Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 308

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 308
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 Once the Warrants become exercisable, PLAO may redeem the outstanding Warrants:

• in whole and not in part;

• at a price of $ 0.01

• upon a minimum of 30

  Patria Investments Limited      F-33  

  Table of Contents  

  Notes to the consolidated financial statements                                             
  As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022  
  (Amounts in thousands of United States dollars - US$, except where otherwise stated)       
 ─────────────────────────────────────────────────────────────────────────────────────────────

• if, and only if, the last reported sale price of SPAC Class A Ordinary Shares equals or exceeds $ 18.00 20 30

PLAO will not redeem the Warrants as described above unless an effective registration statement under the Securities Act covering the SPAC Class A Ordinary Shares issuable upon exercise of the Warrants is effective and a current prospectus relating to those SPAC Class A Ordinary Shares is available throughout the 30

Redemption of Warrants when the price per SPAC Class A Ordinary Share equals or exceeds $ 10.00: Once the Warrants become exercisable, PLAO may redeem the outstanding Warrants:

• in whole and not in part;

• at a price of $ 0.10 30

• if, and only if, the closing price of SPAC Class A Ordinary Shares equals or exceeds $ 10.00 20 30

• if the closing price of the SPAC Class A Ordinary Shares for any 20 30 18.00

Solely for the purposes of this redemption provision, the “redemption fair market value” of the SPAC Class A Ordinary Shares shall mean the volume weighted average price of the SPAC Class A Ordinary Shares for the ten ( 10

No fractional SPAC Class A Ordinary Shares will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, PLAO will round down to the nearest whole number of the number of SPAC Class A Ordinary Shares to be issued to the holder.

VBI - option arrangements

The business combination with VBI included a call and put option arrangement (collectively “ VBI Option arrangements”) with the non-controlling interest shareholders, exercisable at specified future dates and linked to the second stage of the business combination. The original VBI shareholders granted