Item 1.01 Entry into a Material Definitive Agreement.
On March 23, 2023 and March 24, 2023, Gardiner Healthcare Acquisitions Corp.
(the "Company") issued two unsecured promissory notes (each, a "Convertible
Note" and, collectively, the "Convertible Notes") to Payees (as defined below),
pursuant to which the Company is entitled to borrow an aggregate of up to
$549,359.35 for costs, fees and expenses related to the Company's operations,
including those relating to the preparation, negotiation and consummation of an
intended Business Combination (as defined below). All unpaid principal under the
Convertible Notes will be due and payable in full on the earlier of (i) June 27,
2023 (the "Maturity Date") and (ii) the date on which the Company consummates an
initial business combination (the "Business Combination").
The Convertible Note entered into by the Company on March 23, 2023 was issued to
Moss Ridge PTY LTD ("Moss Ridge") for a principal sum of up to $534,723.35 and
the Convertible Note entered into by the Company on March 24, 2023 was issued to
Anthony Julien ("Julien" and, together with Moss Ridge, each a "Payee" and,
collectively, the "Payees") for a principal sum of up to $14,636.
Pursuant to the terms of the Convertible Notes, each Payee will have the option,
at any time on or prior to the Maturity Date, to convert any amounts outstanding
under the Convertible Notes into warrants to purchase the Company's shares of
common stock, par value $0.0001 per share ("Common Stock"), at a conversion
price of $1.00 per warrant, with each warrant entitling the holder to purchase
one share Common Stock at a price of $11.50 per share, subject to the same
adjustments applicable to the private placement warrants sold concurrently with
the Company's initial public offering.
A copy of the form of Convertible Note is filed with this Current Report on Form
8-K as Exhibit 10.1 and is incorporated herein by reference, and the foregoing
description of the Convertible Note is qualified in its entirety by reference
thereto.
On March 24, 2023, the Company also issued an unsecured promissory note (the
"Promissory Note") to Gardiner Warrant Holdings LLC, an affiliate of the
Company, pursuant to which the Company is entitled to borrow an aggregate of up
to $14,190.00 for costs, fees and expenses related to the Company's operations,
including those relating to the preparation, negotiation and consummation of an
intended Business Combination. All unpaid principal under the Promissory Note
will be due and payable in full on the earlier of (i) the Maturity Date and (ii)
the date on which the Company consummates a Business Combination.
A copy of the Promissory Note is filed with this Current Report on Form 8-K as
Exhibit 10.2 and is incorporated herein by reference, and the foregoing
description of the Promissory Note is qualified in its entirety by reference
thereto.
Sponsor Support Agreement
In connection with entering into the Convertible Note, on February 6, 2023, the
Payees, Gardiner Healthcare Holdings, LLC, a Delaware limited liability company
("Gardiner Sponsor"), Chardan Gardiner LLC, a Delaware limited liability company
("Chardan Sponsor"), and CCMAUS Pty Ltd., an Australian company (together with
the Gardiner Sponsor and Chardan Sponsor, the "Sponsors" and each, a "Sponsor"
of the Company) entered into a Sponsor Support Agreement (the "Sponsor Support
Agreement"), pursuant to which, among other things, the Sponsors agreed to
assign and transfer to the Lenders a certain number of shares of Common Stock
owned by the Sponsors in accordance with the terms of such Sponsor Support
Agreement, as an inducement for the Lenders to make the Loans.
A copy of the Sponsor Support Agreement is filed with this Current Report on
Form 8-K as Exhibit 10.3 and is incorporated herein by reference, and the
foregoing description of the Sponsor Support Agreement is qualified in its
entirety by reference thereto.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference herein.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth above in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference herein. The issuance of each of the Convertible
Notes, including any issuance of private placement warrants thereunder, was made
in reliance on the exemption from registration provided by Section 4(a)(2) of
the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit Description
10.1 Form of Convertible Note.
10.2 Promissory Note, dated as of March 24, 2023.
10.3 Sponsor Support Agreement, dated as of March 24, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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