Common use of Deferred Underwriting Discounts Clause in Contracts

Deferred Underwriting Discounts. The Underwriters agree that (i) 3.5% of the gross proceeds from the sale of the Firm Units ($2,625,000) and (ii) 3.5% of the gross proceeds from the sale of the Option Units (up to $393,750) (collectively, the “Deferred Underwriting Discounts”) will be deposited in and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to Maxim for its own account upon consummation of the Business Combination. In the event that the Company is unable to consummate a Business Combination and American Stock Transfer & Trust Company (“AST”), as the trustee of the Trust Account (in this context, the “Trustee”), commences liquidation of the Trust Account as provided in the Trust Agreement, the Underwriter agrees that: (i) the Underwriters hereby forfeit any rights or claims to the Deferred Underwriting Discounts; and (ii) the Deferred Underwriting Discounts, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro-rata basis among the public shareholders.

Deferred Underwriting Discounts. The Underwriters agree that (i) 3.5% of the gross proceeds from the sale of the Firm Units (( $2,625,0002,625,000 ) and (ii) 3.5% of the gross proceeds from the sale of the Option Units (up to $393,750393,750 ) (( collectively, the “Deferred Underwriting Discounts”) will be deposited in and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to Maxim for its own account upon consummation of the Business Combination. In the event that the Company is unable to consummate a Business Combination and American Continental Stock Transfer & Trust Company (“ASTCST”), as the trustee of the Trust Account (in this context, the “Trustee”), commences liquidation of the Trust Account as provided in the Trust Agreement, the Underwriter agrees that: (i) the Underwriters hereby forfeit any rights or claims to the Deferred Underwriting Discounts; and (ii) the Deferred Underwriting Discounts, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro-rata basis among the public shareholders.

Deferred Underwriting Discounts. The Underwriters agree that (i) 3.5% of the gross proceeds from the sale of the Firm Units ($2,625,000) and (ii) 3.5% of the gross proceeds from the sale of the Option Units (up to $393,750) (collectively, the “Deferred Underwriting Discounts”) will be deposited in and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to Maxim for its own account upon consummation of the Business Combination. In the event that the Company is unable to consummate a Business Combination and American Continental Stock Transfer & Trust Company (“ASTCST”), as the trustee of the Trust Account (in this context, the “Trustee”), commences liquidation of the Trust Account as provided in the Trust Agreement, the Underwriter agrees that: (i) the Underwriters hereby forfeit any rights or claims to the Deferred Underwriting Discounts; and (ii) the Deferred Underwriting Discounts, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro-rata basis among the public shareholders.

Deferred Underwriting Discounts. The Underwriters agree that (i) 3.52.5% of the gross proceeds from the sale of the Firm Units ($2,625,0004,375,000) and (ii) 3.52.5% of the gross proceeds from the sale of the Option Units (up to $393,750656,250) (collectively, the “Deferred Underwriting Discounts”) will be deposited in and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to Maxim for its own account upon consummation of the Business Combination. In the event that the Company is unable to consummate a Business Combination and American Continental Stock Transfer & Trust Company (“ASTCST”), as the trustee of the Trust Account (in this context, the “Trustee”), commences liquidation of the Trust Account as provided in the Trust Agreement, the Underwriter agrees that: (i) the Underwriters hereby forfeit any rights or claims to the Deferred Underwriting Discounts; and (ii) the Deferred Underwriting Discounts, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro-rata basis among the public shareholders.