Terms of the Placement Units. The Placement Units shall be substantially identical to the Units offered in the IPO except that the Placement Units (including the Placement Shares and Placement Warrants comprising such units and the Warrant Shares) (i) will be subject to the transfer restrictions described in Section 7 hereof; (ii) will be entitled to registration rights and (iii) with respect to the Placement Warrants, may not be exercisable more than five years from the commencement of sales in the IPO in accordance with FINRA Rule 5110(g)(8).
Terms of the Placement Units. (i) Each Placement Unit shall consist of one share of Common Stock and one Placement Warrant.
(ii) Each Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection with the Public Offering (a “Warrant Agreement”).
(iii) At the time of the closing of the Public Offering, the Company and the Founders shall enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Founders relating to the Securities.
