Common use of Registration of Common Stock Cashless Exercise at Companys Option Clause in Contracts

Registration of Common Stock Cashless Exercise at Companys Option. The Company agrees that as soon as practicable after the closing of its initial Business Combination, but in no event later than 15 Business Days after the closing of its initial Business Combination it shall use its best efforts to file and within 60 business days following its initial business combination to have declared effective, a registration statement covering the Class A common stock issuable upon exercise of the warrants, and to maintain a current prospectus relating to those Class A common stock until the warrants expire or are redeemed. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class A common stock issuable upon exercise of the warrants and a current prospectus relating to such Class A common stock. Notwithstanding the foregoing, if a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.