Item 1.01 Entry into a Material Definitive Agreement.
On March 3, 2023, Games & Esports Experience Acquisition Corp. (the "Company")
issued an unsecured promissory note (the "Sponsor Note") to the Company's
sponsor, GEEX Sponsor, LLC (the "Sponsor"), which provides for borrowings from
time to time of up to an aggregate of $1,000,000 which may be drawn by the
Company and used for working capital purposes and/or to finance monthly deposits
into the trust account (the "Trust Account") established in connection with the
Company's initial public offering ("IPO") for each public share that is not
redeemed in connection with the extension of the Company's termination date from
March 7, 2023 (the "Termination Date") to December 7, 2023. The Sponsor Note
does not bear interest and is repayable in full upon the earlier of the
consummation of the Company's initial business combination or the date the
Company liquidates the Trust Account upon the failure of the Company to
consummate an initial business combination within the requisite time period.
Upon the consummation of the Company's initial business combination, the Sponsor
shall have the option, but not the obligation, to convert the entire principal
balance of the Sponsor Note, in whole or in part, into private placement
warrants of the post-business combination entity at a price of $1.00 per
warrant. The terms of such private placement warrants (if issued) will be
identical to the terms of the private placement warrants issued by the Company
in a private placement concurrent with the closing of the IPO and subject to the
terms of that certain Warrant Agreement, dated as of December 1, 2021, between
the Company and Continental Stock Transfer & Trust Company, as warrant agent,
and that certain letter agreement, dated as of December 1, 2021, among the
Company, the Sponsor and certain other parties thereto. The Sponsor Note is
subject to customary events of default, the occurrence of any of which
automatically triggers the unpaid principal balance of the Sponsor Note and all
other sums payable with regard to the Sponsor Note becoming immediately due and
payable.
On March 3, 2023, the Company borrowed $350,000 under the Sponsor Note and
deposited $140,000 into the Trust Account to fund the initial one-month
extension of the Company's Termination Date until April 7, 2023.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
On March 6, 2023, shareholders of the Company held an extraordinary general
meeting of shareholders (the "Extraordinary General Meeting"), where the
shareholders of the Company approved by special resolution an amendment (the
"Charter Amendment") to the amended and restated memorandum and articles of
association of the Company (the "Charter") to: (A) extend the date by which the
Company has to complete an initial business combination from the Termination
Date to December 7, 2023, by electing to extend the date to consummate an
initial business combination on a monthly basis for up to nine times by an
additional one month each time after the Termination Date, until December 7,
2023, unless the closing of the Company's initial business combination shall
have occurred, provided that the Sponsor (or its affiliates or permitted
designees) will deposit into the Trust Account for each such one-month extension
period the lesser of (i) an aggregate of $140,000 or (ii) $0.05 per public share
that remains outstanding and is not redeemed prior to any such one-month
extension; and (B) cancel the automatic three-month extension period in the
Company's Charter to which the Company was entitled upon filing a preliminary
proxy statement, registration statement or similar filing for an initial
business combination during (i) the 15-month period from the consummation of the
Company's IPO or (ii) any paid extension period, to consummate an initial
business combination.
A copy of the special resolution adopting the Charter Amendment is filed
herewith as Exhibit 3.1 and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Company's Extraordinary General Meeting, the following proposal was
considered and acted upon by the shareholders of the Company: a proposal to
approve by special resolution the Charter Amendment (the "Extension Amendment
Proposal"). The number of votes cast for or against, as well as the number of
abstentions as to each proposal, are set forth below.
Extension Amendment Proposal
Votes For Votes Against Abstentions
19,892,353 2,218,771 0
Accordingly, the Extension Amendment Proposal was approved.
As there were sufficient votes at the time of the Extraordinary General Meeting
to approve the above proposal by special resolution, the Adjournment Proposal,
which had been previously voted on by proxy, was not presented to shareholders
at the Extraordinary General Meeting.
Item 8.01 Other Events.
In connection with the votes to approve the Extension Amendment Proposal,
13,639,848 ordinary shares of the Company were rendered for redemption. The
ordinary shares will be redeemed at a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the Trust Account, including interest
(which interest shall be net of taxes payable), divided by the number of then
outstanding ordinary shares. The per-share redemption amount has been calculated
to be approximately $10.43 per share.
On March 6, 2023, the Company notified Continental Stock Transfer & Trust
Company of its intention to extend the Termination Date by an additional month
to April 7, 2023, subject to the Sponsor (or its affiliates or permitted
designees) depositing $140,000 into the Trust Account, on or prior to the
initial March 7, 2023 Termination Date. On March 3, 2023, the Sponsor deposited
$140,000 into the Trust Account and, as a result, the Termination Date was
extended by one month until April 7, 2023.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit. The following exhibits are filed with this Form 8-K:
Exhibit No. Description
3.1 Copy of the special resolution amending Article 49.9 of the Company's
Amended and Restated Memorandum and Articles of Association, adopted by
shareholders of the Company on March 6, 2023.
10.1 Promissory Note, dated March 3, 2023, between the Company and the
Sponsor.
104 Cover Page Interactive Data File (formatted as Inline XBRL).
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