Common use of Additional Private Units Clause in Contracts

Additional Private Units. Simultaneously with the Option Closing, Welsbach Acquisition Holdings LLC shall purchase from the Company pursuant to the Subscription Agreement (as defined in Section 2.23.2 hereof) an additional number of units (up to a maximum of 22,500 units in the aggregate, pro rata with the percentage of the Over-allotment Option exercised by the Representative, so that at least $10.00 per Unit sold to the public in the Offering is held in trust regardless of whether the over-allotment option is exercised in full or part (the “Additional Private Units”), at a purchase price of $10.00 per Additional Private Unit in a private placement (the “Additional Private Placement”). The Additional Private Units, the shares of Common Stock and the Rights included in the Additional Private Units (the “Additional Placement Rights”) and the shares of Common Stock issuable upon conversion of the Additional Placement Rights are hereinafter referred to collectively as the “Additional Placement Securities,” and together with the Initial Placement Securities, the “Placement Securities”) Each Additional Private Unit shall be identical to the Units sold in the Offering. There will be no placement agent in the Additional Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Additional Private Securities.