Item 1.01. Entry into a Material Definitive Agreement.
Amendment to Subscription Agreements with Certain Investors
On November 19, 2021, Foresight Acquisition Corp., a Delaware corporation
("Foresight"), entered into a Consent and Amendment to Subscription Agreement
(each, a "Consent and Amendment to Subscription Agreement") to the subscription
agreements entered into on May 25, 2021 (the "Subscription Agreements") with
certain investors representing approximately $203.7 million of the approximately
$208.7 million aggregate value of shares of Class A common stock ("Class A
Common Stock") of Foresight committed to be purchased in a private placement
(the "PIPE") in connection with the closing of the transactions contemplated by
the Merger Agreement (defined below). Pursuant to the Consent and Amendment to
Subscription Agreements, these investors agreed under the corresponding
Subscription Agreements to extend the date by which the transactions
contemplated by the Merger Agreement must be consummated from November 25, 2021
to December 8, 2021 and consented to a corresponding amendment to the Merger
Agreement with respect to such extension.
All other material terms of the Subscription Agreements, as amended, remain
unchanged. The preceding summary is qualified in its entirety by reference to
the form of the Consent and Amendment to Subscription Agreement, a copy of which
is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.
Amendment to Merger Agreement
On November 21, 2021, Foresight, P3 Health Group Holdings, LLC, a Delaware
limited liability company ("P3"), and FAC Merger Sub LLC, a Delaware limited
liability company and a wholly owned subsidiary of Foresight ("Merger Sub"),
entered into the First Amendment to Merger Agreement (the "Merger Agreement
Amendment") to the Agreement and Plan of Merger, dated as of May 25, 2021, by
and among Foresight, P3 and Merger Sub (the "Merger Agreement"). Pursuant to the
Merger Agreement Amendment, the date by which the closing of the transactions
contemplated by the Merger Agreement must occur was extended from November 25,
2021 to December 8, 2021.
All other material terms of the Merger Agreement, as amended, remain unchanged.
The preceding summary is qualified in its entirety by reference to the Merger
Agreement Amendment, a copy of which is included as Exhibit 2.1 to this Current
Report on Form 8-K and incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On November 18, 2021, Foresight convened its special meeting of Foresight
stockholders (the "Special Meeting") in connection with the transactions
contemplated by the Merger Agreement and the Transaction and Combination
Agreement as described in the proxy statement filed by Foresight with the
Securities and Exchange Commission on October 28, 2021 (the "Proxy Statement")
and mailed to Foresight's stockholders. Present at the Special Meeting were
holders of 27,137,230 shares of Class A Common Stock in person or by proxy,
representing 67.2% of the voting power of the Class A Common Stock as of
October 8, 2021, the record date for the Special Meeting (the "Record Date"),
and constituting a quorum for the transaction of business. As of the Record
Date, there were 40,363,750 shares of Class A Common Stock issued and
outstanding.
The sole proposal that was presented at the Special Meeting was the "Stockholder
Adjournment Proposal"-To consider and vote upon a proposal to approve the
adjournment of the Special Meeting to a later date or dates, if necessary or
appropriate, to permit further solicitation and vote of proxies if there are
insufficient votes for, or otherwise in connection with, the approval of any of
the stockholder proposals. The stockholders approved the Stockholder Adjournment
Proposal. The voting results were as follows:
Votes For Votes Against Abstentions
24,792,172 2,290,958 54,100
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The Special Meeting was adjourned to 7:00 a.m. Central Time on Wednesday,
November 24, 2021. Foresight intends to convene the Special Meeting on
November 24, 2021 and then further adjourn the Special Meeting to 7:00 a.m.
Central Time on Friday, December 3, 2021 to provide Foresight and P3 additional
time to file a proxy supplement and to provide Foresight's stockholders
additional time to review and consider the information to be set forth therein.
The proxy supplement will contain revised Unaudited Pro Forma Financial
Statements reflecting changes related to the previously disclosed determination
that the business combinations should be accounted for as a business combination
using the acquisition method of accounting rather than as a reverse
recapitalization as currently provided for in the Unaudited Pro Forma Financial
Statements contained in the Proxy Statement. As previously disclosed, these
changes will have no impact on the historical financial statements of P3 or
Foresight that were included in the Proxy Statement. Foresight expects to file
the proxy supplement on or about Monday, November 29, 2021.
Item 8.01 Other Events.
In connection with the anticipated further adjournment of the Special Meeting
described above, Foresight stockholders will be able to continue to change their
redemption election on or prior to 5:00 p.m., Eastern Time, on Wednesday,
December 1, 2021. As of 5:00 p.m., Eastern Time, on November 16, 2021, the
initial expiration of the redemption period, Foresight had received notice that
holders of its Class A Common Stock elected to redeem approximately 27.6 million
shares, or approximately 87% of the shares that were eligible for redemption,
for an aggregate redemption price of approximately $276 million. Since that
time, as of November 19, 2021, Foresight has received net revocations for
approximately 7.9 million shares. As a result of the extension of the redemption
period, the final number of redeemed shares is subject to change.
A condition to P3's obligation to consummate the transactions contemplated by
the Merger Agreement is that after giving effect to the exercise of redemption
rights, the sale of the additional shares of Class A Common Stock in the PIPE or
the sale of any other securities by Foresight and the payment of Foresight's
expenses, fees and costs related to the Merger Agreement, the amount of cash
held by Foresight and Merger Sub ("Available Cash") equals at least
$400 million. Based on the level of redemptions, P3's board of managers has
elected to lower the required amount of Available Cash from $400 million to
$200 million. This reduction of Available Cash will not impact the $180 million
of cash to be added to the balance sheet of the post-combination company as a
result of the transactions.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibit
2.1 First Amendment to Merger Agreement, dated as of November 21,
2021, by and among Foresight, Merger Sub and P3.
10.1 Form of Consent and Amendment to Subscription Agreement.
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document.
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