Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 64

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 all contractual agreements to ensure costs are aligned
with all agreements and budget.

NOTE 9. SUBSEQUENT EVENTS 

The Company evaluated subsequent events and transactions
that occurred after the balance sheets date up to July 2, 2025, the date that the unaudited financial statements were issued. Based upon
this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or
disclosure in the unaudited financial statements.

On May 20, 2025, the Company effected a share
recapitalization pursuant to which the Company issued an additional 575,000 founder shares to the Sponsor for no additional consideration,
resulting in the Sponsor holding an aggregate 6,325,000 founder shares issued and outstanding. All share and per share data has been retroactively
presented.

On May 22, 2025, the Company consummated the Initial
Public Offering of 25,000,000 Units, which includes the partial exercise by the underwriters of their over-allotment option in the amount
of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $250,000,000. Simultaneously with the closing of the Initial Public
Offering, the Company consummated the sale of 430,000 Private Placement Units at a price of $10.00 per Private Placement Unit, in a private
placement to the Sponsor, generating gross proceeds of $4,300,000.

On May 22, 2025, in connection with the closing
of the Initial Public Offering, the underwriters were paid a cash underwriting discount of $2,200,000, or 1.0% of the gross proceeds of
the units offered in the Initial Public Offering. Additionally, the underwriters were entitled to a deferred underwriting discount of
$11,250,000, or 4.50% 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.

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