Item 8.01. Other Events
On January 20, 2021, Authentic Equity Acquisition Corp. (the "Company")
consummated its initial public offering (the "IPO") of 23,000,000 units (the
"Units"), including the exercise in full of the underwriters' option to purchase
an additional 3,000,000 Units at the IPO price to cover over-allotments. Each
Unit consists of one Class A ordinary share, par value $0.0001 per share (the
"Class A Ordinary Shares"), and one-half of one redeemable warrant. The Units
were sold at a price of $10.00 per Unit, generating gross proceeds to the
Company of $230,000,000. Substantially concurrently with the consummation of the
IPO, the Company (a) consummated a private placement with Authentic Equity
Sponsor LLC of 6,600,000 private placement warrants, each exercisable to
purchase one Class A Ordinary Share, subject to adjustment (the "Private
Placement"), generating gross proceeds to the Company of $5,775,500, and (b)
pursuant to that certain Forward Purchase Agreement, dated January 14, 2021 (the
"Forward Purchase Agreement"), sold to General Electric Pension Trust ("GEPT")
for $824,500 certain rights to purchase a specified number of the Company's
units, with each unit consisting of one Class A Ordinary Share and 0.425 of one
warrant to purchase one Class A Ordinary Share at $11.50 per share, subject to
adjustment, for a purchase price of $10.00 per unit, private placement warrants
and Class B ordinary shares, par value $0.0001 per share, of the Company. The
net proceeds from the IPO and certain of the proceeds from the Private
Placement, $230,000,000 in the aggregate, were placed in a trust account
established for the benefit of the Company's public shareholders and the
underwriters of the IPO with Continental Stock Transfer & Trust Company acting
as trustee.
Except for the withdrawal of interest income (if any) to pay our income taxes,
if any, none of the funds held in trust will be released from the trust account
until the earliest of: (i) the completion of our initial business combination,
(ii) the redemption of our public shares if we have not consummated an initial
business combination within 24 months from the closing of the IPO, subject to
applicable law, and (iii) the redemption of our public shares properly submitted
in connection with a shareholder vote to approve an amendment to our amended and
restated memorandum and articles of association (A) that would modify the
substance or timing of our obligation to provide holders of our Class A Ordinary
Shares the right to have their shares redeemed in connection with our initial
business combination or to redeem 100% of our public shares if we do not
complete our 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 our Class A Ordinary Shares.
An audited balance sheet as of January 20, 2021 reflecting receipt of the gross
proceeds from the IPO, including the over-allotment option, the Private
Placement and the Forward Purchase Agreement, has been issued by the Company and
is included as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statement and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Audited Balance Sheet
1© Edgar Online, source Glimpses
