UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): January 30, 2022
SILVER CREST ACQUISITION CORPORATION
(Exact name of registrant as specified in its charter)
Cayman Islands
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001-39890
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98-1559547
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation or
organization)
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File Number)
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Identification No.)
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Suite 3501, 35/F, Jardine House
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1 Connaught Place, Central
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Hong Kong
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(Address of principal executive offices)
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(Zip Code)
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+852 2165-9000
Registrant’s telephone number, including
area code
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
x
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange on
which registered
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Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant
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SLCRU
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The Nasdaq Stock Market LLC
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Class A Ordinary Shares included as part of the units
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SLCR
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The Nasdaq Stock Market LLC
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Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50
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SLCRW
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The Nasdaq Stock Market LLC
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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 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth
company x
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 Entry into a Material Definitive Agreement
On January 30, 2022, Silver Crest Acquisition Corporation,
a Cayman Islands exempted company (“Silver Crest”), entered into Amendment No. 1 (the “Amendment”)
to the previously disclosed Agreement and Plan of Merger (the “Merger Agreement”), dated August 13, 2021, by and among
Silver Crest, TH International Limited, a Cayman Islands exempted company (“THIL”), and Miami Swan Ltd, a Cayman Islands
exempted company and wholly owned subsidiary of THIL (“Merger Sub”), pursuant to which, among other transactions, on
the terms and subject to the conditions set forth therein, (i) Merger Sub is to merge with and into Silver Crest (the “First
Merger”), with Silver Crest surviving the First Merger as a wholly owned subsidiary of THIL, and (ii) Silver Crest is to merge
with and into THIL (the “Second Merger” and together with the First Merger, the “Mergers”), with
THIL surviving the Second Merger, as described in the Current Report on Form 8-K/A filed by Silver Crest with the Securities and Exchange
Commission (the “SEC”) on August 19, 2021, and attached thereto as Exhibit 2.1.
Pursuant to the Amendment, Silver Crest, THIL and
Merger Sub have agreed to extend the Termination Date (as defined in the Merger Agreement) to March 1, 2022, after which either Silver
Crest or THIL may terminate the Merger Agreement.
This description is qualified in its entirety by
reference to the Merger Agreement, which was filed as Exhibit 2.1 to the Current Report on Form 8-K/A filed by Silver Crest with the SEC
on August 19, 2021, and the Amendment, which is filed as Exhibit 2.1 to this Current Report on Form 8-K.
Item 8.01 Other Events
In connection with the proposed
business combination, THIL has filed with the SEC a registration statement on Form F-4 (the “Registration Statement”),
as amended, which includes a preliminary proxy statement/prospectus with respect to the business combination.
On January 28, 2022, THIL
filed with the SEC Amendment No. 2 to the Registration Statement.
This Current Report on Form
8-K will not be deemed an admission as to the materiality of any information of the information contained in this Item 8.01.
Additional Information and Where to Find It
This Current Report on Form
8-K does not contain all the information that should be considered concerning the proposed business combination between Silver Crest,
THIL, and Merger Sub. It does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities,
nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. It is not intended to form the basis of any investment decision or
any other decision in respect of the proposed business combination. In connection with the proposed business combination, THIL has filed
with the SEC a registration statement on Form F-4 (the “Registration Statement”), as amended, which includes a preliminary
proxy statement/prospectus with respect to the business combination. The definitive proxy statement/prospectus and other relevant documentation
will be mailed to Silver Crest’s shareholders as of a record date to be established for purposes of voting on the business combination.
Silver Crest’s shareholders and other interested persons are advised to read the preliminary proxy statement/prospectus and any
amendments thereto, and the definitive proxy statement/prospectus in connection with the solicitation of proxies for the extraordinary
general meeting to be held to approve the transactions contemplated by the proposed business combination because these materials contain,
or will contain, important information about THIL, Silver Crest and the proposed transactions. Shareholders will also be able to obtain
a copy of the preliminary proxy statement/prospectus and the definitive proxy statement/prospectus once available, without charge, at
the SEC’s website at http://www.sec.gov or by directing a request to: Silver Crest Acquisition Corporation, Suite 3501, 35/F, Jardine
House, 1 Connaught Place, Central, Hong Kong.
INVESTMENT IN ANY SECURITIES
DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR
ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.
Participants in the Solicitation
Silver Crest, THIL and their
respective directors and executive officers, other members of management and employees may be considered participants in the solicitation
of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the
directors and executive officers of Silver Crest is set forth in Silver Crestʼs IPO prospectus dated January 13, 2021 filed with
the SEC on January 15, 2021. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation
of the shareholders in connection with the potential transaction and a description of their interests is set forth in the Registration
Statement. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This Current Report on Form
8-K is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the
potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of THIL or Silver
Crest, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities 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 Legend
This Current Report on Form
8-K contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction
between THIL and Silver Crest. 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. Forward-looking statements are predictions,
projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject
to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in
this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which
may adversely affect the price of Silver Crest’s securities, (ii) the risk that the transaction may not be completed by Silver Crest’s
business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Silver
Crest, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement
by the shareholders of Silver Crest, the satisfaction of the minimum trust account amount following redemptions by Silver Crest's public
shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining
whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise
to the termination of the Merger Agreement, (vi) the effect of the announcement or pendency of the transaction on THIL’s business
relationships, operating results, and business generally, (vii) risks that the proposed transaction disrupts current plans and operations
of THIL and potential difficulties in THIL employee retention as a result of the transaction, (viii) the outcome of any legal proceedings
that may be instituted against THIL or against Silver Crest related to the Merger Agreement or the proposed transaction, (ix) the ability
to obtain approval for listing or maintain the listing of THIL’s securities on a national securities exchange, (x) the price of
Silver Crest’s securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries
in which THIL operates, variations in operating performance across competitors, changes in laws and regulations affecting THIL’s
business, THIL’s inability to implement its business plan or meet or exceed its financial projections and changes in the combined
capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed
transaction, and identify and realize additional opportunities, and (xii) the effects of natural disasters, terrorist attacks and the
spread and/or abatement of infectious diseases, such as COVID-19, on the proposed transactions or on the ability to implement business
plans, forecasts, and other expectations after the completion of the proposed transactions. The foregoing list of factors is not exhaustive.
You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors”
section of Silver Crest’s registration statement on Form S-1 (File No. 333-251655), the joint proxy statement/prospectus on Form
F-4 discussed above and other documents filed by Silver Crest from time to time with the SEC, including but not limited to in the sections
entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Silver Crestʼs annual
report on Form 10-K for the year ended December 31,2020 as updated by Silver Crestʼs quarterly report on Form 10-Q for the quarters
ended March 31, 2021, June 30, 2021 and September 30, 2021, as amended. These filings identify and address other important risks and uncertainties
that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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
THIL and Silver Crest 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. Neither THIL nor Silver Crest gives any assurance that either THIL or Silver Crest, or
the combined company, will achieve its expectations.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 31, 2022
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SILVER CREST ACQUISITION CORPORATION
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By:
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/s/ Ho Cheung
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Name: Ho Cheung
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Title: Chief Executive Officer
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Exhibit 2.1
AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER
This AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF
MERGER (this “Amendment”) is made and entered into as of January 30, 2022 by and among TH International Limited, a
Cayman Islands exempted company (the “Company”), Miami Swan Ltd, a Cayman Islands exempted company and wholly-owned
subsidiary of the Company (“Merger Sub”), and Silver Crest Acquisition Corporation, a Cayman Islands exempted company
(“SPAC”). Unless otherwise specifically defined herein, all capitalized terms used but not defined herein shall have
the meanings ascribed to them under the Agreement (as defined below).
WHEREAS, the parties hereto entered into that
certain Agreement and Plan of Merger, dated as of August 13, 2021 (as may be amended and modified from time to time, including by this
Amendment, the “Agreement”);
WHEREAS, the parties hereto desire to amend the
Agreement as set forth below;
WHEREAS, Section 11.09 of the Agreement provides
that the Agreement may be amended or modified in whole or in part, by an agreement in writing executed by each of the Company, Merger
Sub and SPAC in the same manner as the Agreement and which makes reference to the Agreement; and
WHEREAS, each of the Company Board, the SPAC Board
and the board of directors of Merger Sub has approved the execution and delivery of this Amendment.
NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Company, Merger Sub and the SPAC
agree as follows:
1. Amendments
to the Agreement.
1.1
Amendment to the Termination Date. The reference to “January 31, 2022” in Section 10.01(c) of the Agreement
is hereby amended and replaced by “March 1, 2022”.
2.
Miscellaneous.
2.1
No Further Amendment. The Parties hereto agree that all other provisions of the Agreement shall, subject to the amendments
set forth in Section 1 of this Amendment, continue unmodified, in full force and effect and constitute legal and binding obligations of
the parties in accordance with their terms. This Amendment is limited precisely as written and shall not be deemed to be an amendment
to any other term or condition of the Agreement or any of the documents referred to therein. This Amendment forms an integral and inseparable
part of the Agreement.
2.2
Representations and Warranties.
Each of the Company, Merger Sub and SPAC hereby
represents and warrants to each other Party that:
(a) Such
Party has the requisite corporate power and authority to execute and deliver this Amendment and to perform its obligations
hereunder. The execution and delivery by such Party of this Amendment have been duly and validly authorized by its board of
directors and no other corporate action on the part of such Party is necessary to authorize the execution and delivery by such Party
of this Amendment.
(b)
This Amendment has been duly and validly executed and delivered by such Party and, assuming the due authorization, execution and
delivery by each other Party, constitutes a legal, valid and binding obligation of such Party, enforceable against such Party in accordance
with its terms, subject to the Enforceability Exceptions.
2.3
References. Each reference to “this Agreement,” “hereof,” “herein,” “hereunder,”
“hereby” and each other similar reference contained in the Agreement shall, effective from the date of this Amendment, refer
to the Agreement as amended by this Amendment. Notwithstanding the foregoing, references to the date of the Agreement and references in
the Agreement, as amended hereby, to “the date hereof,” “the date of this Agreement” and other similar references
shall in all instances continue to refer to August 13, 2021 and references to the date of this Amendment and “as of the date of
this Amendment” shall refer to January 30, 2022.
2.4
Effect of Amendment. This Amendment shall form a part of the Agreement for all purposes, and each party thereto and hereto
shall be bound hereby. From and after the execution of this Amendment by the parties hereto, any reference to the Agreement shall be deemed
a reference to the Agreement as amended hereby and any reference to the Transactions shall be deemed a reference to the Transactions as
amended hereby. This Amendment shall be deemed to be in full force and effect from and after the execution of this Amendment by the parties
hereto.
2.5
Other Miscellaneous Terms. The provisions of Article XI (Miscellaneous) of the Agreement shall apply mutatis mutandis
to this Amendment, and to the Agreement as amended by this Amendment, taken together as a single agreement, reflecting the terms therein
as amended by this Amendment.
[Signature pages follow]
IN WITNESS WHEREOF, the Parties have hereunto caused
this Amendment to be duly executed as of the date first set forth above.
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TH INTERNATIONAL LIMITED
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By:
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/s/ Gregory R. Armstrong
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Name:
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Gregory R. Armstrong
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Title:
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Director
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MIAMI SWAN LTD
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By:
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/s/ Gregory R. Armstrong
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Name:
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Gregory R. Armstrong
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Title:
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Director
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[Signature Page to Amendment No. 1 to Agreement and Plan of Merger]
IN WITNESS WHEREOF, the Parties have hereunto caused this Amendment
to be duly executed as of the date first set forth above.
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SILVER CREST ACQUISITION CORPORATION
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By:
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/s/ Derek Cheung
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Name:
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Derek Cheung
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Title:
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Director
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[Signature Page to Amendment No. 1 to Agreement and Plan of Merger]
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