Common use of Additional Placement Securities Clause in Contracts

Additional Placement Securities. Simultaneously with the Option Closing, the Sponsor shall purchase from the Company in private placements (the “Additional Private Placements”) pursuant to the Subscription Agreements (a) an additional number of Placement Units (up to a maximum of 21,389 additional Placement Units) (the “Additional Placement Units”), at a purchase price of $10.00 per Additional Placement Unit, and (b) an additional number of Placement Warrants (up to a maximum of 48,610 additional Placement Warrants) (the “Additional Placement Warrants”), at a purchase price of $1.00 per Additional Placement Warrant, pro rata with the amount of the Over-allotment Option exercised by the Representative so that at least $10.00 per share of Class A Common Stock sold to the public in the Offering is held in the Trust Account regardless of whether the Over-allotment Option is exercised in full or in part. The Additional Placement Units, the securities underlying the Additional Placement Units and the Additional Placement Warrants are hereinafter referred to collectively as the “Additional Placement Securities.” The Additional Placement Units and the Additional Placement Warrants shall be identical to the Placement Units and the Placement Warrants. There will be no placement agent in the Additional Private Placements and no party shall be entitled to a placement fee or expense allowance from the sale of the Additional Placement Securities.