Company: BCAR
Filing Date: 2025-07-21
Form Type: S-1/A
Source: 0001829126-25-005234
Chunk: 37

Company: D. Boral ARC Acquisition I Corp.
Filing Date: 2025-07-21
Form: S-1/A
Chunk 37
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 public shareholders in connection with an initial business combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis. Our public shareholders may incur material dilution due to such anti-dilution adjustments that result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion.

If we raise additional funds through equity or convertible debt issuances, our public shareholders may suffer significant dilution. This dilution would increase to the extent that the anti-dilution provision of the founder shares result in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the founder shares at the time of our initial business combination. In addition, the cashless exercise of the private warrants would further increase the dilution to our public shareholders.

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Pursuant to (i) a letter agreement to be entered into among us, our sponsor, directors and officers and (ii) the underwriting agreement between us and the representative, each has agreed to restrictions on its ability to transfer, assign, or sell the founder shares (and any Class A ordinary shares issuable upon conversion thereof), the private units and representative shares, as summarized in the table below.

| Subject Securities |     | Expiration Date                                     |     | Natural Persons and Entities 
 Subject to Restrictions      |     | Exceptions to Transfer Restrictions                                                                                                        |
| Founder Shares     |     | The completion of our initial business combination. |     | MFH 1, LLC                   
 David Boral                  
 John Darwin                  
 Kevin Chen                   
 Luisa Ingargiola             
 Matt Laker                   |     | Transfers permitted (a) to our officers, directors, advisors or consultants,                                                               
 any affiliate or family member of any of our officers, directors, advisors or consultants, any members or partners of the sponsor          
 or their respective affiliates and funds and accounts advised by such members or partners, any affiliates of the sponsor, or any           
 employees of such affiliates, (b) in the case of an individual, as a gift to such person’s immediate family or to a trust,                 
 the beneficiary of which is a member of such person’s immediate family, an affiliate of such person or to a charitable organization;       
 (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case of an           
 individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward