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Warrant terms from S-1

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dijeetyet Member Level  Wednesday, 08/26/20 12:00:38 PM
Re: dijeetyet post# 2
Post # of 36 
Warrant terms from S-1

Number of private placement warrants to be sold in a private placement simultaneously with this offering




7,500,000 (1)

Number of warrants to be outstanding after this offering and the private placement



20,000,000 (1)

Exercisability


Each whole warrant is exercisable to purchase one share of our Class A common stock and only whole warrants are exercisable.

We structured each unit to contain one -half of one redeemable warrant, with each whole warrant exercisable for one share of Class A common stock, as compared to units issued by some other similar blank check companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants upon completion of an initial business combination as compared to units that each contain a warrant to purchase one whole share, thus making us, we believe, a more attractive initial business combination partner for target businesses.

Exercise price


$11.50 per share, subject to adjustment as described herein. In addition, if we issue additional shares of common stock or equity -linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of 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 initial stockholders or their respective affiliates, without taking into account any founder shares held by them, as applicable, prior to such issuance) (the “newly issued price”), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.

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