Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

SIXTH AMENDMENT TO ABL CREDIT AGREEMENT 

SIXTH AMENDMENT TO ABL CREDIT AGREEMENT (this “Sixth Amendment”), dated as of March 18, 2022, among PARTY CITY HOLDINGS
INC., a Delaware corporation (the “Borrower Agent”), PARTY CITY CORPORATION, a Delaware corporation (the “Subsidiary Borrower” and, together with the Borrower Agent, the “Borrowers”), PC
INTERMEDIATE HOLDINGS, INC., a Delaware corporation (“Holdings”), the subsidiaries of the Borrowers party hereto as Loan Parties, JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) and each of the Lenders (as defined below) party hereto. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the ABL Credit Agreement
referred to below. 
 W I T N E S S E T H: 

WHEREAS, the Borrowers, Holdings, the Administrative Agent, the subsidiaries of the Borrowers from time to time party thereto and each lender
from time to time party thereto (the “Lenders”) have entered into an ABL Credit Agreement, dated as of August 19, 2015 (as amended by that certain First Amendment to ABL Credit Agreement, dated as of August 2, 2018, as
further amended by that certain Second Amendment to ABL Credit Agreement, dated as of March 4, 2019, as further amended by that certain Third Amendment to ABL Credit Agreement, dated as of April 8, 2019, as further amended by that certain
Fourth Amendment to ABL Credit Agreement, dated as of June 28, 2019, as further amended by that certain Fifth Amendment to ABL Credit Agreement, dated as of February 19, 2021, and as further amended, amended and restated, supplemented or
otherwise modified prior to the date hereof, the “ABL Credit Agreement”); and 
 WHEREAS, the Borrowers, Holdings, the
Administrative Agent and the Lenders party hereto desire to amend the ABL Credit Agreement as set forth herein; 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 

SECTION 1. Amendment to ABL Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in
Section 2 hereof, the ABL Credit Agreement is hereby amended as follows: 
 (a) Section 1.01
of the ABL Credit Agreement is hereby amended by amending and restating clause (a) of the definition of “Eligible In-Transit Inventory” in its entirety as follows: 

 “(a) (I)(A) for the period from the date of delivery of the Borrowing Base Certificate
for the Fiscal Month of February 2022 until the later of (x) the date the Borrowing Base Certificate for the Fiscal Month of January 2023 has been delivered or is required to be delivered in accordance with
Section 5.01(q) or (y) such later date as the Administrative Agent may determine in its sole discretion, which has been shipped from a foreign location for receipt by any Loan Party within 75 days of the date of
shipment; provided that the aggregate amount, after application of the applicable advance rate as set forth in and in accordance with the definition of “Inventory Component”, of such Eligible
In-Transit Inventory shall not exceed $75,000,000 and (B) thereafter, which has been shipped from a foreign location for receipt by any Loan Party within 60 days of the date of shipment; provided
that the aggregate amount, after application of the applicable advance rate as set forth in and in accordance with the definition of “Inventory Component”, of such Eligible In-Transit Inventory shall
not exceed $50,000,000 or (II) which has been shipped from a domestic location for receipt by any Loan Party within 15 days of the date of shipment, but, in each case, which has not yet been delivered to such Loan Party;” 

SECTION 2. Conditions of Effectiveness of this Sixth Amendment. This Sixth Amendment shall become effective on the date when the
following conditions shall have been satisfied (such date, the “Sixth Amendment Effective Date”): 

(a) the Loan Parties, the Administrative Agent and Lenders constituting the Super Majority Lenders under the ABL Credit
Agreement shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered the same to the Administrative Agent; 

(b) on the Sixth Amendment Effective Date and after giving effect to this Sixth Amendment, (i) no Default or Event of
Default shall have occurred and be continuing and (ii) the Administrative Agent shall have received from the Borrowers a certificate executed by a Responsible Officer of the Borrower Agent, certifying the foregoing and as to the matters set
forth in Section 6 hereof; and 
 (c) the Administrative Agent shall have received, for the benefit
of each Lender that has delivered an executed counterpart to this Sixth Amendment on or prior to 12:00 p.m. (New York time) on March 18, 2022 (such date, the “Consent Deadline”), a consent fee (“Consent Fee”)
in an amount equal to $7,500, the full amount of which fee shall be earned and payable on the date that is three (3) Business Days after the Consent Deadline. 

SECTION 4. Costs and Expenses. Each Borrower hereby reconfirms its obligations pursuant to Section 9.03 of
the ABL Credit Agreement to pay and reimburse the Administrative Agent in accordance with the terms thereof. 
 SECTION 5. Remedies.
This Sixth Amendment shall constitute a “Loan Document” for all purposes of the ABL Credit Agreement and the other Loan Documents. 

SECTION 6. Representations and Warranties. To induce the Administrative Agent and the Lenders to enter into this Sixth Amendment, each
of the Loan Parties represents and warrants to the Administrative Agent and the Lenders on and as of the Effective Date that, in each case: 

  
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 (a) this Sixth Amendment has been duly authorized, executed and delivered by it and each of
this Sixth Amendment and the ABL Credit Agreement (as modified by this Sixth Amendment) constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law; and 
 (b) all representations and warranties contained in the ABL Credit Agreement and in the other Loan
Documents are true and correct in all material respects (without duplication of any materiality qualifier therein) with the same effect as though such representations and warranties had been made on the Sixth Amendment Effective Date (it being
understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (without duplication of any materiality qualifier therein) only as of such
specified date). 
 SECTION 7. Reference to and Effect on the ABL Credit Agreement and the Loan Documents. 

(a) On and after the Sixth Amendment Effective Date, each reference in the ABL Credit Agreement to “this Agreement,”
“hereunder,” “hereof” or words of like import referring to the ABL Credit Agreement shall mean and be a reference to the ABL Credit Agreement, as amended by this Sixth Amendment. 

(b) The ABL Credit Agreement and each of the other Loan Documents, as specifically amended by this Sixth Amendment, are and shall continue to
be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of
all Secured Obligations of the Loan Parties, in each case, as amended by this Sixth Amendment. 
 (c) The execution, delivery and
effectiveness of this Sixth Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any
provision of any of the Loan Documents. 
 SECTION 8. Governing Law. THIS SIXTH AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS SIXTH AMENDMENT, WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

SECTION 9. Counterparts. This Sixth Amendment may be executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrowers and the
Administrative Agent. The words “execution,” “signed,” “signature,” and 

  
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words of like import in this Sixth Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar applicable state laws based on the Uniform Electronic Transactions Act. 

[The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Sixth Amendment as of the date first above written. 
  

			
	PC INTERMEDIATE HOLDINGS, INC.
		
	By:	 	 /s/ Todd Vogensen

	Name:	 	Todd Vogensen
	Title:	 	Chief Financial Officer and Assistant Secretary
	
	PARTY CITY HOLDINGS INC.
		
	By:	 	 /s/ Todd Vogensen

	Name:	 	Todd Vogensen
	Title:	 	Chief Financial Officer, Chief Accounting Officer
	and Executive Vice President
	
	PARTY CITY CORPORATION
	PARTY HORIZON INC.
	AM-SOURCE, LLC
	AMSCAN INC.
	TRISAR, INC.
		
	By:	 	 /s/ Todd Vogensen

	Name:	 	Todd Vogensen
	Title:	 	Vice President and Treasurer
	
	ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC
		
	By:	 	PARTY CITY HOLDINGS INC., its sole member
		
	By:	 	 /s/ Todd Vogensen

	Name:	 	Todd Vogensen
	Title:	 	Chief Financial Officer, Chief Accounting Officer
	and Executive Vice President
	
	AMSCAN CUSTOM INJECTIONS MOLDING, LLC
	AMSCAN PURPLE SAGE, LLC
	AMSCAN NM LAND, LLC
		
	By:	 	AMSCAN INC., its sole manager
		
	By:	 	 /s/ Todd Vogensen

	Name:	 	Todd Vogensen
	Title:	 	Vice President and Treasurer

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, Lender, Swingline Lender and Issuing Bank

		
	By:	 	 /s/ Alicia Schreibstein

	Name:	 	Alicia Schreibstein
	Title:	 	Authorized Officer

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	 Bank of America, N.A.,

        as a Lender

		
	By:	 	 /s/ Peter M. Walther

		 	Name: Peter M. Walther
		 	Title:   Senior Vice President

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	Wells Fargo Bank, National Association
	        as a Lender
		
	By:	 	 /s/ Brent E. Shay

		 	Brent E. Shay
		 	Director

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	CREDIT SUISSE AG, Cayman Islands Branch
	        as a Lender
		
	By:	 	 /s/ Vipul Dhadda

		 	Name: Vipul Dhadda
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Jessica Gavarkovs

		 	Name: Jessica Gavarkovs
		 	Title:   Authorized Signatory

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	 MUFG Union Bank, N.A.,

        as a Lender

		
	By:	 	 /s/ Peter Otoki

		 	Name: Peter Otoki
		 	Title:   VP

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	 TD Bank, N.A.,

        as a Lender

		
	By:	 	 /s/ Jennifer Visconti

		 	Name: Jennifer Visconti
		 	Title:   Vice President

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	 Bank of Montreal,

        as a Lender

		
	By:	 	 /s/ Sonja Filipovic

		 	Name: Sonja Filipovic
		 	Title:   Assistant Vice President

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED LENDER HEREBY CONSENTS TO THE SIXTH
AMENDMENT TO WHICH THIS SIGNATURE PAGE IS ATTACHED. 
  

			
	NAME OF INSTITUTION
	
	 Goldman Sachs Bank USA,

        as a Lender

		
	By:	 	 /s/ Dan Martis

		 	Name: Dan Martis
		 	Title:   Authorized Signatory

 [Signature Page to Sixth Amendment to ABL Credit Agreement (Party City)]Exhibit 4.5
​
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
As of December 31, 2021, Apeiron Capital Investment Corp. (“we,” “our,” “us” or the “Company”) had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its units, consisting of one share of Class A common stock (as defined below) and one-half of one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share of Class A common stock (the “units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”), and (iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).
Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 110,000,000 shares of common stock, including 100,000,000 shares of Class A common stock, $0.0001 par value and 10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of incorporation, our bylaws, and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.
Defined terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.
Units
Each unit consists of one whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrantholder. No fractional shares will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you own at least two units, you will not be able to receive or trade a whole warrant.
Class A Common Stock
Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders of the Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. 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 elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.
We will provide our stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our initial business combination.
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
​

Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially at a loss.
In the event of a liquidation, dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination, subject to the limitations described in the Report.
Redeemable Warrants
Each whole warrant entitles the registered holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of November 12, 2022 or 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrantholder. No fractional shares will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you own at least two units, you will not be able to receive or trade a whole warrant.
The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.
We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the foregoing, if a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
Once the warrants become exercisable, we may call the warrants for redemption:
​

		●	in whole and not in part;

		●	at a price of $0.01 per warrant;

		●	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrantholder; and

		●	if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrantholders.

If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in our initial public offering.
If we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option, our sponsor, Cantor and their permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrantholders would have been required to use had all warrantholders been required to exercise their warrants on a cashless basis, as described in more detail below.
A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.
The warrants have certain anti-dilution and adjustments rights upon certain events.
The warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. A copy of the warrant agreement is filed as an exhibit to this Report. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in the Report, or to correct any defective provision, but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.
The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrantholders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.
​

In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to be issued to the warrantholder.

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