Kernel Group Holdings in a regulatory filing disclosed that 7,187,500 sponsor shares and 8,750,000 private placement warrants were sold to new sponsors, accompanied by a change in management and directors.
New Chairman and CEO Surendra Ajjarapu and CFO Howard Doss serve in the same roles at Aesther Healthcare Acquisition, which has a March 16 deadline to close a deal with Ocean Biomedical.
At such time as Kernel might complete a deal, the new sponsor will give 2 million Class B shares to equity holders of the original sponsor. Additionally, the new sponsor and management agreed to pay each of the initial sponsor founders $250,000 and convey 125,000 Class B shares to each for advisor fees.
Kernel in June 2021 was reportedly in talks about a $1 billion deal with Infarm, an Amsterdam-based startup focused on indoor and urban farming. However, those discussion were evidently fruitless.
Kernel raised $265 million in a February 2021 IPO to target a business in the Commerce Enablement, supply chain, Logistics and related Technology Infrastructure sectors, with an enterprise value of more than $1 billion. Read more.
Source: Kernel Group Holdings Sells Sponsor's Stake, Changes Board & Management