our Sponsor, of Founder Shares (together with the Class A ordinary shares, the “Ordinary Shares”), including such Class B ordinary shares exchanged for Class A ordinary shares, will not receive any monies held in the Trust Account as a result of their ownership of Founder Shares.
Q:
If the Extension Amendment Proposal is approved, what happens next?
A:
If the Extension Amendment Proposal is approved, we will continue our efforts to enter into and complete an initial business combination until the Amended Date or such earlier date as determined by the board, in its sole discretion.
Upon approval of the Extension Amendment Proposal by the requisite number of votes, the amendments to our Articles that are set forth in Annex A hereto will become effective at the conclusion of the Extraordinary General Meeting. We will remain a reporting company under the Exchange Act and our units, Public Shares and warrants will remain publicly traded.
If the Extension Amendment Proposal is approved, the board will be granted the authority to cease all operations of the Company and to wind up prior to the Amended Date if it determines, in its sole discretion, it would be in the best interests of the Company to do so.
If the Extension Amendment Proposal is approved, our Sponsor will no longer make monthly deposits directly to our Trust Account of $0.02 for each outstanding Class A ordinary share, up to a maximum of $150,000 per month.
If the Extension Amendment Proposal is approved, the removal of the Withdrawal Amount from the Trust Account will reduce the amount remaining in the Trust Account and increase the percentage interest of Ordinary Shares held by our Sponsor, our directors and our officers as a result of their ownership of the Founder Shares.
If the Extension Amendment Proposal is approved but we do not complete our initial business combination by the Amended Date, or such earlier date as determined by the board, in its sole discretion, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members’ rights as Members (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Members and Directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.
There will be no redemption rights or liquidating distributions with respect to our warrants or rights, which will expire worthless in the event of our winding up. In the event of a liquidation, holders, including our Sponsor, of Founder Shares (together with the Class A ordinary shares, the “Ordinary Shares”), including such Class B ordinary shares exchanged for Class A ordinary shares, will not receive any monies held in the Trust Account as a result of their ownership of Founder Shares.
Q:
What happens to the Company warrants and rights if the Extension Amendment Proposal is not approved or the Amendment is not implemented?
A:
If the Extension Amendment Proposal is not approved or the Amendment is not implemented and we have not consummated a business combination by October 17, 2025, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members’ rights as Members (including the right to receive