Common use of Representative’s Shares Clause in Contracts

Representative’s Shares. On the Closing Date or the Option Closing Date, as applicable, the Company will issue that number of ordinary shares representing 0.75% of the number of Units sold in the Offering (i.e. 45,000 ordinary shares, up to 51,750 ordinary shares to the extent the Representative fully exercise the Over-allotment Option). The ordinary shares to be received by the Representative have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning on the date of commencement of sales of the Offering pursuant to FINRA Rule 5110(e)(1), during which time such shares may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities, except as permitted under FINRA Rule 5110(e)(2).

Representative’s Shares. On the Closing Date or the Option Closing Date, as applicable, the Company will issue that number of ordinary shares representing 0.750.25% of the number of Units sold in the Offering (i.e. 45,000 15,000 ordinary shares, up to 51,750 17,250 ordinary shares to the extent the Representative fully exercise the Over-allotment Option). The ordinary shares to be received by the Representative have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning on the date of commencement of sales of the Offering pursuant to FINRA Rule 5110(e)(1), during which time such shares may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities, except as permitted under FINRA Rule 5110(e)(2).