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): January 12, 2021
DEEP LAKE CAPITAL ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Cayman Islands
(State or other jurisdiction of incorporation) | | 001-39879
(Commission File Number) | | 85-3928298 (I.R.S. Employer Identification No.) |
930 Tahoe Blvd, Suite 802 PMB 381 Incline Village, NV (Address of principal executive offices) | |
(415) 307-2340
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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 Symbols | Name of each exchange on which registered |
| | | |
| Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | DLCAU | Nasdaq Capital Market |
| | | |
| Class A ordinary shares, par value $0.0001 per share | DLCA | Nasdaq Capital Market |
| | | |
| Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | DLCAW | Nasdaq Capital Market |
| ☒ | 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). |
| ☐ | 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 8.01 Other Events.
On January 12, 2021, the Registration Statement on Form S-1 (File No. 333-251649) (the “Registration Statement”) relating to the initial public offering (the “IPO”) of Deep Lake Capital Acquisition Corp. (the “Company”) was declared effective by the U.S. Securities and Exchange Commission and the Company subsequently filed, on January 12, 2021, a registration statement on Form S-1 (File No. 333-252062) pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which was effective immediately upon filing. On January 15, 2021, the Company consummated the IPO of 20,700,000 units (the “Units”), including the issuance of 2,700,000 Units as a result of the underwriter’s exercise in full of their over-allotment option. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (“Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company, each whole warrant entitling the holder thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share. The Units were sold at a price of $10.00 per share, generating gross proceeds to the Company of $207,000,000.
On January 12, 2021, the Company effected a share capitalization with respect to the Company’s Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”), resulting in the Company’s initial shareholders holding an aggregate of 5,175,000 Founder Shares.
Substantially concurrently with the closing of the IPO, the Company completed the private sale of 6,140,000 warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant, to the Company’s sponsor, Deep Lake Capital Sponsor LP (the “Sponsor”), generating gross proceeds to the Company of $6,140,000. The Private Placement Warrants are identical to the warrants sold as part of the Units in the IPO, except that, so long as they are held by the Sponsor or its permitted transferees: (i) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Class A Ordinary Share equals or exceeds $10.00 (as adjusted)), (ii) they (including the Class A Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Company’s initial business combination, (iii) they may be exercised by the holders on a cashless basis and (iv) they (including the Class A Ordinary Shares issuable upon exercise of these warrants) are subject to registration rights.
A total of $207,000,000, comprised of the proceeds from the IPO and the sale of the Private Placement Warrants, were placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its taxes if such funds are held in an interest-bearing account, the proceeds from the IPO will not be released from the trust account until the earliest to occur of: (i) the completion of the Company’s initial business combination; (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (a) to modify the substance or timing of the Company’s obligation to provide holders of the Company’s Class A Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial business combination or to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 months from the closing of the IPO or (b) with respect to any other provision relating to the rights of holders of the Company’s Class A Ordinary Shares; or (iii) the redemption of all of the Company’s public shares if it has not completed its initial business combination within 24 months from the closing of the IPO.
On January 11, 2021, in connection with the IPO, the Company adopted its Amended and Restated Memorandum and Articles of Association and, on the dates referred to below, entered into the following agreements previously filed as exhibits to the Company’s Registration Statement:
| ● | A Warrant Agreement, dated January 12, 2021, between the Company and Continental Stock Transfer & Trust Company. |
| ● | An Investment Management Trust Agreement, dated January 12, 2021, between the Company and Continental Stock Transfer & Trust Company. |
| ● | A Registration and Shareholder Rights Agreement, dated January 12, 2021, among the Company, the Sponsor and certain other security holders named therein. |
| ● | A Private Placement Warrants Purchase Agreement, dated January 12, 2021, between the Company and the Sponsor. |
| ● | An Administrative Services Agreement, dated January 12, 2021, between the Company and an affiliate of the Sponsor. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and the Sponsor. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and Mark Lavelle. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and Gary Marino. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and Michael Cyrus. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and Pamela Attinger. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and Mark Lenhard. |
| ● | Letter Agreement, dated January 12, 2021, between the Company and David Motley. |
| ● | Indemnity Agreement, dated January 12, 2021, between the Company and Mark Lavelle. |
| ● | Indemnity Agreement, dated January 12, 2021, between the Company and Gary Marino. |
| ● | Indemnity Agreement, dated January 12, 2021, between the Company and Michael Cyrus. |
| ● | Indemnity Agreement, dated January 12, 2021, between the Company and Pamela Attinger. |
| ● | Indemnity Agreement, dated January 12, 2021, between the Company and Mark Lenhard. |
| ● | Indemnity Agreement, dated January 12, 2021, between the Company and David Motley. |
On January 12, 2021, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the pricing of the IPO.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this Form 8-K:
Exhibit No. | Description of Exhibits |
| Amended and Restated Memorandum and Articles of Association. |
| Warrant Agreement, dated January 12, 2021, between the Company and Continental Stock Transfer & Trust Company. |
| Investment Management Trust Agreement, dated January 12, 2021, between the Company and Continental Stock Transfer & Trust Company. |
| Registration and Shareholder Rights Agreement, dated January 12, 2021, among the Company, the Sponsor and certain other security holders named therein. |
| Private Placement Warrants Purchase Agreement, dated January 12, 2021, between the Company and the Sponsor. |
| Administrative Services Agreement, dated January 12, 2021, between the Company and an affiliate of the Sponsor. |
| Letter Agreement, dated January 12, 2021, between the Company and the Sponsor. |
| Letter Agreement, dated January 12, 2021, between the Company and Mark Lavelle. |
| Letter Agreement, dated January 12, 2021, between the Company and Gary Marino. |
| Letter Agreement, dated January 12, 2021, between the Company and Michael Cyrus. |
| Letter Agreement, dated January 12, 2021, between the Company and Pamela Attinger. |
| Letter Agreement, dated January 12, 2021, between the Company and Mark Lenhard. |
| Letter Agreement, dated January 12, 2021, between the Company and David Motley. |
| Indemnity Agreement, dated January 12, 2021, between the Company and Mark Lavelle. |
| Indemnity Agreement, dated January 12, 2021, between the Company and Gary Marino. |
| Indemnity Agreement, dated January 12, 2021, between the Company and Michael Cyrus. |
| Indemnity Agreement, dated January 12, 2021, between the Company and Pamela Attinger. |
| Indemnity Agreement, dated January 12, 2021, between the Company and Mark Lenhard. |
| Indemnity Agreement, dated January 12, 2021, between the Company and David Motley. |
| Press Release, dated January 12, 2021. |
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.
| | DEEP LAKE CAPITAL ACQUISITION CORP. |
|
| |
Date: January 15, 2021
| By:
| /s/ Mark Lavelle |
| Name:
| Mark Lavelle |
| Title:
| Chief Executive Officer |
