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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
August 10, 2023
Date of Report (Date of earliest event reported)
Insight Acquisition Corp.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
001-40775 |
|
86-3386030 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
333 East 91st Street
New
York, NY |
|
10128 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (203) 353-7610
N/A
(Former name or former address, if changed since
last report)
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 |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol |
|
Name
of each exchange on which registered |
Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant |
|
INAQU |
|
The Nasdaq Stock Market, LLC |
Class A Common Stock, par value $0.0001 per share |
|
INAQ |
|
The Nasdaq Stock Market, LLC |
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 |
|
INAQW |
|
The Nasdaq Stock Market, LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
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 1.02 Termination of a Material Definitive Agreement
As previously disclosed, on April 3, 2023, Insight
Acquisition Corp., a Delaware corporation (“SPAC”), Avila Amalco Sub Inc., an Alberta corporation (“Amalco Sub”)
and Avila Energy Corporation, an Alberta corporation (“Avila”), entered into a business combination agreement and plan of
merger (the “BCA”) providing for the acquisition of Avila by SPAC for consideration consisting of shares in SPAC following
its redomicile into the Province of Alberta. The terms of the BCA were more fully described in SPAC’s Current Report on Form 8-K
filed with Securities and Exchange Commission on April 4, 2023.
On August 10, 2023, the SPAC and Avila entered
into a Letter Agreement providing for the mutual termination of the BCA. The Letter Agreement provides for the mutual release of claims
against the other party and also provides that Avila will pay to SPAC $300,000 in partial reimbursement of expenses incurred by SPAC in
connection with the BCA (the “Avila Payment”). The Avila Payment is due and payable as follows: 1) up to $300,000 immediately
upon Avila’s receipt of net proceeds from any financing, public or private, in excess of U.S. $3,000,000, -or- (2) (i) $50,000 by
December 1, 2023, (ii) $100,000 by February 1, 2024 and (iii) $150,000 by April 1, 2024.
The foregoing description of the Letter Agreement does not purport
to be complete and is qualified in its entirety by reference to the full text of the Letter Agreement which is filed as Exhibit 10.1 hereto
and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure
On August 11, 2023, SPAC and Avila issued a press release announcing
the termination of the BCA. A copy of the press release is furnished as Exhibit 99.1 hereto.
Item 9.01. Financial Statements and Exhibits
SIGNATURES
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.
Dated: August 11, 2023 |
|
|
|
INSIGHT ACQUISITION CORP. |
|
|
|
By: |
/s/ Michael Singer |
|
Name: |
Michael Singer |
|
Title: |
Executive Chairman |
|
2
Exhibit 10.1
Insight
Acquisition Corp.
333 East
91st Street
New York,
New York 10128
Tel.
No. (917)374-2922
August 10, 2023
VIA FED EX AND EMAIL
Leonard Van Betuw, CEO
Avila Energy Corporation
201, 1439 17th Avenue SE, Calgary
Alberta AB T2G1J90
Canada
Termination Business Combination Agreement,
dated April 3, 2023
Dear Mr. van Betuw:
Pursuant to Section 9.1(a) of the Business
Combination Agreement by and among Insight Acquisition Corp. (the “SPAC”), Avila Amalco Sub Inc. and Avila Energy Corporation
(the “Company”), dated as of April 3, 2023 (the “BC Agreement”), the BC Agreement
may be terminated at any time by mutual written consent of the SPAC and the Company. Capitalized terms used but not defined herein have
the meanings ascribed to them in the BC Agreement.
Notwithstanding anything to the contrary contained in the BC Agreement,
the Parties agree as follows:
1.
Acting pursuant to Section 9.1(a) of the BC Agreement and with due authorization from their respective boards of directors, the
SPAC and the Company agree to terminate the BC Agreement, effective as of 11:59 p.m. Eastern Daylight Time on the date first written above
(“Termination Date”), including provisions of the BC Agreement which by their terms would otherwise have survived the termination
of the BC Agreement; provided, however, that the provisions of Section 6.15 (Public Announcements), Section 10.1 (Waiver of Claims Against
Trust) and ARTICLE XI (Miscellaneous) shall survive the termination of the BC Agreement and continue in effect. The SPAC agrees that,
except as set forth in paragraph 8 below, the Company shall not be liable to the SPAC for the Company Termination Fee or for the SPAC’s
legal fees or expenses incurred in connection with the BC Agreement and the transactions contemplated thereby.
2.
The Parties agree to terminate all agreements entered into in connection with the BC Agreement (the “Additional Agreements”)
as of the Termination Date without further action on the part of the parties thereto, including provisions in the Additional Agreements
which by their terms would otherwise have survived the termination.
Leonard Van Betuw, CEO
Avila Energy Corporation
August 10, 2023
Page two
3.
No Party shall issue a press release or similar formal public statement relating to the BC Agreement or the termination of the
BC Agreement (the “Public Announcement”) without all Parties’ prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed. Attached hereto as Exhibit A is the form of a Press Announcement that is mutually agreed to by the parties
and shall be issued within twenty-four (24) hours of the Termination Date. The foregoing does not apply to disclosures by a Party (a)
for which the requirement hereunder to obtain the other Party’s prior written consent is prohibited by law or (b) to
the extent required by law or pursuant to the rules or regulations of any securities exchange and in response to a request for information
from an Authority, or as required as part of a periodic regulatory filing. The Parties agree that the attached press release and Current
Report on Form 8K shall constitute the Public Announcement.
4. No Party shall, and shall not cause any officer or Affiliate to,
disparage any other Party in any manner whatsoever whether in writing, orally or otherwise in any media.
5. No Party shall make, share, publish or communicate to any person
or entity, in any public or private forum or through any medium any information whatsoever, directly or indirectly, about another Party,
the BC Agreement, the termination of the BC Agreement or related transactions or matters obtained or derived in connection with the BC
Agreement or its termination, without the affected Party’s express written consent.
6. To the fullest extent permitted by law, each Party irrevocably,
unconditionally and completely waives, and releases and forever discharges any other Party (and any shareholder, director, officer, employee,
Affiliate, agent, consultant or representative of such Party) from, all claims, damages, costs and expenses, whether known or unknown
or due or owing in the past, present or future, arising from any matter concerning, based upon, in connection with, or relating to, the
BC Agreement or the Additional Agreements, or the termination thereof or of the transactions contemplated thereby. Each Party confirms
that it has not assigned to any third party any claims that such Party has waived, released or discharged pursuant to this paragraph 6.
7. This letter agreement will be governed by, and construed in accordance
with, the Laws of the State of Delaware. If any Action is brought for the enforcement of this letter agreement, or in the event of any
dispute, breach or default in connection with any of the provisions of this letter agreement, the prevailing party in such Action shall
be entitled to recover from the non-prevailing party or non-prevailing parties in such Action reasonable attorneys' fees and other costs
incurred in that action or proceeding in addition to any other relief to which the prevailing party may be entitled. This letter agreement
may be executed and delivered (including by facsimile or portable document format (.pdf transmission)) in one or more counterparts, and
by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.
Leonard Van Betuw, CEO
Avila Energy Corporation
August 10, 2023
Page three
8. Without any admission of liability or obligation
to pay, and without any admissions whatsoever, the Company hereby agrees to pay to the SPAC U.S. $300,000 as a partial reimbursement of
the legal fees and expenses incurred by the SPAC in connection with the BC Agreement (the “Avila Payment”). The Avila Payment
shall be due and payable to the SPAC or any designated recipient upon the first to occur: (1) up to $300,000 immediately upon the Company’s
receipt of net proceeds from any financing, public or private, in excess of U.S. $3,000,000, -or- (2) (i) $50,000 by December 1, 2023,
(ii) $100,000 by February 1, 2024 and (iii) $150,000 by April 1, 2024.
9. SPAC, including but not limited to its directors,
officers, consultants and or any third party service providers that were involved in the BC Agreement, agrees not to directly or indirectly
enter into any negotiations with MTT Microturbine in order to entice, directly or indirectly, or engage in discussions (oral and or written)
for a listing in the U.S., financing or any other business endeavors without the prior written authorization of the president and CEO
of Avila, Leonard Van Betuw.
Kindly signify your agreement to the above by signing this Letter-Agreement
in the space provided below.
Very truly yours,
INSIGHT ACQUISITION CORP. |
|
|
|
|
|
By: |
|
|
|
Name: |
Michael Singer |
|
|
Title: |
Executive Chairman |
|
AVILA ENERGY CORPORATION |
|
|
|
|
|
By: |
|
|
|
Name: |
Leonard Van Betuw |
|
|
Title: |
Chief Executive Officer |
|
With a copy to:
WeirFoulds LLP
TD Bank Tower
66 Wellington Street West, Suite 4100
Toronto, Ontario M5K 1B7
Email: wegan@weirfoulds.com
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154 (212) 407-4000
Attn: Mitchell S. Nussbaum, Esq., Email: mnussbaum@loeb.com
EXHIBIT A
Press Release
Insight Acquisition Corp. and Avila Energy Corporation
announce
they have mutually agreed to terminate their
Business Combination Agreement
New York, NY / Calgary, AB – August 11, 2023 – Insight
Acquisition Corp. (NASDAQ: INAQ) and Avila Energy Corporation (CSE:VIK, OTCM:PTRVF and FRA:6HG0), announced today that on August 10, 2023,
they mutually agreed to terminate, effective immediately, their previously announced Business Combination Agreement by and among Insight
Acquisition Corp. (“Insight Acquisition”), Avila Amalco Sub Inc. and Avila Energy Corporation (“Avila”), dated
as of April 3, 2023 (the “BC Agreement”). As part of the termination of the BC Agreement, Avila has agreed to pay Insight
US$300,000 as partial reimbursement of its costs relating to the Insight Acquisition prior to April 1, 2024.
“Due primarily to the changes that have occurred in the SPAC
market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list
on NASDAQ. We look forward to continuing our business relationship with Insight’s management team,” said Leonard van Betuw,
the CEO of Avila.
“While Insight has agreed to terminate the BC Agreement with
Avila, the Insight management team intends to maintain its professional relationship with Avila and monitor their progress,” said
Michael Singer, Executive Chairman of Insight Acquisition.
About Insight Acquisition Corp.
Insight Acquisition Corp. is a special purpose acquisition company
formed solely to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination
with one or more businesses. Insight Acquisition Corp. is sponsored by Insight Acquisition Sponsor LLC. For additional information, please
insightacqcorp.com.
About Avila Energy Corporation
Avila is an emerging CSE listed corporation trading under the symbol
(‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and
facilities is a licensed producer, explorer, and developer of Energy in Canada. Avila’s long-term vision is to achieve through the
implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier
2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. Avila’s goals
are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination
and the direct sale of energy to both residential and commercial consumers.
Forward-Looking Statements
This release contains certain statements that may be deemed "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical
fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will
or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by
our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected
future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also
subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological
factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future
performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
We identify the principal risks and uncertainties that affect our performance in our 2022 Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission.
Contacts
Insight Acquisition Corp.
Gateway Group
Cody Slach and Georg Venturatos
949-574-3860
INAQ@gatewayir.com
Avila Energy Corporation
Ronnie Shporer, Investor Relations, North America
or
Peter Nesveda, Investor Relations, International
or
Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: ron.s@avilaenergy.com
Peter Nesveda: peter@intuitiveaustralia.com.au
Leonard B. Van Betuw: leonard.v@avilaenergy.com
Exhibit 99.1
Press Release
Insight Acquisition Corp. and Avila Energy Corporation
announce
they have mutually agreed to terminate their
Business Combination Agreement
New York, NY / Calgary, AB – August 11, 2023 – Insight
Acquisition Corp. (NASDAQ: INAQ) and Avila Energy Corporation (CSE:VIK, OTCM:PTRVF and FRA:6HG0), announced today that on August 10, 2023,
they mutually agreed to terminate, effective immediately, their previously announced Business Combination Agreement by and among Insight
Acquisition Corp. (“Insight Acquisition”), Avila Amalco Sub Inc. and Avila Energy Corporation (“Avila”), dated
as of April 3, 2023 (the “BC Agreement”). As part of the termination of the BC Agreement, Avila has agreed to pay Insight
US$300,000 as partial reimbursement of its costs relating to the BC Agreement prior to April 1, 2024.
“Due primarily to the changes that have occurred in the SPAC
market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list
on NASDAQ. We look forward to continuing our business relationship with Insight’s management team,” said Leonard van Betuw,
the CEO of Avila.
“While Insight has agreed to terminate the BC Agreement with
Avila, the Insight management team intends to maintain its professional relationship with Avila and monitor their progress,” said
Michael Singer, Executive Chairman of Insight Acquisition.
About Insight Acquisition Corp.
Insight Acquisition Corp. is a special purpose acquisition company
formed solely to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination
with one or more businesses. Insight Acquisition Corp. is sponsored by Insight Acquisition Sponsor LLC. For additional information, please
insightacqcorp.com.
About Avila Energy Corporation
Avila is an emerging CSE listed corporation trading under the symbol
(‘VIK’), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and
facilities is a licensed producer, explorer, and developer of Energy in Canada. Avila’s long-term vision is to achieve through the
implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier
2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. Avila’s goals
are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination
and the direct sale of energy to both residential and commercial consumers.
Forward-Looking Statements
This release contains certain statements that may be deemed “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical
fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will
or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by
our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected
future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also
subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological
factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future
performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
We identify the principal risks and uncertainties that affect our performance in our 2022 Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission.
Contacts
Insight Acquisition Corp.
Gateway Group
Cody Slach and Georg Venturatos
949-574-3860
INAQ@gatewayir.com
Avila Energy Corporation
Ronnie Shporer, Investor Relations, North America
or
Peter Nesveda, Investor Relations, International
or
Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: ron.s@avilaenergy.com
Peter Nesveda: peter@intuitiveaustralia.com.au
Leonard B. Van Betuw: leonard.v@avilaenergy.com
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Grafico Azioni Insight Acquisition (NASDAQ:INAQU)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Insight Acquisition (NASDAQ:INAQU)
Storico
Da Ott 2023 a Ott 2024