UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event
reported): July 25, 2023 (
(Exact Name of Registrant as Specified in Charter)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
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Item 3.02. | Unregistered Sales of Equity Securities. |
As previously announced, (i) Westrock Coffee Company, a Delaware corporation (the “Company”), has entered into subscription agreements with each of HF Direct Investments Pool, LLC, an affiliate of the Herbert Hunt family, and the Arkansas Teacher Retirement System, pursuant to which Westrock has agreed to issue and sell an aggregate of 10 million shares of common stock, par value $0.01 per share (the “Common Shares”), of the Company at a purchase price per share of $10.00, subject to customary closing conditions (the “Investments”) and (ii) the Investments are subject to the potential exercise of preemptive rights (the “BBH Preemptive Rights”) by affiliates of Brown Brothers Harriman & Co. (the “BBH Stockholders”) to subscribe up to their pro-rata ownership of the capital stock of the Company (generally on a fully diluted basis), under the terms of that certain Investor Rights Agreement, dated April 4, 2022 (the “Investor Rights Agreement”), by and among the Company, the BBH Stockholders, and the other parties thereto.
On July 24, 2023, the BBH Stockholders exercised the BBH Preemptive Rights by each entering into a separate subscription agreement per BBH Stockholder with the Company to subscribe for an aggregate of approximately 1.88 million Common Shares at a purchase price per share of $10.00 for aggregate gross proceeds to the Company of approximately $18.8 million (such transaction, the “BBH Investment”). The BBH Investment is subject to customary closing conditions.
The issuance of the Common Shares in the BBH Investment is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of the exemption provided by Rule 506(b) of Regulation D promulgated under the Securities Act.
The foregoing description of the BBH Preemptive Rights is not complete and is qualified in its entirety by reference to the full text of the Investor Rights Agreement and the amended and restated Investor Rights Agreement, which are included in this current report as Exhibits 4.1 and 4.2, respectively, and are incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WESTROCK COFFEE COMPANY | |||
By: | /s/ Robert P. McKinney | ||
Name: | Robert P. McKinney | ||
Title: | Chief Legal Officer | ||
Dated: July 25, 2023 |