Company: PCAP
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108209
Chunk: 23

Company: ProCap Acquisition Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 remaining 300,000 Units. The remaining over-allotment option expired
on July 6, 2025, as it remained unexercised (see Note 5).

The underwriters were entitled to a cash underwriting
discount of $2,200,000 (1.0% of the gross proceeds of the units offered in the Initial Public Offering), which was paid at the closing
of the Initial Public Offering. Additionally, the underwriters were entitled to a deferred underwriting discount of $11,250,000 (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.

NOTE 7. SHAREHOLDERS’ DEFICIT

Preference Shares — The
Company is authorized to issue a total of 1,000,000 preference shares at par value of $0.0001 each. As of September 30, 2025, there were
no preference shares issued or outstanding.

Class A Ordinary Shares — The
Company is authorized to issue a total of 300,000,000 Class A ordinary shares at par value of $0.0001 each. As of September 30, 2025,
there were 430,000 Class A ordinary shares issued and outstanding, excluding 25,000,000 shares subject to possible redemption.

Class B Ordinary
Shares — The Company is authorized to issue a total of 30,000,000 Class B ordinary shares at par value
of $0.0001 each. As of September 30, 2025, there were 6,250,000 Class B ordinary shares issued and outstanding. The founder shares
include an aggregate of up to 75,000 shares subject to forfeiture if the remainder of the over-allotment option is not exercised by
the underwriters in full. The remaining founder shares were forfeited on July 6, 2025, the expiration date of the over-allotment
option, as the over-allotment option remained unexercised