Company: GPAC
Filing Date: 2025-12-03
Form Type: 424B4
Source: 0001140361-25-044114
Chunk: 47

Company: General Purpose Acquisition Corp.
Filing Date: 2025-12-03
Form: 424B4
Chunk 47
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 the underwriters with respect to any founder shares and private placement units (including their underlying securities). For more information on the letter agreement in which the transfer restrictions are included and for more information on the limited exceptions to such transfer restrictions, also see “Proposed Business —Initial Business Combination. ” As described in more details under “ Underwriting—Purchases of Private Placement Units and Interest in Founder Shares Deemed Underwriting Compensation ,” any securities deemed underwriting compensation, such as the private placement units (including the shares and private placement warrants included therein) purchased by Jefferies LLC or the 30,000 founder shares held by our sponsor and in which Mr. Intrater has an interest will be subject to lock-up restrictions, as required by FINRA Rule 5110(e)(1), and may not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of such securities by any person for a period of 180 days immediately following the date of commencement of sales in the offering, except as provided in FINRA Rule 5110(e)(2).

Cashless exercise of private placement warrants included in private placement units

If holders of private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (as defined below) over the exercise price of the warrants by (y) the fair market value.

The “fair market value” shall mean the average reported last sale price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on**

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**which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except during specific