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18B.22

Each warrant allotted, issued or granted by a SPAC must:
 
(1)    have an exercise price representing at least a 15% premium to the issue price of the SPAC Shares that it issued at its initial listing;
 
(2)    have an exercise period that commences after the completion of a De-SPAC Transaction;
 
(3)    expire not less than one year and not more than five years from the date of the completion of a De-SPAC Transaction, and must not be convertible into further rights to subscribe for securities which expire less than one year or more than five years after the date of the completion of a De-SPAC Transaction; and
 
(4)    only result in the issuance of shares in a Successor Company upon exercise.