FMIV Forum Meger IV Corporation

Item 8.01. Other Events

On May 23, 2023, Forum Merger IV Corporation (the “Company”) issued a press release announcing that its board of directors (the “Board”) has elected to extend the date by which it must consummate an initial business combination (the “Deadline Date”) from May 22, 2023 for an additional month to June 22, 2023, the second of seven potential one-month extensions of the Deadline Date available to the Company. On May 17, 2023, pursuant to the Company’s amendment to the Amended and Restated Certificate of Incorporation (the “Amended Charter”), the Board determined to implement a second Extension to allow additional time for the Company to complete its initial business combination. In connection with the Board’s determination to extend the Deadline Date to June 22, 2023, $175,000 was deposited into the Company’s trust account on May 23, 2023. 

The Amended Charter provides the Company the right to extend the Deadline Date from March 22, 2023 to April 22, 2023 and to provide the Company with the right to extend the date by which it must consummate an initial business combination up to seven times for an additional one month each time (the “Extension”) up to November 22, 2023. As previously disclosed, in April 2023, the Board had implemented a first Extension and had extended the initial Deadline Date to May 22, 2023.

Also as previously disclosed, if an Extension is implemented, the Company shall deposit from the Company’s working capital account into the Company’s trust account, for each such additional month, the lesser of (a) $175,000 or (b) $0.05 for each public share then outstanding (the “Contribution”), which the Company shall deposit into the Company’s trust account at the beginning of each month (the “Monthly Deposit”), for an aggregate deposit of up to the lesser of (a) $1,225,000 or (b) $0.05 for each public share then outstanding (if all additional extensions are exercised). In the event the Company’s working capital account has been depleted, the Company’s sponsor, Forum Investors IV LLC, a Delaware limited liability company, or one of more of its affiliates, members or third party designees shall lend the Company the Monthly Deposit in the form of a non-interest bearing, unsecured promissory note, which the Company shall deposit into the Company’s trust account.

As there were 6,361,299 public shares outstanding following redemptions in connection with the special meeting of the stockholders of the Company held on March 7, 2023, the Contribution amount for each month of the Extension is equal to $175,000, or up to an aggregate of $1,225,000 in the event the Extension is effectuated for the full seven months.

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.