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): September 13, 2017 (September 13, 2017)
I-AM CAPITAL ACQUISITION COMPANY
(Exact name of registrant as specified in its charter)
Delaware | 001-38188 | 82-1231127 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
1345 Avenue of the Americas, 2nd Floor New York, New York | 10105 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 878-3684
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:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in 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.☐
Item 8.01 | Other Events |
As previously reported on a Current Report on Form 8-K of I-AM Capital Acquisition Company (the “Company”), on August 22, 2017, the Company consummated its initial public offering (“IPO”) of 5,000,000 units (“Units”), each Unit consisting of one share of common stock, $0.0001 par value per share (“Common Stock”), one right entitling the holder thereof to receive one-tenth (1/10) of one share of Common Stock upon the consummation of an initial business combination, and one warrant to purchase one share of Common Stock, pursuant to the registration statement on Form S-1 (File No. 333-219251). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $50,000,000. The underwriters of the IPO were granted a 45-day option to purchase up to 750,000 additional Units to cover over-allotments, if any (the “Over-Allotment Units”). On September 13, 2017, the underwriters partially exercised such option and purchased 200,000 Over-Allotment Units, which were sold at an offering price of $10.00 per Unit, generating gross proceeds of $2,000,000.
As previously reported on a Current Report on Form 8-K of the Company, on August 22, 2017, simultaneously with the consummation of the IPO, the Company completed a private placement (the “Private Placement”) of an aggregate of 254,500 units (the “Placement Units”) to I-AM Capital Partners LLC, the Company’s sponsor (the “Sponsor”), which were sold at an offering price of $10.00 per Placement Unit, generating gross proceeds of $2,545,000. On September 13, 2017, simultaneously with the sale of the Over-Allotment Units, the Company consummated the sale of an additional 7,000 Placement Units (the “Over-Allotment Placement Units”), generating gross proceeds of $70,000.
In connection with the partial over-allotment exercise, the Sponsor (the Company’s initial shareholder) forfeited an aggregate of 137,500 shares of Common Stock.
A total of $52,780,000 of the net proceeds from the sale of Units in the IPO and the Private Placement (including the Over-Allotment Units and the Over-Allotment Placement Units) were deposited in a trust account established for the benefit of the Company’s public stockholders. An audited balance sheet as of August 22, 2017 reflecting receipt of the net proceeds from the IPO and the Private Placement, but not the proceeds from the sale of the Over-Allotment Units or the Over-Allotment Placement Units, was issued by the Company and previously filed on a Current Report on Form 8-K on August 28, 2017. The Company’s unaudited pro forma balance sheet as of September 13, 2017, reflecting receipt of the proceeds from the sale of the Over-Allotment Units and the Over-Allotment Placement Units is included as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits. |
Exhibit Number |
Description |
99.1 | Pro Forma Balance Sheet |
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 13, 2017
I-AM CAPITAL ACQUISITION COMPANY | ||
By: | /s/ F. Jacob Cherian | |
Name: F. Jacob Cherian | ||
Title: Chief Executive Officer |