secwatch.observer — SEC 8-K summary
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Issuer:     Holley Inc. (HLLY)
CIK:        0001822928
Form:       8-K
Filed at:   2021-07-21T23:59:59+00:00
Accession:  0001193125-21-220722
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.01, 9.01, 3.02, 3.03, 5.01, 5.02, 5.03, 5.05, 5.06, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/0001193125-21-220722-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822928/000119312521220722/d185405d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-220722

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer