Item 1.01. Entry into a Material Definitive Agreement.
On January 14, 2022, Industrial Tech Acquisitions II, Inc. (the "Company")
consummated its initial public offering (the "IPO") of 17,250,000 units
("Units"), including 2,250,000 additional Units issued pursuant to the full
exercise of the underwriters' over-allotment option (the "Over-Allotment
Option"). Each Unit consists of one share of Class A common stock, $0.0001 par
value per share ("Common Stock") and one-half of one redeemable warrant ("Public
Warrant"), with each whole warrant exercisable into one share of Common Stock at
an exercise price of $11.50 per share. The Units were sold at an offering price
of $10.00 per Unit, generating total gross proceeds of $172,500,000.
In connection therewith and the closing of the IPO, the Company entered into the
following agreements previously filed as exhibits to the Company's Registration
Statements on Form S-1 (File Nos. 333-254594) related to the IPO, originally
filed with the U.S. Securities and Exchange Commission (the "Commission") on
March 22, 2021 (as amended, the "Registration Statement"). On January 11, 2022,
the Registration Statement was declared effective by the Commission.
? An Underwriting Agreement, dated January 11, 2022, between the Company and
Wells Fargo Securities, LLC as representative of the several underwriters;
? An Investment Management Trust Agreement, dated January 11, 2022, by and
between the Company and Continental Stock Transfer & Trust Company, as trustee;
? A Warrant Agreement, dated January 11, 2022, by and between the Company and
Continental Stock Transfer & Trust Company, as warrant agent;
? A Registration Rights Agreement, dated January 11, 2022, by and between the
Company and the Company's sponsor, Industrial Tech Partners II, LLC (the
"Sponsor");
? A Letter Agreement, dated January 11, 2022, by and among the Company, its
officers, its directors and the Sponsor;
? A Private Placement Warrant Purchase Agreement, dated January 11, 2022, by and
between the Company and the Sponsor; and
? An Administrative Services Agreement, dated January 11, 2022, by and between
the Company and the Sponsor.
Item 3.02. Unregistered Sales of Equity Securities.
Simultaneously with the consummation of the IPO and the sale of the Units, the
Company consummated the private placement ("Private Placement") of 8,037,500
warrants ("Placement Warrants") to the Sponsor at a price of $1.00 per Placement
Warrant, generating total proceeds of $8,037,500. The Placement Warrants (and
the underlying securities) are identical to the Warrants sold as part of the
Units in the IPO, except as otherwise disclosed in the Registration Statement.
No underwriting discounts or commissions were paid with respect to such sale.
The issuance of the Placement Warrants was made pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act of 1933, as
amended.
Item 5.03. Amendments to Certificate of Incorporation or Bylaws; Change in
Fiscal Year.
On January 11, 2022, in connection with the IPO, the Company filed its Amended
and Restated Certificate of Incorporation with the Secretary of the State of
Delaware, effective the same day. The terms of the Amended and Restated
Certificate of Incorporation are set forth in the Registration Statement and are
incorporated herein by reference. A copy of the Amended and Restated Certificate
of Incorporation is attached as Exhibit 3.1 hereto and incorporated herein by
reference.
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Item 8.01. Other Events.
A total of $175,950,000 of the net proceeds from the IPO and the Private
Placement were placed in a U.S.-based trust account established for the benefit
of the Company's public stockholders and maintained by Continental Stock
Transfer & Trust Company, acting as trustee. Except with respect to interest
earned on the funds held in the trust account that may be released to pay the
Company's franchise and income tax obligations (less up to $50,000 of interest
to pay dissolution expenses), the funds held in the trust account will not be
released from the trust account until the earliest to occur of: (a) the
completion of the Company's initial business combination, (b) the redemption of
any public shares properly submitted in connection with a stockholder vote to
amend the Company's amended and restated certificate of incorporation (A) to
modify the substance or timing of the Company's obligation to redeem 100% of the
Company's public shares if it does not complete its initial business combination
within 15 months from the closing of the IPO (or up to 18 months from the
closing of the IPO if the Company extends the period of time to consummate a
business combination) or (B) with respect to any other provision relating to
stockholders' rights or pre-initial business combination activity, and (c) the
redemption of the Company's public shares if the Company is unable to complete
its initial business combination within 15 months from the closing of the IPO
(or up to 18 months from the closing of the IPO if the Company extends the
period of time to consummate a business combination), subject to applicable law.
Copies of the press releases issued by the Company announcing the pricing of the
IPO and the consummation of the IPO are included as Exhibits 99.1 and 99.2,
respectively, to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
1.1 Underwriting Agreement, dated January 11, 2022, by and between the
Company and Wells Fargo Securities, LLC, as representative of the
several underwriters
3.1 Amended and Restated Certificate of Incorporation
4.1 Warrant Agreement, dated January 11, 2022, by and between the Company
and Continental Stock Transfer & Trust Company, as warrant agent
10.1 Investment Management Trust Agreement, dated January 11, 2022, by and
between the Company and Continental Stock Transfer & Trust Company, as
trustee
10.2 Registration Rights Agreement, dated January 11, 2022, by and among
the Company and the Sponsor
10.3 Letter Agreement, dated January 11, 2022, by and among the Company,
its officers and directors and the Sponsor
10.4 Private Placement Warrants Purchase Agreement, dated January 11, 2022,
by and between the Company and the Sponsor
10.5 Administrative Services Agreement, dated January 11, 2022, by and
between the Company and the Sponsor
10.6 Amended and Restated Promissory Note, dated January 11, 2022, issued
to the Sponsor
99.1 Press Release Announcing Pricing of IPO
99.2 Press Release Announcing Closing of IPO
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