Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 4

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 1
Chunk 4
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 of the Business Combination and certain other matters; (iv) the absence of any Material Adverse Effect
(as defined in the Merger Agreement) with respect to Delta, Pubco or us since the effective date of the Merger Agreement that is continuing
and uncured; (v) the consummation of the Share Exchange; (vi) the expiration or termination, as applicable, of any waiting period (and
any extension thereof) applicable to the consummation of the Merger Agreement under any antitrust laws; (vi) the receipt of certain specified
regulatory or third party consents; (vii) no governmental authority of competent jurisdiction shall have enacted any law or order in effect
at the time of Closing which has the effect of making the Merger or other ancillary transactions illegal or otherwise prohibiting consummation
of the Merger or ancillary transactions (a “Legal Restraint”); (viii) the Registration Statement (as defined below) being
declared effective by the U.S. Securities and Exchange Commission (the “SEC”); (ix) the memorandum and articles of incorporation
of Pubco have been amended and restated as mutually agreed upon by Pubco, Delta and us; (x) the entry into certain ancillary agreements
as of the Closing, including a new registration rights agreement with Pubco in form and substance reasonably acceptable to us and Delta;
(xi) the approval of the listing of the Pubco Ordinary Shares on Nasdaq (or such other national securities exchange); (xii) the Company
having no indebtedness, no outstanding convertible securities other than our warrants and sufficient cash and cash equivalents to pay
its unpaid transaction expenses, (xiii) the amendment of certain engagement agreements with a financial advisor being in full force and
effect; and (xiv) the receipt of certain closing deliverables.

The Conduct
of Business During the Interim Period

During the period between the execution of the Merger
Agreement and the Closing (“Interim Period”), the conduct of the Company’s and Delta’s respective businesses will
be subject to the restrictions contained in the Merger Agreement, which include, without limitation, restrictions on: (i) amending, waiving
or otherwise changing its organizational documents; (ii) issuing, granting selling, pledging or disposing its equity securities or any
options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities,
including any securities convertible into or exchangeable