-current assets   —    686,380    —    686,380 
Property and equipment, net   —    374,005    —    374,005 
Right of use assets   —    175,004    —    175,004 
Deferred tax assets   —    1,254,547    —    1,254,547 
Total Non-current Assets   71,587,428    2,489,936    (71,587,428)   2,489,936 
Total Assets  $71,716,489   $54,621,331   $(72,876,084)  $53,461,736 
                     
LIABILITIES                    
Current Liabilities                    
Short-term loans  $—   $15,685,674   $—   $15,685,674 
Accounts payable   —    841,647    —    841,647 
Advance from customers   —    219,431    —    219,431 
Income tax payable   —    2,315,764    —    2,315,764 
Lease liabilities   —    299,461    —    299,461 
Other payable and accrued expenses   155,483    1,978,440    —    2,133,923 
Amount due to related parties   18,453    9,380,129    —    9,398,582 
Total current liabilities   173,936    30,720,546    —    30,894,482 
Amount due to related parties, noncurrent   —    18,350,020    —    18,350,020 
Lease liabilities, noncurrent   —    19,394    —    19,394 
Deferred underwriting compensation   2,242,500    —    (2,242,500)(c)   — 
Total Liabilities  $2,416,436   $49,089,960   $(2,242,500)  $49,263,896 
                     
Commitments and Contingencies                    
                     
Mezzanine Equity (Aggregate liquidation preference of $3,135,781 as of December 31, 2022)                    
Series A convertible redeemable preferred shares (par value $0.0001 per share, 15,750 and nil shares authorized, issued and outstanding as of December 31, 2022)   —    3,135,781    (3,135,781)(f)   — 
Ordinary shares, subject to possible redemption: 6,900,000 shares (at redemption value of $10.37 per share)   71,587,428    —    1,921,559(a)   — 
    —    —    (72,088,356)(d)   — 
    —    —    (1,421,631)(h)   — 
Shareholders’ (Deficits) Equity             —      
Common stock   207    100    3,727(f)   4,159 
    —    —    112(g)   — 
    —    —    13(h)   — 
Additional paid-in capital   —    2,369,435    (466,787)(e)   4,167,626 
    —    —    844,472(f)   — 
    —    —    (112)(g)   — 
    —    —    1,421,618(h)   — 
(Accumulated deficits) Retained earnings   (2,287,582)   30,198    2,287,582(f)   30,198 
Accumulated other comprehensive loss   —    (4,143)   —    (4,143)
Total Shareholders’ (Deficits) Equity   (2,287,375)   2,395,590    4,089,625    4,197,840 
Total Liabilities, Mezzanine Equity and Shareholders’ (Deficits) Equity  $71,716,489   $54,621,331   $(72,876,084)  $53,461,736 

 

 

 

Unaudited Pro Forma Combined Balance Sheet Adjustments

 

The pro forma adjustment to the unaudited combined pro forma balance sheet consists of the following:

 

(A)Derived from the balance sheet of HMAC as of March 31, 2023.

 

(B)Derived from the consolidated balance sheet of Able View as of December 31, 2022.

 

a.Reflects the addition of cash held in the Trust Account from March 31, 2023 through the redemption date.

 

b.Reflects the release of cash from cash and investment held in the Trust Account.

 

c.Reflects the settlement of $2.2 million of deferred underwriting commission incurred during the HMAC IPO due upon completion of the business combination.

 

d.Reflects HMAC shareholders exercise their redemption rights, 6,766,561 HMAC shares previously subject to redemption for cash amounting to $72.1 million would be transferred to shareholders’ equity.

 

e.Reflects an adjustment $0.5 million to reduce deferred offering costs, which was already reflected on Able View’s historical financial statement. As part of the Business Combination, the $0.5 million was determined to be deferred offering costs and offset to additional-paid-in capital.

 

f.Reflects 1) recapitalization of Able View through issuance of HMAC shares and eliminate HMAC historical accumulated earnings; 2) the contribution of all the share capital in Able View to HMAC.

 

g.Reflects issuance of 1,120,000 ordinary shares to financial advisor upon consummation completion of Business Combination.

 

h.Reflects reclassification of remaining 133,439 HMAC shares previously subject to redemption for cash to equity upon consummation completion of Business Combination.

 

i.The unaudited pro forma balance sheet does not reflect the contingent liabilities to pay an aggregate of 3,200,000 additional Pubco Ordinary Shares as earnout consideration after the Closing because the Pubco’s performance for the years ended December 31, 2023 and 2024 cannot be reliably estimated as of the date of this proxy statement/prospectus.

 

2

 

 

UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE TWELVE MONTHS ENDED MARCH 31, 2023

 

   (A)
Hainan
Manaslu		   (B)
Able View		   Pro Forma
Adjustments		   Pro Forma
Income
Statement		 
Total revenue  $—   $145,256,257   $—   $145,256,257 
Cost of revenue   —    (112,718,709)   —    (112,718,709)
Gross profit   —    32,537,548    —    32,537,548 
                     
Operating expenses                    
Selling and marketing expenses   —    (18,283,260)   —    (18,283,260)
General and administrative expenses   (378,756)   (4,111,399)   —    (4,490,155)
Total operating expenses   (378,756)   (22,394,659)   —    (22,773,415)
Income from operations   (378,756)   10,142,889    —    9,764,133 
                     
Total other income (expenses), net   1,552,433    (770,053)   (1,552,425)(a)   (770,045)
Income before income taxes   1,173,677    9,372,836    (1,552,425)   8,994,088 
Income tax expenses   —    (1,469,225)   —    (1,469,225)
Net income   1,173,677    7,903,611    (1,552,425)   7,524,863 
Accretion of convertible redeemable preferred shares   —    (135,781)   —    (135,781)
Net income attributable to Able View Inc’s preferred shareholders   —    (120,446)   —    (120,446)
Net income attributable to Able View Inc’s ordinary shareholders  $1,173,677   $7,647,384   $(1,552,425)  $7,268,636 
                     
Weighted average shares outstanding of ordinary shares   —    1,000,000    40,590,429(b)   41,590,429 
Weighted average shares outstanding of redeemable ordinary shares   4,310,137    —    (4,310,137)   — 
Basic and diluted net income per ordinary share   1.07    7.65    —    0.17 
Weighted average shares outstanding of non-redeemable ordinary shares   1,938,321    —    (1,938,321)   — 
Basic and diluted net loss per ordinary share   (1.78)   —    —    — 

 

Notes and adjustment to Unaudited Pro Forma Condensed Combined Statement of Income

 

The notes and pro forma adjustments to the unaudited condensed combined pro forma statements of operations consist of the following:

 

A.Derived from HMAC’s statement of operations for the year ended December 31, 2022, and unaudited statement of operations for the three months ended March 31, 2023 and 2022.

 

B.Derived from Able View’s consolidated statement of operations for the year ended December 31, 2022.

 

(a)Represents an adjustment to eliminate interest income related to cash and investment held in Trust Account.

 

3

 

 

(b)The calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the business combination occurred as of the earliest period presented. In addition, as the Business Combination is being reflected as if it had occurred on this date, the calculation of weighted average shares outstanding for basic and diluted net income per share assumes that the shares have been outstanding for the entire period presented. This calculation is retroactively adjusted to eliminate the number of shares redeemed in the Business Combinations for the entire period. The calculation of weighted average shares outstanding for the twelve months ended March 31, 2023, assuming no redemption into cash, is set forth in below table:

 

   For the
Twelve Months Ended
March 31,
2023		 
Able View’s shareholders   37,546,430 
HMAC’s Public Shareholders   133,349 
Holders of HMAC’s ordinary shares converted from the Public Rights   690,000 
Sponsor   1,725,000 
HMAC’s Private Shareholders   341,500 
HMAC’s Private Shares converted from the Private Rights   34,150 
Shares issued to financial advisor as the compensation of financial advisory services upon successful Business Combination   1,120,000 
Weighted average shares outstanding of ordinary shares   41,590,429 
Less: HMAC’s Weighted average shares outstanding of ordinary shares   — 
Less: Able View’s Weighted average shares outstanding of ordinary shares   (1,000,000)
Adjustment (b)   40,590,429 

 

 

 

4

 

 

v3.23.2
Cover
Aug. 14, 2023
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 14, 2023
Entity File Number 001-41474
Entity Registrant Name Hainan Manaslu Acquisition Corp.
Entity Central Index Key 0001894370
Entity Tax Identification Number 00-0000000
Entity Incorporation, State or Country Code E9
Entity Address, Address Line One B3406, 34F, West Tower, Block B
Entity Address, Address Line Two Guorui Building, 11 Guoxing Avenue
Entity Address, City or Town Haikou
Entity Address, Country CN
Entity Address, Postal Zip Code 570203
City Area Code +86
Local Phone Number 898-65315786
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Units, each consisting of one ordinary share, one redeemable warrant, and one right  
Title of 12(b) Security Units, each consisting of one ordinary share, one redeemable warrant, and one right
Trading Symbol HMACU
Security Exchange Name NASDAQ
Ordinary shares, par value $0.0001 per share  
Title of 12(b) Security Ordinary shares, par value $0.0001 per share
Trading Symbol HMAC
Security Exchange Name NASDAQ
Redeemable warrants, each warrant entitling the holder to purchase one ordinary share at a price of $11.50 per share  
Title of 12(b) Security Redeemable warrants, each warrant entitling the holder to purchase one ordinary share at a price of $11.50 per share
Trading Symbol HMACW
Security Exchange Name NASDAQ
Rights, each right entitling the holder to receive one-tenth of one ordinary share  
Title of 12(b) Security Rights, each right entitling the holder to receive one-tenth of one ordinary share
Trading Symbol HMACR
Security Exchange Name NASDAQ
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