To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units in full within 30 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, # the numerator of which is 1,500,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and # the denominator of which is 1,500,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (excluding the shares of Common Stock underlying the Private Placement Units and the shares of Common Stock issuable to the Representative).
Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units in fullOrdinary Shares within 3045 days from the date of the Prospectus (and asin full (as further described in the Prospectus), the Sponsor agrees to forfeit,automatically surrender to the Company for no consideration, for cancellation at no cost, aan aggregate number of Founder Shares inso that the aggregate equal to 375,000 multiplied by a fraction, # the numerator of which is 1,500,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and # the denominator of which is 1,500,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary sowill equal of 20% of the sum of the total number of Ordinary Shares (excluding the Private Placement Shares) and Founder Shares outstanding at such time. The Sponsor and Insiders further agree that to the extent that the Initial Stockholders will own an aggregatesize of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (excludingis increased or decreased, the sharesCompany will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation of Common Stock underlyingthe Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares (excluding the Private Placement UnitsShares) and the shares of Common Stock issuable to the Representative).Founder Shares outstanding at such time.
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