Company: PCAP
Filing Date: 2025-04-30
Form Type: S-1
Source: 0001213900-25-037771
Chunk: 325

Company: ProCap Acquisition Corp
Filing Date: 2025-04-30
Form: S-1
Chunk 325
---
 A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub -divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -tradingday period commencing after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from the Lock -up. Promissory Note — Related Party The Sponsor has agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Proposed Public Offering. The loan is non -interestbearing, unsecured and due at the earlier of December 31, 2025 or the closing of the Proposed Public Offering. As of January 10, 2025, the Company had borrowed $10,420 under the promissory note for payment of operating expenses. Administrative Services Agreement Commencing on the effective date of the Proposed Public Offering, the Company will enter into an agreement with the Sponsor or an affiliate to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support. Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement units of the post Business Combination entity at a price of $10.00 per unit at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of January 10, 2025, no such Working Capital Loans were outstanding. F-14 ProCap Acquisition Corp
NOTES TO FINANCIAL STATEMENTS Note 6 — Commitments and Contingencies Risks and Uncertainties The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia -Ukraineconf