Common use of Terms of the Warrant Clause in Contracts

Terms of the Warrant. The Warrants are similar to the warrants included in the units offered in the IPO, except that: (i) they are not being registered in the Registration Statement; (ii) they are not transferable until the consummation of a Business Combination; and (iii) they are not redeemable so long as they are held by the initial holder thereof (or any of their permitted transferees); and (iv) they may be exercised on a “cashless” basis so long as they are held by the initial holder thereof (or any of their permitted transferees). The Warrant Shares will be granted certain registration rights. In no event will the Company be required to net cash settle the Warrant exercise.