Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 58

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 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. SHAREHOLDER’S 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 March 31, 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 March 31, 2025,
there were no shares of Class A ordinary shares issued or outstanding.

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 March 31, 2025,
there were 6,325,000 Class B ordinary shares issued and outstanding. Up to 825,000 of the founder shares may be surrendered by the Sponsor
for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised.

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,