Examples of Promoter Warrants in a sentence
The Promoter Warrants are not exercisable until 12 months after the completion of the De-SPAC Transaction as required by the Listing Rules.
Both the Listed Warrants and Promoter Warrants have no redemption right.Under the Listing Rules, at the time of the Company’s entry into a binding agreement for a De-SPAC Transaction, a De-SPAC Target must have a fair market value representing at least 80% of the funds raised by the Company from the Listing (prior to any redemptions).
In addition, the Promoters have provided us with the Loan Facility to finance expenses in excess of the amounts available from the sale of the Class B Shares and the Promoter Warrants and any interest or other income on the funds in the Escrow Account.
The difference between the fair value of the Conversion Right in the Class B Shares and the Promoter Warrants and the subscription price paid by the Joint Promoters are expensed on a straight-line basis over the vesting period.
The Promoters also cannot exercise any of the Promoter Warrants they hold within 12 months after completion of the De-SPAC Transaction.
Expenses and funding sources We expect to receive HK$[REDACTED] from the sale of the Class B Shares and the Promoter Warrants, which will be held outside the Escrow Account and will be used to pay for the [REDACTED] commissions, fees and other expenses in connection with the [REDACTED] and for working capital purposes, including the expenses of sourcing and negotiating a De-SPAC Transaction, following the completion of the [REDACTED].
All the [ REDACTED] Warrants and the Promoter Warrants are exercised on the basis that the fair market value of the Class A Shares is HK$[REDACTED] or above on a cashless basis for [REDACTED] of a Class A share per Warrant.
In view of the complicated features of the Promoter Warrants, the directors of the Company consider that the application of Monte Carlo simulation model is reasonable.
The Promoters also cannot exercise any of the Promoter Warrants they hold within 12 months after completion of the De-SPAC Transaction and cannot transfer any Class B Shares or Promoter Warrants that they beneficially own, except with the consent of the Stock Exchange in accordance with the Listing Rules.
The Promoter Warrants may not be transferred except in the very limited circumstances permitted by the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) and subject to compliance with the requirements thereof.