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): December ~~November 24~~15, 2021

European Sustainable Growth Acquisition Corp.

(Exact name of registrant as specified in its charter)

Cayman Islands		001-39917		N/A
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

73 Arch Street

Greenwich, CT 06830

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (203) 983-4400

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:

¨☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Units, each consisting of one Class A ordinary share and one-half of one Redeemable Warrant	EUSGU	The Nasdaq Stock Market LLC

Class A ordinary share, par value $0.0001 per share	EUSG	The Nasdaq Stock Market LLC

Warrants, each exercisable for one Class A ordinary share for $11.50 per share	EUSGW	The Nasdaq Stock Market LLC

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~~ mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting ~~standards~~ standards provided pursuant to Section 13(a) of the Exchange Act. ¨☐

Item 48.~~02.~~01 ~~Non-~~Other ~~Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review~~Events.

~~(a)~~Director In light of recent comments issued by the U.S. Securities and Exchange Commission (the “SEC”), the management of European Sustainable Growth Acquisition Corp., a Cayman Islands exempted company (the “Company”), has re-evaluated the Company’s application of ASC 480-10-S99-3A to its accounting classification of its redeemable Class A ordinary shares, par value $0.0001 per share (the “Public Shares”), issued as part of the units sold in the Company’s initial public offering (the “IPO”) in January 2021. The Company has determined that, at the closing of its IPO, and in all of its subsequent periodic reports filed with the SEC, through and including the Form 10-Q for the quarterly period ended July 31, 2021, it had improperly valued its Public Shares subject to possible redemption. The Company previously determined the Public Shares subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Public Shares issued during the IPO can be redeemed or become redeemable subject to the occurrence of future events considered outside of the Company’s control. Therefore, management concluded that the redemption value should include all Public Shares subject to possible redemption, resulting in the Public Shares subject to possible redemption being equal to its redemption value. As a result, management has restated temporary equity and permanent equity. This resulted in a restatement to the initial carrying value of the Public Shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and ordinary shares.Proposal

As adescribed ~~result~~in ofgreater ~~the~~detail ~~foregoing,~~in ~~on November 24, 2021,~~ the ~~audit~~proxy ~~committee~~statement of ~~the~~European ~~Company’s~~Sustainable Growth ~~board~~Acquisition ~~of directors concluded~~Corp., ~~after~~an ~~discussion~~exempted ~~with~~company ~~the~~incorporated ~~Company’s management,~~in ~~that~~ the ~~Company’s~~Cayman ~~previously~~Islands ~~issued~~ (i“EUSG”), ~~audited~~and ~~balance~~prospectus ~~sheet as~~ of ~~January~~ADS-TEC 26Energy PLC, ~~2021,~~an ~~filed~~Irish inpublic ~~the~~limited ~~Company's~~company ~~Form 8-K~~duly onincorporated ~~February~~under ~~2, 2021 as previously revised in~~ the ~~Company’s~~laws ~~Quarterly~~of ~~Report~~Ireland on(“Irish ~~Form~~Holdco”), ~~10-Q~~dated ~~for~~December ~~the quarterly period ended April 30~~7, 2021, and filed ~~with~~pursuant ~~the~~to ~~SEC on June 30, 2021~~ Rule 424(~~the “Q2 Form 10-Q”~~b) (ii3) under ~~unaudited interim financial statements included in~~ the Securities ~~Company's~~Act ~~Quarterly~~of ~~Report~~1933, onas ~~Form~~amended, ~~10-Q~~with ~~for~~ the ~~quarter~~Securities ~~ended~~and ~~January~~Exchange ~~31, 2021~~ Commission (~~iii~~“SEC”) ~~unaudited~~on ~~interim~~December ~~financial statements included in the Q2 Form 10-Q for the quarter ended April 30~~7, 2021 ~~and~~ (~~iv)~~the ~~unaudited~~“Proxy ~~interim~~Statement/Prospectus”), ~~financial~~EUSG ~~statements~~will ~~included~~hold inan ~~the~~extraordinary ~~Company’s~~general ~~Quarterly~~meeting ~~Report~~of onits ~~Form~~shareholders ~~10-Q~~on ~~for~~December ~~the~~21, ~~quarterly~~2021, ~~period~~to ~~ended~~vote ~~July~~on ~~31,~~certain ~~2021,~~proposals ~~filed~~relating ~~with~~to the ~~SEC~~contemplated onbusiness ~~September~~combination ~~14, 2021~~ (~~collectively,~~ the ~~“Affected~~ ~~Periods~~“Business Combination”), ~~should~~described bein ~~restated~~the toProxy ~~report~~Statement/Prospectus ~~all Public Shares as temporary equity~~ and ~~should~~related ~~no longer be relied upon. As such~~proposals, ~~the~~including ~~Company~~a ~~will~~proposal ~~restate~~to ~~its~~elect ~~financial~~five ~~statements~~directors ~~for~~ to the ~~Affected~~board ~~Periods~~of bydirectors ~~amending~~of inIrish ~~the~~Holdco ~~Company’s Quarterly~~to ~~Report~~serve onuntil ~~Form~~their ~~10-Q/A~~successors ~~for~~are ~~the~~duly ~~quarterly~~elected ~~periods ended January 31, 2021, April 30, 2021~~ and ~~September~~qualified ~~30, 2021, to be filed with~~ (the ~~SEC~~“Director Proposal”).

The ~~Company’s~~additional ~~management~~disclosures ~~has~~contained ~~concluded that~~below inare ~~light~~being offiled ~~the error described above, a material weakness exists~~ in ~~the Company’s internal control over financial~~response ~~reporting related~~ to the ~~Company’s~~Institutional ~~accounting~~Shareholder ~~for~~Services ~~complex~~Inc. ~~financial~~(“ISS”) ~~instruments~~Proxy ~~and~~Report ~~that,~~regarding ~~because of this and additional material weaknesses identified in~~ the ~~fiscal~~Director ~~quarters ended January 31, 2021, April 30, 2021, and July 31, 2021, the Company’s disclosure controls and procedures were not effective for all periods noted above~~Proposal.

~~The~~Supplement ~~Company~~to ~~does not expect any of~~ the ~~above~~Proxy ~~changes will have any impact on its cash position and cash held in the trust account established in connection with the IPO.~~Statement/Prospectus

~~The~~ISS, ~~Company’s~~a ~~management~~proxy ~~and~~advisory ~~Audit~~firm ~~Committee~~that offers proxy voting recommendations to ~~have~~institutional ~~discussed~~investors, ~~the~~issued ~~matters~~a ~~disclosed~~report indated ~~this~~December ~~Current~~14, ~~Report~~2021 onrecommending ~~Form~~that ~~8-K~~shareholders ~~pursuant~~vote toagainst ~~this~~various ~~Item~~proposals ~~4.02~~relating to ~~with~~the ~~Marcum~~Business ~~LLP~~Combination, including the ~~Company'~~election of Bazmi Husain as a director of Irish Holdco. ISS’s report indicated that its recommendation was based in part on the fact that Bazmi Husain would serve as a non-independent member of certain key board committees ~~registered~~upon ~~public~~consummation ~~accounting~~of ~~firm~~the Business Combination.

1As detailed below, the ISS position is flawed and the boards of directors of EUSG and Irish Holdco believe that Mr. Husain is an independent director.

~~SIGNATURE~~Nasdaq listing rules provide that a director of a company will not be considered independent if such director (i) was employed by such company any time during the past three years or (ii) accepted or has a family member who accepted any compensation from such company in excess of $120,000 during any 12-month period within the three years preceding the determination of independence. As disclosed in the Proxy Statement/Prospectus, Mr. Husain currently serves as an advisor for EUSG but is not, and has not during the past three years been, employed by EUSG or Irish Holdco. In addition, Mr. Husain has not received any compensation in connection with his service as advisor to EUSG.

~~Pursuant~~For to the ~~requirements~~foregoing reasons, we believe that Mr. Husain is independent ofand ISS’s recommendation is unwarranted. We urge you to vote FOR the ~~Securities~~proposal ~~Exchange~~to ~~Act~~approve Mr. Husain as a director of ~~1934~~Irish Holdco. If you previously submitted your proxy or voting instructions and do not wish to change your vote, ~~the~~no ~~registrant~~further ~~has~~action ~~duly~~is ~~caused~~required by you at this ~~report~~time. EUSG encourages all stockholders who have not yet voted to do so before the extraordinary general shareholders meeting by following the instructions contained in the Proxy Statement/Prospectus. As further described in the Proxy Statement/Prospectus, you may vote by internet or by mail. Internet voting for stockholders will be ~~signed~~available 24 hours a day and will close at 11:59 p.m., Eastern Standard Time, on ~~its~~December ~~behalf~~20, 2021. You may also vote by internet during the ~~undersigned~~virtual ~~hereunto duly~~special ~~authorized~~meeting using the instructions included in the Proxy Statement/Prospectus.

	European Sustainable Growth Acquisition Corp.
	By:	/s/ Karan Trehan
		Name:	Karan Trehan
		Title:	President
Dated: November 24, 2021

Chief Marketing Officer

2On December 15, 2021, Elaine Grunewald, a member of EUSG’s board of directors, notified Irish Holdco that she was declining the offer to serve as chief marketing officer of Irish Holdco and chief executive officer of ads-tec Energy, Inc., Irish Holdco’s wholly-owned U.S. subsidiary (“ADSE US”) in order to pursue other opportunities. Irish Holdco is conducting a search for another candidate to serve as chief executive officer of ADSE US. Irish Holdco does not currently intend to find a replacement to serve as chief marketing officer of Irish Holdco.

Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. All statements, other than statements of present or historical fact included herein, regarding the proposed merger of European Sustainable Growth Acquisition Corp., an exempted company incorporated in the Cayman Islands with limited liability under company number 367833 (“EUSG”) into EUSG II Corporation, an exempted company incorporated in the Cayman Islands with limited liability under company number 379118 (“EUSG II”) and the proposed acquisition of the shares of ads-tec Energy GmbH, based in Nürtingen and entered in the commercial register of the Stuttgart Local Court under HRB 762810 (“ADS-TEC Energy”) by ads-tec Energy plc, an Irish public limited company duly incorporated under the laws of Ireland and a wholly owned subsidiary of EUSG (“Irish Holdco”), Irish Holdco’s and EUSG’s ability to consummate the transaction, the expected closing date for the transaction, the benefits of the transaction and Irish Holdco’s future financial performance following the transaction, as well as Irish Holdco’s and EUSG’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used herein, including any oral statements made in connection herewith, the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Irish Holdco and EUSG disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Irish Holdco and EUSG caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Irish Holdco and EUSG. These risks include, but are not limited to, (1) the inability to complete the transactions contemplated by the proposed business combination; (2) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; (3) risks related to the rollout of ADS-TEC Energy’s business and expansion strategy; (4) consumer failure to accept and adopt electric vehicles; (5) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated; (6) the possibility that ADS-TEC Energy’s technology and products could have undetected defects or errors; (7) the effects of competition on ADS-TEC Energy’s future business; (8) the inability to successfully retain or recruit officers, key employees, or directors following the proposed business combination; (9) effects on Irish Holdco’s public securities’ liquidity and trading; (10) the market’s reaction to the proposed business combination; (11) the lack of a market for Irish Holdco’s securities; (12) Irish Holdco’s financial performance following the proposed business combination; (13) costs related to the proposed business combination; (14) changes in applicable laws or regulations; (15) the possibility that the novel coronavirus (“COVID-19”) may hinder ADS-TEC Energy’s and EUSG’s ability to consummate the business combination; (16) the possibility that COVID-19 may adversely affect the results of operations, financial position and cash flows of ADS-TEC Energy, Irish Holdco or EUSG; (17) the possibility that ADS-TEC Energy or EUSG may be adversely affected by other economic, business, and/or competitive factors; and (18) other risks and uncertainties indicated from time to time in documents filed or to be filed with the U.S. Securities and Exchange Commission (the “SEC”) by EUSG. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Irish Holdco’s and EUSG’s expectations and projections can be found in EUSG’s initial public offering prospectus, which was filed with the SEC on January 22, 2021. In addition, EUSG’s periodic reports and other SEC filings are available publicly on the SEC’s website at http://www.sec.gov.

No Offer or Solicitation

This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed business combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Additional Information about the Business Combination and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

A full description of the terms of the proposed business combination is provided in the registration statement on Form F-4 filed with the SEC by Irish Holdco (as amended from time to time, the “Registration Statement”) that includes a prospectus with respect to the Irish Holdco securities to be issued in connection with the business combination and a proxy statement with respect to the shareholder meeting of EUSG to vote on the business combination. The Registration Statement was declared effective by the SEC on December 7, 2021 and the definitive proxy statement/prospectus has been mailed to EUSG’s shareholders. Investors and security holders of EUSG are urged to read the proxy statement/prospectus and documents incorporated by reference therein before making any voting or investment decision with respect to the proposed business combination because they contain important information about the business combination and the parties to the business combination. Investors and shareholders will be able to obtain free copies of the materials filed by Irish Holdco and EUSG with the SEC at the SEC’s website at www.sec.gov.

Participants in the Solicitation

Irish Holdco, EUSG, Bosch Thermotechnik GmbH, ADS-TEC Holding GmbH, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of EUSG in connection with the proposed transaction. You can find more information about EUSG’s directors and executive officers in EUSG’s initial public offering prospectus, which was filed with the SEC on January 22, 2021, and its Forms 10-Q filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the proxy statement/prospectus on file with the SEC.

Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	European Sustainable Growth Acquisition Corp.

	By:	/s/ Karan Trehan
		Name:	Karan Trehan
		Title:	President

Dated: December 16, 2021

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