Examples of Sponsor Warrant Purchase Agreement in a sentence
This Action likewise seeks damages with respect to and rescission of the Sponsor Warrants granted under the Sponsor Warrant Purchase Agreement to the Sponsor Defendant.
Under section 36(b) of the ICA, 15 U.S.C. § 80a-35(b), each of the Forward Purchase Agreement, the Sponsor Warrant Purchase Agreement, and the Director Warrant Purchase Agreement constitutes a breach of fiduciary duty with respect to the receipt of compensation for services or of payments of a material nature paid by the Company or its security holders to the Defendants.
Each of the Forward Purchase Agreement, the Sponsor Warrant Purchase Agreement, and the Director Warrant Purchase Agreement provides compensation so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining, as is required by section 36(b) of the ICA.
These illegal contracts include the Sponsor Warrant Purchase Agreement between the Company and the Sponsor Defendant dated July 21, 2020; the several Director Warrant Purchase Agreements dated July 21, 2020, between the Company and the Director Defendants; and the Forward Purchase Agreement between the Company and the Pershing Fund Defendants dated June 21, 2020, insofar as the Forward Purchase Agreement grants the Pershing Fund Defendants the right to purchase the Optional Forward Purchase Units.
The Sponsor Warrant Purchase Agreement is a contract whose making and performance involve violations of the ICA, including but not limited to sections 7(a)(1), 18(d), 15(a), and 22(g) or 23(a) of the ICA.
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the IssuerItem 4 above summarizes certain provisions of the Sponsor Subscription Agreement, the Registration Rights Agreement and the Sponsor Warrant Purchase Agreement, and is incorporated herein by reference.
Under section 36(b) of the ICA, 15 U.S.C. § 80a-35(b), each of the Forward Purchase Agreement, Director Forward Purchase Agreements, the Sponsor Warrant Purchase Agreement, and the Director Warrant Purchase Agreement constitutes a breach of fiduciary duty with respect to the receipt of compensation for services or of payments of a material nature paid by the Company or its security holders to the Defendants.
No. of class Bwarrants30 June 2022 (unaudited)31 December 2021(audited)EUR EUR Sponsor Capital At-Risk 4,720,000 6,655,200 - Additional Sponsor Subscription 420,000 592,200 - Total 5,140,000 7,247,400 - On 11 January 2022, the Sponsors, Co-Sponsors and the Company entered into a Sponsor Warrant Purchase Agreement.
Pursuant to the Sponsor Warrant Purchase Agreement, (i) the Sponsor has waived any and all rights and claims each may have to any proceeds, and any interest thereon, held in the Trust Account in respect of the Placement Securities, and (ii) the proceeds from the sale of the Placement Securities will be deposited by the Company in the Trust Account in accordance with the terms of the Trust Agreement on the Closing Date as provided for in the Sponsor Warrant Purchase Agreement.
Number of class B30 June202331 December2022 warrantsEUREUR Sponsor Capital At-Risk 3,243,333 3,762,266 4,378,500Additional Sponsor Subscription656,666761,733886,500Overfunding Sponsor Subscription 2,300,000 2,668,000 3,105,000 Total6,199,9997,191,9998,370,000 On 25 May 2022, the Sponsor, Co-Sponsor and the Company entered into a Sponsor Warrant Purchase Agreement.