---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-220722"
form_type: "8-K"
ticker: "HLLY"
cik: "0001822928"
company_name: "Holley Inc."
filed_at: "2021-07-21T23:59:59+00:00"
generated_at: "2026-06-30T03:51:00.068586+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Holley Inc. (formerly Empower Ltd.) completes business combination with Holley Intermediate; begins trading as HLLY

## Summary
- Closing on July 16, 2021; Holley Intermediate shareholders received $264.7M cash + 67,673,884 shares at $10.00 per share.
- PIPE financing raised $240M (24M shares at $10.00 each) and A&R FPA added $50M (5M units at $10.00 each).
- Post-closing shares outstanding: 117,993,139 common shares, 10M public warrants ($11.50 strike), and 4,666,667 private warrants ($11.50 strike).
- New executive employment agreements: CEO Tomlinson base salary $500K, target bonus 100%; other executives base salaries and bonuses set.
- Incentive Plan approved; initial option grants to seven executives totaling ~1.25M shares, vesting over 3 years.

## SEC filing metadata
- accession: 0001193125-21-220722
- form_type: 8-K
- ticker: HLLY
- cik: 0001822928
- company_name: Holley Inc.
- filed_at: 2021-07-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 9.01, 3.02, 3.03, 5.01, 5.02, 5.03, 5.05, 5.06, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/d185405d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-220722
- JSON: https://secwatch.observer/filing/0001193125-21-220722.json
- Plain text: https://secwatch.observer/filing/0001193125-21-220722.txt

## Key facts
- Executive change
  Matthew Rubel resigned as Officer at Holley Inc..
  - Action: resigned
  - Role: Officer
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- Executive change
  Jeffrey Jones resigned as Director at Holley Inc..
  - Action: resigned
  - Role: Director
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- Executive change
  Andrew Spring resigned as Officer at Holley Inc..
  - Action: resigned
  - Role: Officer
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- Executive change
  Graham Clempson resigned as Director at Holley Inc..
  - Action: resigned
  - Role: Director
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- Executive change
  Krishnan Anand resigned as Director at Holley Inc..
  - Action: resigned
  - Role: Director
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- Executive change
  Beth Kaplan resigned as Director at Holley Inc..
  - Action: resigned
  - Role: Director
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
- Executive change
  Graham Clempson resigned as Officer at Holley Inc..
  - Action: resigned
  - Role: Officer
  source text: In connection with the Closing, Graham Clempson, Krishnan Anand, Jeffrey Jones and Beth Kaplan resigned as directors of Empower and Matthew Rubel, Graham Clempson and Andrew Spring resigned as officers of Empower and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.