Form 8-K - Current report
July 14 2023 - 5:30PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 14, 2023 (May 7, 2023)
Everest Consolidator Acquisition Corporation
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-41100 |
|
86-2485792 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
|
|
4041 MacArthur Blvd
Newport Beach, California |
|
92660 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(949) 610-0835
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
|
¨ |
Written communication 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-commencements 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 share of Class A common stock and one-half of one Warrant |
|
MNTN.U |
|
New York Stock Exchange |
Class A common stock, par value $0.0001 per share |
|
MNTN |
|
New York Stock Exchange |
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
|
MNTN WS |
|
New York Stock Exchange |
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 x
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.
Item 1.01. |
Entry into a Material Definitive Agreement. |
The disclosure contained in Item 2.03 is
incorporated by reference in this Item 1.01.
Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On
May 7, 2023, Everest Consolidator Acquisition Corporation. (the "Company") issued an unsecured promissory note (the "Note")
in the principal amount of up to $1,500,000 to Everest Consolidator Sponsor, LLC (the "Sponsor"). The Note obliges the Company
to repay the total amount drawn, together with accrued interest at the rate of 6% on the total amount drawn (the “Interest”),
provided that the total repayment amount shall not exceed $1,500,000 plus the applicable Interest. The Note is repayable in full on the
earlier of December 31, 2023 or the consummation of the Company's initial business combination.
The
Note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The
Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The disclosure set forth
in this Item 2.03 is intended to be a summary only and is qualified in its entirety by reference to the Note.
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
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.
|
Everest Consolidator Acquisition Corporation |
|
|
Date: July 14, 2023 |
By: |
/s/ Adam Dooley |
|
Name: |
Adam Dooley |
|
Title: |
Chief Executive Officer |
Exhibit 10.1
PROMISSORY
NOTE
THIS
AGREEMENT is entered into this 7th day of May 2023 (the "Effective Date"), by and among Everest Consolidator Sponsor, LLC,
a limited liability company (hereinafter referred to as the "Transferor"), and Everest Consolidator Acquisition Corporation,
a corporation (hereinafter referred to as the "Transferee").
RECITALS:
WHEREAS,
the Transferor desires to provide a working capital loan to the Transferee, with the loaned amount to be repaid upon the successful completion
of a business combination by the Transferee; and
WHEREAS,
the Transferee agrees to repay the loan at a 6% rate of the total amount drawn, not to exceed $1,500,000;
NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:
1.
LOAN AMOUNT: The Transferor hereby transfers to the Transferee a working capital loan (the "Loan") in an amount of up to $1,500,000
(the "Loan Amount").
2.
REPAYMENT: The Transferee agrees to repay the Loan in full, together with accrued interest at the rate of 6% on the total amount drawn
from the Loan (the "Interest"), at the time the Transferee completes its business combination. The total repayment amount shall
not exceed $1,500,000 plus the applicable Interest.
For
example, if $1,000,000 is drawn from the Loan, the total amount to be repaid at the time of a business combination would be $1,060,000,
irrespective of the duration of the Loan, provided that it is repaid by the earlier of December 31, 2023, or a business combination.
4.
GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware.
5.
ENTIRE AGREEMENT: This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other
agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.
(signature
page follows)
IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective duly authorized officers as of the date first
above written.
|
TRANSFEROR: |
|
|
|
EVEREST
CONSOLIDATOR SPONSOR, LLC |
|
|
|
|
|
By: |
/s/ Adam Dooley |
|
Name: |
Adam Dooley |
|
Title: |
Managing Member |
|
|
|
TRANSFEREE: |
|
|
|
EVEREST
CONSOLIDATOR ACQUISITION CORPORATION |
|
|
|
|
|
By: |
/s/ Adam Dooley |
|
Name: |
Adam Dooley |
|
Title: |
Chief Executive Officer |
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May 07, 2023 |
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Entity File Number |
001-41100
|
Entity Registrant Name |
Everest Consolidator Acquisition Corporation
|
Entity Central Index Key |
0001863719
|
Entity Tax Identification Number |
86-2485792
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4041 MacArthur Blvd
|
Entity Address, City or Town |
Newport Beach
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
92660
|
City Area Code |
949
|
Local Phone Number |
610-0835
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Units, each consisting of one share of Class A common stock and one-half of one Warrant [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Units, each consisting of one share of Class A common stock and one-half of one Warrant
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Trading Symbol |
MNTN.U
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Security Exchange Name |
NYSE
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Class A common stock, par value $0.0001 per share [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Class A common stock, par value $0.0001 per share
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Trading Symbol |
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Security Exchange Name |
NYSE
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Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
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MNTN WS
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NYSE
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