Item 1.01 Entry into Material Definitive Agreement.
The information set forth in Item 1.02 below is hereby incorporated by reference into this Item 1.01.
Item 1.02 Termination of a Material Definitive Agreement.
As previously reported, on
On
As a result of the Termination Agreement, the Business Combination Agreement is
of no further force and effect, the Parties have released all existing claims
that they may presently have against one another arising out of the Business
Combination Agreement, and the agreements entered into in connection with the
Business Combination Agreement, including, but not limited to, (i) the Amended
and Restated Registration Rights Agreement, by and among SVAC and holders set
forth on Exhibit A thereto, (ii) the Sponsor Support Agreement, by and among
SVAC, DNEG and the Sponsor, (iii) the Backstop Agreement, by and among SVAC,
DNEG and the Sponsor, (iv) the Stockholder Support Agreements, (v) the PFL
Agreement and (vi) the Subscription Agreements by and among SVAC and certain
institutional and private investors, in each case as defined in the Business
Combination Agreement, have also been terminated and are no longer be effective,
as applicable, in accordance with their respective terms. In connection with the
execution of the Termination Agreement, DNEG has paid a fee equal to One Million
Five Hundred Thousand Dollars (
SVAC will consider other acquisition opportunities, while recognizing existing
market conditions and the limited remaining time for SVAC to consummate a
business combination, which must occur by
The foregoing description of the Termination Agreement does not purport to be
complete and is qualified in its entirety by the terms and conditions of the
Business Combination Agreement, which was previously filed as Exhibit 2.1 to the
Current Report on Form 8-K with the
Item 8.01 Other Events.
On
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Termination and Settlement Agreement, dated as ofJune 15, 2022 , by and betweenSports Ventures Acquisition Corp ,Prime Focus World N.V. ,PF Overseas Limited , Prime Focus 3D CooperatiefU.S. , andAKICV LLC . 99.1 Press Release, datedJune 16, 2022 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1
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