Company: SAC-UN
Filing Date: 2025-11-06
Form Type: S-1
Source: 0001213900-25-106802
Chunk: 149

Company: Safeguard Acquisition Corp.
Filing Date: 2025-11-06
Form: S-1
Chunk 149
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 our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to any other material provision relating to the rights of holders of our Class A ordinary shares. However, while our public shareholders will experience dilution even if none of our public shares are redeemed, the dilution they will experience will decrease the more of our public shares remain issued and outstanding following a redemption event. For instance, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, executive officers, advisors or their affiliates may purchase units, public shares, warrants or equity -linkedsecurities in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination, although they are under no obligation to do so. In the event of any such purchases of our shares prior to the completion of our initial business combination or if we enter into non -redemptionagreements with certain of our shareholders, the number of Class A ordinary shares subject to redemption will be reduced by the amount of any such purchases or shares subject to non -redemptionagreements, increasing the pro forma net tangible book value per share. See “ Proposed Business — Effecting Our Initial Business Combination — Permitted Purchases and Other Transactions with Respect to Our Securities.” 97

The following table illustrates the difference between the public offering price per unit and our Adjusted NTBVPS, as adjusted to give effect to this offering and assuming the redemption of our public shares included in the units offered hereby at varying levels in the scenarios in which the over -allotmentoption is not exercised and exercised in full:

|                                                                                        |     | No Redemptions 
 Without        
 Over-Allotment |             |   |     | With           
 Over-Allotment |             |   |     | 25% of Maximum Redemptions 
 Without                    
 Over-Allotment             |             |   |     | With           
 Over-Allotment |             |   |     | 50% of Maximum Redemptions 
 Without                    
 Over-Allotment             |              |   |     | With           
 Over-Allotment |              |   |     | 75% of Maximum Redemptions 
 Without                    
 Over-Allotment             |              |   |     | With           
 Over-Allotment |              |   |     | Maximum Redemptions(3