IPO Units definition
Examples of IPO Units in a sentence
With respect to the Business Combination Vote, the Company shall cause the Initial Stockholders to vote the shares of Common Stock owned by them immediately prior to the consummation of the offering in accordance with the vote of the holders of a majority of the IPO Units present, in person or by proxy, at a meeting of the Company’s stockholders called for such purpose.
Only holders of IPO Units shall be entitled to receive liquidating distributions with respect to the IPO Units they beneficially own and the Company shall pay no liquidating distributions with respect to any other shares of capital stock of the Company.
Each of the Common Stock and the Public Warrants comprising the IPO Units will begin to trade separately on (i) the 90th day after the date of the prospectus filed pursuant to the Registration Statement, or (ii) such earlier date as Chardan Capital Markets LLC, as representative of the underwriters (the “Representative”), shall determine is acceptable (such date, the “Detachment Date”).
Furthermore, each transfer of a IPO Unit on the register relating to such IPO Units shall operate also to transfer the Public Warrants included in such IPO Unit.
In no event will separate trading of the securities comprising the IPO Units commence until the Company (i) files a Current Report on Form 8-K with the SEC including audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Public Offering and (ii) issues a press release announcing when such separate trading will begin.