Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 59

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 20% of the sum of (i) the total number of all Class A
ordinary shares outstanding upon the completion of this offering (including any Class A ordinary shares issued pursuant to the underwriters’
over-allotment option and excluding the Class A ordinary shares underlying the private placement warrants issued to the Sponsor),
plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of
the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial
Business Combination and any private placement-equivalent warrants issued to our Sponsor or any of its affiliates or to our officers or
directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders
in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one
basis.

12

PROCAP ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited) 

Holders of record of the Company’s Class A
ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders.
Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange
rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires
the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where
proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by
our shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as specified below)
requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person
or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the amended and restated memorandum and articles
of association, such actions include amending our amended and restated memorandum and articles of association and approving a statutory
merger or consolidation with another company. There is no cumulative voting with respect to the appointment of directors, meaning, following
our initial Business Combination,