Surendra K. Ajjarapu - Dec 28, 2022 Form 3 Insider Report for Kernel Group Holdings, Inc. (KRNL)

Role
CEO, Chairman, Director, 10%+ Owner
Signature
/s/ Surendra Ajjarapu, by Nelson Mullins Riley & Scarborough LLP with Power of Attorney
Stock symbol
KRNL
Transactions as of
Dec 28, 2022
Transactions value $
$0
Form type
3
Date filed
3/28/2023, 11:00 AM
Previous filing
Sep 16, 2022
Next filing
Feb 16, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding KRNL Class B Ordinary Shares Dec 28, 2022 Class A Ordinary Shares 7.62M By VKSS Capital, LLC F1, F2
holding KRNL Warrants Dec 28, 2022 Class A ordinary shares 8.75M $1.00 By VKSS Capital, LLC F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 As described in the issuer's registration statement on Form S-1 (File No. 333-252105) under the heading "Description of Securities-Founder Shares", the Class B ordinary shares, par value $0.0001, will automatically convert into Class A ordinary shares, par value $0.0001, of the issuer at the time of the issuer's initial business combination transaction on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date.
F2 The securities reported herein are held by VKSS Capital, LLC (the "Sponsor"). The reporting person controls the Sponsor, and as such has voting and investment discretion with respect to the securities held by the Sponsor and may be deemed to have beneficial ownership of the securities held directly by the Sponsor. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
F3 Each warrant will become exercisable on the later of 12 months from the closing of the Issuer's initial public offering and 30 days the date of completion of the Issuer's initial business combination. Each warrant will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation.