Kaival Brands Innovations Group, Inc. and Delta Corp Holdings Limited Announce Public Filing of Registration Statement on Form F-4 in Connection with Proposed Business Combination
Kaival Brands Innovations Group (NASDAQ: KAVL) and Delta Corp Holdings have announced the public filing of a Form F-4 registration statement with the SEC for their proposed business combination. The transaction, valued at $301 million, is expected to close in February 2025.
The deal will result in both Kaival and Delta becoming wholly-owned subsidiaries of a new Cayman Islands-based public company (Pubco), whose ordinary shares will trade on the Nasdaq Capital Market. The Form F-4 includes a preliminary prospectus for securities issuance and a proxy statement for Kaival's special shareholders meeting.
The completion is subject to SEC effectiveness declaration, shareholder approvals from both companies, regulatory clearances, and other closing conditions. The registration statement is available for review on the SEC's website.
Kaival Brands Innovations Group (NASDAQ: KAVL) e Delta Corp Holdings hanno annunciato il deposito pubblico di un modulo di registrazione F-4 presso la SEC per la loro proposta di combinazione aziendale. La transazione, del valore di 301 milioni di dollari, dovrebbe concludersi a febbraio 2025.
Questo accordo porterà sia Kaival che Delta a diventare filiali interamente possedute di una nuova società pubblica con sede nelle Isole Cayman (Pubco), le cui azioni ordinarie saranno scambiate sul Nasdaq Capital Market. Il modulo F-4 include un prospetto preliminare per l'emissione di titoli e una dichiarazione di delega per l'assemblea straordinaria degli azionisti di Kaival.
Il completamento è soggetto alla dichiarazione di efficacia della SEC, all'approvazione degli azionisti di entrambe le aziende, alle autorizzazioni regolatorie e ad altre condizioni di chiusura. Il modulo di registrazione è disponibile per la revisione sul sito web della SEC.
Kaival Brands Innovations Group (NASDAQ: KAVL) y Delta Corp Holdings han anunciado el depósito público de un formulario de registro F-4 en la SEC para su propuesta de combinación de negocios. La transacción, valorada en 301 millones de dólares, se espera que se complete en febrero de 2025.
El acuerdo resultará en que tanto Kaival como Delta se conviertan en subsidiarias de propiedad total de una nueva empresa pública con sede en las Islas Caimán (Pubco), cuyas acciones ordinarias se negociarán en el Nasdaq Capital Market. El formulario F-4 incluye un prospecto preliminar para la emisión de valores y una declaración de poder para la reunión especial de accionistas de Kaival.
La finalización está sujeta a la declaración de efectividad de la SEC, a la aprobación de los accionistas de ambas empresas, a las autorizaciones regulatorias y a otras condiciones de cierre. La declaración de registro está disponible para revisión en el sitio web de la SEC.
Kaival Brands Innovations Group (NASDAQ: KAVL)와 Delta Corp Holdings가 SEC에 사업 결합 제안에 대한 F-4 등록 양식을 공개 제출했다고 발표했습니다. 이 거래는 3억 1천만 달러의 가치가 있으며, 2025년 2월에 마무리될 것으로 예상됩니다.
이 계약으로 인해 Kaival과 Delta는 모두 카리브해 케이맨 제도에 본사를 둔 새로운 상장 회사(Pubco)의 전액 소유 자회사가 되며, 해당 회사의 보통주가 나스닥 자본 시장에서 거래됩니다. F-4 양식에는 증권 발행을 위한 예비 투자 설명서와 Kaival의 특별 주주 총회를 위한 위임장도 포함되어 있습니다.
이 거래의 완료는 SEC의 효력 선언, 양사 주주 승인, 규제 승인 및 기타 마감 조건에 따라 달라집니다. 등록 양식은 SEC 웹사이트에서 확인할 수 있습니다.
Kaival Brands Innovations Group (NASDAQ: KAVL) et Delta Corp Holdings ont annoncé le dépôt public d'un formulaire d'enregistrement F-4 auprès de la SEC pour leur proposition de combinaison d'entreprises. La transaction, évaluée à 301 millions de dollars, devrait être finalisée en février 2025.
Cet accord entraînera à la fois Kaival et Delta à devenir des filiales entièrement détenues d'une nouvelle entreprise publique basée aux Îles Caïmans (Pubco), dont les actions ordinaires se négocieront sur le Nasdaq Capital Market. Le formulaire F-4 comprend un prospectus préliminaire pour l'émission de titres et une déclaration de procuration pour l'assemblée extraordinaire des actionnaires de Kaival.
La réalisation est soumise à la déclaration d'efficacité de la SEC, aux approbations des actionnaires des deux entreprises, aux autorisations réglementaires et à d'autres conditions de clôture. La déclaration d'enregistrement est disponible pour consultation sur le site web de la SEC.
Kaival Brands Innovations Group (NASDAQ: KAVL) und Delta Corp Holdings haben die öffentliche Einreichung eines Registrierungsformulars F-4 bei der SEC für ihre vorgeschlagene Unternehmenszusammenlegung bekannt gegeben. Die Transaktion, die mit 301 Millionen US-Dollar bewertet wird, soll im Februar 2025 abgeschlossen werden.
Der Deal wird dazu führen, dass sowohl Kaival als auch Delta vollständig im Besitz einer neuen, in den Kaimaninseln ansässigen öffentlichen Gesellschaft (Pubco) werden, deren Stammaktien an der Nasdaq Capital Market gehandelt werden. Das F-4-Formular enthält ein vorläufiges Prospekt für die Ausgabe von Wertpapieren sowie eine Vollmacht für die außerordentliche Hauptversammlung der Aktionäre von Kaival.
Der Abschluss unterliegt der Wirksamkeitserklärung der SEC, den Genehmigungen der Aktionäre beider Unternehmen, den behördlichen Genehmigungen und anderen Abschlussbedingungen. Die Registrierungsunterlagen sind auf der Website der SEC zur Einsichtnahme verfügbar.
- Business combination valued at $301 million
- Resulting entity will maintain Nasdaq listing
- Strategic merger with Delta expands business into Bulk & Energy logistics, fuel supply, commodities, and asset management
- Transaction completion subject to multiple regulatory and shareholder approvals
- Current shareholders face potential dilution from business combination
Insights
The public filing of Form F-4 marks a important milestone in the
The February 2025 timeline appears aggressive but achievable, contingent on three critical factors: SEC effectiveness declaration, shareholder approvals and regulatory clearances. The deal's valuation suggests a substantial premium, indicating strong confidence in the combined entity's potential. For retail investors, this represents a transformative event that could significantly alter KAVL's business model and market positioning.
The F-4 filing is particularly noteworthy as it involves a complex cross-border transaction structure with multiple jurisdictions - Delaware, England & Wales and Cayman Islands. The regulatory framework requires careful navigation of both U.S. securities laws and international regulations. Critical disclosure aspects include the preliminary prospectus for securities issuance and proxy materials for shareholder voting.
The transaction's success hinges on regulatory approvals beyond just SEC clearance. The shift to a Cayman Islands holding company structure suggests potential tax optimization strategies but also introduces additional regulatory complexity. Current KAVL shareholders should carefully review the F-4 documentation to understand their rights and the potential impact on their investment position post-merger.
Transaction Expected to Close in February 2025
GRANT-VALKARIA, Fla., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL), a Delaware corporation (“Kaival” or the “Company”) and the U.S. distributor of the Bidi® Stick and certain other products manufactured by Bidi Vapor, LLC (“Bidi Vapor”), and Delta Corp Holdings Limited, a company incorporated in England and Wales (“Delta”) and a privately held holding company for global businesses engaged in Bulk & Energy logistics, fuel supply, commodities, and asset management, jointly announced the public filing of a registration statement on Form F-4 with the U.S. Securities and Exchange Commission (“SEC”) by Delta Corp Holdings Limited, a newly created holding company organized under the laws of the Cayman Islands (“Holdings” or “Pubco”).
On Sept. 23, 2024, Kaival entered into a definitive business combination agreement with Delta and Pubco. This transaction will result in Kaival and Delta becoming wholly-owned subsidiaries of Pubco, which will be a new public company whose ordinary shares trade on the Nasdaq Capital Market (“Nasdaq”).
The registration statement on Form F-4 includes a preliminary prospectus with respect to the securities to be issued to holders of securities of Kaival and Delta in connection with the proposed business combination, and a preliminary proxy statement relating to the special shareholders meeting of Kaival at which shareholders of Kaival will vote on whether to approve the transactions. The business combination is valued at
A copy of the registration statement is available for review on the SEC’s website, found at www.sec.gov.
About Kaival
Based in Grant-Valkaria, Florida, Kaival Brands is a company focused on incubating and commercializing innovative products into mature and dominant brands, with a current focus on the distribution of electronic nicotine delivery systems (ENDS) also known as “e-cigarettes” for use by customers 21 years and older. Our business plan is to seek to diversify into distributing other nicotine and non-nicotine delivery system products (including those related to hemp-derived cannabidiol (known as CBD) products). Kaival Brands and Philip Morris Products S.A. (via sublicense from Kaival Brands) are the exclusive global distributors of all products manufactured by Bidi Vapor LLC. Based in Melbourne, Florida, Bidi Vapor maintains a commitment to responsible, adult-focused marketing, supporting age-verification standards and sustainability through its BIDI® Cares recycling program. Bidi Vapor's premier device, the BIDI® Stick, which is distributed exclusively by Kaival Brands, is a premium product made with high-quality components, a UL-certified battery and technology designed to deliver a consistent vaping experience for adult smokers 21 and over.
About Delta
Delta Corp Holdings Limited is a fully integrated global enterprise engaged in logistics, fuel supply, and asset management services, primarily supporting the international supply chains of commodity, energy, and capital goods producers. With its headquarters in London, Delta operates through three main segments: Bulk Logistics, Energy Logistics, and Asset Management. The company also maintains executive offices in Dubai and New York, and boasts a significant commercial presence in Singapore, Rotterdam, New Delhi, and Mumbai.
Additional Information and Where to Find It
In connection with the proposed transaction, Pubco and Kaival have filed relevant materials with the SEC, including Pubco’s registration statement on Form F-4 that contains a proxy statement of Kaival and the prospectus of Pubco, which proxy statement/prospectus will be mailed or otherwise disseminated to Kaival’s shareholders. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF KAIVAL ARE URGED TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DELTA, KAIVAL, THE PROPOSED TRANSACTION, AND RELATED MATTERS. The proxy statement/prospectus and other relevant materials, and any other documents filed by Pubco and Kaival with the SEC, may be obtained free of charge at the SEC website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Kaival by directing a written request to: KAIVAL, 4460 Old Dixie Hwy. Grant-Valkaria FL 32949. Investors and security holders are urged to read the proxy statement/prospectus and the other relevant materials before making any voting or investment decision with respect to the proposed merger.
Participants in the Solicitation
Kaival and its directors, executive officers and certain other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Kaival with respect to the proposed merger and related matters. Information about the directors and executive officers of Kaival, including their ownership of shares of Kaival common stock, is included in Kaival’s Annual Report on Form 10-K for the year ended October 31, 2023, which was filed with the SEC on February 13, 2024. Additional information regarding the persons or entities who may be deemed participants in the solicitation of proxies from Kaival shareholders, including a description of their interests in the proposed merger by security holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents to be filed with the SEC when they become available. The directors and officers of Delta do not currently hold any interests, by security holdings or otherwise, in Kaival.
No Offer or Solicitation
No offering of securities in connection with the proposed transaction shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Pubco, Kaival and Delta. All statements other than statements of historical facts contained in this press release, including statements regarding Pubco's, Kaival Global's or Delta's future results of operations and financial position, Pubco's, Kaival 's and Delta's business strategy, prospective costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated operations of Pubco, Kaival and Delta, and the expected value of the combined company after the transactions, are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed transaction: the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Kaival 's securities; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; the inability to complete the transactions contemplated by the transaction agreement, including due to failure to obtain approval of the shareholders of Kaival or other conditions to closing in the transaction agreement; the inability to obtain or maintain the listing of Pubco ordinary shares on Nasdaq following the transaction; the risk that the transactions disrupt current plans and operations of Kaival as a result of the announcement and consummation of the transactions; the ability to recognize the anticipated benefits of the transactions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; costs related to the transactions; changes in applicable laws or regulations; the possibility that Pubco, Delta or Kaival may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the transactions, including those under "Risk Factors" therein, and in other filings with the SEC made by Pubco and Kaival. Moreover, Pubco, Delta and Kaival operate in very competitive and rapidly changing environments. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Pubco's, Delta's and Kaival 's control, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, Pubco, Delta and Kaival assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. None of Pubco, Delta or Kaival gives any assurance that either Delta or Kaival or Pubco will achieve its expectations.
CONTACT INFORMATION:
Kaival Brands Innovations Group, Inc.
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
Delta Corp Holdings Limited
Joseph Nelson
Chief Financial Officer
Phone: +44 0203 753 5598
Email: ir@wearedelta.com
FAQ
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