Versions

 

18B.23

The number of shares to be issued upon exercise of all outstanding warrants issued or granted by a SPAC must not, if all such rights were immediately exercised, whether or not such exercise is permissible, exceed 50% of the number of shares in issue at the time such warrants are issued.

Note:    The reference to “the number of shares in issue” in this rule includes Promoter Shares issued by a SPAC.