Company: SAC-UN
Filing Date: 2025-11-06
Form Type: S-1
Source: 0001213900-25-106802
Chunk: 263

Company: Safeguard Acquisition Corp.
Filing Date: 2025-11-06
Form: S-1
Chunk 263
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 us, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of our initial business combination, (iii) may be exercised by the holders on a cashless basis, (iv) will be entitled to registration rights and (v) with respect to private placement warrants held by the underwriters and/or their respective designees, will not be exercisable more than five years from the commencement of sales in this offering in accordance with FINRA Rule 5110(g)(8). Amending our warrant agreement requires a vote of holders of (A) (i) at least 50% of the private placement warrants (ii) separately the vote or written consent of the underwriters and (B) at least 50% of the working capital warrants solely with respect to any amendment to the terms of the private placement warrants or working capital warrants (including, in each case, for the avoidance of doubt, the forfeiture or cancellation of any private placement warrants or working capital warrants). All other modifications or amendments require the vote or written consent the holders of at least 50% of the then issued and outstanding public warrants. If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its 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 in the next sentence) of our Class A ordinary shares over the exercise price of the warrants by (y) the fair market value. The “fair market value” is the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor, the underwriters and their 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