Company: PCAP
Filing Date: 2025-05-13
Form Type: S-1/A
Source: 0001213900-25-042690
Chunk: 173

Company: ProCap Acquisition Corp
Filing Date: 2025-05-13
Form: S-1/A
Chunk 173
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 the Class B ordinary shares at a ratio greater than one -to -oneat the time of our initial business combination as a result of the anti -dilutionprovisions as set forth herein.

111 Pursuant to the letter agreement to be entered with us, each of our sponsor, directors and officers have agreed to lock -uprestrictions on their ability to transfer, assign, or sell the founder shares and private placement units and Class A ordinary shares underlying the private placement units. Further, the sponsor membership interests are locked up and not transferable because the letter agreement prohibits indirect transfers. The securities held by the sponsor are expected to only be distributed directly to the members of the sponsor in connection with or following the consummation of our initial business combination, provided that such members agree to become subject to the applicable transfer restrictions with respect to such securities, including the letter agreement. Indirect transfers of the securities held by the sponsor, such as to another member of the sponsor or their affiliate, a family member or a new member of the sponsor, may be permitted with the prior consent of Mr. Pompliano, the sole managing member of our sponsor, as long as such transfer complies with the applicable transfer restrictions with respect to such securities to the same extent as the party originally subject to such restrictions. See “ Principal Shareholders — Restrictions on Transfers of Founder Shares and Private Placement Units .” Prior SPAC Experience Below are the SPAC business combinations in which members of our management team (excluding our advisor) have participated, along with certain other information: SPAC (Vesper Healthcare Acquisition Corp), Target (The Beauty Health Company).SPAC consummated its IPO on October 2, 2020 of 46,000,000 units, with each unit consisting of one Class A ordinary share and one -thirdof one redeemable warrant to purchase one Class A ordinary share exercisable at $11.50 per share, generating gross proceeds of $460.0 million. No extension of SPAC term. Approximately 5.8% redemptions in connection with the business combination. TBHC trades on the Nasdaq Capital Market under the symbol “SKIN”, and the price of the common stock has ranged from $1.12 to $29.49 following consummation of the business combination, with a closing price of $1.77 on January 8, 2025. However, in recent years, a number of target businesses have underperformed financially post -businesscombination with a SPAC. As a result