Versions

 

18B.30

(1)    Promoter Warrants must not be issued at a price that is less than 10% of the issue price of SPAC Shares at the SPAC’s initial offering.
 
(2) Each Promoter Warrant must not entitle the holder, upon exercise, to receive more than one share in the Successor Company.
 
(3) Promoter Warrants must not contain terms that are more favourable than the terms of other warrants issued or granted by the SPAC.
 
Note:   Examples of more favourable terms include: (a) an exemption from the forced exercise of the warrants if the shares of the Successor Company trade above a prescribed price (unless such exemption is also provided to other warrant holders); (b) an option to exercise on a cashless basis (unless such option is also provided to other warrant holders); and (c) a warrant to share conversion ratio that is more favourable than that of the other warrants issued or granted by the SPAC.