Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 33

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 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. The securities
sold in the offering were registered under the Securities Act on registration statement on Form S-1 (Nos. 333-286876 and 333-287454).
The SEC declared the registration statement effective on May 20, 2025.

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 to the Company of $4,300,000. The Private Placement Units (and underlying
securities) are identical to the Units sold in the Initial Public Offering, except as otherwise disclosed in our IPO Registration Statement.
No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

Use of Proceeds

Following the closing of our Initial Public Offering
on May 22, 2025, a total of $250,000,000 (which amount includes $11,250,000 of the Deferred Fee) was placed in a U.S.-based Trust Account
maintained by Odyssey Transfer and Trust Company, acting as trustee. The proceeds held in the Trust Account may be invested by the trustee
only in U.S. government securities with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury
obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. To mitigate the risk that we might be deemed
to be an investment company for purposes of the Investment Company Act, which risk increases the longer that we hold investments in the
Trust Account, we may, at any time (based on the Management Team’s ongoing assessment of all factors related to the potential status
under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the
funds in the Trust Account in cash or in an interest-bearing demand deposit account at a bank.

Transaction costs amounted to $14,026,609,