Common use of Pro-rata Forfeiture Clause in Contracts

Pro-rata Forfeiture. If the underwriters of the IPO fail to exercise any portion or all of the over-allotment option granted to them within 30-days of the effective date of the Company’s Registration Statement, then Subscriber shall automatically forfeit up to 195,000 shares of Common Stock purchased hereunder, such that Subscriber, together with the officers, directors and sponsor of the Company, shall, in the aggregate, beneficially own no greater than 20% of the Common Stock of the Company issued and outstanding pursuant to this Agreement and the Company’s IPO (but not including shares of Common Stock underlying warrants).

Pro-rata Forfeiture. If the underwriters of the IPO fail to exercise any portion or all of the over-allotment option granted to them within 30-days of the effective date of the Company’s Registration Statement, then Subscriber shall automatically forfeit up to 195,000 105,000 shares of Common Stock purchased hereunder, such that Subscriber, together with the officers, directors and sponsor of the Company, shall, in the aggregate, beneficially own no greater than 20% of the Common Stock of the Company issued and outstanding pursuant to this Agreement and the Company’s IPO (but not including shares of Common Stock underlying warrants).

Pro-rata Forfeiture. If the underwriters of the IPO fail to exercise any portion or all of the over-allotment option granted to them within 30-30 days of the effective date of the Company’s Registration Statement, then Subscriber shall automatically forfeit up to 195,000 750,000 shares of Common Stock purchased hereunder, such that Subscriber, together with the officers, directors and sponsor of the Company, Subscriber shall, in the aggregate, beneficially own no greater than 20% of the Common Stock of the Company issued and outstanding pursuant to this Agreement and the Company’s IPO (but not including shares of Common Stock underlying warrants).

Pro-rata Forfeiture. If the underwriters of the IPO fail to exercise any portion or all of the over-allotment option granted to them within 30-days of the effective date of the Company’s Registration Statement, then Subscriber shall automatically forfeit up to 195,000 45,000 shares of Common Stock purchased hereunder, such that Subscriber, together with the officers, directors and sponsor of the Company, shall, in the aggregate, beneficially own no greater than 20% of the Common Stock of the Company issued and outstanding pursuant to this Agreement and the Company’s IPO (but not including shares of Common Stock underlying warrants).

Pro-rata Forfeiture. If the underwriters of the IPO fail to exercise any portion or all of the over-allotment option granted to them within 30-days of the effective date of the Company’s Registration Statement, then Subscriber shall automatically forfeit up to 195,000 30,000 shares of Common Stock purchased hereunder, such that Subscriber, together with the officers, directors and sponsor of the Company, shall, in the aggregate, beneficially own no greater than 20% of the Common Stock of the Company issued and outstanding pursuant to this Agreement and the Company’s IPO (but not including shares of Common Stock underlying warrants).