Company: PCAP
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108209
Chunk: 24

Company: ProCap Acquisition Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 (see Note 5).

The founder shares will automatically convert
into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier
at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary
shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related
to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into
Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree
to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable
upon conversion of all Class B ordinary shares will equal, in the aggregate, 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.

13

PROCAP ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 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