UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 8-K 

CURRENT REPORT 

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 24, 2021 (May 18, 2021)

 

ARIES I ACQUISITION CORPORATION 

(Exact name of registrant as specified in its charter)

 

Cayman Islands		001-40421		98-1578649
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

23 Lime Tree Bay, P.O. Box 1569 

Grand Cayman, Cayman Islands KY-1110 

(Address of principal executive offices, including zip code) 

Registrant’s telephone number, including area code (630) 386-5288

 

Not Applicable
(Former name or former address, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units, each consisting of Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant		RAMMU		The Nasdaq Stock Exchange LLC
Class A ordinary shares, par value $0.0001 per share		RAM		The Nasdaq Stock Exchange LLC
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share		RAMMW		The Nasdaq Stock Exchange LLC

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

 

Emerging growth company ☒ 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On May 21, 2021, Aries I Acquisition Corporation (the “Company”) consummated its initial public offering (“IPO”) of 14,375,000 units (the “Units”), including the issuance of 1,875,000 Units as a result of the underwriters’ exercise of their over-allotment option in full. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one Class A Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $143,750,000.

 

In connection with the IPO, the Company entered into the following agreements, forms of which were previously filed as exhibits to the Company’s Registration Statement on Form S-1 (File No. 333-253806) for the IPO, initially filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 3, 2021, as amended (the “Registration Statement”):

 

	•	An Underwriting Agreement, dated May 18, 2021, by and between the Company and Wells Fargo Securities, LLC and Kingswood Capital Markets, division of Benchmark Investments, Inc., as representatives of the underwriters, a copy of which is attached as Exhibit 1.1 hereto and incorporated herein by reference.
	•	A Warrant Agreement, dated May 18, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, a copy of which is attached as Exhibit 4.1 hereto and incorporated herein by reference.
	•	A Letter Agreement, dated May 18, 2021, (the “Letter Agreement”), by and among the Company, its executive officers, its directors and Aries Acquisition Partners, Ltd. (the “Sponsor”), a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
	•	An Investment Management Trust Agreement, dated May 18, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee, a copy of which is attached as Exhibit 10.2 hereto and incorporated herein by reference.
	•	A Registration Rights Agreement, dated May 18, 2021, by and between the Company and the Sponsor, a copy of which is attached as Exhibit 10.3 hereto and incorporated herein by reference.
	•	A Private Placement Warrants Purchase Agreement, dated May 18, 2021, by and between the Company and the Sponsor (the “Private Placement Warrants Purchase Agreement”), a copy of which is attached as Exhibit 10.4 hereto and incorporated herein by reference.
	•	A Forward Purchase Agreement, dated May 18, 2021, by and between the Company and Terra Carta Partners, LLC (the “Forward Purchase Agreement”), a copy of which is attached as Exhibit 10.8 hereto and incorporated herein by reference.

 

Item 3.02. Unregistered Sales of Equity Securities.

 

Simultaneously with the closing of the IPO, pursuant to the Private Placement Warrants Purchase Agreement, the Company completed the private sale of 4,456,250 warrants (the “Private Placement Warrants”) to the Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $4,456,250. The Private Placement Warrants are identical to the Warrants included as part of the Units sold in the IPO, except that the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) are not redeemable by the Company, (ii) may not (including the Class A Ordinary Shares issuable upon exercise of the warrants), subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of the Company’s initial business combination, (iii) may be exercised on a cashless basis and (iv) are entitled to registration rights. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

In connection with the IPO, on May 18, 2021, Dan Tapiero, Ray Conley, Mark Mykityshyn, Dan Webb and Petros Kitsos (collectively, the “Directors”) were appointed to the board of directors of the Company (the “Board”). The Board has determined that the Directors are independent directors within the meaning of applicable SEC and Nasdaq rules. Effective May 18, 2021, Ray Conley, Dan Tapiero and Petros Kitsos were appointed to the Board’s Audit Committee, with Ray Conley serving as chair of the Audit Committee. Effective May 18, 2021, Mark Mykityshyn, Ray Conley and Petros Kitsos were appointed to the Board’s Compensation Committee, with Mark Mykityshyn serving as chair of the Compensation Committee.

 

Following the appointment of the Directors, the Board is comprised of the following three classes: the term of office of the first class of directors, Class I, consisting of Randy Brinkley and Dan Webb, will expire at the Company's first annual meeting of shareholders; the term of office of the second class of directors, Class II, consisting of Petros Kitsos and Dan Tapiero, will expire at the Company's second annual meeting of shareholders; and the term of office of the third class of directors, Class III, consisting of Thane Ritchie, Ray Conley and Mark Mykityshyn, will expire at the Company's third annual meeting of shareholders.

 

On May 18, 2021, in connection with his appointment to the Board, each Director entered into the Letter Agreement as well as an indemnity agreement with the Company in the form previously filed as Exhibit 10.5 to the Registration Statement.

 

Other than the foregoing, none of the Directors are party to any arrangement or understanding with any person pursuant to which they were appointed as directors nor are they party to any transactions required to be disclosed under Item 404(a) of Regulation S-K involving the Company.

 

The foregoing descriptions of the Letter Agreement and the form of indemnity agreement do not purport to be complete and are qualified in their entireties by reference to the Letter Agreement and form of indemnity agreement, copies of which are attached as Exhibit 10.1 hereto and Exhibit 10.5 to the Registration Statement, respectively, and are incorporated herein by reference.

 

Item 5.03. Amendments to Certificate of Incorporation or Bylaws; Change in Fiscal Year.

 

On May 18, 2021, in connection with the IPO, the Company adopted its Second Amended and Restated Memorandum and Articles of Association (the “Amended Charter”), effective the same day. The terms of the Amended Charter are set forth in the Registration Statement and are incorporated herein by reference. A copy of the Amended Charter is attached as Exhibit 3.1 hereto and incorporated herein by reference.

 

Item 8.01. Other Events.

 

A total of $145,187,500 of the proceeds from the IPO and the sale of the Private Placement Warrants were placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A. 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 the Company to pay its taxes and up to $100,000 of interest to pay dissolution expenses, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of any of the Class A Ordinary Shares included in the Units sold in the IPO (the “public shares”) properly submitted in connection with a shareholder vote to amend the Company’s Amended Charter (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if it does not complete its initial business combination within 12 months (or up to 18 months if the Company extends the period of time to consummate the business combination) from the closing of the IPO or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity or (iii) the redemption of the Company’s public shares if it is unable to complete its initial business combination within 12 months (or up to 18 months if the Company extends the period of time to consummate the business combination) from the closing of the IPO, subject to applicable law.

On May 18, 2021, the Company issued a press release announcing the pricing of the IPO, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

On May 21, 2021, the Company issued a press release announcing the closing of the IPO, a copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits. 

 

(d)

Exhibits

 

EXHIBIT INDEX

 

Exhibit No.		Description
1.1		Underwriting Agreement, dated May 18, 2021, by and between the Company and Wells Fargo Securities, LLC and Kingswood Capital Markets, division of Benchmark Investments, Inc., as representatives of the underwriters.
3.1		Second Amended and Restated Memorandum and Articles of Association.
4.1		Warrant Agreement, dated May 18, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent.
10.1		Letter Agreement, dated May 18, 2021, by and among the Company, its executive officers, its directors and Aries Acquisition Partners, Ltd.
10.2		Investment Management Trust Agreement, dated May 18, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee.
10.3		Registration Rights Agreement, dated May 18, 2021, by and between the Company and Aries Acquisition Partners Ltd.
10.4		Private Placement Warrants Purchase Agreement, dated May 18, 2021, by and between the Company and Aries Acquisition Partners, Ltd.
10.8		Forward Purchase Agreement, dated May 18, 2021, by and between the Company and Terra Carta Partners, LLC.
99.1		Press Release, dated May 18, 2021.
99.2		Press Release, dated May 21, 2021.

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	ARIES I ACQUISITION CORPORAITON
	By:	/s/ Paul Wolfe
		Name:	Paul Wolfe
		Title:	Chief Operating Officer

Dated: May 24, 2021