Terms of the Warrants. 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 and therefore shall not be freely tradeable until one year has passed from the consummation of a Business Combination; and (ii) they are not redeemable 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 addition, in the event that a registration statement with respect to the Warrant Shares is not effective under the Securities Act, Subscriber shall not be entitled to exercise the Warrants and such Warrants may have no value and expire worthless. In no event will the Company be required to net cash settle the Warrant exercise.
Appears in 4 contracts
Samples: Subscription Agreement, Form of Subscription Agreement (Sports Properties Acquisition Corp.), Subscription Agreement (Medallion Financial Corp)
