Company: PCAP
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074297
Chunk: 23

Company: ProCap Acquisition Corp
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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%
of the gross proceeds of the Initial Public Offering held in the Trust Account), payable upon the completion of the Company’s initial
Business Combination subject to the terms of the underwriting agreement, but $0.10 per unit of such $0.45 per unit shall be due solely
on amounts remaining in the Trust Account following all properly submitted shareholder redemptions in connection with the consummation
of the initial Business Combination and $0.05 per unit of such $0.45 per unit shall be allocable by the Company.

NOTE 7. SHAREHOLDERS’ DEFICIT

Preference Shares — The
Company is authorized to issue a total of 1,000,000 preference shares at par value of $0.0001 each. As of June 30, 2025, there were no
preference shares issued or outstanding.

Class A Ordinary Shares — The
Company is authorized to issue a total of 300,000,000 Class A ordinary shares at par value of $0.0001 each. As of June 30, 2025,
there were 430,000 Class A ordinary shares issued and outstanding, excluding 25,000,000 shares subject to possible redemption.

Class B Ordinary Shares — The
Company is authorized to issue a total of 30,000,000 Class B ordinary shares at par value of $0.0001 each. As of June 30, 2025, there
were 6,325,000 Class B ordinary shares issued and outstanding. The founder shares include an aggregate of up to 75,000 shares subject
to forfeiture if the remainder of the over-allotment option is not exercised by the underwriters in full. The remaining founder shares
were forfeited on July 6, 2025, the expiration date of the over-allotment option, as the over-allotment option remained unexercised (see
Note 9).

The founder shares will automatically convert
into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier
at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary
shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold