UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 20, 2023

ESGEN ACQUISITION CORPORATION

(Exact Name of Registrant as Specified in Charter)

5956 Sherry Lane, Suite 1400

Dallas, TX 75225

(Address of Principal Executive Offices) (Zip Code)

(214) 987-6100

(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:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

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. ☐

Extension Proposal

On October 20, 2023, ESGEN Acquisition Corporation (“ESGEN” or the “Company”) held an extraordinary general meeting of shareholders (the “Meeting”), to consider and vote upon a proposal to amend, by special resolution, the Company’s amended and restated memorandum and articles of association (the “Extension Proposal”) to: (i) extend from October 22, 2023 to January 22, 2024 (the “Extended Date”), the date (the “Termination Date”) by which, if the Company has not consummated a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving one or more businesses or entities, the Company must: (a) cease all operations except for the purpose of winding up; (b) as promptly as reasonably possible but not more than ten business days thereafter, redeem the shares sold in the Company’s initial public offering (the “Public Shares”) (in a redemption that will completely extinguish the rights of the owners of the Public Shares as shareholders (including the right to receive further liquidation distributions, if any)) at a per-share price, payable in cash, equal to (1) the aggregate amount then on deposit in the trust account located in the United States with Continental Stock Transfer & Trust Company acting as trustee (“Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes, if any, less up to $100,000 of interest to pay winding up and dissolution expenses (net of any taxes payable), divided by (2) the number of the then-outstanding Public Shares; and (c) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors (the “Board”), liquidate and dissolve, subject in the case of clauses (b) and (c) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law, and (ii) in the event that the Company has not consummated an initial business combination by the Extended Date, to allow the Company, by resolution of the Board and, without any approval of the Company’s shareholders, upon five days’ advance notice prior to the Extended Date, to extend the Termination Date up to six times (with each such extension being upon five days’ advance notice), each by one additional month (for a total of up to six additional months to complete a business combination) (each, an “Additional Extension Date”), provided that the Company’s sponsor, ESGEN LLC (the “Sponsor”) or the Sponsor’s affiliates or permitted designees (the “Lenders” and each a “Lender”) will deposit into the Trust Account for each Additional Extension Date the lesser of (a) US$35,000 or (b) $0.0175 for each Public Share that is then-outstanding, in exchange for one or more non-interest bearing, unsecured promissory notes issued by the Company to the Lender. If the Company completes its initial business combination, it will, at the option of the Lender, repay the amounts loaned under the promissory note(s) or convert a portion or all of the amounts loaned under such promissory note(s) into warrants at a price of $1.00 per warrant, which warrants will be identical to the private placement warrants, each exercisable to purchase one Class A ordinary share, par value $0.0001 (“Class A ordinary share”) at $11.50 per share, subject to adjustment, at a price of $1.00 per warrant issued to the Sponsor at the time of the Company’s initial public offering. If the Company does not complete a business combination by the deadline to consummate an initial business combination, such promissory notes will be repaid only from funds held outside of the Trust Account.

As described in Item 5.07 of this Current Report on Form 8-K below, ESGEN shareholders have approved the Extension Proposal. On October 20, 2023, ESGEN filed the amendments to the amended and restated memorandum and articles of association of ESGEN with the Registrar of Companies of the Cayman Islands (the “Charter Amendment”).

The foregoing description is qualified in its entirety by reference to the Charter Amendment related to the Extension Proposal, a copy of which is attached as Exhibit 3.1 hereto and is incorporated by reference herein.

Conversion Proposal

On October 20, 2023, ESGEN held the Meeting to consider and vote upon a proposal to amend, by special resolution, the Company’s amended and restated memorandum and articles of association (the “Conversion Proposal”) to change certain provisions which restrict the Class B ordinary shares, par value $0.0001, of the Company (the “Class B ordinary shares” and collectively with the Class A ordinary shares, the “ESGEN Shares”) from converting to Class A ordinary shares prior to the consummation of an initial business combination.

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As described in Item 5.07 of this Current Report on Form 8-K below, ESGEN shareholders have approved the Conversion Proposal. On October 20, 2023, ESGEN filed the Charter Amendment.

The foregoing description is qualified in its entirety by reference to the Charter Amendment related to the Conversion Proposal, a copy of which is attached as Exhibit 3.2 hereto and is incorporated by reference herein.

On October 20, 2023, ESGEN held the Meeting to approve the Extension Proposal, the Conversion Proposal, and the proposal by ordinary resolution to approve the adjournment of the Meeting by the chairman thereof to a later date, if necessary (the “Adjournment Proposal”), each as described in the definitive proxy statement of ESGEN relating to the Meeting, which was filed with the Securities and Exchange Commission on September 28, 2023.

As of the close of business on September 13, 2023, the record date for the Meeting, there were approximately 2,896,555 Class A ordinary shares, and 6,900,000 Class B ordinary shares outstanding. A total of 9,061,392 ESGEN Shares, representing approximately 92.5% of the outstanding ESGEN Shares entitled to vote, were present in person or by proxy, constituting a quorum.

The voting results for the Extension Proposal and the Conversion Proposal were as follows:

The Extension Proposal

The Conversion Proposal

In connection with the vote to approve the above proposals, the holders of 1,488,000 Class A ordinary shares of ESGEN properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.21 per share, for an aggregate redemption amount of approximately $16,679,055.

As there were sufficient votes to approve the Extension Proposal and the Conversion Proposal, the Adjournment Proposal was not presented to shareholders.

Sponsor Contributions to Trust Account

In connection with the approval of the Extension Proposal at the Meeting and the adoption of the Charter Amendment, as previously announced, the Sponsor contributed into the Trust Account $0.0525 per share for each Class A ordinary share that was not redeemed at the Meeting, for an aggregate contribution of $73,949.14.

Conversion of Founder Shares

In connection with the approval of the Conversion Proposal at the Meeting and the adoption of the Charter Amendment, as previously announced, the Sponsor converted all of its 5,619,077 Class B ordinary shares into Class A ordinary shares (the “Sponsor Share Conversion”). As a result of the Sponsor Share Conversion and redemptions made in connection with the Extension Proposal and Conversion Proposal, 7,027,632 Class A ordinary shares remain outstanding.

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Notwithstanding the Sponsor Share Conversion, the Sponsor will be not entitled to receive any funds held in the Trust Account with respect to any Class A ordinary shares issued to the Sponsor as a result of the Sponsor Share Conversion and no additional amounts will be deposited into the Trust Account in respect of shares of Class A ordinary shares held by the Sponsor in connection with the extension of the Termination Date to the Extended Date or any Additional Extension Dates.

(d) Exhibits.

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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