Company: PCAP
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108209
Chunk: 18

Company: ProCap Acquisition Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 of common stock to the holder upon exercise of the Warrants during the exercise period, there will be no net cash settlement of
these Warrants and the Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described
in the warrant agreement. Once the warrants become exercisable, the Company may redeem the outstanding warrants in whole and not in part
at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, only in the event that the last sale
price of the Company’s shares of common stock equals or exceeds $18.00 per share for any 20 trading days within the 30-trading day
period commencing at any time after the shares underlying the warrants have become exercisable and ending on the third trading day before
the Company sends the notice of redemption to the warrant holders.

10

PROCAP ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited)

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial
Public Offering, the Sponsor purchased an aggregate of 430,000 Private Placement Units at a price of $10.00 per unit, or $4,300,000 in
the aggregate, in a private placement.

The Private Placement Units are identical
to the Public Units sold in the Initial Public Offering except that, so long as they are held by the Sponsor, the underwriters or
their permitted transferees, the Private Placement Units (i) may not (including the Class A ordinary shares issuable upon
exercise of these Private Placement Units), subject to certain limited exceptions, be transferred, assigned or sold by the holders until
30 days after the completion of the initial Business Combination and (ii) will be entitled to registration rights.

The Sponsor and the Company’s officers and
directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption
rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination or
an earlier redemption in connection with the commencement of the procedures to consummate the initial Business Combination if the Company
determines it is desirable to facilitate the completion of the initial Business Combination; (ii) waive their redemption rights with
respect to their founder shares and public shares in connection with a shareholder vote to approve