Company: JWSUF
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001410578-25-000474
Chunk: 12

Company: Jaws Mustang Acquisition Corp
Filing Date: 2025-03-26
Form: 10-K
Item: Item 13
Chunk 12
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 placement warrants, so long as they are held by our sponsor or its permitted transferees, (i) will not be redeemable by us, subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of our initial business combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights.

Letter of Intent Regarding Potential Business Combination 

On March 8, 2024, we and the Starwood Capital Entities that own interests in the Initial Portfolio comprised of the 1 Hotels properties in Manhattan and Brooklyn, including the 1 CP, and the De Vere Portfolio in the United Kingdom, issued a joint press release announcing a non-binding LOI for a potential Business Combination.

On November 1, 2024, we announced that we suspended pursuit of such previously announced Business Combination. The Starwood Capital Entities received an offer from HST to purchase the 1 CP on terms which the Starwood Capital Group Entities concluded were in the best interest of their investors to accept. HST’s acquisition of the 1 CP was consummated on July 31, 2024. To date, Jaws has not identified one or more additional hotel interests that would constitute a suitable replacement for the 1 CP in the Initial Portfolio.

Other Transactions With Our Sponsor

If any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such opportunity to such entity. Our officers and directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us.

We currently maintain our executive offices at 2340 Collins Avenue, Suite 800, Miami Beach, FL 33139. The cost for our use of this space is included in the $10,000 per month fee we pay to an affiliate of our sponsor for office space, administrative and support services. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

No compensation of any kind, including finder’s and consulting fees, will be paid to our sponsor, officers and directors, or their respective affiliates, for services rendered prior to or in connection with the completion of an initial business combination. However, these individuals will be reimbursed for any out-of-pocket expenses