Examples of Merger Sub I in a sentence
Xxxxxxx Acquisition Corp., a Delaware corporation (the “SPAC”), the PubCo, HUTURE Ltd., an exempted company incorporated in Cayman Islands (the “Holdco”), Bestpath Merger Sub I Limited, a Cayman Islands exempted company (the “Merger Sub I”), and Bestpath Merger Sub II Inc., a Delaware Corporation (the “Merger Sub II”, together with the Holdco and Merger Sub I, collectively the “Company Parties”) entered into an Agreement and Plan of Merger, dated as of ________, 2024 (the “Merger Agreement”).
The Initial Merger shall become effective at such time as the Plan of Initial Merger is duly registered by the Cayman Islands Registrar, or at such later time as Merger Sub I and the Company mutually agree in writing with the written consent of SPAC (subject to the requirements of the Cayman Companies Act) and as set forth in the Plan of Initial Merger (such date and time as the Initial Merger becomes effective, the “Initial Merger Effective Time”).
The authorized share capital of Merger Sub I is US$50,000 divided into 5,000,000 ordinary shares of US$0.01 par value each, of which 100 ordinary share (the “Merger Sub I Share”) is issued and outstanding as of the date of this Agreement.
Upon the terms and subject to the conditions set forth in this Agreement, and in accordance with the Cayman Companies Act, at the Initial Merger Effective Time, Merger Sub I shall be merged with and into the Company, and the separate corporate existence of Merger Sub I shall cease, and the Company, as the Surviving Corporation, shall thereafter continue its corporate existence as a wholly-owned subsidiary of PubCo.