Company: PCAP
Filing Date: 2025-07-03
Form Type: 10-Q
Source: 0001213900-25-061163
Chunk: 21

Company: ProCap Acquisition Corp
Filing Date: 2025-07-03
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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all of the directors. Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares
will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing our company
in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt
new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the
Cayman Islands). Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions
of the amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the
affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of the initial Business Combination,
two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy
at the applicable general meeting of the Company.

Warrants — As of March
31, 2025, there were no warrants issued or outstanding. Each whole Public Warrant entitles the holder to purchase one Class A ordinary
share at a price of $11.50 per share, subject to adjustment as discussed herein. The Warrants cannot be exercised until 30 days after
the completion of the initial Business Combination, and will expire at 5:00 p.m., New York City time, five years after
the completion of the initial Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any
Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective
and a prospectus relating thereto is current. No warrant will be exercisable and the Company will not be obligated to issue a Class A
ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of