Company: TACOW
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001829126-25-004454
Chunk: 21

Company: Berto Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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man Islands law, passed
      by the affirmative vote of at least two-thirds of our ordinary shares which are represented in person or represented by proxy and
      are voted at a general meeting of the company, and pursuant to our articles; such actions include amending our articles and approving
      a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will
      generally serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative
      voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for
      the appointment of directors can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when,
      as and if declared by the board of directors out of funds legally available therefor.
       
      Founder
      Shares
       
      As
      of March 31, 2025 and December 31, 2024, there was an aggregate of 7,503,750 Founder Shares issued and outstanding, which
      amounts have been retroactively restated to reflect the capitalization on April 19, 2025 as discussed in Note 5. Of these,
      up to an aggregate of 978,750 shares were subject to forfeiture depending on the extent to which the over-allotment option was
      not exercised by the underwriters. On May 1, 2025, the underwriters fully exercised their over-allotment option; thus, these
      978,750 Founder Shares are no longer subject to forfeiture.
       
      Warrants
       
      As
      of March 31, 2025 and December 31, 2024, there were no Public Warrants, Private Placement Warrants or Underwriter Warrants
      (together, the “Warrants”) outstanding. Warrants may only be exercised for a whole number of shares. No fractional
      Public Warrants will be issued upon separation of the units and only whole Public Warrants will trade.
       
      The
      Warrants have an Exercise Price of $10.50 per share within the first 12 months following the closing of an Initial Business Combination
      or $11.50 per share after the 12-month anniversary of the closing of the initial Business Combination, provided that no
      Warrant will be exercisable for cash and the Company will not be obligated to issue ordinary shares upon