Common use of New Entity Clause in Contracts

New Entity. The Company and the Holder acknowledge and agree that, in connection with the IPO, it is expected that the Company shall create a new corporation in the United States, which is expected to be in the State of Delaware (“Newco’’), to undertake the IPO, and in which event the Company is expected to be acquired by, or merge with, Newco or a subsidiary of Newco, such that Newco will be the entity that completes the IPO (the “IPO Restructuring”).

New Entity. The Company and the Holder acknowledge and agree that, in connection with the IPO, it is expected that the Company shall create a new corporation in the United States, which is expected to be in the State of Delaware (“Newco’’”), to undertake the IPO, and in which event the Company is expected to be acquired by, or merge with, Newco or a subsidiary of Newco, such that Newco will be the entity that completes the IPO (the “IPO Restructuring”).