UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01 | Other Events. |
Kalera Announces Adjustment of Exercise Price of Class A Warrants
We hereby notify you of three adjustments to the exercise price of the class A warrants (the “Class A Warrants”) of Kalera plc (the “Company”) issued on October 31, 2022 (the “Issuance Date”).
Share Dividends and Splits Adjustment
Section 2(b) of the Class A Warrants provides that the exercise price of such warrants shall be $0.13 per ordinary share of the Company issued under such warrants (the “Warrant Shares”), subject to adjustments thereunder.
Section 3(a) of the Class A Warrants provides that such exercise price shall be adjusted if the Company combines, including by way of a reverse share split, outstanding ordinary shares of the Company (the “Ordinary Shares”) into a smaller number of shares.
The adjustment described under Section 3(a) provides that, in such an event, the exercise price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of such Class A Warrant shall be proportionately adjusted such that the aggregate exercise price of the warrant shall remain unchanged.
On November 2, 2022 the board of directors of the Company approved a reverse stock split (the “Reverse Stock Split”) whereby every 100 Ordinary Shares (CUSIP # G52251 108) with a nominal value of US$0.0001 per share be consolidated into 1 Ordinary Share. In an extraordinary general meeting held on December 22, 2022, the shareholders of the Company also approved the Reverse Stock Split, which became effective on December 23, 2022 (the “Effective Date”).
As a result of the Reverse Stock Split and pursuant to Section 3(a) described above, as of the Effective Date the exercise price of the Class A Warrants was adjusted from $0.13 per Warrant Share to $13.0 per Warrant Share.
Reset Exercise Price Adjustment
Section 2(b) of the Class A Warrants also provides that, on the 60th calendar day following the Issuance Date, i.e. as of December 30, 2022 (the “Trigger Date”), the exercise price of the Class A Warrants shall be reduced, and only reduced, to the lesser of (i) the then exercise price, and (ii) 100% of the average of the VWAPs for the five (5) trading day period immediately prior to the Trigger Date.
Pursuant to the above, the exercise price of the Class A Warrants as of December 30, 2022 was adjusted from $13.0 per Warrant Share to $8.12 per Warrant Share.
Share Combination Event Adjustment
Section 3(h) of the Class A Warrants provides that the exercise price of such warrants shall be adjusted if there occurs, among others, a share split involving the Company’s ordinary shares and the Event Market Price (as defined therein) is less than the exercise price then in effect. If the above-described conditions occur, then on the 16th trading day immediately following the share split (i) the exercise price shall be reduced (but in no event increased) to the Event Market Price, and (ii) the number of Warrant Shares shall be increased such that the aggregate exercise price payable shall be equal to the aggregate exercise price on the Issuance Date, provided, however, that the increase to the number of Warrant Shares shall not be greater than two times (2x) the number of Warrant Shares issuable prior to the relevant share split.
As a result of the Reverse Stock Split, pursuant to Section 3(h) of the Class A Warrants, as of the 16th trading day following the Effective Date, i.e. as of January 19, 2023, the exercise of such Class A Warrants was adjusted as follows:
| ● | Exercise price per Warrant Share issued: |
| ○ | $6.76 |
| ● | Number of shares issuable pursuant to the exercise of 100 Class A Warrants: |
| ○ | 1.923077 |
Please note that, pursuant to the terms of the Class A Warrants, no fractional shares or scrip representing fractional shares shall be issued upon the exercise of such warrant. As to any fraction of a share which a warrant holder would otherwise be entitled to subscribe for upon such exercise, the Company shall round down to the next whole share.
Current Exercise Price of Class A Warrants
As a result of the above, the current exercise price of Kalera’s Class A Warrants is $6.76 per Warrant Share.
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.
| KALERA PUBLIC LIMITED COMPANY | ||
| Dated January 25, 2023 | ||
| By: | /s/ Fernando Cornejo | |
| Name: | Fernando Cornejo | |
| Title: | Chief Financial Officer | |