Company: PCAP
Filing Date: 2025-02-20
Form Type: DRS
Source: 0001213900-25-015424
Chunk: 89

Company: ProCap Acquisition Corp
Filing Date: 2025-02-20
Form: DRS
Chunk 89
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 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 60 ordinary shares issued pursuant to the underwriters’ over -allotmentoption and excluding the Class A ordinary shares underlying the private placement units issued to the sponsor), plus (ii) all Class A ordinary shares and equity -linkedsecurities issued or deemed issued, in connection with the closing of the initial business combination (excluding any shares or equity -linkedsecurities issued, or to be issued, to any seller in the initial business combination and any private placement -equivalentwarrants 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 -onebasis. We may issue our shares to investors in connection with our initial business combination at a price which is less than the prevailing market price of our shares at that time. In connection with our initial business combination, we may issue ordinary or preference shares to investors in private placement transactions (so -calledPIPE transactions) at a price of $10.00 per public share, or lower, or at a price that approximates the per -shareamounts in our trust account at such time. The purpose of such issuances will be to enable us to provide sufficient liquidity and capital to the post -businesscombination entity and to complete the business combination. Such arrangements result in costs particular to the business combination process that would not generally be incurred in a traditional IPO. Such agreements may be structured in a way intended to ensure a return on investment to the investor in return for funds that would be used to facilitate the completion of the business combination. The price of the shares we issue may therefore be less, and potentially significantly less, than the market price for our shares at such time and could result in dilution to our existing shareholders. If we are not able to secure such financing and there are significant redemptions from our trust account, it is possible that we might not be able to complete an initial business combination. Since only holders of our Class B ordinary shares will have the right to