Newbury Street Acquisition Corporation filed SEC Form 8-K: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
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CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
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| The Stock Market LLC | ||||
| The Stock Market LLC | ||||
| The 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).
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Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The disclosure contained in Item 5.07 of this Current Report on Form 8-K is incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
Special Meeting
On September 24, 2024, Newbury Street Acquisition Corporation (the “Company”) held a special meeting of stockholders (the “Special Meeting”) to approve the Extension Proposal and the Adjournment Proposal, each as defined below and more fully described in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on September 13, 2024 (the “Proxy Statement”). An aggregate of 3,951,174 shares of the Company’s common stock, or approximately 79.8% of the outstanding shares of common stock entitled to vote as of the record date of September 10, 2024, were represented in person or by proxy at the Special Meeting.
The following is a brief description of the final voting results for each of the proposals submitted to a vote at the Special Meeting:
Proposal 1 – The Extension Proposal
Stockholders approved the proposal to amend the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to extend the date by which the Company must (1) consummate a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination (an “initial business combination”), (2) cease all operations except for the purpose of winding up if it fails to complete such initial business combination, and (3) redeem all of the shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”) included as part of the units sold in the Company’s initial public offering (the “Public Shares”) from September 25, 2024 to March 25, 2025 (the “Extension Proposal”).
The final voting results for the Extension Proposal were as follows:
| Votes For | Votes Against | Abstentions | ||
| 3,951,174 | 0 | 0 |
Proposal 2 – The Adjournment Proposal
Stockholders approved an adjournment of the Special Meeting to a later date or dates, if necessary or convenient, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Proposal (the “Adjournment Proposal”). An adjournment of the Special Meeting was not necessary.
The final voting results for the Adjournment Proposal were as follows:
| Votes For | Votes Against | Abstentions | ||
| 3,951,174 | 0 | 0 |
There were no broker non-votes in connection with the Extension Proposal and Adjournment Proposal.
Charter Amendment
On September 24, 2024, the Company filed an amendment to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Charter Amendment”) to extend the date by which the Company has to consummate a business combination to from September 25, 2024 to March 25, 2025.
The foregoing description of the Charter Amendment is qualified in its entirety by reference to the full text of the Charter Amendment, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
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Redemptions and Contribution
In connection with approval of the Extension Proposal, the holders of 555,266 shares of common stock of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.99 per share, for an aggregate redemption amount of approximately $6,102,373.34. As a result, approximately $6,102,373.37 will be removed from the Company’s trust account to pay such holders. Following redemptions, the Company will have 575,808 Public Shares.
Also in connection with the approval of the Extension Proposal, Infinite Reality, Inc. (“Infinite Reality”) agreed to contribute to the Company $0.06 for each Public Share on a monthly basis that is not redeemed in connection with the Extension Amendment for the Extension (commencing on September 23, 2024 and on the 23rd day of each subsequent month) until March 25, 2025, or portion thereof, that is needed to complete an initial business combination, which amount will be deposited into the trust account.
The foregoing description is qualified in its entirety by reference to the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on September 13, 2024.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | |
| 3.1 | Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of Newbury Street Acquisition Corporation, dated September 24, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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.
Dated: September 26, 2024
| Newbury Street Acquisition Corporation | ||
| By: | /s/ Thomas Bushey | |
| Thomas Bushey | ||
| Chief Executive Officer | ||
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