Company: JACS-RI
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0001213900-25-003881
Chunk: 45

Company: Jackson Acquisition Co II
Filing Date: 2025-01-15
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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 Compensation” (“ASC
718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant
date. The fair value of the 200,000 shares granted to the Company’s director nominees was $206,000 or $1.03 per share. The Founder
Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related
to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature.
As of September 30, 2024, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based
compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered
probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares times the grant date fair
value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.

11

The Company’s initial shareholders have
agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of (A) one
year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported
sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their Class A ordinary shares for cash, securities or other property.

Promissory Note — Related Parties

On September 13, 2024, the Company issued
an unsecured promissory note to RJ Healthcare SPAC II, LLC (the “Promissory Note”), pursuant to which the Company may
borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) March 31,
2025 or (ii) the