UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
SCHEDULE 14A
PROXY
STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed
by the Registrant ☒
Filed
by a Party other than the Registrant ☐
Check
the appropriate box:
| ☒ | Preliminary
Proxy Statement |
| ☐ | Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ | Definitive
Proxy Statement |
| ☐ | Definitive
Additional Materials |
| ☐ | Soliciting
Material under §240.14a-12 |
TKB
CRITICAL TECHNOLOGIES 1
(Name
of Registrant as Specified In Its Charter)
(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment
of Filing Fee (Check the appropriate box):
| ☐ | Fee
paid previously with preliminary materials. |
| ☐ | Fee
computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11 |
PRELIMINARY
PROXY MATERIALS
SUBJECT TO COMPLETION DATED DECEMBER 16, 2022
LETTER
TO SHAREHOLDERS OF TKB CRITICAL TECHNOLOGIES 1
400
CONTINENTAL BLVD, SUITE 600
EL SEGUNDO, CA 90245
TO BE HELD ON JANUARY [●], 2023
Dear
TKB Critical Technologies 1 Shareholder:
You
are cordially invited to virtually attend an extraordinary general meeting of TKB Critical Technologies 1, a Cayman Islands exempted
company (the “Company,” “TKB,” “we,” “us” or “our”),
which will be held on January [●], 2023, at [●] [a][p].m., Eastern Time (the “Extraordinary General Meeting”).
The Extraordinary General Meeting will be held at the offices of White & Case LLP, located at 1221 Avenue of the Americas, New York,
NY 10020, and virtually vial live webcast at www.[●].
The
attached Notice of the Extraordinary General Meeting and proxy statement describe the business TKB will conduct at the Extraordinary
General Meeting and provide information about TKB that you should consider when you vote your shares. As set forth in the attached proxy
statement, the Extraordinary General Meeting will be held for the purpose of considering and voting on the following proposals:
| ● | Proposal
No. 1 — Extension Amendment Proposal — A proposal, by special resolution,
to amend TKB’s Amended and Restated Memorandum and Articles of Association (the “Articles
of Association”) to (i) extend (the “Extension”) the date by
which it has to consummate a business combination (the “Combination Period”)
from January 29, 2023 (the “Termination Date”) to [●], 2023
(i.e., for a period of time ending [●] months after the consummation of its initial
public offering (the “IPO”)) and (ii) to give the Company the right to
further extend the Combination Period beyond [●], 2023 up to [●] times for an
additional one (1) month each time to [●], 2023 (the “Extended Date”)
(the “Extension Amendment Proposal”); |
| ● | Proposal
No.2 — Trust Agreement Amendment Proposal — A proposal, to approve
by the affirmative vote of sixty-five percent (65%) of the outstanding Class A ordinary shares,
par value $0.0001 per share, and Class B ordinary shares, par value $0.0001 per share (together,
the “Ordinary Shares”), voting together as a single class, to amend TKB’s
investment management trust agreement, dated as of October 26, 2021 (the “Trust
Agreement”), by and between the Company and Continental Stock Transfer & Trust
Company (the “Trustee”), to (i) allow the Company to extend the Combination
Period from January 29, 2023 to [●], 2023, and (ii) to give the Company the right
to further extend the Combination Period beyond [●], 2023 up to [●] times for
an additional one (1) month each time to the Extended Date (the “Trust Agreement
Amendment”) (the “Trust Agreement Amendment Proposal”); and |
| ● | Proposal
No. 3 — Adjournment Proposal — A proposal, by ordinary resolution to adjourn
the Extraordinary General Meeting to a later date or dates, if necessary, to permit further
solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary
General Meeting, there are not sufficient votes to approve the Extension Amendment Proposal
or the Trust Agreement Amendment Proposal, or to provide additional time to effectuate the
Extension (the “Adjournment Proposal”). |
Each
of the Extension Amendment Proposal, the Trust Agreement Amendment Proposal and the Adjournment Proposal is more fully described in the
accompanying proxy statement. Please take the time to read carefully each of the proposals in the accompanying proxy statement before
you vote. Approval of both of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal is a condition to the implementation
of the Extension. Further, both of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are conditioned on TKB
having at least 5 million Class A ordinary shares, par value $0.0001 per share, initially issued as part of the units sold in the IPO
(the “Public Shares”) outstanding upon its consummation of the Extension, after taking into account redemptions of
Public Shares. TKB’s board of directors (the “Board”) reserves the right to waive such condition and proceed
with the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion. In addition, pursuant to the Articles
of Association, TKB may not redeem Public Shares in an amount that would cause our net tangible
assets to be less than $5,000,001, which condition may not be waived by the Board. Notwithstanding the foregoing, even if both
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, TKB may nevertheless choose not to hold the
Extraordinary General Meeting or not to amend the Articles of Association and may liquidate on the Termination Date.
The
purpose of the Extension Amendment Proposal, the Trust Agreement Amendment Proposal and, if necessary, the Adjournment Proposal, is to
allow TKB additional time to complete an initial business combination (a “Business Combination”). Additionally, the
purpose of the Extension Amendment Proposal and Trust Agreement Amendment Proposal is to simultaneously (i) provide those TKB shareholders
who do not wish to extend the Termination Date with the opportunity to exercise their redemption rights earlier than they would if TKB
liquidated on the Termination Date and (ii) allow those TKB shareholders who wish for TKB to continue its search for a Business Combination
to remain shareholders.
The
Board has determined that it is in the best interests of TKB to seek an extension of the Termination Date and have TKB shareholders approve
the Extension Amendment Proposal and Trust Agreement Amendment Proposal to allow for additional time to consummate a Business Combination.
The Board believes that the current Termination Date will not provide sufficient time to complete a Business Combination. Given TKB’s
commitment of time, effort and financial resources to date with respect to identifying a Business Combination target, circumstances warrant
providing shareholders with additional time and opportunity to consider a prospective Business Combination. However, even if the Extension
Amendment Proposal and Trust Agreement Amendment Proposal are approved and the Extension is implemented, there is no assurance that TKB
will be able to consummate a Business Combination by the Extended Date, given the actions that must occur prior to closing of a Business
Combination.
As
contemplated by the Articles of Association, the holders of Public Shares (the “Public Shareholders”) may demand that
such shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the trust account established in connection
with the IPO (the “Trust Account”), including interest earned on the Trust Account (net of taxes paid or payable,
if any), divided by the number of then issued Public Shares. You may elect to redeem your Public Shares in connection with the Extraordinary
General Meeting, regardless of whether you vote for or against the proposals and regardless of whether you hold Public Shares on the
record date established in connection with the Extraordinary General Meeting, by following the instructions set forth in the accompanying
proxy statement. The Extension is conditioned on TKB having at least 5 million Public Shares outstanding upon its consummation of
the Extension, after taking into account the redemption of Public Shares. The Board reserves the right to waive such condition and
proceed with the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion. In addition, pursuant to
the Articles of Association, TKB may not redeem Public Shares in an amount that would cause our
net tangible assets to be less than $5,000,001, which condition may not be waived by the Board.
Notwithstanding
the foregoing, pursuant to our Articles of Association, a Public Shareholder, together with any affiliate of such Public Shareholder
or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its Public
Shares with respect to more than an aggregate of 15% of the Public Shares. Accordingly, if a Public Shareholder, alone or acting in concert
or as a group, seeks to redeem more than 15% of the Public Shares, then any such shares in excess of that 15% limit would not be redeemed
for cash.
On
the Record Date (defined below), the redemption price per Public Share was approximately $[●] (which is expected to be the same
approximate amount two (2) business days prior to the scheduled vote at the Extraordinary General Meeting), based on the aggregate amount
on deposit in the Trust Account of approximately $[●] as of the Record Date (including interest not previously released to TKB
to pay its taxes), divided by the total number of then outstanding Public Shares. The closing price of the Public Shares on the Nasdaq
Global Market (“Nasdaq”) on the Record Date was $[●]. Accordingly, if the market price of the Public Shares
were to remain the same until the date of the Extraordinary General Meeting, exercising redemption rights would result in a holder of
Public Shares receiving approximately $[●] [more][less] per share than if the Public Shares were sold in the open market. TKB cannot
assure shareholders that they will be able to sell their Public Shares in the open market, even if the market price per Public Share
is lower than the redemption price stated above, as there may not be sufficient liquidity in its securities when such shareholders wish
to sell their shares. TKB believes that such redemption right enables its holders of Public Shares to determine whether to sustain their
investments for an additional period if TKB does not complete a Business Combination on or before the Termination Date.
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are not approved and a Business Combination is not consummated
by the Termination Date, or such later date that may be approved by TKB shareholders, TKB (i) will cease all operations except for the
purpose of winding up; (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter subject to lawfully
available funds therefor, redeem 100% of the Public Shares in consideration of a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the total number of then issued
and outstanding Public Shares, which redemption will completely extinguish rights of the holders of Public Shares (including the right
to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of TKB’s remaining shareholders and the Board in accordance with applicable law, liquidate
and dissolve, subject in each case to TKB’s obligations under Cayman Islands law, to provide for claims of creditors and other
requirements of applicable law.
Subject
to the foregoing, the approval of the Extension Amendment Proposal requires a special resolution under Cayman Islands law, being the
affirmative vote of the holders of at least two-thirds (2/3) of the issued and outstanding Ordinary Shares entitled to vote and who,
being present in person or represented by proxy at the Extraordinary General Meeting or any adjournment thereof, vote on such matter.
As of the date of this proxy statement, the Company’s Class B ordinary shares, par value $0.0001 per share (the “Founder
Shares”), represent 20% of the Company’s outstanding Ordinary Shares. Accordingly, if all outstanding Ordinary Shares
are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares,
or 56.3% of the outstanding Public Shares, to vote in favor of the Extension Amendment Proposal to approve such proposal. If only a minimum
quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751 Public
Shares, or 15.6% of the Public Shares, to vote in favor of the Extension Amendment Proposal to approve such proposal.
Approval
of the Trust Agreement Amendment Proposal, pursuant to the Trust Agreement, requires the affirmative vote of at least sixty-five percent
(65%) of the issued and outstanding Ordinary Shares, voting together as a single class. If all outstanding Ordinary Shares are present
at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares, or 56.3%
of the outstanding Public Shares, to vote in favor of the Trust Agreement Amendment Proposal to approve such proposal. If only a minimum
quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751 Public
Shares, or 15.6% of the Public Shares, to vote in favor of the Trust Agreement Amendment Proposal to approve such proposal.
Approval
of the Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders of a
majority of the issued and outstanding Ordinary Shares entitled to vote and who, being present in person or represented by proxy at the
Extraordinary General Meeting or any adjournment thereof, vote on such matter. If all outstanding Ordinary Shares are present at the
Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 8,625,001 Public Shares, or 37.5% of the
outstanding Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal. If only a minimum quorum of outstanding
Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 1,437,501 Public Shares, or 6.3% of
the Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal. The Adjournment Proposal will only be put forth
for a vote if there are not sufficient votes to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal at
the Extraordinary General Meeting.
The
Board has fixed the close of business on December [●], 2022 (the “Record Date”) as the date for determining
TKB shareholders entitled to receive notice of and vote at the Extraordinary General Meeting and any adjournment thereof. Only holders
of record of Ordinary Shares on the Record Date are entitled to have their votes counted at the Extraordinary General Meeting or any
adjournment thereof. On the Record Date, there were 23,000,000 issued and outstanding Public Shares and 5,750,000 issued and outstanding
Founder Shares. TKB’s warrants do not have voting rights.
You
are not being asked to vote on a Business Combination at this time. If the Extension is implemented and you do not elect to redeem all
your Public Shares, you will retain the right to vote on any such Business Combination when and if it is submitted to shareholders (provided
that you are a shareholder on the applicable record date) and the right to redeem your remaining Public Shares for cash in the event
a Business Combination is approved and completed or in the event we have not consummated a Business Combination by the Extended Date.
There is no guarantee that we will identify a suitable target and, even if we do identify one, that we will be able to complete a Business
Combination before the Extended Date.
After
careful consideration of all relevant factors, the Board has determined that the Extension Amendment Proposal, Trust Agreement Amendment
Proposal and the Adjournment Proposal are in the best interests of TKB and its shareholders, and has declared it advisable and unanimously
recommends that you vote or give instruction to vote “FOR” such proposals.
TKB’s
directors and officers have interests in the Extension Amendment Proposal, Trust Agreement Amendment Proposal and the Adjournment Proposal
that may be different from, or in addition to, your interests as a shareholder. These interests include, among others, ownership, directly
or indirectly through the Sponsor, of Founder Shares and Private Placement Warrants (as defined below) that may become exercisable in
the future. See the section entitled “Extraordinary General Meeting of TKB — Interests of the Initial Shareholders”
in the accompanying proxy statement.
Enclosed
is the proxy statement containing detailed information about the Extraordinary General Meeting, the Extension Amendment Proposal, Trust
Agreement Amendment Proposal and the Adjournment Proposal. Whether or not you plan to attend the Extraordinary General Meeting, TKB urges
you to read this material carefully and vote your shares. You may do so by signing, dating and returning the enclosed proxy promptly,
or following the instructions contained in the proxy card or voting instructions. If you grant a proxy, you may revoke it at any time
prior to the Extraordinary General Meeting or vote in person online at the Extraordinary General Meeting. If your shares are held in
an account at a brokerage firm or bank, you must instruct your broker or bank how to vote your shares, or you may cast your vote online
at the Extraordinary General Meeting by obtaining a proxy from your brokerage firm or bank.
By
Order of the Board of Directors of TKB Critical Technologies 1
Philippe
Tartavull
Chairman of the Board
December
[●], 2022
Your
vote is very important. Whether or not you plan to virtually attend the Extraordinary General Meeting, please vote as soon as possible
by following the instructions in this proxy statement to make sure that your shares are represented at the Extraordinary General Meeting.
If you hold your shares in “street name” through a bank, broker or other nominee, you will need to follow the instructions
provided to you by your bank, broker or other nominee to ensure that your shares are represented and voted at the Extraordinary General
Meeting. The approval of the Extension Amendment Proposal requires a special resolution under Cayman Islands law, being the affirmative
vote of the holders of at least two-thirds (2/3) of issued and outstanding Ordinary Shares entitled to vote and who, being present in
person or represented by proxy at the Extraordinary General Meeting or any adjournment thereof, vote on such matter. Approval of the
Trust Agreement Amendment Proposal, pursuant to the Trust Agreement, requires the affirmative vote of at least sixty-five percent (65%)
of the issued and outstanding Ordinary Shares, voting together as a single class. Approval of the Adjournment Proposal requires an ordinary
resolution under Cayman Islands law, being the affirmative vote of the holders of at least a majority of the issued and outstanding Ordinary
Shares entitled to vote and who, being present in person or represented by proxy at the Extraordinary General Meeting or any adjournment
thereof, vote on such matter. The presence, in person (including virtually) or by proxy, at the Extraordinary General Meeting of the
holders of a majority of the outstanding Ordinary Shares entitled to vote as of the Record Date at the Extraordinary General Meeting
shall constitute a quorum for the conduct of business at the Extraordinary General Meeting. Accordingly, if you fail to vote in person
(including virtually) or by proxy at the Extraordinary General Meeting, or if your broker, bank or nominee submits a broker non-vote
with respect to your Ordinary Shares, your shares will not be counted towards the number of Ordinary Shares required to validly establish
a quorum. If a valid quorum is otherwise established, such failure to vote or broker non-vote will have no effect on the outcome of any
vote on the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or Adjournment Proposal. Abstentions and broker non-votes,
while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General Meeting
and will have no effect on the outcome of any vote on the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or Adjournment
Proposal.
TO
EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST (1) IF YOU HOLD PUBLIC SHARES THROUGH UNITS, ELECT TO SEPARATE YOUR UNITS INTO THE UNDERLYING
PUBLIC SHARES AND PUBLIC WARRANTS PRIOR TO EXERCISING YOUR REDEMPTION RIGHTS WITH RESPECT TO THE PUBLIC SHARES, (2) SUBMIT A WRITTEN
REQUEST TO THE TRANSFER AGENT BY 5:00 P.M. EASTERN TIME ON JANUARY [●], 2023, THE DATE THAT IS TWO BUSINESS DAYS PRIOR TO THE SCHEDULED
VOTE AT THE EXTRAORDINARY GENERAL MEETING, THAT YOUR PUBLIC SHARES BE REDEEMED FOR CASH, INCLUDING THE LEGAL NAME, PHONE NUMBER, AND
ADDRESS OF THE BENEFICIAL OWNER OF THE SHARES FOR WHICH REDEMPTION IS REQUESTED, AND (3) DELIVER YOUR SHARES OF CLASS A COMMON STOCK
TO THE TRANSFER AGENT, PHYSICALLY OR ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY’S DWAC (DEPOSIT WITHDRAWAL AT CUSTODIAN)
SYSTEM, IN EACH CASE IN ACCORDANCE WITH THE PROCEDURES AND DEADLINES DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT. IF YOU HOLD THE SHARES
IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK OR BROKER TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER
TO EXERCISE YOUR REDEMPTION RIGHTS.
Important
Notice Regarding the Availability of Proxy Materials for the Extraordinary General Meeting of Shareholders to be held on January [●],
2023: This notice of meeting and the accompanying proxy statement are being made available on or about December [●], 2022, at www.[●].
NOTICE
OF EXTRAORDINARY GENERAL MEETING
OF TKB CRITICAL TECHNOLOGIES 1
TO BE HELD ON JANUARY [●], 2023
To
the Shareholders of TKB Critical Technologies 1:
NOTICE
IS HEREBY GIVEN that an Extraordinary General Meeting (the “Extraordinary General Meeting”) of the shareholders of
TKB Critical Technologies 1, a Cayman Islands exempted company (the “Company,” “TKB,” “we,”
“us” or “our”), will be held on January [●], 2023, at [●] [a][p].m. Eastern Time. The
Extraordinary General Meeting will be held at the offices of White & Case LLP, located at 1221 Avenue of the Americas, New York,
NY 10020, and virtually vial live webcast at www.[●]. You are cordially invited to attend the Extraordinary General Meeting for
the purpose of considering and voting on the following proposals, more fully described below in this proxy statement, which is dated
December [●], 2022 and is first being mailed to shareholders on or about that date:
| ● | Proposal
No. 1 — Extension Amendment Proposal — A proposal, by special resolution,
to amend TKB’s Amended and Restated Memorandum and Articles of Association (the “Articles
of Association”) to (i) extend (the “Extension”) the date by
which it has to consummate a business combination (the “Combination Period”)
from January 29, 2023 (the “Termination Date”) to [●], 2023
(i.e., for a period of time ending [●] months after the consummation of its initial
public offering (the “IPO”)) and (ii) to give the Company the right to
further extend the Combination Period beyond [●], 2023 up to [●] times for an
additional one (1) month each time to [●], 2023 (the “Extended Date”)
(the “Extension Amendment Proposal”); |
| ● | Proposal
No.2 — Trust Agreement Amendment Proposal — A proposal, to approve
by the affirmative vote of sixty-five percent (65%) of the outstanding Class A ordinary shares,
par value $0.0001 per share, and Class B ordinary shares, par value $0.0001 per share (together,
the “Ordinary Shares”), voting together as a single class, to amend TKB’s
investment management trust agreement, dated as of October 26, 2021 (the “Trust
Agreement”), by and between the Company and Continental Stock Transfer & Trust
Company (the “Trustee”), to (i) allow the Company to extend the Combination
Period from January 29, 2023 to [●], 2023, and (ii) to give the Company the right
to further extend the Combination Period beyond [●], 2023 up to [●] times for
an additional one (1) month each time to the Extended Date (the “Trust Agreement
Amendment”) (the “Trust Agreement Amendment Proposal”); and |
| ● | Proposal
No. 3 — Adjournment Proposal — A proposal, by ordinary resolution to adjourn
the Extraordinary General Meeting to a later date or dates, if necessary, to permit further
solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary
General Meeting, there are not sufficient votes to approve the Extension Amendment Proposal
or the Trust Agreement Amendment Proposal, or to provide additional time to effectuate the
Extension (the “Adjournment Proposal”). |
Each
of the Extension Amendment Proposal, the Trust Agreement Amendment Proposal and the Adjournment Proposal is more fully described in the
accompanying proxy statement. Please take the time to read carefully each of the proposals in the accompanying proxy statement before
you vote. Approval of both of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal is a condition to the implementation
of the Extension. Further, both of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are conditioned on TKB
having at least 5 million Class A ordinary share, par value $0.0001 per share, initially issued as part of the units sold in the IPO
(the “Public Shares”) outstanding upon its consummation of the Extension, after taking into account redemptions of
Public Shares. TKB’s board of directors (the “Board”) reserves the right to waive such condition and proceed
with the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion. In addition, pursuant to the Articles
of Association, TKB may not redeem Public Shares in an amount that would cause our net tangible assets to be less than $5,000,001, which
condition may not be waived by the Board. Notwithstanding the foregoing, even if both the Extension Amendment Proposal and the Trust
Agreement Amendment Proposal are approved, TKB may nevertheless choose not to hold the Extraordinary General Meeting or not to amend
the Articles of Association and may liquidate on the Termination Date.
The
purpose of the Extension Amendment Proposal, the Trust Agreement Amendment Proposal and, if necessary, the Adjournment Proposal, is to
allow TKB additional time to complete an initial business combination (“Business Combination”). Additionally, the
purpose of the Extension Amendment Proposal and Trust Agreement Amendment Proposal is to simultaneously (i) provide those TKB shareholders
who do not wish to extend the Termination Date with the opportunity to exercise their redemption rights earlier than they would if TKB
liquidated on the Termination Date and (ii) allow those TKB shareholders who wish for TKB to continue its search for a Business Combination
to remain shareholders.
The
Board has determined that it is in the best interests of TKB to seek an extension of the Termination Date and have TKB shareholders approve
the Extension Amendment Proposal and Trust Agreement Amendment Proposal to allow for additional time to consummate a Business Combination.
The Board believes that the current Termination Date will not provide sufficient time to complete a Business Combination. Given TKB’s
commitment of time, effort and financial resources to date with respect to identifying a Business Combination target, circumstances warrant
providing shareholders with additional time and opportunity to consider a prospective Business Combination. However, even if the Extension
Amendment Proposal and Trust Agreement Amendment Proposal are approved and the Extension is implemented, there is no assurance that TKB
will be able to consummate a Business Combination by the Extended Date, given the actions that must occur prior to closing of a Business
Combination.
As
contemplated by the Articles of Association, the holders Public Shares (the “Public Shareholders”) may demand that
such shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the trust account established in connection
with the IPO (the “Trust Account”), including interest earned on the Trust Account (net of taxes paid or payable,
if any), divided by the number of then issued Public Shares. You may elect to redeem your Public Shares in connection with the Extraordinary
General Meeting, regardless of whether you vote for or against the proposals and regardless of whether you hold Public Shares on the
record date established in connection with the Extraordinary General Meeting, by following the instructions in the accompanying proxy
statement. The Extension is conditioned on TKB having at least 5 million Public Shares outstanding upon its consummation of the Extension,
after taking into account the redemption of Public Shares. The Board reserves the right to waive such condition and proceed with
the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion. Further, pursuant to the Articles of
Association, TKB may not redeem Public Shares in an amount that would cause our net tangible assets to be less than $5,000,001, which
condition may not be waived by the Board.
Notwithstanding
the foregoing, pursuant to our Articles of Association, a Public Shareholder, together with any affiliate of such Public Shareholder
or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its Public
Shares with respect to more than an aggregate of 15% of the Public Shares. Accordingly, if a Public Shareholder, alone or acting in concert
or as a group, seeks to redeem more than 15% of the Public Shares, then any such shares in excess of that 15% limit would not be redeemed
for cash.
On
the Record Date (defined below), the redemption price per Public Share was approximately $[●] (which is expected to be the same
approximate amount two (2) business days prior to the scheduled vote at the Extraordinary General Meeting), based on the aggregate amount
on deposit in the Trust Account of approximately $[●] as of the Record Date (including interest not previously released to TKB
to pay its taxes), divided by the total number of then outstanding Public Shares. The closing price of the Public Shares on Nasdaq on
the Record Date was $[●]. Accordingly, if the market price of the Public Shares were to remain the same until the date of the Extraordinary
General Meeting, exercising redemption rights would result in a holder of Public Shares receiving approximately $[●] [more][less]
per share than if the Public Shares were sold in the open market. TKB cannot assure shareholders that they will be able to sell their
Public Shares in the open market, even if the market price per Public Share is lower than the redemption price stated above, as there
may not be sufficient liquidity in its securities when such shareholders wish to sell their shares. TKB believes that such redemption
right enables its holders of Public Shares to determine whether to sustain their investments for an additional period if TKB does not
complete a Business Combination on or before the Termination Date.
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are not approved and a Business Combination is not consummated
by the Termination Date, or such later date that may be approved by TKB shareholders, TKB (i) will cease all operations except for the
purpose of winding up; (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter subject to lawfully
available funds therefor, redeem 100% of the Public Shares in consideration of a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the total number of then issued
and outstanding Public Shares, which redemption will completely extinguish rights of the holders of Public Shares (including the right
to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of TKB’s remaining shareholders and the Board in accordance with applicable law, liquidate
and dissolve, subject in each case to TKB’s obligations under Cayman Islands law, to provide for claims of creditors and other
requirements of applicable law.
Pursuant
to our Articles of Association, a Public Shareholder may request to redeem all or a portion of such holder’s Public Shares for
cash if the Extension is consummated. As a holder of Public Shares, you will be entitled to receive cash for any Public Shares to be
redeemed only if you:
| (i) | (a)
hold Public Shares or (b) hold Public Shares through Units (as defined below) and elect to separate your Units into the underlying Public
Shares and Public Warrants (as defined below) prior to exercising your redemption rights with respect to the Public Shares; |
| (ii) | submit
a written request to the Trustee including the legal name, phone number and address of the beneficial owner of the Public Shares for
which redemption is requested, that TKB redeem all or a portion of your Public Shares for cash; and |
| (iii) | deliver
your share certificates for Public Shares (if any) along with other applicable redemption forms to the Trustee, physically or electronically
through The Depository Trust Company (“DTC”). |
Holders
must complete the procedures for electing to redeem their Public Shares in the manner described above prior to 5:00 p.m., Eastern Time,
on January [●], 2023 (two business days prior to the scheduled vote at the Extraordinary General Meeting) in order for their Public
Shares to be redeemed. Public Shareholders may elect to redeem Public Shares regardless of if or how they vote in respect of the Extension
Amendment Proposal and Trust Agreement Amendment Proposal, and regardless of whether they hold Public Shares on the Record Date. If the
Extension is not consummated, the Public Shares will be returned to the respective holder, broker or bank.
Subject
to the foregoing, the approval of the Extension Amendment Proposal requires a special resolution under Cayman Islands law, being the
affirmative vote of the holders of at least two-thirds (2/3) of the holders of the issued and outstanding Ordinary Shares entitled to
vote and who, being present in person or represented by proxy at the Extraordinary General Meeting or any adjournment thereof, vote on
such matter. As of the date of this proxy statement, the Company’s Class B ordinary shares, par value $0.0001 per share (the “Founder
Shares”), represent 20% of the Company’s outstanding Ordinary Shares. Accordingly, if all outstanding Ordinary Shares
are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares,
or 56.3% of the outstanding Public Shares, to vote in favor of the Extension Amendment Proposal to approve such proposal. If only a minimum
quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751 Public
Shares, or 15.6% of the Public Shares, to vote in favor of the Extension Amendment Proposal to approve such proposal.
Approval
of the Trust Agreement Amendment Proposal, pursuant to the Trust Agreement, requires the affirmative vote of at least sixty-five percent
(65%) of the issued and outstanding Ordinary Shares, voting together as a single class. If all outstanding Ordinary Shares are present
at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares, or 56.3%
of the outstanding Public Shares, to vote in favor of the Trust Agreement Amendment Proposal to approve such proposal. If only a minimum
quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751 Public
Shares, or 15.6% of the Public Shares, to vote in favor of the Trust Agreement Amendment Proposal to approve such proposal.
Approval
of the Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders of a
majority of the issued and outstanding Ordinary Shares entitled to vote and who, being present in person or represented by proxy at the
Extraordinary General Meeting or any adjournment thereof, vote on such matter. If all outstanding Ordinary Shares are present at the
Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 8,625,001 Public Shares, or 37.5% of the
outstanding Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal. If only a minimum quorum of outstanding
Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 1,437,501 Public Shares, or 6.3% of
the Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal. The Adjournment Proposal will only be put forth
for a vote if there are not sufficient votes to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal at
the Extraordinary General Meeting.
Record
holders of Ordinary Shares at the close of business on December [●], 2022 (the “Record Date”) are entitled to
vote or have their votes cast at the Extraordinary General Meeting. On the Record Date, there were 23,000,000 issued and outstanding
Public Shares and 5,750,000 issued and outstanding Founder Shares. TKB’s warrants do not have voting rights.
This
proxy statement contains important information about the Extraordinary General Meeting, the Extension Amendment Proposal, the Trust Agreement
Amendment Proposal and the Adjournment Proposal. Whether or not you plan to virtually attend the Extraordinary General Meeting, TKB urges
you to read this material carefully and vote your shares.
This
proxy statement is dated December [●], 2022 and is first being mailed to shareholders on or about that date.
By
Order of the Board of Directors of TKB Critical Technologies 1
Philippe
Tartavull
Chairman of the Board
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some
of the statements contained in this proxy statement constitute forward-looking statements within the meaning of the federal securities
laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends
and similar expressions concerning matters that are not historical facts. Forward-looking statements reflect TKB’s current views
with respect to, among other things, its capital resources and results of operations. Likewise, TKB’s financial statements and
all of TKB’s statements regarding market conditions and results of operations are forward-looking statements. In some cases, you
can identify these forward-looking statements by the use of terminology such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”
or the negative version of these words or other comparable words or phrases.
The
forward-looking statements contained in this proxy statement reflect TKB’s current views about future events and are subject to
numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ
significantly from those expressed in any forward- looking statement. TKB does not guarantee that the transactions and events described
will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future
events to differ materially from those set forth or contemplated in the forward-looking statements:
| ● | TKB’s
ability to complete a Business Combination, including approval by the shareholders of TKB; |
| ● | the
anticipated benefits of a Business Combination; |
| ● | the
volatility of the market price and liquidity of the Public Shares and other securities of
TKB; |
| ● | the
use of funds not held in the Trust Account or available to TKB from interest income on the
Trust Account balance; |
| ● | the
competitive environment in which our successor will operate following a Business Combination;
and |
| ● | proposed
changes in SEC rules related to special purpose acquisition companies. |
While
forward-looking statements reflect TKB’s good faith beliefs, they are not guarantees of future performance. TKB disclaims any obligation
to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information,
data or methods, future events or other changes after the date of this proxy statement, except as required by applicable law. For a further
discussion of these and other factors that could cause TKB’s future results, performance or transactions to differ significantly
from those expressed in any forward-looking statement, please see the section entitled “Risk Factors” in TKB’s
Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 14, 2022, and in other
reports TKB filed with the SEC, including TKB’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2022,
June 30, 2022, and September 30, 2022, filed with the SEC on May 12, 2022, August 12, 2022, and November 10,
2022, respectively. You should not place undue reliance on any forward-looking statements, which are based only on information currently
available to TKB.
QUESTIONS
AND ANSWERS ABOUT THE EXTRAORDINARY GENERAL MEETING
| Q. | Why
am I receiving this proxy statement? |
| A. | TKB
is a blank check company incorporated under the laws of the Cayman Islands on April 20,
2021, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination, with one or more businesses, without limitation
as to business, industry or sector. TKB’s registration statement on Form S-1 (File
No. 333-260176) for TKB’s IPO was declared effective by the SEC on October 26,
2021. On October 29, 2021, TKB consummated its IPO of 23,000,000 units (the “Units”).
Each Unit consists of one Public Share and one-half of one redeemable warrant, with each
whole warrant entitling the holder to purchase one Ordinary Share at $11.50 per share beginning
30 days after the completion of a Business Combination (“Public Warrant”).
The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of
$230,000,000. Simultaneously with the consummation of the IPO and the sale of the Units,
TKB consummated the private placement of an aggregate of 10,750,000 warrants (the “Private
Placement Warrants”) issued to the Sponsor at a price of $1.00 per warrant, generating
total proceeds of $10,750,000. Each Private Placement Warrant is exercisable for one Ordinary
Share beginning 30 days after the completion of a Business Combination. |
A
total of $234,600,000 of the net proceeds from TKB’s IPO and sale of the Private Placement Warrants were deposited in the Trust
Account established for the benefit of the holders of Public Shares.
Like
most blank check companies, the Articles of Association provides for the return of the IPO proceeds held in trust to the holders of Public
Shares sold in the IPO if there is no qualifying Business Combination(s) consummated on or before the Termination Date.
The
Board has determined that it is in the best interests of TKB to seek an extension of the Termination Date and have TKB shareholders approve
the Extension Amendment Proposal and Trust Agreement Amendment Proposal to allow for additional time to consummate a Business Combination.
The Board believes that the current Termination Date will not provide sufficient time to complete a Business Combination. Given TKB’s
commitment of time, effort and financial resources to date with respect to identifying a Business Combination target, circumstances warrant
providing Public Shareholders with additional time and opportunity to consider a prospective Business Combination. However, even if the
Extension Amendment Proposal and Trust Agreement Amendment Proposal are approved and the Extension is implemented, there is no assurance
that TKB will be able to consummate a Business Combination by the Extended Date, given the actions that must occur prior to closing of
a Business Combination.
| Q. | When
and where is the Extraordinary General Meeting? |
| A. | The
Extraordinary General Meeting will be held on January [●], 2023, at [●] [a][p].m.,
Eastern Time, at the offices of White & Case LLP, located at 1221 Avenue of the Americas,
New York, NY 10020, and virtually via live webcast by visiting www.[●] and entering
the voter control number included on your proxy card. |
| Q. | What
do I need in order to be able to participate in the Extraordinary General Meeting online? |
| A. | Any
shareholder wishing to attend the Extraordinary General Meeting virtually should register
for the Extraordinary General Meeting by January [●], 2023 at www.[●]. You
can virtually attend the Extraordinary General Meeting via the internet by visiting www.[●]
and entering the voter control number included on your proxy card. You will need the voter
control number included on your proxy card in order to be able to vote your shares or submit
questions during the Extraordinary General Meeting. If you do not have a voter control number,
you will be able to listen to the Extraordinary General Meeting only and you will not be
able to vote or submit questions during the Extraordinary General Meeting. |
| Q. | What
are the specific proposals on which I am being asked to vote at the Extraordinary General
Meeting? |
| A. | TKB
shareholders are being asked to consider and vote on the following proposals: |
| ● | Proposal
No. 1 — Extension Amendment Proposal — A proposal, by special resolution,
to amend TKB’s Articles of Association to (i) extend the Combination Period from January 29,
2023 to [●], 2023 (i.e., for a period of time ending [●] months after the consummation
of its IPO) and (ii) to give the Company the right to further extend the Combination Period
beyond [●], 2023 up to [●] times for an additional one (1) month each time to
[●], 2023; |
| ● | Proposal
No.2 — Trust Agreement Amendment Proposal — A proposal, to approve
by the affirmative vote of sixty-five percent (65%) of the outstanding Ordinary Shares, voting
together as a single class, to amend TKB’s Trust Agreement to (i) allow the Company
to extend the Combination Period from January 29, 2023 to [●], 2023, and (ii)
to give the Company (if requested by our Sponsor) the right to further extend the Combination
Period beyond [●], 2023 up to [●] times for an additional one (1) month each
time to the Extended Date; and |
| ● | Proposal
No. 3 — Adjournment Proposal — A proposal, by ordinary resolution to adjourn
the Extraordinary General Meeting to a later date or dates, if necessary, to permit further
solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary
General Meeting, there are not sufficient votes to approve the Extension Amendment Proposal
or the Trust Agreement Amendment Proposal, or to provide additional time to effectuate the
Extension. |
| Q. | Are
the proposals conditioned on one another? |
| A. | Approval
of each of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal is
a condition to the implementation of the Extension. In addition, the Extension is conditioned
on TKB having at least 5 million Public Shares outstanding upon its consummation of the Extension,
after taking into account the redemption of Public Shares. The TKB Board reserves the right
to waive such condition and proceed with the Extension Amendment Proposal and Trust Agreement
Amendment Proposal in its sole discretion. In addition, pursuant to the Articles of Association,
TKB may not redeem Public Shares in an amount that
would cause our net tangible assets to be less than $5,000,001, which condition may not be
waived by the Board. Notwithstanding the foregoing, even if both the Extension Amendment
Proposal and the Trust Agreement Amendment Proposal are approved, TKB may nevertheless choose
not to hold the Extraordinary General Meeting or not to amend the Articles of Association
and may liquidate on the Termination Date. |
If
the Extension is implemented and one or more TKB shareholders elect to redeem their Public Shares, TKB will remove from the Trust Account
and deliver to the holders of such redeemed Public Shares an amount equal to the pro rata portion of funds available in the Trust Account
with respect to such redeemed Public Shares, as described in more detail in this proxy statement, and will retain the remainder of the
funds in the Trust Account for TKB’s use in connection with consummating a Business Combination on or before the Extended Date.
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are not approved and a Business Combination is not consummated
by the Termination Date, or such later date that may be approved by TKB shareholders, TKB (i) will cease all operations except for the
purpose of winding up; (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter subject to lawfully
available funds therefor, redeem 100% of the Public Shares in consideration of a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the total number of then issued
and outstanding Public Shares, which redemption will completely extinguish rights of the holders of Public Shares (including the right
to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of TKB’s remaining shareholders and the Board in accordance with applicable law, liquidate
and dissolve, subject in each case to TKB’s obligations under Cayman Islands law to provide for claims of creditors and other requirements
of applicable law.
The
Sponsor and all of TKB’s directors and officers (the “initial shareholders”) waived their rights to participate
in any liquidating distribution with respect to the 5,750,000 Founder Shares held by them. There will be no distribution from the Trust
Account with respect to TKB’s warrants, which will expire worthless in the event TKB dissolves and liquidates the Trust Account.
The
Adjournment Proposal is not conditioned on the approval of any other proposal.
| Q. | Why
is TKB proposing the Extension Amendment Proposal, the Trust Agreement Amendment Proposal
and the Adjournment Proposal? |
| A. | The
Articles of Association provides for the return of the IPO proceeds held in the Trust Account
to the holders of Public Shares sold in the IPO if there is no qualifying business combination(s)
consummated on or before the Termination Date. The purpose of the Extension Amendment Proposal,
the Trust Agreement Amendment Proposal and, if necessary, the Adjournment Proposal, is to
allow TKB additional time to complete a Business Combination. Additionally, the purpose of
the Extension Amendment Proposal is to simultaneously (i) provide those TKB shareholders
who do not wish to extend the Termination Date with the opportunity to exercise their redemption
rights earlier than they would if TKB liquidated on the Termination Date and (ii) allow those
TKB shareholders who wish for TKB to continue its search for a Business Combination to remain
shareholders. |
The
Board has determined that it is in the best interests of TKB to seek an extension of the Termination Date and have TKB shareholders approve
the Extension Amendment Proposal and Trust Agreement Amendment Proposal to allow for additional time to consummate a Business Combination.
The Board believes that the current Termination Date will not provide sufficient time to complete a Business Combination. Given TKB’s
commitment of time, effort and financial resources to date with respect to identifying a Business Combination target, circumstances warrant
providing Public Shareholders with additional time and opportunity to consider a prospective Business Combination. However, even if the
Extension Amendment Proposal and Trust Agreement Amendment Proposal are approved and the Extension is implemented, there is no assurance
that TKB will be able to consummate a Business Combination by the Extended Date, given the actions that must occur prior to closing of
a Business Combination.
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are not approved by TKB shareholders, TKB may put the Adjournment
Proposal to a vote in order to seek additional time to obtain sufficient votes in support of the Extension, or to otherwise provide additional
time to effectuate the Extension. If the Adjournment Proposal is not approved by TKB shareholders, the Board may not be able to adjourn
the Extraordinary General Meeting to a later date or dates in the event that there are insufficient votes for, or otherwise in connection
with, the approval of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal.
You
are not being asked to vote on a Business Combination at this time. If the Extension is implemented and you do not elect to redeem all
your Public Shares, you will retain the right to vote on any such Business Combination when and if it is submitted to shareholders (provided
that you are a shareholder on the applicable record date) and the right to redeem your remaining Public Shares for cash in the event
a Business Combination is approved and completed or in the event we have not consummated a Business Combination by the Extended Date.
There is no guarantee that we will identify a suitable target and, even if we do identify one, that we will be able to complete a Business
Combination before the Extended Date.
| Q. | What
vote is required to approve the proposals presented at the Extraordinary General Meeting? |
| A. | The
approval of the Extension Amendment Proposal requires a special resolution under Cayman Islands
law, being the affirmative vote of holders of at least two-thirds (2/3) of the issued and
outstanding Ordinary Shares entitled to vote and who, being present in person or represented
by proxy at the Extraordinary General Meeting or any adjournment thereof, vote on such matter.
Approval of the Trust Agreement Amendment Proposal, pursuant to the Trust Agreement, requires
the affirmative vote of at least sixty-five percent (65%) of the issued and outstanding Ordinary
Shares, voting together as a single class. Approval of the Adjournment Proposal requires
an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders
of a majority of the issued and outstanding Ordinary Shares entitled to vote and who, being
present in person or represented by proxy at the Extraordinary General Meeting or any adjournment
thereof, vote on such matter. |
The
presence, in person (including virtually) or by proxy, at the Extraordinary General Meeting of the holders of a majority of the outstanding
Ordinary Shares entitled to vote as of the Record Date at the Extraordinary General Meeting shall constitute a quorum for the conduct
of business at the Extraordinary General Meeting. Accordingly, a TKB’s shareholder’s failure to vote in person (including
virtually) or by proxy at the Extraordinary General Meeting, will not be counted towards the number of Ordinary Shares required to validly
establish a quorum. If a valid quorum is otherwise established, such failure to vote or broker non-vote will have no effect on the outcome
of any vote on the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or Adjournment Proposal. Abstentions and broker
non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General
Meeting and will have no effect on the outcome of any vote on the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or
Adjournment Proposal.
| Q. | Why
should I vote “FOR” the Extension Amendment Proposal and Trust Agreement Amendment
Proposal? |
| A. | TKB
believes its shareholders will benefit from TKB consummating a Business Combination and is
proposing the Extension Amendment Proposal and Trust Agreement Amendment Proposal to extend
the date by which TKB has to complete a Business Combination until the Extended Date. The
Board believes that the current Termination Date will not provide sufficient time to complete
a Business Combination. Given TKB’s commitment of time, effort and financial resources
to date with respect to identifying a Business Combination target, circumstances warrant
providing Public Shareholders with additional time and opportunity to consider a prospective
Business Combination. However, even if the Extension Amendment Proposal and Trust Agreement
Amendment Proposal are approved and the Extension is implemented, there is no assurance that
TKB will be able to consummate a Business Combination by the Extended Date, given the actions
that must occur prior to closing of a Business Combination. |
The
Board unanimously recommends that you vote in favor of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal.
| Q. | Why
should I vote “FOR” the Adjournment Proposal? |
| A. | If
the Adjournment Proposal is not approved by TKB shareholders, the Board may not be able to
adjourn the Extraordinary General Meeting to a later date or dates in the event that there
are insufficient votes for, or otherwise in connection with, the approval of the Extension
Amendment Proposal and the Trust Agreement Amendment Proposal or implementation of the Extension. |
If
presented, the Board unanimously recommends that you vote in favor of the Adjournment Proposal.
| Q. | How
will the initial shareholders vote? |
| A. | The
initial shareholders have advised TKB that they intend to vote any Ordinary Shares over which
they have voting control, in favor of the Extension Amendment Proposal, the Trust Agreement
Amendment Proposal and, if necessary, the Adjournment Proposal. |
The
initial shareholders and their respective affiliates are not entitled to redeem any Founder Shares in connection with the Extension Amendment
Proposal and the Trust Agreement Amendment Proposal. On the Record Date, the Sponsor, TKB’s directors, officers and its initial
shareholders and their respective affiliates beneficially owned and were entitled to vote an aggregate of 5,750,000 Founder Shares held
by the Sponsor and the officers and directors of TKB, representing approximately twenty percent (20%) of TKB’s issued and outstanding
Ordinary Shares. Accordingly, if all outstanding Ordinary Shares are present at the Extraordinary General Meeting, then in addition to
the Founder Shares, the Company will need 12,937,501 Public Shares, or 56.3% of the outstanding Public Shares, to vote in favor of each
of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal to approve such proposals. If only a minimum quorum of
outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751 Public Shares,
or 15.6% of the Public Shares, to vote in favor of each of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal
to approve such proposals. To approve the Adjournment Proposal, if all outstanding Ordinary Shares are present at the Extraordinary General
Meeting, then in addition to the Founder Shares, the Company will need 8,625,001 Public Shares, or 37.5% of the outstanding Public Shares,
to vote in favor of the Adjournment Proposal to approve such proposal. If only a minimum quorum of outstanding Ordinary Shares are present
at the Extraordinary General Meeting, then the Company will need only 1,437,501 Public Shares, or 6.3% of the Public Shares, to vote
in favor of the Adjournment Proposal to approve such proposal. The Adjournment Proposal will only be put forth for a vote if there are
not sufficient votes to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal at the Extraordinary General
Meeting.
| Q. | What
if I do not want to vote “FOR” the Extension Amendment Proposal, the Trust Agreement
Amendment Proposal or the Adjournment Proposal? |
| A. | If
you do not want the Extension Amendment Proposal, the Trust Agreement Amendment Proposal
or the Adjournment Proposal to be approved, you must vote “AGAINST” such proposal. |
If
you fail to vote by proxy or in person (including virtually) at the Extraordinary General Meeting, or if you do not provide voting instructions
to your broker, bank or nominee, your shares will not be counted in connection with the determination of whether a valid quorum is established
and, if a valid quorum is otherwise established, such failure to vote will have no effect on the outcome of any vote on the Extension
Amendment Proposal, the Trust Agreement Amendment Proposal and the Adjournment Proposal.
If
you vote to “ABSTAIN”, such abstentions will be counted in connection with the determination of whether a valid quorum is
established but will have no effect on the outcome of the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or the Adjournment
Proposal.
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, the Adjournment Proposal will not be presented
for a vote.
| Q. | What
happens If the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are
not approved? |
| A. | If
there are insufficient votes to approve the Extension Amendment Proposal and the Trust Agreement
Amendment Proposal, TKB may put the Adjournment Proposal to a vote in order to seek additional
time to obtain sufficient votes in support of the Extension. |
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are not approved and a Business Combination is not consummated
by the Termination Date, or such later date that may be approved by TKB shareholders, TKB (i) will cease all operations except for the
purpose of winding up; (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter subject to lawfully
available funds therefor, redeem 100% of the Public Shares in consideration of a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the total number of then issued
and outstanding Public Shares, which redemption will completely extinguish rights of the holders of Public Shares (including the right
to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of TKB’s remaining shareholders and the Board in accordance with applicable law, liquidate
and dissolve, subject in each case to TKB’s obligations under Cayman Islands law, to provide for claims of creditors and other
requirements of applicable law.
The
Sponsor and the officers, directors and the initial shareholders of TKB waived their rights to participate in any liquidation distribution
with respect to the 5,750,000 Founder Shares held by them. There will be no distribution from the Trust Account with respect to TKB’s
warrants, which will expire worthless in the event TKB dissolves and liquidates the Trust Account.
| Q. | If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved,
what happens next? |
| A. | If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved,
and if TKB will have at least 5 million Public Shares outstanding upon its consummation of
the Extension (or if the Board has waived such condition), then TKB will amend its Articles
of Association by filing an amendment with the Cayman Islands Registrar of Companies in substantially
the form that appears in Annex A hereto and will continue its efforts to consummate
a Business Combination on or before the Extended Date. |
If
the Extension Amendment Proposal is approved and the Extension is implemented, the removal from the Trust Account of the amount equal
to the pro rata portion of funds available in the Trust Account with respect to such redeemed Public Shares will reduce the amount remaining
in the Trust Account and increase the percentage interest of TKB held by TKB’s officers, directors, the Sponsor and its affiliates.
However, the Extension is conditioned on TKB having at least 5 million Public Shares outstanding upon its consummation of the Extension,
after taking into account the redemption of Public Shares. The Board reserves the right to waive such condition and proceed with the
Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion. In addition, pursuant to the Articles of
Association, TKB may not redeem Public Shares in an amount that would cause our net tangible assets
to be less than $5,000,001, which condition may not be waived by the Board.
Even
both if the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, TKB may nevertheless choose not to
hold the Extraordinary General Meeting or to amend the Articles of Association and may liquidate on the Termination Date.
| Q. | If
TKB determines that it would not have at least 5 million Public Shares outstanding following
redemptions? |
| A. | The
Extension Amendment Proposal and Trust Agreement Amendment Proposal are conditioned upon
TKB having at least 5 million Public Shares outstanding upon consummation of the Extension,
after taking into account the redemption of Public Shares. If more shares than the maximum
redemption limit are put to us for redemption, the Board intends to abandon the Extension
and liquidate on the Termination Date. However, the Board may also waive the condition and
proceed with the Extension in its sole discretion. |
| Q. | Do
I need to request that my shares be redeemed whether I vote for or against the Extension
Amendment Proposal? |
| A. | Yes.
Whether you vote for or against the Extension Amendment Proposal and regardless of whether
you are a holder of Public Shares on the Record Date, you may elect to redeem your Public
Shares. However, you will need to submit a redemption request for your Public Shares. See
“How do a I exercise my redemption rights?” for more information about
the procedures to follow to redeem your Public Shares. |
| Q. | May
I change my vote after I have mailed my signed proxy card? |
| A. | Yes.
You may change your vote by: |
| ● | sending
a later-dated, signed proxy card addressed to TKB’s Secretary located at TKB Critical
Technologies 1, 400 Continental Blvd, Suite 600 El Segundo, CA 90245 Attn: Secretary, so
that it is received by TKB’s Secretary on or before the Extraordinary General Meeting;
or |
| ● | attending
and voting, in person or virtually via the internet, during the Extraordinary General Meeting. |
You
also may revoke your proxy by sending a notice of revocation to TKB’s Secretary, which must be received by TKB’s Secretary
on or before the Extraordinary General Meeting. Attending the Extraordinary General Meeting will not cause your previously granted proxy
to be revoked unless you specifically so request.
| A. | Votes
will be counted by the inspector of election appointed for the Extraordinary General Meeting,
who will separately count “FOR” and “AGAINST” votes, “ABSTAIN”
and broker non-votes. The Extension Amendment Proposal requires a special resolution under
Cayman Islands law, being the affirmative vote of the holders of at least two-thirds (2/3)
of the issued and outstanding Ordinary Shares entitled to vote and who, being present in
person or represented by proxy at the Extraordinary General Meeting or any adjournment thereof,
vote on such matter. Approval of the Trust Agreement Amendment Proposal, pursuant to the
Trust Agreement, requires the affirmative vote of at least sixty-five percent (65%) of the
issued and outstanding Ordinary Shares, voting together as a single class. Approval of the
Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the
affirmative vote of the holders of at least a majority of the issued and outstanding Ordinary
Shares entitled to vote and who, being present in person or represented by proxy at the Extraordinary
General Meeting or any adjournment thereof, vote on such matter. With respect to the Extension
Amendment Proposal, the Trust Agreement Amendment Proposal and the Adjournment Proposal,
abstentions and broker non-votes, while considered present for the purposes of establishing
a quorum, will have no effect on outcome of any proposal brought before the Extraordinary
General Meeting. |
| Q. | What
is the difference between a shareholder of record and a beneficial owner of shares held in
street name? |
| A. | Shareholder
of Record. If your shares are registered directly in your name with the Company’s
transfer agent, Continental Stock Transfer & Trust Company, you are considered the shareholder
of record with respect to those shares, and the proxy materials were sent directly to you
by the Company. |
Beneficial
Owner of Shares Held in Street Name. If your shares are held in an account at a brokerage firm, bank, broker-dealer, or other similar
organization, then you are the beneficial owner of shares held in “street name,” and the proxy materials were forwarded to
you by that organization. The organization holding your account is considered the shareholder of record for purposes of voting at the
Extraordinary General Meeting. As a beneficial owner, you have the right to instruct that organization on how to vote the shares held
in your account. Those instructions are contained in a “vote instruction form.”
| Q. | If
my shares are held in “street name,” will my broker, bank or nominee automatically
vote my shares for me? |
| A. | No.
Under the rules of various national and regional securities exchanges, your broker, bank,
or nominee cannot vote your shares with respect to non-discretionary matters unless you provide
instructions on how to vote in accordance with the information and procedures provided to
you by your broker, bank, or nominee. TKB believes that all of the proposals presented to
the shareholders at this Extraordinary General Meeting will be considered non-discretionary
and, therefore, your broker, bank, or nominee cannot vote your shares without your instruction
on any of the proposals presented at the Extraordinary General Meeting. If you do not provide
voting instructions to your broker, bank, or other nominee, they may deliver a proxy card
expressly indicating that it is NOT voting your shares. This indication that a broker, bank,
or nominee is not voting your shares is referred to as a “broker non-vote.” Broker
non-votes will be counted for the purposes of determining the existence of a quorum but will
have no effect on the outcome of any of the proposals submitted to a vote at the Extraordinary
General Meeting. Your bank, broker or other nominee can vote your shares only if you provide
instructions on how to vote. You should instruct your broker to vote your shares in accordance
with directions you provide. |
| Q. | What
constitutes a quorum at the Extraordinary General Meeting? |
| A. | A
quorum is the minimum number of TKB shareholders necessary to hold a valid meeting. Our Articles
of Association defines a quorum as the holders (whether individuals or entities by a duly
authorized representative) of a majority of the Ordinary Shares being present in person or
by proxy at the Extraordinary General Meeting. |
Accordingly,
a TKB’s shareholder’s failure to vote in person (including virtually) or by proxy at the Extraordinary General Meeting, will
not be counted towards the number of Ordinary Shares required to validly establish a quorum.
| Q. | How
many votes do I have? |
| A. | Each
Ordinary Share is entitled to one vote on each proposal being submitted to our shareholders
at the Extraordinary General Meeting. |
| A. | If
you were a holder of record of Ordinary Shares on December [●], 2022, the Record Date
for the Extraordinary General Meeting, you may vote with respect to the proposals yourself
at the Extraordinary General Meeting, or by completing, signing, dating and returning the
enclosed proxy card in the postage-paid envelope provided. |
Voting
by Mail. By signing the proxy card and returning it in the enclosed prepaid and addressed envelope, you are authorizing the individuals
named on the proxy card to vote your shares at the Extraordinary General Meeting in the manner you indicate. You are encouraged to sign
and return the proxy card even if you plan to attend the Extraordinary General Meeting so that your shares will be voted if you are unable
to virtually attend the Extraordinary General Meeting. If you receive more than one proxy card, it is an indication that your shares
are held in multiple accounts. Please sign and return all proxy cards to ensure that all of your shares are voted. Votes submitted by
mail must be received by 11:59 p.m., New York Time, on January [●], 2023.
Voting
by Internet. Shareholders who have received a copy of the proxy card by mail may be able to vote over the internet by visiting www.cstproxyvote.com
and entering the voter control number included on your proxy card.
| Q. | Does
the Board recommend voting “FOR” the approval of the Extension Amendment Proposal,
the Trust Agreement Amendment Proposal and the Adjournment Proposal? |
| A. | Yes.
After careful consideration of the terms and conditions of each of the Extension Amendment
Proposal, Trust Agreement Amendment Proposal, and Adjournment Proposal the Board has determined
that each proposal is in the best interests of TKB and its shareholders. The Board unanimously
recommends that TKB shareholders vote “FOR” each of the Extension Amendment Proposal,
Trust Agreement Amendment Proposal, and Adjournment Proposal, if presented. |
| Q. | What
interests do TKB’s directors and officers have in the approval of the Extension Amendment
Proposal and the Trust Agreement Amendment Proposal? |
| A. | TKB’s
directors and officers have interests in the Extension Amendment Proposal and the Trust Agreement
Amendment Proposal that may be different from, or in addition to, your interests as a shareholder.
These interests include, among others, ownership, directly or indirectly through the Sponsor,
of Founder Shares and Private Placement Warrants that may become exercisable in the future.
See the section entitled “Extraordinary General Meeting of TKB — Interests
of the Initial Shareholders” in this proxy statement. |
| Q. | Do
I have appraisal rights or dissenters’ rights if I object to the Extension Amendment
Proposal or the Trust Agreement Amendment Proposal? |
| A. | No.
There are no appraisal rights available to TKB shareholders in connection with the Extension
Amendment Proposal or the Trust Agreement Amendment Proposal. |
| Q. | If
I am a Public Shareholder, can I exercise redemption rights with respect to my Public Shares? |
| A. | Yes.
If you are a holder of Public Shares, you have the
right to request that we redeem all or a portion of your Public Shares for cash provided
that you follow the procedures and deadlines described elsewhere in this proxy statement.
Public Shareholders may elect to redeem all or a portion of the Public Shares held by them
regardless of if or how they vote in respect of proposals and regardless of whether they
hold Public Shares on the Record Date. If you wish to exercise your redemption rights, please
see the answer to the question: “How do I exercise my redemption rights?”. |
Notwithstanding
the foregoing, pursuant to our Articles of Association, a Public Shareholder, together with any affiliate of such Public Shareholder
or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3)
of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 15% of the Public
Shares. Accordingly, if a Public Shareholder, alone or acting in concert or as a group, seeks to redeem more than 15% of the Public Shares,
then any such shares in excess of that 15% limit would not be redeemed for cash.
| Q. | If
I own Public Warrants, can I exercise redemption rights with respect to my Public Warrants? |
| A. | No.
The holders of Public Warrants have no redemption rights with respect to such Public Warrants. |
| Q. | If
I am a Unit holder, can I exercise redemption rights with respect to my Units? |
| A. | No.
Holders of outstanding Units must separate the underlying Public Shares and Public Warrants
prior to exercising redemption rights with respect to the Public Shares. |
If
you hold Units registered in your own name, you must deliver the certificate for such Units to the Trustee with written instructions
to separate such Units into Public Shares and Public Warrants. This must be completed far enough in advance to permit the mailing of
the Public Share certificates back to you so that you may then exercise your redemption rights upon the separation of the Public Shares
from the Units. See “How do I exercise my redemption rights?” below. The address of the Trustee is listed under the
question “Who can help answer my questions?” below.
If
a broker, dealer, commercial bank, trust company or other nominee holds your Units, you must instruct such nominee to separate your Units.
Your nominee must send written instructions by facsimile to the Trustee. Such written instructions must include the number of Units to
be split and the nominee holding such Units. Your nominee must also initiate electronically, using DTC’s DWAC system, a withdrawal
of the relevant Units and a deposit of an equal number of Public Shares and Public Warrants. This must be completed far enough in advance
to permit your nominee to exercise your redemption rights upon the separation of the Public Shares from the Units. While this is typically
done electronically the same business day, you should allow at least one full business day to accomplish the separation. If you fail
to cause your Public Shares to be separated in a timely manner, you will likely not be able to exercise your redemption rights.
| Q. | What
do I need to do now? |
| A. | You
are urged to read carefully and consider the information contained in this proxy statement,
including Annexes A and B, and to consider how the Extension Amendment
Proposal, the Trust Agreement Amendment Proposal and the Adjournment Proposal will affect
you as a shareholder. You should then vote as soon as possible in accordance with the instructions
provided in this proxy statement and on the enclosed proxy card or, if you hold your shares
through a brokerage firm, bank or other nominee, on the voting instruction form provided
by the broker, bank or nominee. |
| Q. | How
do I exercise my redemption rights? |
| A. | In
connection with the Extension Amendment Proposal and the Trust Agreement Amendment Proposal
and contingent upon the effectiveness of the implementation of the Extension, TKB shareholders
may seek to redeem all or a portion of their Public Shares for a pro rata portion of the
funds available in the Trust Account at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to TKB to pay its taxes, divided by
the number of then outstanding Public Shares, subject to the limitations described in the
final prospectus dated October 26, 2021, filed in connection with the IPO. However,
the Extension is conditioned on TKB having at least 5 million Public Shares outstanding upon
its consummation of the Extension, after taking into account the redemption of Public Shares.
The Board reserves the right to waive such condition and proceed with the Extension Amendment
Proposal and Trust Agreement Amendment Proposal in its sole discretion. In addition, pursuant
to the Articles of Association, TKB may not redeem
Public Shares in an amount that would cause our net tangible assets to be less than $5,000,001,
which condition may not be waived by the Board. Notwithstanding the foregoing, even
if both the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved,
TKB may nevertheless choose not to hold the Extraordinary General Meeting or not to amend
the Articles of Association and may liquidate on the Termination Date. |
Pursuant
to our Articles of Association, a Public Shareholder may request to redeem all or a portion of such holder’s Public Shares for
cash if the Extension is consummated. As a holder of Public Shares, you will be entitled to receive cash for any Public Shares to be
redeemed only if you:
| (i) | (a)
hold Public Shares or (b) hold Public Shares through Units and elect to separate your Units into the underlying Public Shares and Public
Warrants prior to exercising your redemption rights with respect to the Public Shares; |
| (ii) | submit
a written request to the Trustee including the legal name, phone number and address of the beneficial owner of the Public Shares for
which redemption is requested, that TKB redeem all or a portion of your Public Shares for cash; and |
| (iii) | deliver
your share certificates for Public Shares (if any) along with other applicable redemption forms to the Trustee, physically or electronically
through DTC. |
Holders
must complete the procedures for electing to redeem their Public Shares in the manner described above prior to 5:00 p.m., Eastern Time,
on January [●], 2023 (two business days prior to the scheduled vote at the Extraordinary General Meeting) in order for their Public
Shares to be redeemed. Public Shareholders may elect to redeem Public Shares regardless of if or how they vote in respect of the Extension
Amendment Proposal and Trust Agreement Amendment Proposal, and regardless of whether they hold Public Shares on the Record Date. If the
Extension is not consummated, the Public Shares will be returned to the respective holder, broker or bank. The address of TKB’s
transfer agent is listed under the question “Who can help answer my questions?” below. TKB requests that any requests
for redemption include the identity as to the beneficial owner making such request, including such beneficial owner’s legal name,
phone number, and address.
A
physical share certificate will not be needed if your shares are delivered to TKB’s transfer agent electronically. In order to
obtain a physical share certificate, a shareholder’s broker and/or clearing broker, DTC and TKB’s transfer agent will need
to act to facilitate the request. It is TKB’s understanding that shareholders should generally allot at least one week to obtain
physical certificates from the transfer agent. However, because TKB does not have any control over this process or over the brokers or
DTC, it may take significantly longer than one week to obtain a physical share certificate. If it takes longer than anticipated to obtain
a physical certificate, shareholders who wish to redeem their shares may be unable to obtain physical certificates by the deadline for
exercising their redemption rights and thus will be unable to redeem their shares.
Any
demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter,
with TKB’s consent, until a vote is taken with respect to the Extension, if any. If you delivered your shares for redemption to
the Trustee and decide within the required timeframe not to exercise your redemption rights, you may request that the Trustee return
the shares (physically or electronically). Such requests may be made by contacting the Trustee at the phone number or address listed
under the question “Who can help answer my questions?”
TKB
shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name”
are required to either tender their certificates to the transfer agent prior to the date set forth in this proxy statement, or up to
two (2) business days prior to the scheduled vote at the Extraordinary General Meeting, or to deliver their shares to the transfer agent
electronically using the DTC’s DWAC system, at such shareholder’s option. The requirement for physical or electronic delivery
prior to the Extraordinary General Meeting ensures that a redeeming shareholder’s election to redeem is irrevocable once the Extension
Amendment Proposal is approved.
There
is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through
the DWAC system. The transfer agent will typically charge a tendering broker a fee and it is in the broker’s discretion whether
or not to pass this cost on to the redeeming shareholder. However, this fee would be incurred regardless of whether or not shareholders
seeking to exercise redemption rights are required to tender their shares, as the need to deliver shares is a requirement to exercising
redemption rights, regardless of the timing of when such delivery must be effectuated.
| Q. | What
should I do if I receive more than one (1) set of voting materials for the Extraordinary
General Meeting? |
| A. | You
may receive more than one set of voting materials for the Extraordinary General Meeting,
including multiple copies of this proxy statement and multiple proxy cards or voting instruction
cards. For example, if you hold your shares in more than one brokerage account, you will
receive a separate voting instruction card for each brokerage account in which you hold shares.
If you are a holder of record and your shares are registered in more than one name, you will
receive more than one proxy card. Please complete, sign, date and return each proxy card
and voting instruction card that you receive in order to cast your vote with respect to all
of your shares. |
| Q. | Who
will solicit and pay the cost of soliciting proxies for the Extraordinary General Meeting? |
| A. | TKB
will pay the cost of soliciting proxies for the Extraordinary General Meeting. TKB has engaged
Morrow Sodali, LLC to assist in the solicitation of proxies for the Extraordinary General
Meeting. TKB will also reimburse banks, brokers and other custodians, nominees and fiduciaries
representing beneficial owners of Ordinary Shares for their expenses in forwarding soliciting
materials to beneficial owners of Ordinary Shares and in obtaining voting instructions from
those owners. The directors, officers and employees of TKB may also solicit proxies by telephone,
by facsimile, by mail or on the internet. They will not be paid any additional amounts for
soliciting proxies. |
| Q. | Who
can help answer my questions? |
| A. | If
you have questions about the proposals or if you need additional copies of this proxy statement
or the enclosed proxy card you should contact: |
TKB
Critical Technologies 1
400 Continental Blvd, Suite 600
El Segundo, CA 90245
(310) 426-2055
You
may also contact the proxy solicitor for TKB at:
Morrow
Sodali, LLC
333 Ludlow Street, 5th Floor, South Tower Stamford
CT 06902
Individuals
call toll-free (800) 662-5200
Banks and brokers call (203) 658-9400
Email: USCT.info@investor.morrowsodali.com
To
obtain timely delivery, TKB shareholders must request the materials no later than January [●], 2023, or five (5) business days
prior to the date of the Extraordinary General Meeting. You may also obtain additional information about TKB from documents filed with
the SEC by following the instructions in the section entitled “Where You Can Find More Information.”
If
you intend to seek redemption of your Public Shares, you will need to demand redemption and deliver your Public Shares (either physically
or electronically) to the transfer agent on or before 5:00 p.m. Eastern Time on January [●], 2023 (two business days before the
scheduled vote at the Extraordinary General Meeting) in accordance with the procedures detailed under the question “How do I
exercise my redemption rights?”. If you have questions regarding the certification of your position or delivery of your Public
Shares, please contact the transfer agent:
Continental
Stock Transfer & Trust Company, LLC
1 State Street, 30th Floor
New York, NY 10004
Attn: Mark Zimkind
Email: mzimkind@continentalstock.com
EXTRAORDINARY
GENERAL MEETING OF TKB
This
proxy statement is being provided to TKB shareholders as part of a solicitation of proxies by the Board for use at the Extraordinary
General Meeting of TKB shareholders to be held on January [●], 2023, and at any adjournment thereof. This proxy statement contains
important information regarding the Extraordinary General Meeting, the proposals on which you are being asked to vote and information
you may find useful in determining how to vote and voting procedures.
This
proxy statement is being first mailed on or about December [●], 2022 to all shareholders of record of TKB as of December [●],
2022, the record date for the Extraordinary General Meeting. Shareholders of record who owned Ordinary Shares at the close of business
on the Record Date are entitled to receive notice of, attend and vote at the Extraordinary General Meeting.
Date,
Time and Place of Extraordinary General Meeting
The
Extraordinary General Meeting will be held at [●] [a][p].m., Eastern Time on January [●], 2023, at the offices of White &
Case LLP, located at 1221 Avenue of the Americas, New York, NY 10020, and virtually via live webcast by visiting www.[●] and entering
the voter control number included on your proxy card. The Extraordinary General Meeting may be held at such other date, time and place
to which such meeting may be adjourned, to consider and vote on the proposals.
Proposals
at the Extraordinary General Meeting
At
the Extraordinary General Meeting, TKB shareholders will consider and vote on the following proposals:
| ● | Proposal
No. 1 — Extension Amendment Proposal — A proposal, by special resolution
to amend TKB’s Articles of Association to (i) extend the Combination Period from January 29,
2023 to [●], 2023 (i.e., for a period of time ending [●] months after the consummation
of its IPO) and (ii) to give the Company the right to further extend the Combination Period
beyond [●], 2023 up to [●] times for an additional one (1) month each time to
[●], 2023; |
| ● | Proposal
No.2 — Trust Agreement Amendment Proposal — A proposal, to approve
by the affirmative vote of sixty-five percent (65%) of the outstanding Ordinary Shares, voting
together as a single class, to amend TKB’s Trust Agreement to (i) allow the Company
to extend the Combination Period from January 29, 2023 to [●], 2023, and (ii)
to give the Company the right to further extend the Combination Period beyond [●],
2023 up to [●] times for an additional one (1) month each time to the Extended Date;
and |
| ● | Proposal
No. 3 — Adjournment Proposal — A proposal, by ordinary resolution to adjourn
the Extraordinary General Meeting to a later date or dates, if necessary, to permit further
solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary
General Meeting, there are not sufficient votes to approve the Extension Amendment Proposal
or the Trust Agreement Amendment Proposal, or to provide additional time to effectuate the
Extension. |
Voting
Power; Record Date
As
a shareholder of TKB, you have a right to vote on certain matters affecting TKB. The proposals that will be presented at the Extraordinary
General Meeting and upon which you are being asked to vote are summarized above and fully set forth in this proxy statement. You will
be entitled to vote or direct votes to be cast at the Extraordinary General Meeting if you own Ordinary Shares at the close of business
on December [●], 2022, which is the Record Date for the Extraordinary General Meeting. You are entitled to one (1) vote for each
Ordinary Share that you own as of the close of business on the Record Date. If your shares are held in “street name” or are
in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you
beneficially own are properly counted. On the Record Date, there were 28,750,000 issued and outstanding shares, of which 23,000,000 shares
were held by holders of Public Shares and 5,750,000 Founder Shares were held by the initial shareholders.
Recommendation
of the Board
THE
BOARD UNANIMOUSLY RECOMMENDS
THAT YOU VOTE “FOR” EACH OF THESE PROPOSALS
Quorum
and Required Vote for Proposals for the Extraordinary General Meeting
The
presence, in person (including virtually) or by proxy, at the Extraordinary General Meeting of the holders of a majority of the outstanding
Ordinary Shares entitled to vote as of the Record Date at the Extraordinary General Meeting shall constitute a quorum for the conduct
of business at the Extraordinary General Meeting. Accordingly, a TKB’s shareholder’s failure to vote in person (including
virtually) or by proxy at the Extraordinary General Meeting, will not be counted towards the number of Ordinary Shares required to validly
establish a quorum. If a valid quorum is otherwise established, such failure to vote or broker non-vote will have no effect on the outcome
of any vote on the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or Adjournment Proposal. Abstentions and not broker
non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General
Meeting and will have no effect on the outcome of any vote on the Extension Amendment Proposal, Trust Agreement Amendment Proposal, or
Adjournment Proposal.
The
approval of the Extension Amendment Proposal requires a special resolution under Cayman Islands law, being the affirmative vote of the
holders of at least two-thirds (2/3) of the issued and outstanding Ordinary Shares entitled to vote and who, being present in person
or represented by proxy at the Extraordinary General Meeting or any adjournment thereof, vote on such matter. Approval of the Trust Agreement
Amendment Proposal, pursuant to the Trust Agreement, requires the affirmative vote of at least sixty-five percent (65%) of the issued
and outstanding Ordinary Shares, voting together as a single class. Approval of the Adjournment Proposal requires an ordinary resolution
under Cayman Islands law, being the affirmative vote of the holders of at least a majority of the issued and outstanding Ordinary Shares
entitled to vote and who, being present in person or represented by proxy at the Extraordinary General Meeting or any adjournment thereof,
vote on such matter.
On
the Record Date, the Sponsor, TKB’s directors, officers and its initial shareholders and their respective affiliates beneficially
owned and were entitled to vote an aggregate of 5,750,000 Founder Shares held by the Sponsor and the officers and directors of TKB, representing
approximately twenty percent (20%) of TKB’s issued and outstanding Ordinary Shares. Accordingly, if all outstanding Ordinary Shares
are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares,
or 56.3% of the outstanding Public Shares, to vote in favor of each of the Extension Amendment Proposal and the Trust Agreement Amendment
Proposal to approve such proposals. If only a minimum quorum of outstanding Ordinary Shares are present at the Extraordinary General
Meeting, then the Company will need only 3,593,751 Public Shares, or 15.6% of the Public Shares, to vote in favor of each of the Extension
Amendment Proposal and the Trust Agreement Amendment Proposal to approve such proposals. To approve the Adjournment Proposal, if all
outstanding Ordinary Shares are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will
need 8,625,001 Public Shares, or 37.5% of the outstanding Public Shares, to vote in favor of the Adjournment Proposal to approve such
proposal. If only a minimum quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company
will need only 1,437,501 Public Shares, or 6.3% of the Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal.
The Adjournment Proposal will only be put forth for a vote if there are not sufficient votes to approve the Extension Amendment Proposal
and the Trust Agreement Amendment Proposal at the Extraordinary General Meeting.
It
is possible that TKB will not be able to complete its initial Business Combination on or before the Termination Date, or by the Extended
Date if the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved. If TKB fails to complete its initial
Business Combination on or before the Termination Date, or by the Extended Date if the Extension Amendment Proposal and the Trust Agreement
Amendment are approved, TKB will be required to dissolve and liquidate the Trust Account by returning the then remaining funds in such
account to the holders of Public Shares.
Voting
Your Shares — Shareholders of Record
If
you are a TKB shareholder of record, you may vote by mail, internet or telephone. Each Ordinary Share that you own in your name entitles
you to one (1) vote on each of the proposals for the Extraordinary General Meeting. Your one (1) or more proxy cards show the number
of Ordinary Shares that you own.
Voting
by Mail. You can vote your shares by completing, signing, dating and returning the enclosed proxy card in the postage-paid envelope
provided. By signing the proxy card and returning it in the enclosed prepaid and addressed envelope, you are authorizing the individuals
named on the proxy card to vote your shares at the Extraordinary General Meeting in the manner you indicate. You are encouraged to sign
and return the proxy card even if you plan to virtually attend the Extraordinary General Meeting so that your shares will be voted if
you are unable to virtually attend the Extraordinary General Meeting. If you receive more than one proxy card, it is an indication that
your shares are held in multiple accounts. Please sign and return all proxy cards to ensure that all of your shares are voted. If you
hold your shares in “street name” through a bank, broker or other nominee, you will need to follow the instructions provided
to you by your bank, broker or other nominee to ensure that your shares are represented and voted at the Extraordinary General Meeting.
If you sign and return the proxy card but do not give instructions on how to vote your shares, your Ordinary Shares will be voted as
recommended by the Board. The Board unanimously recommends voting “FOR” the Extension Amendment Proposal, “FOR”
the Trust Agreement Amendment Proposal and “FOR” the Adjournment Proposal. Votes submitted by mail must be received by 11:59
p.m., New York Time, on January [●], 2023.
Voting
by Internet. Shareholders who have received a copy of the proxy card by mail may be able to vote over the internet by visiting www.cstproxyvote.com
and entering the voter control number included on their proxy card.
Voting
Your Shares — Beneficial Owners
If
your shares are registered in the name of your broker, bank or other agent, you are the “beneficial owner” of those shares
and those shares are considered as held in “street name.” If you are a beneficial owner of shares registered in the name
of your broker, bank or other agent, you should have received a proxy card and voting instructions with these proxy materials from that
organization rather than directly from TKB. Simply complete and mail the proxy card to ensure that your vote is counted. You may be eligible
to vote your shares electronically over the internet or by telephone. A large number of banks and brokerage firms offer internet and
telephone voting. If your bank or brokerage firm does not offer internet or telephone voting information, please complete and return
your proxy card in the self-addressed, postage-paid envelope provided. To vote yourself at the Extraordinary General Meeting, you must
first obtain a valid legal proxy from your broker, bank or other agent and then register in advance to virtually attend the Extraordinary
General Meeting. Follow the instructions from your broker or bank included with these proxy materials, or contact your broker or bank
to request a legal proxy form.
After
obtaining a valid legal proxy from your broker, bank or other agent, you must then register to virtually attend the Extraordinary General
Meeting by submitting proof of your legal proxy reflecting the number of your shares along with your name and email address to the Trustee.
Requests for registration should be directed to proxyservices@continentalstock.com. Written requests can be mailed to:
Continental
Stock Transfer & Trust Company, LLC
Attn: Proxy Services Department
1 State Street, 30th Floor
New York, NY 10004
Requests
for registration must be labeled as “Legal Proxy” and be received no later than 4:30 p.m., New York Time, on January [●],
2023.
You
will receive a confirmation of your registration by email after TKB receives your registration materials. You may virtually attend the
Extraordinary General Meeting by visiting www.[●] and entering the voter control number included on your proxy card. You will also
need a voter control number included on your proxy card in order to be able to vote your shares or submit questions during the Extraordinary
General Meeting. Follow the instructions provided to vote. TKB encourages you to access the Extraordinary General Meeting prior to the
start time leaving ample time for the check in.
Attending
the Extraordinary General Meeting
The
Extraordinary General Meeting will be held at [●] [a][p].m. Eastern Time, on January [●], 2023, at the offices of White &
Case LLP, located at 1221 Avenue of the Americas, New York, NY 10020, and virtually via live webcast at www.[●]. You will be able
to attend the Extraordinary General Meeting virtually by logging into the meeting website and entering the voter control number included
on your proxy card. In order to vote or submit a question during the Extraordinary General Meeting, you will also need the voter control
number included on your proxy card. If you do not have the control number, you will be able to listen to the Extraordinary General Meeting
only by registering as a guest and you will not be able to vote or submit your questions during the Extraordinary General Meeting.
Revoking
Your Proxy
If
you give a proxy, you may revoke it at any time before the Extraordinary General Meeting or at the Extraordinary General Meeting by doing
any one of the following:
| ● | you
may send another proxy card with a later date; |
| ● | you
may notify TKB’s Secretary in writing to TKB Critical Technologies 1, 400 Continental
Blvd, Suite 600, El Segundo, CA 90245, before the Extraordinary General Meeting that you
have revoked your proxy; or |
| ● | you
may attend the Extraordinary General Meeting, revoke your proxy, and vote in person (including
virtually), as indicated above. |
No
Additional Matters
The
Extraordinary General Meeting has been called only to consider and vote on the approval of the Extension Amendment Proposal, the Trust
Agreement Amendment Proposal and the Adjournment Proposal. Under the Articles of Association, other than procedural matters incident
to the conduct of the Extraordinary General Meeting, no other matters may be considered at the Extraordinary General Meeting if they
are not included in this proxy statement, which serves as the notice of the Extraordinary General Meeting.
Who
Can Answer Your Questions about Voting
If
you have any questions about how to vote or direct a vote in respect of your Ordinary Shares, you may call Morrow Sodali, LLC, TKB’s
proxy solicitor, (800) 662-5200 or banks and brokers can call at (203) 658-9400.
Redemption
Rights
In
connection with the Extension Amendment Proposal and the Trust Agreement Amendment Proposal, and contingent upon the effectiveness of
the implementation of the Extension, each holder of Public Shares may seek to redeem all or a portion of their Public Shares for a pro
rata portion of the funds available in the Trust Account at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to TKB to
pay its taxes, divided by the number of then outstanding Public Shares, subject to the limitations described in the final prospectus
dated October 26, 2021, filed in connection with the IPO. If you exercise your redemption rights, you will be exchanging your Public
Shares for cash and will no longer own the shares. However, the Extension is conditioned on TKB having at least 5 million Public Shares
outstanding upon its consummation of the Extension, after taking into account the redemption of public shares. The Board reserves the
right to waive such condition and proceed with the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion.
In addition, pursuant to the Articles of Association, TKB may not redeem Public Shares in an amount
that would cause our net tangible assets to be less than $5,000,001, which condition may not be waived by the Board. Notwithstanding
the foregoing, even if both the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, TKB may nevertheless
choose not to hold the Extraordinary General Meeting or not to amend the Articles of Association and may liquidate on the Termination
Date.
Pursuant
to our Articles of Association, a Public Shareholder may request to redeem all or a portion of such holder’s Public Shares for
cash if the Extension is consummated. As a holder of Public Shares, you will be entitled to receive cash for any Public Shares to be
redeemed only if you:
| (i) | (a)
hold Public Shares or (b) hold Public Shares through Units and elect to separate your Units into the underlying Public Shares and Public
Warrants prior to exercising your redemption rights with respect to the Public Shares; |
| (ii) | submit
a written request to the Trustee including the legal name, phone number and address of the beneficial owner of the Public Shares for
which redemption is requested, that TKB redeem all or a portion of your Public Shares for cash; and |
| (iii) | deliver
your share certificates for Public Shares (if any) along with other applicable redemption forms to the Trustee, physically or electronically
through DTC. |
Holders
must complete the procedures for electing to redeem their Public Shares in the manner described above prior to 5:00 p.m., Eastern Time,
on January [●], 2023 (two business days prior to the scheduled vote at the Extraordinary General Meeting) in order for their Public
Shares to be redeemed. Public Shareholders may elect to redeem Public Shares regardless of if or how they vote in respect of the Extension
Amendment Proposal and Trust Agreement Amendment Proposal, and regardless of whether they hold Public Shares on the Record Date. If the
Extension is not consummated, the Public Shares will be returned to the respective holder, broker or bank. The address of TKB’s
transfer agent is listed under the question “Who can help answer my questions?” below. TKB requests that any requests
for redemption include the identity as to the beneficial owner making such request, including such beneficial owner’s legal name,
phone number, and address.
A
physical share certificate will not be needed if your shares are delivered to TKB’s transfer agent electronically. In order to
obtain a physical share certificate, a shareholder’s broker and/or clearing broker, DTC and TKB’s transfer agent will need
to act to facilitate the request. It is TKB’s understanding that shareholders should generally allot at least one week to obtain
physical certificates from the transfer agent. However, because TKB does not have any control over this process or over the brokers or
DTC, it may take significantly longer than one week to obtain a physical share certificate. If it takes longer than anticipated to obtain
a physical certificate, shareholders who wish to redeem their shares may be unable to obtain physical certificates by the deadline for
exercising their redemption rights and thus will be unable to redeem their shares.
Any
demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter,
with TKB’s consent, until a vote is taken with respect to the Extension, if any. If you delivered your shares for redemption to
the Trustee and decide within the required timeframe not to exercise your redemption rights, you may request that the Trustee return
the shares (physically or electronically). Such requests may be made by contacting the Trustee at the phone number or address listed
under the question “Who can help answer my questions?”
TKB
shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name”
are required to either tender their certificates to the transfer agent prior to the date set forth in this proxy statement, or up to
two (2) business days prior to the scheduled vote at the Extraordinary General Meeting, or to deliver their shares to the transfer agent
electronically using the DTC’s DWAC system, at such shareholder’s option. The requirement for physical or electronic delivery
prior to the Extraordinary General Meeting ensures that a redeeming shareholder’s election to redeem is irrevocable once the Extension
Amendment Proposal is approved.
There
is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through
the DWAC system. The transfer agent will typically charge a tendering broker a fee and it is in the broker’s discretion whether
or not to pass this cost on to the redeeming shareholder. However, this fee would be incurred regardless of whether or not shareholders
seeking to exercise redemption rights are required to tender their shares, as the need to deliver shares is a requirement to exercising
redemption rights, regardless of the timing of when such delivery must be effectuated.
Each
redemption of a Public Share by holders of Public Shares will reduce the amount in the Trust Account, which held marketable securities
with a fair value of approximately $[●] million as of the Record Date. Prior to their exercising redemption rights, TKB shareholders
should verify the market price of the Ordinary Shares, as shareholders may receive higher proceeds from the sale of their Ordinary Shares
in the public market than from exercising their redemption rights if the market price per share is higher than the redemption price.
There is no assurance that you will be able to sell your Public Shares in the open market, even if the market price per share is lower
than the redemption price stated above, as there may not be sufficient liquidity in the Ordinary Shares when you wish to sell your shares.
If
you exercise your redemption rights, your Public Shares will cease to be outstanding and will only represent the right to receive a pro
rata share of the aggregate amount then on deposit in the Trust Account. You will have no right to participate in, or have any interest
in, the future growth of TKB, if any. You will be entitled to receive cash for your Public Shares only if you properly and timely demand
redemption.
Notwithstanding
the foregoing, pursuant to our Articles of Association, a Public Shareholder, together with any affiliate of such Public Shareholder
or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3)
of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 15% of the Public
Shares. Accordingly, if a Public Shareholder, alone or acting in concert or as a group, seeks to redeem more than 15% of the Public Shares,
then any such shares in excess of that 15% limit would not be redeemed for cash.
If
the Extension Amendment Proposal and Trust Agreement Amendment Proposal are not approved and the Extension implemented, and if and a
Business Combination is not consummated by the Termination Date, or such later date that may be approved by TKB shareholders, TKB will
be required to dissolve and liquidate the Trust Account by returning the then remaining funds in such account to the holders of Public
Shares and all of TKB’s warrants will expire worthless.
Appraisal
Rights
There
are no appraisal rights available to TKB shareholders in connection with the Extension Amendment Proposal.
Proxy
Solicitation Costs
TKB
is soliciting proxies on behalf of the Board. This proxy solicitation is being made by mail, but also may be made by telephone or on
the internet. TKB has engaged Morrow Sodali, LLC to assist in the solicitation of proxies for the Extraordinary General Meeting. TKB
and its directors, officers and employees may also solicit proxies on the internet. TKB will ask banks, brokers and other institutions,
nominees and fiduciaries to forward this proxy statement and the related proxy materials to their principals and to obtain their authority
to execute proxies and voting instructions.
TKB
will bear the entire cost of the proxy solicitation, including the preparation, assembly, printing, mailing and distribution of this
proxy statement and the related proxy materials. TKB will reimburse brokerage firms and other custodians for their reasonable out-of-pocket
expenses for forwarding this proxy statement and the related proxy materials to TKB shareholders. Directors, officers and employees of
TKB who solicit proxies will not be paid any additional compensation for soliciting.
Interests
of the Initial Shareholders
In
considering the recommendation of the Board to vote in favor of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal,
shareholders should be aware that, aside from their interests as shareholders, the initial shareholders have interests in consummating
a Business Combination that are different from, or in addition to, those of other shareholders generally. TKB’s directors are aware
of and will consider these interests, among other matters, in evaluating a potential Business Combination, in recommending to shareholders
that they approve a Business Combination and in agreeing to vote their shares in favor of a Business Combination. Shareholders should
take these interests into account in deciding whether to approve a Business Combination. These interests include, among other things:
| ● | If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are not approved
and a Business Combination is not consummated by the Termination Date, or such later date
that may be approved by TKB shareholders, TKB will cease all operations except for the purpose
of winding up, redeeming 100% of the outstanding TKB public shares for cash and, subject
to the approval of its remaining shareholders and the Board, dissolving and liquidating.
In such event, the Founder Shares held by the Sponsor and TKB’s directors and officers,
which were acquired for an aggregate purchase price of $25,000 prior to the IPO, or approximately
$0.004 per share, would be worthless because the holders are not entitled to participate
in any redemption or distribution with respect to such shares. Such shares had an aggregate
market value of $[●] based upon the closing price of $[●] per share on Nasdaq
on the Record Date. |
| ● | Simultaneously
with the consummation of the IPO, the Sponsor purchased 10,750,000 Private Placement Warrants,
each exercisable to purchase one Ordinary Share at $11.50 per share beginning 30 days after
the completion of a Business Combination, at a price of $1.00 per warrant for an aggregate
of $10,750,000 in a private placement. Such Private Placement Warrants have an aggregate
market value of approximately $[●] based upon the closing per warrant price of $[●]
on Nasdaq on the Record Date. The Private Placement Warrants and Ordinary Shares underlying
the Private Placement Warrants will become worthless if TKB does not consummate a business
combination by the Termination Date or such later date that may be approved by TKB shareholders
in accordance with the Articles of Association. |
| ● | The
Sponsor and TKB’s directors and officers paid significantly less for their Founder
Shares and Private Placement Warrants than other Public Shareholders and holders of Public
Warrants paid for their Public Shares and Public Warrants purchased in the IPO or shares
or warrants purchased in the open market thereafter. Even if the trading price of the Ordinary
Shares were as low as $[●] per share, the aggregate market value of the Founder Shares
alone (without taking into account the value of the Private Placement Warrants) would be
approximately equal to the initial investment in the Company by the Sponsor and TKB’s
officers and directors. As a result, if a Business
Combination is completed, the Sponsor, officers and directors are likely to be able to make
a substantial profit on their investment in us even at a time when the Ordinary Shares have
lost significant value. On the other hand, if the Extension Amendment Proposal and Trust
Agreement Amendment Proposal are not approved and the Company liquidates without completing
its Business Combination before the Termination Date, the Sponsor, officers and directors
will lose their entire investment in us. |
| ● | Our
Sponsor has agreed that it will be liable to us, if and to the extent any claims by a vendor
for services rendered or products sold to us, or a prospective target business with which
the Company has discussed entering into a transaction agreement, reduce the amount of funds
in the Trust Account to below: (i) $10.20 per Public Share; or (ii) such lesser amount per
Public Share held in the Trust Account as of the date of the liquidation of the Trust Account
due to reductions in the value of the trust assets, in each case, net of the interest which
may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver
of any and all rights to seek access to the Trust Account and except as to any claims under
our indemnity of the underwriters of the IPO against certain liabilities, including liabilities
under the Securities Act. |
| ● | The
Articles of Association contains a waiver of the corporate opportunity doctrine, and there
could have been Business Combination targets that have been appropriate for a combination
with TKB but were not offered due to a TKB director’s duties to another entity. TKB
does not believe that the waiver of the corporate opportunity doctrine in its Articles of
Association interfered with its ability to identify an acquisition target. |
Additionally,
if the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved and TKB consummates an initial Business Combination,
the officers and directors of TKB may have additional interests as described in the proxy statement/prospectus for such transaction.
PROPOSAL
NO. 1 — THE EXTENSION AMENDMENT PROPOSAL
Overview
TKB
is a blank check company incorporated under the laws of the Cayman Islands on April 20, 2021, for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization or similar business combination, with one or more businesses, without
limitation as to business, industry or sector. TKB has reviewed, and continues to review, a number
of opportunities to enter into a Business Combination, but we are not able to determine at this time whether we will complete a Business
Combination with any of the target businesses that we have reviewed or with any other target business. We also have neither engaged in
any operations nor generated any revenue to date. Based on our business activities, the Company is a “shell company” as defined
under the Exchange Act because we have no operations and nominal assets consisting almost entirely of cash.
On
October 29, 2021, TKB consummated its IPO of 23,000,000 Units. Each Unit consists of one Public Share and one-half of one Public
Warrant. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with
the consummation of the IPO and the sale of the Units, TKB consummated the private placement of an aggregate of 10,750,000 Private Placement
Warrants issued to the Sponsor at a price of $1.00 per warrant, generating total proceeds of $10,750,000. Upon the closing of the IPO
and simultaneous private placement, a total of $234,600,000 of the net proceeds from TKB’s IPO and sale of the Private Placement
Warrants were deposited in the Trust Account established for the benefit of the holders of Public Shares.
Like
most blank check companies, the Articles of Association provides for the return of the IPO proceeds held in trust to the holders of Public
Shares sold in the IPO if there is no qualifying Business Combination(s) consummated on or before the Termination Date. TKB is proposing
to amend its Articles of Association to extend the date by which TKB has to consummate a Business Combination to the Extended Date. A
copy of the proposed amendment to the Articles of Association of TKB is attached to this proxy statement as part of Annex A.
Reasons
for the Extension Amendment Proposal
The
Articles of Association currently provide that TKB has until the Termination Date to complete an initial Business Combination. TKB and
its officers and directors agreed that they would not seek to amend the Articles of Association to allow for a longer period of time
to complete a Business Combination unless TKB provided holders of its Public Shares with the right to seek redemption of their Public
Shares in connection therewith. The Board has determined that it is in the best interests of TKB to seek an extension of the Termination
Date and have TKB shareholders approve the Extension Amendment Proposal and Trust Agreement Amendment Proposal to allow for additional
time to consummate a Business Combination. The Board believes that the current Termination Date will not provide sufficient time to complete
a Business Combination. Given TKB’s commitment of time, effort and financial resources to date with respect to identifying a Business
Combination target, circumstances warrant providing Public Shareholders with additional time and opportunity to consider a prospective
Business Combination. However, even if the Extension Amendment Proposal and Trust Agreement Amendment Proposal are approved and the Extension
is implemented, there is no assurance that TKB will be able to consummate a Business Combination by the Extended Date, given the actions
that must occur prior to closing of a Business Combination.
The
Extension Amendment Proposal is essential to allowing TKB additional time to consummate a Business Combination in the event a Business
Combination is for any reason not completed on or before the Termination Date. Approval of each of the Extension Amendment Proposal and
the Trust Agreement Amendment Proposal is a condition to the implementation of the Extension. Additionally, the Extension is conditioned
on TKB having at least 5 million Public Shares outstanding upon its consummation of the Extension, after taking into account the redemption
of public shares. The Board reserves the right to waive such condition and proceed with the Extension Amendment Proposal and Trust Agreement
Amendment Proposal in its sole discretion. In addition, pursuant to the Articles of Association, TKB
may not redeem Public Shares in an amount that would cause our net tangible assets to be less than $5,000,001, which condition may not
be waived by the Board. Notwithstanding the foregoing, even if both the Extension Amendment Proposal and the Trust Agreement Amendment
Proposal are approved, TKB may nevertheless choose not to hold the Extraordinary General Meeting or not to amend the Articles of Association
and may liquidate on the Termination Date.
If
the Extension Amendment Proposal is Not Approved
The
approval of the Extension Amendment Proposal is essential to the implementation of our Board’s plan to extend the date by which
we must consummate our initial Business Combination. Therefore, our Board will abandon and not implement the Extension unless our shareholders
approve the Extension Amendment Proposal and the other conditions to implementing the Extension are satisfied or waived. If the Extension
Amendment Proposal and the Trust Agreement Amendment Proposal are not approved and a Business Combination is not consummated by the Termination
Date, or such later date that may be approved by TKB shareholders, TKB (i) will cease all operations except for the purpose of winding
up; (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter subject to lawfully available funds therefor,
redeem 100% of the Public Shares in consideration of a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less
taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the total number of then issued and outstanding
Public Shares, which redemption will completely extinguish rights of the holders of Public Shares (including the right to receive further
liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of TKB’s remaining shareholders and the Board in accordance with applicable law, liquidate and dissolve,
subject in each case to TKB’s obligations under Cayman Islands law, to provide for claims of creditors and other requirements of
applicable law.
The
initial shareholders have waived their rights to participate in any liquidation distribution with respect to the 5,750,000 Founder Shares
held by them. There will be no distribution from the Trust Account with respect to TKB’s warrants, which will expire worthless
in the event TKB dissolves and liquidates the Trust Account.
If
the Extension Amendment Proposal is Approved
If
the Extension Amendment Proposal and Trust Agreement Amendment Proposal are approved, TKB intends to file an amendment to its Articles
of Association with the Cayman Islands Registrar of Companies in the form of Annex A hereto to extend the time it has to complete
a Business Combination until the Extended Date. TKB will then continue to attempt to consummate a Business Combination until the Extended
Date. TKB will remain a reporting company under the Exchange Act and its Units, Public Shares and Public Warrants will remain publicly
traded during this time.
You
are not being asked to vote on a Business Combination at the Extraordinary General Meeting. If the Extension is implemented and you do
not elect to redeem your public shares, provided that you are a shareholder on the record date for a meeting to consider a Business Combination,
you will retain the right to vote on a Business Combination when it is submitted to shareholders and the right to redeem your public
shares for cash in the event a Business Combination is approved and completed or we have not consummated a Business Combination by the
Extended Date. If TKB enters into a definitive agreement with a target to consummate a Business Combination, the vote by TKB shareholders
to approve such Business Combination will occur at a separate meeting of TKB shareholders, to be held at a later date, and the solicitation
of proxies from TKB shareholders in connection with such separate meeting, and the related right of TKB shareholders to redeem in connection
with such Business Combination (which is a separate right to redeem in addition to the right to redeem in connection with the Extension
Amendment Proposal), will be the subject of a separate proxy statement/prospectus. If you want to ensure your Public Shares are redeemed
in the event the Extension Amendment Proposal is implemented, you should elect to “redeem” your Public Shares in connection
with the Extraordinary General Meeting.
Redemption
Rights
In
connection with the Extension Amendment Proposal and contingent upon the effectiveness of the implementation of the Extension, each Public
Shareholder may seek to redeem all or a portion of its Public Shares for a pro rata portion of the funds available in the Trust Account,
less any taxes owed on such funds but not yet paid. If you exercise your redemption rights, you will be exchanging your Public Shares
for cash and will no longer own the shares. However, the Extension is conditioned on TKB having at least 5 million Public Shares outstanding
upon its consummation of the Extension, after taking into account the redemption of Public Shares. The Board reserves the right to waive
such condition and proceed with the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole discretion. In addition,
pursuant to the Articles of Association, TKB may not redeem Public Shares in an amount that would
cause our net tangible assets to be less than $5,000,001, which condition may not be waived by the Board. Notwithstanding the
foregoing, even if both the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, TKB may nevertheless
choose not to hold the Extraordinary General Meeting or not to amend the Articles of Association and may liquidate on the Termination
Date.
Notwithstanding
the foregoing, pursuant to our Articles of Association, a Public Shareholder, together with any affiliate of such Public Shareholder
or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined in Section 13(d)(3)
of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 15% of the Public
Shares. Accordingly, if a Public Shareholder, alone or acting in concert or as a group, seeks to redeem more than 15% of the Public Shares,
then any such shares in excess of that 15% limit would not be redeemed for cash/
Please
see the section titled “Extraordinary General Meeting – Redemption Rights” for more information on how to exercise
your redemption rights.
UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS
The
following discussion is a summary of certain U.S. federal income tax considerations for U.S. Holders and Non-U.S. Holders (each
as defined below, and together, “Holders”) of Public Shares (i) of the Extension Amendment Proposal and (ii) that
elect to have their Public Shares redeemed for cash if the Extension is implemented. This section applies only to Holders that hold their
Public Shares as “capital assets” for U.S. federal income tax purposes (generally, property held for investment). For purposes
of this discussion, because the components of a Unit are generally separable at the option of the holder, the holder of a Unit generally
should be treated, for U.S. federal income tax purposes, as the owner of the underlying Public Share and Public Warrant components of
the Unit, and the discussion below with respect to actual Holders of Public Shares also should apply to holders of Units (as the deemed
owners of the underlying Public Shares and Public Warrants that constitute the Units). Accordingly, the separation of Units into the
Public Shares and Public Warrants underlying the Units generally should not be a taxable event for U.S. federal income tax purposes.
This position is not free from doubt, and no assurance can be given that the U.S. Internal Revenue Service (“IRS”)
would not assert, or that a court would not sustain, a contrary position. Holders of Units are urged to consult their tax advisors concerning
the U.S. federal, state, local and non-U.S. tax consequences of the transactions contemplated by the Extension (including any
redemption of the Public Shares in connection therewith) with respect to any Public Shares held through the Units (including alternative
characterizations of the Units).
This
discussion does not address the U.S. federal income tax consequences to our Sponsor or its affiliates, officers or directors, or to any
person of holding Founder Shares or Private Placement Warrants. This discussion is limited to U.S. federal income tax considerations
and does not address any estate or gift tax considerations or considerations arising under the tax laws of any U.S. state or local or non-U.S. jurisdiction.
This discussion does not describe all of the U.S. federal income tax consequences that may be relevant to you in light of your particular
circumstances, including the alternative minimum tax, the Medicare tax on certain investment income and the different consequences that
may apply if you are subject to special rules under U.S. federal income tax law that apply to certain types of investors, such as:
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banks,
financial institutions or financial services entities; |
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broker-dealers; |
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taxpayers
that are subject to the mark-to-market accounting rules with respect to the Public Shares; |
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tax-exempt entities; |
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governments
or agencies or instrumentalities thereof; |
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insurance
companies; |
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regulated
investment companies or real estate investment trusts; |
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partnerships
(including entities or arrangements treated as partnerships for U.S. federal income tax purposes) or pass-through entities (including
S Corporations), or persons that will hold the Public Shares through such a partnership or pass-through entity; |
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U.S.
expatriates or former long-term residents of the United States; |
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persons
that actually or constructively own five percent or more (by vote or value) of the Company’s shares (except as specifically
provided below); |
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persons
that acquired their Public Shares pursuant to an exercise of employee share options, in connection with employee share incentive
plans or otherwise as compensation; |
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persons
that hold their Public Shares as part of a straddle, constructive sale, hedge, wash sale, conversion or other integrated or similar
transaction; |
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U.S.
Holders (as defined below) whose functional currency is not the U.S. dollar; or |
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“specified
foreign corporations” (including “controlled foreign corporations”), “passive foreign investment companies”
or corporations that accumulate earnings to avoid U.S. federal income tax. |
If
a partnership (or any entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds Public Shares, the tax
treatment of such partnership and a person treated as a partner of such partnership will generally depend on the status of the partner
and the activities of the partnership. Partnerships holding any Public Shares and persons that are treated as partners of such partnerships
should consult their tax advisors as to the particular U.S. federal income tax consequences to them of the Extension and the exercise
of their redemption rights with respect to their Public Shares in connection therewith.
This
discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the “Code”), proposed, temporary and final
Treasury Regulations promulgated thereunder, and judicial and administrative interpretations thereof, all as of the date hereof. All
of the foregoing is subject to change, which change could apply retroactively and could affect the tax considerations described herein.
The
Company has not sought, and does not intend to seek, any rulings from the IRS as to any U.S. federal income tax considerations described
herein. There can be no assurance that the IRS will not take positions inconsistent with the considerations discussed below or that any
such positions would not be sustained by a court.
THIS
DISCUSSION IS ONLY A SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE EXTENSION AND THE EXERCISE OF REDEMPTION
RIGHTS IN CONNECTION THEREWITH. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH
HOLDER OF THE EXTENSION AND THE EXERCISE OF REDEMPTION RIGHTS, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL NON-INCOME, STATE
AND LOCAL AND NON-U.S. TAX LAWS.
Tax
Treatment of Non-Redeeming Shareholders
A
Public Shareholder who does not elect to redeem their Public Shares (including any Public Shareholder who votes in favor of the Extension
Amendment Proposal) will continue to own its Public Shares and will not recognize any income, gain or loss for U.S. federal income tax
purposes solely as a result of the Extension.
Tax
Treatment of Redeeming Shareholders
U.S.
Holders
As
used herein, a “U.S. Holder” is a beneficial owner of a Public Share who or that is, for U.S. federal income tax purposes:
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an
individual who is a citizen or resident of the United States; |
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a
corporation (or other entity that is treated as a corporation) that is created or organized (or treated as created or organized)
in or under the laws of the United States or any state thereof or the District of Columbia; |
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an
estate whose income is subject to U.S. federal income tax regardless of its source; or |
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a
trust if (1) a U.S. court can exercise primary supervision over the administration of such trust and one or more United States
persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated
as a United States person. |
Generally
The
U.S. federal income tax consequences to a U.S. Holder of Public Shares that exercises its redemption rights with respect to its Public
Shares to receive cash in exchange for all or a portion of its Public Shares will depend on whether the redemption qualifies as a sale
of Public Shares under Section 302 of the Code. If the redemption qualifies as a sale of Public Shares by a U.S. Holder, the tax
consequences to such U.S. Holder are as described below under the section entitled “—Taxation of Redemption Treated as
a Sale of Public Shares.” If the redemption does not qualify as a sale of Public Shares, a U.S. Holder will be treated as receiving
a corporate distribution with the tax consequences to such U.S. Holder as described below under the section entitled “—Taxation
of Redemption Treated as a Distribution.”
Whether
a redemption of Public Shares qualifies for sale treatment will depend largely on the total number of shares of the Company’s stock
treated as held by the redeemed U.S. Holder before and after the redemption (including any stock of the Company treated as constructively
owned by the U.S. Holder as a result of owning Public Warrants) relative to all of the stock of the Company outstanding both before and
after the redemption. The redemption of Public Shares generally will be treated as a sale of Public Shares (rather than as a corporate
distribution) if the redemption (1) is “substantially disproportionate” with respect to the U.S. Holder, (2) results
in a “complete termination” of the U.S. Holder’s interest in the Company or (3) is “not essentially equivalent
to a dividend” with respect to the U.S. Holder. These tests are explained more fully below.
In
determining whether any of the foregoing tests result in a redemption qualifying for sale treatment, a U.S. Holder takes into account
not only shares of the Company’s stock actually owned by the U.S. Holder, but also shares of the Company’s stock that are
constructively owned by it under certain attribution rules set forth in the Code. A U.S. Holder may constructively own, in addition to
stock owned directly, stock owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an
interest in such U.S. Holder, as well as any stock that the holder has a right to acquire by exercise of an option, which would generally
include Public Shares which could be acquired pursuant to the exercise of Public Warrants.
In
order to meet the substantially disproportionate test, the percentage of the Company’s outstanding voting stock actually and constructively
owned by the U.S. Holder immediately following the redemption of Public Shares must, among other requirements, be less than eighty percent
(80%) of the percentage of the Company’s outstanding voting stock actually and constructively owned by the U.S. Holder immediately
before the redemption (taking into account redemptions by other holders of Public Shares). There will be a complete termination of a
U.S. Holder’s interest if either (1) all of the Public Shares actually and constructively owned by the U.S. Holder are redeemed
or (2) all of the Public Shares actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively
waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. Holder does not constructively
own any other Public Shares (including any stock constructively owned by the U.S. Holder as a result of owning Public Warrants). The
redemption of Public Shares will not be essentially equivalent to a dividend if the redemption results in a “meaningful reduction”
of the U.S. Holder’s proportionate interest in the Company. Whether the redemption will result in a meaningful reduction in a U.S.
Holder’s proportionate interest in the Company will depend on the particular facts and circumstances. However, the IRS has indicated
in a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation
where such stockholder exercises no control over corporate affairs may constitute such a “meaningful reduction.”
If
none of the foregoing tests is satisfied, then the redemption of Public Shares will be treated as a corporate distribution to the redeemed
U.S. Holder and the tax effects to such a U.S. Holder will be as described below under the section entitled “—Taxation
of Redemption Treated as a Distribution.” After the application of those rules, any remaining tax basis of the U.S. Holder
in the redeemed Public Shares will be added to the U.S. Holder’s adjusted tax basis in its remaining shares of the Company’s
stock or, if it has none, to the U.S. Holder’s adjusted tax basis in its Public Warrants or possibly in other shares of the Company’s
stock constructively owned by it.
U.S.
Holders who actually or constructively own at least five percent (5%) by vote or value (or, if the Public Shares are not then considered
to be publicly traded, at least one percent (1%) by vote or value) or more of the total outstanding Company stock may be subject to special
reporting requirements with respect to a redemption of Public Shares, and such holders should consult with their tax advisors with respect
to their reporting requirements.
Taxation
of Redemption Treated as a Distribution
If
the redemption of a U.S. Holder’s Public Shares is treated as a corporate distribution, as discussed above under the section entitled
“—Generally,” subject to the passive foreign investment company (“PFIC”) rules discussed
below, the amount of cash received in the redemption generally will constitute a dividend for U.S. federal income tax purposes to the
extent paid from the Company’s current or accumulated earnings and profits, as determined under U.S. federal income tax principles.
Distributions in excess of the Company’s current and accumulated earnings and profits will constitute a return of capital that
will be applied against and reduce (but not below zero) the U.S. Holder’s adjusted tax basis in its Public Shares. Any remaining
excess will be treated as gain realized on the sale of Public Shares and will be treated as described below under the section entitled
“—Taxation of Redemption Treated as a Sale of Public Shares.”
Taxation
of Redemption Treated as a Sale of Public Shares
If
the redemption of a U.S. Holder’s Public Shares is treated as a sale, as discussed above under the section entitled “—Generally,”
subject to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or
loss in an amount equal to the difference between the amount of cash received in the redemption and the U.S. Holder’s adjusted
tax basis in the Public Shares redeemed. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder’s
holding period for the Public Shares so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S.
Holders generally will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.
U.S.
Holders who hold different blocks of Public Shares (including as a result of holding different blocks of Public Shares purchased or acquired
on different dates or at different prices) should consult their tax advisors to determine how the above rules apply to them.
Passive
Foreign Investment Company Rules
Definition
of a PFIC
A
foreign (i.e., non-U.S.) corporation will be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of
its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered to
own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined
based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which
it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income
generally includes, among other things, dividends, interest, rents and royalties (other than rents or royalties derived from the active
conduct of a trade or business) and gains from the disposition of assets giving rise to passive income.
The
determination of whether a foreign corporation is a PFIC is made annually. Pursuant to a startup exception, a foreign corporation will
not be a PFIC for the first taxable year the foreign corporation has gross income (the “startup year”) if (1) no predecessor
of the corporation was a PFIC; (2) the corporation satisfies the IRS that it will not be a PFIC for either of the first two taxable years
following the startup year; and (3) the corporation is not in fact a PFIC for either of those years.
PFIC
Status of the Company
Based
upon the composition of its income and assets, and upon a review of its financial statements, the Company believes that it likely will
not be eligible for the startup exception and therefore likely has been a PFIC since its first taxable year and will likely be considered
a PFIC for its current taxable year. However, the Company’s actual PFIC status for its current taxable year or any subsequent taxable
year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to the Company’s
status as a PFIC for its current taxable year or any future taxable year. In addition, the Company’s U.S. counsel expresses no
opinion with respect to the Company’s PFIC status for any taxable year.
Effects
of PFIC Rules on the Redeeming Shareholders
Although
the Company’s PFIC status is determined annually, an initial determination that the Company is a PFIC generally will apply for
subsequent years to a U.S. Holder who held Public Shares while the Company was a PFIC, whether or not the Company meets the test for
PFIC status in those subsequent years. If the Company is determined to be a PFIC for any taxable year (or portion thereof) that is included
in the holding period of a U.S. Holder of the Public Shares and the U.S. Holder did not make either a timely mark-to-market (“MTM”)
election or a qualified electing fund (“QEF”) election for the Company’s first taxable year as a PFIC in which
the U.S. Holder held (or was deemed to hold) Public Shares, as described below, such U.S. Holder generally will be subject to special
rules with respect to (i) any gain recognized by the U.S. Holder on the sale or other disposition of its Public Shares (which may include
gain realized by reason of transfers of Public Shares that would otherwise qualify as nonrecognition transactions for U.S. federal income
tax purposes) and (ii) any “excess distribution” made to the U.S. Holder (generally, any distributions to such U.S. Holder
during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder
in respect of the Public Shares during the three preceding taxable years of such U.S. Holder or, if shorter, the portion of such U.S.
Holder’s holding period for the Public Shares that preceded the taxable year of the distribution) (together, the “excess
distribution rules”).
Under
these excess distribution rules:
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U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s
holding period for the Public Shares; |
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amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder recognized
the gain or received the excess distribution, or to the period in the U.S. Holder’s
holding period before the first day of the Company’s first taxable year in which the
Company is a PFIC, will be taxed as ordinary income; |
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amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included
in its holding period will be taxed at the highest tax rate in effect for that year and applicable
to the U.S. Holder without regard to the U.S. Holder’s other items of income and loss
for such year; and |
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additional amount equal to the interest charge generally applicable to underpayments of tax
will be imposed on the U.S. Holder with respect to the tax attributable to each such other
taxable year of the U.S. Holder. |
QEF
Election and Mark-to-Market Election
As
noted above, the impact of the PFIC rules on a U.S. Holder of Public Shares will depend on whether the U.S. Holder has made
a timely and effective QEF election to treat the Company as a “qualified electing fund” for the taxable year that is the
first year in the U.S. Holder’s holding period of Public Shares during which the Company qualified as a PFIC or, if in a later
taxable year, the U.S. Holder made a QEF election along with a purging election. One type of purging election creates a deemed sale
of the U.S. Holder’s Public Shares at their then fair market value and requires the U.S. Holder to recognize gain pursuant
to such purging election subject to the excess distribution regime described above. As a result of any such purging election, the U.S. Holder
would increase the adjusted tax basis in its Public Shares by the amount of the gain recognized and, solely for purposes of the PFIC
rules, would have a new holding period in its Public Shares. U.S. Holders are urged to consult their tax advisors as to the application
of the rules governing purging elections to their particular circumstances.
A
U.S. Holder’s ability to make a timely and effective QEF election (or a QEF election along with a purging election) with respect
to its Public Shares is contingent upon, among other things, the provision by the Company of a “PFIC Annual Information Statement”
to such U.S. Holder. If the Company determines it is a PFIC for any taxable year, upon written request, the Company will endeavor
to provide to a U.S. Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable
the U.S. Holder to make and maintain a QEF election, but there is no assurance that the Company will timely provide such required information.
There is also no assurance that the Company will have timely knowledge of its status as a PFIC in the future or of the required information
to be provided.
If
a U.S. Holder has made a QEF election with respect to Public Shares, and the excess distribution rules discussed above do not apply to
such shares (because of a timely QEF election for the Company’s first taxable year as a PFIC in which the U.S. Holder holds (or
is deemed to hold) such Public Shares or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized
on the redemption of Public Shares treated as a sale of the Public Shares generally will be taxable as capital gain and no additional
interest charge will be imposed under the PFIC rules. As discussed above, if the Company is a PFIC for any taxable year, a U.S. Holder
of Public Shares that has made a QEF election will be currently taxed on its pro rata share of the Company’s earnings and profits,
whether or not distributed for such year. A subsequent distribution of such earnings and profits (including the relevant portion (if
any) of the amount received in connection with the redemption of Public Shares treated as a corporate distribution) that were previously
included in income generally should not be taxable when distributed to such U.S. Holder. The tax basis of a U.S. Holder’s Public
Shares in a QEF will be increased by amounts that are included in income and decreased by amounts distributed but not taxed as dividends
(including the relevant portion (if any) of the amount received in connection with the redemption of Public Shares treated as a corporate
distribution), under the above rules. In addition, if the Company is not a PFIC for any taxable year, such U.S. Holder will not be subject
to the QEF inclusion regime with respect to its Public Shares for such a taxable year.
The
impact of the PFIC rules on a U.S. Holder of Public Shares may also depend on whether the U.S. Holder has made a MTM election.
U.S. Holders who hold (actually or constructively) stock of a foreign corporation that is classified as a PFIC may elect to mark
such stock to its market value each taxable year if such stock is “marketable stock,” generally, stock that is regularly
traded on a national securities exchange that is registered with the SEC, including the Nasdaq. No assurance can be given that Public
Shares are considered to be marketable stock for purposes of the MTM election for any taxable year or whether the other requirements
of this election are satisfied. If such an election is available and has been made, such electing U.S. Holder generally would not be
subject to the excess distributions regime discussed above with respect to their Public Shares in connection with the redemption of their
Public Shares. Instead, any gain recognized on the redemption of Public Shares treated as a sale of the Public Shares generally will
be taxable as ordinary income to such electing U.S. Holder (and no additional interest charge will be applied to the U.S. Holder). Any
loss recognized on the redemption of Public Shares treated as a sale of Public Shares generally will be treated as ordinary loss to the
extent to the extent of the net amount of previously included income as a result of the MTM election, and any further loss recognized
generally will be treated as a capital loss (the deductibility of which is subject to limitations). For purposes of determining the adjusted
tax basis of Public Shares, certain adjustments are made to take into account the manner in which an electing U.S. Holder is taxed as
a result of the MTM election. In general, an electing U.S. Holder will include as ordinary income each year the excess, if any, of the
fair market value of its Public Shares at the end of its taxable year over its adjusted tax basis in its Public Shares. The electing
U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted tax basis in its Public Shares over
the fair market value of its Public Shares at the end of its taxable year (but only to the extent of the net amount of previously included
income as a result of the MTM election). The electing U.S. Holder’s tax basis in its Public Shares will be adjusted to reflect
any such income or loss amounts. However, if the MTM election is not made by a U.S. Holder with respect to the first taxable year
of its holding period for the Public Shares in which the Company is a PFIC, then the excess distribution regime discussed above will
apply to certain dispositions of, distributions on and other amounts taxable with respect to, Public Shares, including in connection
with the redemption of Public Shares.
A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form
8621 (whether or not a QEF or MTM election is made) and such other information as may be required by the U.S. Treasury Department. Failure
to do so, if required, will extend the statute of limitations until such required information is furnished to the IRS.
The
rules dealing with PFICs and with the QEF, purging, and MTM elections are very complex and are affected by various factors in addition
to those described above. Accordingly, U.S. Holders of the Public Shares should consult their own tax advisors concerning the application
of the PFIC rules to the Public Shares under their particular circumstances.
ALL
U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF A REDEMPTION OF ALL OR A PORTION OF THEIR
PUBLIC SHARES PURSUANT TO AN EXERCISE OF REDEMPTION RIGHTS.
Information
Reporting and Backup Withholding
Payments
of cash to a U.S. Holder as a result of the redemption of Public Shares may be subject to information reporting to the IRS and possible
U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification
number and makes other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder’s U.S. federal
income tax liability, and the U.S. Holder generally may obtain a refund of any excess amounts withheld under the backup withholding rules
by timely filing the appropriate claim for refund with the IRS and furnishing any required information.
Non-U.S. Holders
As
used herein, a “Non-U.S. Holder” is a beneficial owner of a Public Share who or that is, for U.S. federal income
tax purposes:
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a non-resident alien
individual, other than certain former citizens and residents of the United States subject to U.S. tax as expatriates; |
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a
foreign corporation; or |
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an
estate or trust that is not a U.S. Holder. |
Generally
The
U.S. federal income tax consequences to a Non-U.S. Holder of Public Shares that exercises its redemption rights to receive
cash from the Trust Account in exchange for all or a portion of its Public Shares will depend on whether the redemption qualifies as
a sale of the Public Shares redeemed, as described above under “Tax Treatment of Redeeming Stockholders—U.S. Holders—Generally.”
Regardless of whether it is treated as a sale of Public Shares or as a corporate distribution on the Public Shares for U.S. federal income
tax purposes, the redemption is not expected to result in any U.S. federal income tax consequences to the Non-U.S. Holder unless such
Non-U.S. Holder holds such Public Shares in connection with a conduct of a trade or business in the United States (and, if required by
an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such Non-U.S. Holder maintains in the
United States).
Information
Reporting and Backup Withholding
Payments
of cash to a Non-U.S. Holder as a result of the redemption of Public Shares may be subject to information reporting to the IRS and possible
U.S. backup withholding. A Non-U.S. Holder may have to comply with certification procedures to establish that it is not a U.S.
person in order to avoid information reporting and backup withholding requirements. The certification procedures required to claim a
reduced rate of withholding under a treaty generally will satisfy the certification requirements necessary to avoid the backup withholding
as well.
Backup
withholding is not an additional tax. The amount of any backup withholding from a payment to a Non-U.S. Holder generally will
be allowed as a credit against such Non-U.S. Holder’s U.S. federal income tax liability and may entitle such Non-U.S. Holder
to a refund, provided that the required information is timely furnished to the IRS.
As
previously noted above, the foregoing discussion of certain U.S. federal income tax considerations is included for general information
purposes only and is not intended to be, and should not be construed as, legal or tax advice to any shareholder. The Company once again
urges you to consult with your own tax adviser to determine the particular tax consequences to you (including the application and effect
of any U.S. federal, state, local or foreign income or other tax laws) of the Extension and the exercise of redemption rights in connection
therewith.
Vote
Required for Approval
The
approval of the Extension Amendment Proposal requires a special resolution under Cayman Islands law, being the affirmative vote of the
holders of two-thirds (2/3) of the issued and outstanding Ordinary Shares entitled to vote and who, being present in person or represented
by proxy at the Extraordinary General Meeting or any adjournment thereof, vote on such matter. Failure to vote in person (including virtually)
or by proxy at the Extraordinary General Meeting, abstentions from voting or broker non-votes will have no effect on the outcome of any
vote on the Extension Amendment Proposal.
On
the Record Date, the Sponsor, TKB’s directors, officers and its initial shareholders and their respective affiliates beneficially
owned and were entitled to vote an aggregate of 5,750,000 Founder Shares held by the Sponsor and the officers and directors of TKB, representing
approximately twenty percent (20%) of TKB’s issued and outstanding Ordinary Shares. Accordingly, if all outstanding Ordinary Shares
are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares,
or 56.3% of the outstanding Public Shares, to vote in favor of the Extension Amendment Proposal to approve such proposal. If only a minimum
quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751 Public
Shares, or 15.6% of the Public Shares, to vote in favor of the Extension Amendment Proposal to approve such proposal.
Our
Board will abandon and not implement the Extension Amendment Proposal unless our shareholders approve both the Extension Amendment Proposal
and the Trust Agreement Amendment Proposal. This means that if one proposal is approved by the shareholders and the other proposal is
not, neither proposal will take effect. Further, the Extension Amendment Proposal is conditioned on TKB having at least 5 million Public
Shares outstanding upon its consummation of the Extension, after taking into account redemptions of Public Shares. The Board reserves
the right to waive such condition and proceed with the Extension Amendment Proposal and Trust Agreement Amendment Proposal in its sole
discretion. In addition, pursuant to the Articles of Association, TKB may not redeem Public Shares
in an amount that would cause our net tangible assets to be less than $5,000,001, which condition may not be waived by the Board.
Notwithstanding the foregoing, even if both the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved,
TKB may nevertheless choose not to hold the Extraordinary General Meeting or not to amend the Articles of Association and may liquidate
on the Termination Date.
Full
Text of Resolution
“It
is resolved as a special resolution, that the Articles of Association of TKB currently in effect be amended to extend the date that the
Company has to consummate a business combination from January 29, 2023 to [●], 2023 (i.e., for a period of time ending [●]
months after the consummation of its initial public offering) and (ii) to give the Company the right to further extend the Combination
Period beyond [●], 2023 up to [●] times for an additional one (1) month each time to [●], 2023.”
Recommendation
of the Board
THE
BOARD UNANIMOUSLY RECOMMENDS THAT TKB SHAREHOLDERS VOTE “FOR”
THE EXTENSION AMENDMENT PROPOSAL.
Our
Board expresses no opinion as to whether you should redeem your Public Shares.
The
existence of financial and personal interests of our directors and officers may result in a conflict of interest on the part of one or
more of the directors or officers between what he, she or they may believe is in the best interests of the Company and its shareholders
and what he, she or they may believe is best for himself, herself or themselves in determining to recommend that shareholders vote for
the proposals. See the section entitled “Extraordinary General Meeting of TKB—Interests of the Initial Shareholders”
for a further discussion.
PROPOSAL
NO. 2 — THE TRUST AGREEMENT AMENDMENT PROPOSAL
Overview
The
proposed Trust Agreement Amendment would amend our Trust Agreement to (i) allow the Company to extend the Combination Period from January 29,
2023 to [●], 2023, (ii) to give the Company the right to further extend the Combination Period beyond [●], 2023 up to [●]
times for an additional one (1) month each time to the Extended Date. A copy of the proposed Trust Agreement Amendment is attached to
this proxy statement as Annex B. All shareholders are encouraged to read the proposed amendment in its entirety for a more complete
description of its terms.
Reasons
for the Trust Agreement Amendment
The
purpose of the Trust Agreement Amendment is to give the Company the right to extend the Combination Period to [●], 2023 and the
right to further extend the Combination Period beyond [●], 2023 up to [●] times for an additional one (1) month each time
to the Extended Date.
The
Trust Agreement Amendment Proposal is essential to allowing TKB additional time to consummate a Business Combination in the event a Business
Combination is for any reason not completed on or before the Termination Date. Approval of each of the Extension Amendment Proposal and
the Trust Agreement Amendment Proposal is a condition to the implementation of the Extension. In addition, the Extension is conditioned
on TKB having at least 5 million Public Shares issued and outstanding upon its consummation of the Extension, after taking into account
the redemptions of Public Shares. The Board reserves the right to waive such condition and proceed with the Extension Amendment Proposal
and Trust Agreement Amendment Proposal in its sole discretion. In addition, pursuant to the Articles of Association, TKB
may not redeem Public Shares in an amount that would cause our net tangible assets to be less than $5,000,001, which condition may not
be waived by the Board. Notwithstanding the foregoing, even if both the Extension Amendment Proposal and the Trust Agreement Amendment
Proposal are approved, TKB may nevertheless choose not to hold the Extraordinary General Meeting or not to amend the Articles of Association
and may liquidate on the Termination Date.
If
the Trust Agreement Amendment Is Not Approved
If
the Trust Agreement Amendment is not approved, and we do not consummate an initial Business Combination by January 29, 2023, we
will be required to dissolve and liquidate our Trust Account by returning the then remaining funds in such account to the holders of
Public Shares and our Warrants will expire worthless.
The
initial shareholders have waived their rights to participate in any liquidation distribution with respect to their Founder Shares. There
will be no distribution from the Trust Account with respect to the Company’s warrants or rights, which will expire worthless in
the event we wind up. The Company will pay the costs of liquidation from its remaining assets outside of the Trust Account.
If
the Trust Agreement Amendment Is Approved
If
the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, the amendment to the Trust Agreement in the
form of Annex B hereto will be executed and the Trust Account will not be disbursed except to the extent any redemptions are made
in connection with this Extraordinary General Meeting, in connection with our completion of a Business Combination or in connection with
our liquidation if we do not complete a Business Combination by the applicable Termination Date. The Company will then continue to attempt
to consummate a Business Combination until the Extended Date.
Required
Vote
Subject
to the foregoing, approval of the Trust Agreement Amendment Proposal, pursuant to the Trust Agreement, requires the affirmative vote
of the holders of least sixty-five percent (65%) of the issued and outstanding Ordinary Shares, voting together as a single class. Failure
to vote in person (including virtually) or by proxy at the Extraordinary General Meeting, abstentions from voting or broker non-votes
will have no effect on the outcome of any vote on the Trust Agreement Amendment Proposal.
On
the Record Date, the Sponsor, TKB’s directors, officers and its initial shareholders and their respective affiliates beneficially
owned and were entitled to vote an aggregate of 5,750,000 Founder Shares held by the Sponsor and the officers and directors of TKB, representing
approximately twenty percent (20%) of TKB’s issued and outstanding Ordinary Shares. Accordingly, if all outstanding Ordinary Shares
are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 12,937,501 Public Shares,
or 56.3% of the outstanding Public Shares, to vote in favor of the Trust Agreement Amendment Proposal to approve such proposal. If only
a minimum quorum of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 3,593,751
Public Shares, or 15.6% of the Public Shares, to vote in favor of the Trust Agreement Amendment Proposal to approve such proposal.
Our
Board will abandon and not implement the Trust Agreement Amendment Proposal unless our shareholders approve both the Extension Amendment
Proposal and the Trust Agreement Amendment Proposal. This means that if one proposal is approved by the shareholders and the other proposal
is not, neither proposal will take effect. Notwithstanding shareholder approval of the Extension Amendment and the Trust Agreement Amendment,
our Board will retain the right to abandon and not implement the Extension Amendment and the Trust Agreement Amendment at any time without
any further action by our shareholders.
Full
Text of Resolution
“It
is resolved by an affirmative vote of at least sixty-five percent (65%) of the outstanding Class A ordinary shares and Class B ordinary
shares, voting together as a single class, that the amendment to the Investment Management Trust Agreement, dated October 26, 2021,
by and between the Company and Continental Stock Transfer & Trust Company, pursuant to an amendment to the Trust Agreement in the
form set forth in Annex B of the accompanying proxy statement, is hereby authorized and approved.”
Recommendation
THE
BOARD UNANIMOUSLY RECOMMENDS THAT TKB SHAREHOLDERS VOTE “FOR”
THE TRUST AGREEMENT AMENDMENT PROPOSAL.
The
existence of financial and personal interests of our directors and officers may result in a conflict of interest on the part of one or
more of the directors or officers between what he, she or they may believe is in the best interests of the Company and its shareholders
and what he, she or they may believe is best for himself, herself or themselves in determining to recommend that shareholders vote for
the proposals. See the section entitled “Extraordinary General Meeting of TKB — Interests of the Initial Shareholders”
for a further discussion.
PROPOSAL
NO. 3 — THE ADJOURNMENT PROPOSAL
Overview
The
Adjournment Proposal, if adopted, will allow the Board to adjourn the Extraordinary General Meeting to a later date or dates to permit
further solicitation of proxies, or to provide additional time to effectuate the Extension. The Adjournment Proposal will only be presented
to TKB shareholders in the event, based on the tabulated votes, there are not sufficient votes at the time of the Extraordinary General
Meeting to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal or in the event that the Board determines
that additional time is necessary to effectuate the Extension.
Consequences
if the Adjournment Proposal is Not Approved
If
the Adjournment Proposal is not approved by TKB shareholders, the Board may not be able to adjourn the Extraordinary General Meeting
to a later date in the event, based on the tabulated votes, there are not sufficient votes at the time of the Extraordinary General Meeting
to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal.
Vote
Required for Approval
Approval
of the Adjournment Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders of a
majority of the issued and outstanding Ordinary Shares entitled to vote and who, being present in person or represented by proxy at the
Extraordinary General Meeting or any adjournment thereof, vote on such matter. Failure to vote in person (including virtually) or by
proxy at the Extraordinary General Meeting, abstentions from voting or broker non-votes will have no effect on the outcome of any vote
on the Adjournment Proposal.
On
the Record Date, the Sponsor, TKB’s directors, officers and its initial shareholders and their respective affiliates beneficially
owned and were entitled to vote an aggregate of 5,750,000 Founder Shares held by the Sponsor and the officers and directors of TKB, representing
approximately twenty percent (20%) of TKB’s issued and outstanding Ordinary Shares. Accordingly, if all outstanding Ordinary Shares
are present at the Extraordinary General Meeting, then in addition to the Founder Shares, the Company will need 8,625,001 Public Shares,
or 37.5% of the outstanding Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal. If only a minimum quorum
of outstanding Ordinary Shares are present at the Extraordinary General Meeting, then the Company will need only 1,437,501 Public Shares,
or 6.3% of the Public Shares, to vote in favor of the Adjournment Proposal to approve such proposal. The Adjournment Proposal will only
be put forth for a vote if there are not sufficient votes to approve the Extension Amendment Proposal and the Trust Agreement Amendment
Proposal at the Extraordinary General Meeting.
Full
Text of Resolution
“It
is resolved as an ordinary resolution to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General
Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote
at the time of the Extraordinary General Meeting, there are not sufficient votes to approve the Extension Amendment Proposal or the Trust
Agreement Amendment Proposal, or to provide additional time to effectuate the Extension.”
Recommendation
of the Board
THE
BOARD UNANIMOUSLY RECOMMENDS THAT TKB SHAREHOLDERS VOTE “FOR”
THE APPROVAL OF THE ADJOURNMENT PROPOSAL.
The
existence of financial and personal interests of our directors and officers may result in a conflict of interest on the part of one or
more of the directors or officers between what he, she or they may believe is in the best interests of the Company and its shareholders
and what he, she or they may believe is best for himself, herself or themselves in determining to recommend that shareholders vote for
the proposals. See the section entitled “Extraordinary General Meeting of TKB — Interests of the Initial Shareholders”
for a further discussion.
RISK
FACTORS
You
should consider carefully all of the risks described in our Annual Report on Form 10-K for the year ended December 31, 2021,
as filed with the SEC on March 14, 2022, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed
with the SEC on May 12, 2022, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the
SEC on August 12, 2022, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, as filed with the
SEC on November 10, 2022, and in other reports we file with the SEC before making a decision to vote on the proposals described
in this proxy statement or to redeem or continue to hold your Public Shares. Furthermore, if any of the following events occur, our business,
financial condition and operating results may be materially adversely affected or we could face liquidation. In that event, the trading
price of our securities could decline, and you could lose all or part of your investment. The risks and uncertainties described in the
aforementioned filings and below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we
currently believe are not material, may also become important factors that adversely affect our business, financial condition and operating
results or result in our liquidation.
There
are no assurances that the Extension will enable us to complete an initial Business Combination.
Approving
the Extension involves a number of risks. Even if the Extension is approved, the Company can provide no assurances that an initial Business
Combination will be consummated prior to the Extended Date. Our ability to consummate an initial Business Combination is dependent on
a variety of factors, many of which are beyond our control. If the Extension Amendment Proposal and Trust Agreement Amendment Proposal
are approved and the other conditions to implementing the Extension are satisfied or waived, the Company expects to continue to seek
an initial Business Combination and shareholder approval of such initial Business Combination. We are required to offer shareholders
the opportunity to redeem shares in connection with the Extension Amendment Proposal, and we will be required to offer shareholders redemption
rights again in connection with any shareholder vote to approve an initial Business Combination. Even if the Extension or initial Business
Combination are approved by our shareholders, it is possible that redemptions will leave us with insufficient cash to consummate an initial
Business Combination on commercially acceptable terms, or at all. The fact that we will have separate redemption periods in connection
with the Extension and an initial Business Combination vote could exacerbate these risks. Other than in connection with a redemption
offer or liquidation, our shareholders may be unable to recover their investment except through sales of our shares on the open market.
The price of our shares may be volatile, and there can be no assurance that shareholders will be able to dispose of our shares at favorable
prices, or at all.
The
SEC has recently issued proposed rules to regulate special purpose acquisition companies. Certain of the procedures that we, a potential
Business Combination target, or others may determine to undertake in connection with such proposals may increase our costs and the time
needed to complete an initial Business Combination and may constrain the circumstances under which we could complete a Business Combination.
The need for compliance with the SPAC Rule Proposals (as defined below) may cause us to liquidate the funds in the Trust Account or liquidate
the Company at an earlier time than we might otherwise choose.
On
March 30, 2022, the SEC issued proposed rules (the “SPAC Rule Proposals”) relating, among other items, to disclosures
in SEC filings in connection with Business Combination transactions between special purpose acquisition companies (“SPACs”)
such as us and private operating companies; the financial statement requirements applicable to transactions involving shell companies;
the use of projections in SEC filings in connection with proposed Business Combination transactions; the potential liability of certain
participants in proposed Business Combination transactions; and the extent to which SPACs could become subject to regulation under the
Investment Company Act of 1940, as amended (the “Investment Company Act”), including a proposed rule that would provide
SPACs a safe harbor from treatment as an investment company if they satisfy certain conditions that limit a SPAC’s duration, asset
composition, business purpose and activities. The SPAC Rule Proposals have not yet been adopted and may be adopted in the proposed form
or in a different form that could impose additional regulatory requirements on SPACs.
Certain
of the procedures that we, a potential initial Business Combination target, or others may determine to undertake in connection with the
SPAC Rule Proposals, or pursuant to the SEC’s views expressed in the SPAC Rule Proposals, may increase the costs and time of negotiating
and completing a Business Combination, and may make it more difficult to complete an initial Business Combination. The need for compliance
with the SPAC Rule Proposals may cause us to liquidate the funds in the Trust Account or liquidate the Company at an earlier time than
we might otherwise choose.
If
we are deemed to be an investment company for purposes of the Investment Company Act, we would be required to institute burdensome compliance
requirements and our activities would be severely restricted and, as a result, we may abandon our efforts to consummate a Business Combination
and liquidate the Company.
As
described further above, the SPAC Rule Proposals relate, among other matters, to the circumstances in which SPACs such as the Company
could potentially be subject to the Investment Company Act and the regulations thereunder. The SPAC Rule Proposals would provide a safe
harbor for such companies from the definition of “investment company” under Section 3(a)(1)(A) of the Investment Company
Act, provided that a SPAC satisfies certain criteria, including a limited time period to announce and complete a Business Combination.
Specifically, to comply with the safe harbor, the SPAC Rule Proposals would require a company to file a report on Form 8-K announcing
that it has entered into an agreement with a target company for a Business Combination no later than 18 months after the effective date
of its registration statement for its initial public offering (the “IPO Registration Statement”). The company would then
be required to complete a Business Combination no later than 24 months after the effective date of the IPO Registration Statement.
Because
the SPAC Rule Proposals have not yet been adopted, there is currently uncertainty concerning the applicability of the Investment Company
Act to a SPAC, including a company like ours, where it has been less than 18 months since the effective date of its IPO Registration
Statement. We do not believe that our principal activities will subject us to regulation as an investment company under the Investment
Company Act. However, if we are deemed to be an investment company and subject to compliance with and regulation under the Investment
Company Act, our activities would be severely restricted. In addition, we would be subject to additional burdensome regulatory requirements
and expenses for which we have not allotted funds. As a result, if we believe we may be deemed to be an are deemed an investment company
under the Investment Company Act, we may determine, in our discretion, to liquidate the securities held in the Trust Account prior to
the 18-month anniversary if we have not entered into an agreement with a target company for a Business Combination prior to that time,
or may determine in our discretion to otherwise due so prior to the 24-month anniversary, and instead hold all funds in the Trust Account
in cash or an interest-bearing bank deposit account, which may earn less interest than we otherwise would have if the Trust Account had
remained invested in U.S. government securities or money market funds. This may mean that the amount of funds available for redemption
would not increase, or would only minimally increase, thereby reducing the dollar amount our Public Shareholders would receive upon any
redemption or liquidation of the Company. Alternatively, if we believe we may be deemed to be an are deemed an investment company under
the Investment Company Act, we may determine we may abandon our efforts to consummate a Business Combination and instead liquidate the
Company.
BENEFICIAL
OWNERSHIP OF SECURITIES
The
following table sets forth information regarding the beneficial ownership of TKB’s Ordinary Shares as of the Record Date based
on information obtained from the persons named below, with respect to the beneficial ownership of shares of TKB’s Ordinary Shares,
by:
| ● | each
person known by TKB to be the beneficial owner of more than 5% of TKB’s outstanding
Ordinary Shares; |
| ● | each
of TKB’s executive officers and directors that beneficially owns Ordinary Shares; and |
| ● | all
TKB’s executive officers and directors as a group. |
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if such person possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within sixty days.
In
the table below, percentage ownership is based on 28,750,000 outstanding shares (including 23,000,000 public shares and 5,750,000 Founder
Shares) issued and outstanding as of the Record Date.
Voting
power represents the combined voting power of Ordinary Shares owned beneficially by such person. On all matters to be voted upon, the
holders of the Ordinary Shares vote together as a single class. The table below does not include the Ordinary Shares underlying the Private
Placement Warrants held or to be held by the Sponsor because these securities are not exercisable within 60 days of this proxy statement.
Unless
otherwise indicated, TKB believes that all persons named in the table have sole voting and investment power with respect to all Ordinary
Shares beneficially owned by them.
Name and Address of Beneficial Owner(1) | |
Number of Shares Beneficially Owned | | |
% of Outstanding Ordinary Shares | |
Directors and Executive Officers | |
| | | |
| | |
Angela Blatteis(2)(3) | |
| 5,650,000 | | |
| 19.7 | % |
Greg Klein(2)(3) | |
| 5,650,000 | | |
| 19.7 | % |
Philippe Tartavull(2)(3) | |
| 5,650,000 | | |
| 19.7 | % |
Frank Levinson(2)(7) | |
| 25,000 | | |
| * | |
Michael Herson(2)(7) | |
| 25,000 | | |
| * | |
Ryan O’Hara(2)(7) | |
| 25,000 | | |
| * | |
William Zerella(2)(7) | |
| 25,000 | | |
| * | |
All officers and directors as a group (7 individuals) | |
| 5,750,000 | | |
| 20.0 | % |
Five Percent Holders | |
| | | |
| | |
TKB Sponsor I, LLC (our sponsor)(2)(3) | |
| 5,650,000 | | |
| 19.7 | % |
Saba Capital Management, L.P.(4) | |
| 2,573,284 | | |
| 9.0 | % |
Beryl Capital Management LLC(5) | |
| 1,998,898 | | |
| 7.0 | % |
Atalaya Capital Management LP(6)(7) | |
| 1,900,000 | | |
| 6.6 | % |
(1) | Unless
otherwise noted, the business address of each of the following is 400 Continental Blvd, Suite 600, El Segundo, CA 90245. |
(2) | Interests
shown consist solely of Founder Shares. Such shares will automatically convert into Class A ordinary shares concurrently with or immediately
following the consummation of our initial Business Combination on a one-for-one basis, subject to adjustment. |
(3) | TKB
Sponsor I, LLC is the record holder of the shares reported herein. Each of Ms. Blatteis, Mr. Klein and Mr. Tartavull own interests in
TKB Sponsor I, LLC and are managers of TKB Sponsor I, LLC, and may be deemed to share beneficial ownership of such shares. Each of Ms.
Blatteis, Mr. Klein and Mr. Tartavull disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. |
(4) | Shares
beneficially owned are based on the Schedule 13G/A filed with the SEC on May 26, 2022 by Saba Capital Management, L.P. (“Saba
Capital”), Saba Capital Management GP, LLC (“Saba GP”) and Mr. Boaz R. Weinstein. Each of Saba Capital,
Saba GP and Mr. Weinstein has shared voting and dispositive power with respect to 1,624,507 Class A ordinary shares. The business address
of each of Saba Capital, Saba GP and Mr. Weinstein, as reported in the Schedule 13G/A, is 405 Lexington Avenue, 58th Floor, New
York, New York 10174. |
(5) | Shares
beneficially owned are based on the Schedule 13G/A filed with the SEC on February 11, 2022 by Beryl Capital Management LLC
(“Beryl”), Beryl Capital Management LP (“Beryl GP”), Beryl Capital Partners II LP (the “Partnership”)
and David A. Witkin. Each of Beryl, Beryl GP and Mr. Witkin has shared voting and dispositive power with respect to 1,998,898 Class A
ordinary shares, and the Partnership has shared voting and dispositive power with respect to 1,688,106 shares. The business address of
each of Beryl, Beryl GP, the Partnership and Mr. Witkin, as reported in the Schedule 13G/A, is 1611 S. Catalina Ave., Suite 309,
Redondo Beach, CA 90277. |
(6) | Shares
beneficially owned are based on the Schedule 13G filed with the SEC on November 2, 2021 by Atalaya Special Purpose Investment
Fund II LP (“ASPIF II”), ACM ASOF VII (Cayman) Holdco LP (“ASOF”), ACM Alameda Special Purpose
Investment Fund II LP (“Alameda”) and Atalaya Capital Management LP (“ACM”). Each of ASPIF II,
ASOF, Alameda and ACM has shared voting and dispositive power with respect to 458,850 Class A ordinary shares, 633,270 Class A ordinary
shares, 807,880 Class A ordinary shares and 1,900,000 Class A ordinary shares, respectively. The Class A ordinary shares are directly
held by ASPIF II, ASOF and Alameda (the “Direct Holders”). As the investment manager of each of the Direct Holders,
ACM has the power to vote and direct the disposition of all Class A ordinary shares held by the Direct Holders. The business address
of each of ASPIF II, ASOF, Alameda and ACM, as reported in the Schedule 13G, is One Rockefeller Plaza, 32nd Floor, New York, NY
10020. |
(7) | Excludes
Ordinary Shares in which such person has an indirect interest through our Sponsor as to which such person does not have beneficial ownership. |
HOUSEHOLDING
INFORMATION
Unless
TKB has received contrary instructions, TKB may send a single copy of this proxy statement to any household at which two or more shareholders
reside if TKB believes the shareholders are members of the same family. This process, known as “householding,” reduces the
volume of duplicate information received at any one household and helps to reduce TKB’s expenses. However, if shareholders prefer
to receive multiple sets of TKB’s disclosure documents at the same address this year or in future years, the shareholders should
follow the instructions described below. Similarly, if an address is shared with another shareholder and together both of the shareholders
would like to receive only a single set of TKB’s disclosure documents, the shareholders should follow these instructions:
| ● | if
the shares are registered in the name of the shareholder, the shareholder should contact
TKB at the following address: |
TKB
Critical Technologies 1
400
Continental Blvd
Suite
600 El Segundo, CA 90245
(310)
426-2055
| ● | if
a broker, bank or nominee holds the shares, the shareholder should contact the broker, bank
or nominee directly. |
WHERE
YOU CAN FIND MORE INFORMATION
TKB
files annual, quarterly and current reports, proxy statements and other information with the SEC as required by the Exchange Act. TKB’s
public filings are also available to the public from the SEC’s website at www.sec.gov. You may request a copy of TKB’s filings
with the SEC (excluding exhibits) at no cost by contacting TKB at the address and/or telephone number below.
If
you would like additional copies of this proxy statement or TKB’s other filings with the SEC (excluding exhibits) or if you have
questions about the proposals to be presented at the Extraordinary General Meeting, you should contact TKB at the following address:
TKB
Critical Technologies 1
400 Continental Blvd, Suite 600
El Segundo, CA 90245
(310) 426-2055
You
may also obtain additional copies of this proxy statement by requesting them in writing or by telephone from TKB’s proxy solicitation
agent at the following address, telephone number and e-mail address:
Morrow
Sodali, LLC
333 Ludlow Street, 5th Floor, South Tower Stamford
CT 06902
Individuals call toll-free (800) 662-5200
Banks and brokers call (203) 658-9400
Email: USCT.info@investor.morrowsodali.com
You
will not be charged for any of the documents you request. If your shares are held in a stock brokerage account or by a bank or other
nominee, you should contact your broker, bank or other nominee for additional information.
If
you are a TKB shareholder and would like to request documents, please do so by January [●], 2023, five business days prior to the
Extraordinary General Meeting, in order to receive them before the Extraordinary General Meeting. If you request any documents from TKB,
such documents will be mailed to you by first class mail or another equally prompt means.
ANNEX
A
PROPOSED
AMENDMENT
TO THE
AMENDED AND RESTATED MEMORANDUM AND ARTICLES
OF ASSOCIATION
OF
TKB CRITICAL TECHNOLOGIES 1
“RESOLVED,
as a special resolution, that the Amended and Restated Memorandum and Articles of Association of the Company be amended by the deletion
of the existing Article 49.7 and 49.8 in their entirety and the insertion of the following language in its place:
| 49.7 | The
Company has until [●] months from the closing of the IPO to consummate a Business Combination
provided however that if the board of directors anticipates that the Company may not be able
to consummate a Business Combination within [●] months of the closing of the IPO, the
Company may extend the period of time to consummate a Business Combination up to [●]
times by one (1) month each time for a total of [●] months (each an “Optional
Extension Period”). The latest applicable Business Combination deadline, after
giving effect to any extensions described in this Article 49.7, is referred to as the “Termination
Date”. In the event that the Company has not consummated an initial Business Combination
on or before the Termination Date, the Company shall: |
(a)
cease all operations except for the purpose of winding up;
(b)
as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem the Public Shares, at a per-Share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses),
divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members’ rights as Members
(including the right to receive further liquidation distributions, if any); and
(c)
as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Members and
the Directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of
creditors and other requirements of Applicable Law.
49.8 | In
the event that any amendment is made to the Articles: |
(a)
to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or
redeem 100 per cent of the Public Shares if the Company does not consummate a Business Combination within [●] months from the closing
of the IPO or within up to [●] months from the closing of the IPO (subject in the latter case to valid one (1) month Optional Extension
Periods in accordance with Section 49.7 hereof), or such later time as the Members may approve in accordance with the Articles;
or
(b)
with respect to any other provision relating to Members’ rights or pre-Business Combination activity, each holder of Public
Shares who is not the Sponsor, an Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the
approval or effectiveness of any such amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to
pay its taxes, divided by the number of then outstanding Public Shares. The Company’s ability to provide such redemption in
this Article is subject to the Redemption Limitation.
ANNEX
B
PROPOSED
AMENDMENT TO THE
INVESTMENT
MANAGEMENT TRUST AGREEMENT
This
Amendment No. 1 (this “Amendment”), dated as of January [●], 2023, to the Investment Management Trust Agreement
(as defined below) is made by and between TKB Critical Technologies 1 (the “Company”) and Continental Stock Transfer
& Trust Company, as trustee (“Trustee”). All terms used but not defined herein shall have the meanings assigned
to them in the Trust Agreement.
WHEREAS,
the Company and the Trustee entered into an Investment Management Trust Agreement dated as of October 26, 2021 (the “Trust
Agreement”);
WHEREAS,
Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances
described therein;
WHEREAS,
at an extraordinary general meeting of the Company’s shareholders held on January [●], 2023 (the “Extraordinary
General Meeting”), the Company’s shareholders approved (i) a proposal to amend the Company’s amended and restated
memorandum and articles of association giving the Company the right to extend the date by which it has to consummate a business combination
(the “Combination Period”) from January 29, 2023 to [●], 2023 and the right to further extend the Combination
Period beyond [●], 2023 up to [●] times for an additional one (1) month each time (each a “Monthly Extension”)
to [●], 2023 (i.e., for up to a period of time ending up to [●] months after the consummation of its initial public offering);
and (ii) a proposal to amend the Trust Agreement to make a corresponding change; and
NOW
THEREFORE, IT IS AGREED:
1.
Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:
“(i)
Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, signed on behalf of the Company by its President, Co-Chief Executive Officer, Chief Financial Officer or Chairman
of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in
the case of Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and
distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter
and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received by
the Trustee by (A) the date that is [●] months after the closing of the IPO (“Closing”), or (B) for up
to [●] one-month extensions (the “Optional Extensions”), if elected by the Company prior to the end of
the applicable Business Combination deadline, or (C) such later date as may be approved by the Company’s shareholders in accordance
with the Company’s amended and restated memorandum and articles of association; but if the Company has not completed the Business
Combination within the applicable monthly anniversary of the Closing (“Last Date”), the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed
to the Public Shareholders as of the Last Date. The form of any extension contemplated by this Section 1(i) shall be in substantially
the form attached hereto as Exhibit E.”
2.
The following shall be inserted into the Trust Agreement as Section 2(i):
“If
applicable, issue a press release at least three (3) days prior to the applicable Business Combination deadline announcing that the Company
has elected to effectuate an Optional Extension.”
3.
The following shall be inserted into the Trust Agreement as Section 2(j):
“Promptly
following the applicable Business Combination deadline, disclose whether or not the term the Company has to consummate a Business Combination
has been extended.”
4.
Exhibit E of the Trust Agreement is hereby inserted as follows:
EXHIBIT
E
[Letterhead
of Company]
[Insert
date]
Continental
Stock Transfer & Trust Company
1
State Street, 30th Floor
New
York, New York 10004
Attn:
Francis Wolf & Celeste Gonzalez
|
Re: |
Trust
Account Extension Letter |
Dear
Mr. Wolf and Ms. Gonzalez:
Pursuant
to Section 1(i) of the Investment Management Trust Agreement between TKB Critical Technologies 1 (the “Company”)
and Continental Stock Transfer & Trust Company, dated as of October 26, 2021 (the “Trust Agreement”),
this is to advise you that the Company is extending the time available to consummate a Business Combination for an additional one (1)
month, from ________ to ________ (the “Extension”).
This
Extension Letter shall serve as the notice required with respect to Extension prior to the applicable Business Combination deadline.
Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.
|
Very
truly yours, |
|
|
|
TKB
CRITICAL TECHNOLOGIES 1 |
|
|
|
By: |
|
|
|
Name: |
|
|
Title: |
5.
All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.
4.
This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be
one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile
signature or electronic signature shall be deemed to be an original signature for purposes of this Amendment.
5.
This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 6(c)
of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby
ratified, intentionally waived and relinquished by all parties hereto.
6.
This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
[signature
page follows]
IN
WITNESS WHEREOF, the parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written
above.
CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Trustee
TKB
CRITICAL TECHNOLOGIES 1
PRELIMINARY
PROXY CARD
FOR THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF
TKB CRITICAL TECHNOLOGIES 1
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The
undersigned hereby appoints each of [●] and [●] (each, a “Proxy”) as proxy, with the power to appoint a substitute
to vote the shares that the undersigned is entitled to vote (the “Shares”) at the Extraordinary General Meeting of shareholders
of TKB Critical Technologies 1 to be held on January [●], 2023 at [●] [a][p].m., Eastern Time, at the offices of White &
Case LLP, located at 1221 Avenue of the Americas, New York, NY 10020, and virtually vial live webcast at www.[●] or at any adjournments
and/or postponements thereof. Such Shares shall be voted as indicated with respect to the proposals listed on the reverse side hereof
and in the Proxy’s discretion on such other matters as may properly come before the Extraordinary General Meeting or any adjournment
or postponement thereof.
The
undersigned acknowledges receipt of the accompanying proxy statement and revokes all prior proxies for said meeting.
THE
SHARES REPRESENTED BY THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF
NO SPECIFIC DIRECTION IS GIVEN AS TO THE PROPOSALS ON THE REVERSE SIDE, THIS PROXY WILL BE VOTED FOR PROPOSALS 1, 2 AND 3. PLEASE MARK,
SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY.
(Continued
and to be marked, dated and signed on reverse side)
~
PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. ~
TKB
CRITICAL TECHNOLOGIES 1 — THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” PROPOSALS 1, 2 AND 3. |
|
Please
mark votes as ☒
indicated in this example |
|
|
FOR |
AGAINST |
ABSTAIN |
(1) The
Extension Amendment Proposal — “RESOLVED, as a special resolution, that the Articles of Association of TKB currently
in effect be amended to extend the date that the Company has to consummate a business combination from January 29, 2023 to
[●], 2023 (i.e., for a period of time ending [●] months after the consummation of its initial public offering) and (ii)
to give the Company the right to further extend the Combination Period beyond [●], 2023 up to [●] times for an
additional one (1) month each time to [●], 2023.” |
|
☐ |
☐ |
☐ |
|
|
FOR |
AGAINST |
ABSTAIN |
(2) The
Trust Agreement Amendment Proposal — To approve an amendment to the Company’s Investment Management Trust Agreement,
dated October 26, 2021, by and between TKB and Continental Stock Transfer & Trust Company, allowing TKB to (i) extend the
Combination Period from January 29, 2023 to [●], 2023 (i.e., for a period of time ending [●] months after the
consummation of its initial public offering) and (ii) to give the Company the right to further extend the Combination Period beyond
[●], 2023 up to [●] times for an additional one (1) month each time to [●], 2023. |
|
☐ |
☐ |
☐ |
|
|
FOR |
AGAINST |
ABSTAIN |
(3) The
Adjournment Proposal — ‘RESOLVED, as an ordinary resolution, to adjourn the Extraordinary General Meeting of TKB
shareholders to a later date or dates, if necessary, to permit further solicitation and vote of Proxies if, based upon the tabulated
vote at the time of the Extraordinary General Meeting, there are not sufficient votes to approve the Extension Amendment Proposal,
or to provide additional time to effectuate the Extension.” |
|
☐ |
☐ |
☐ |
|
|
|
|
|
Date
____, 2023 |
|
|
|
|
Signature |
|
|
|
|
Signature
(if held jointly) |
|
|
|
|
When
Shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee or guardian, please give
full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership,
please sign in partnership name by an authorized person.
A
vote to abstain will have no effect on proposals 1, 2 or 3. The Shares represented by the Proxy, when properly executed, will be voted
in the manner directed herein by the undersigned shareholder(s). If no direction is made, this Proxy will be voted FOR each of proposals
1, 2 and 3. If any other matters properly come before the meeting, the Proxies will vote on such matters in their discretion.
~
PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED
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