SPAC Units. At the Effective Time, each SPAC Unit that is outstanding immediately prior to the Effective Time shall be automatically separated into its component securities and the holder thereof shall be deemed to hold one share of SPAC Common Stock and one SPAC Right in accordance with the terms of the applicable SPAC Unit.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Mountain Crest Acquisition Corp. IV), Merger Agreement (Mountain Crest Acquisition Corp. IV)
SPAC Units. At Immediately prior to the Effective Time, each every issued and outstanding SPAC Unit that is outstanding immediately prior to the Effective Time shall be automatically separated into its component securities and the holder thereof shall be deemed to hold one share of SPAC Class A Common Stock and one-half of one SPAC Right Public Warrant in accordance with the terms of the applicable SPAC Unit, and such underlying SPAC securities shall be converted in accordance with the applicable terms of this Section 2.08.
Appears in 1 contract
Sources: Merger Agreement (Integrated Rail & Resources Acquisition Corp)
SPAC Units. At the Arrangement Effective Time, each SPAC Unit that is outstanding immediately prior to the Arrangement Effective Time shall be automatically separated into its component securities detached and the holder thereof shall be deemed to hold one share of SPAC Class A Common Stock and one-fourth of one SPAC Right Warrant in accordance with the terms of the applicable SPAC Unit.
Appears in 1 contract
Sources: Business Combination Agreement (CF Acquisition Corp. VI)
SPAC Units. At the Effective Time, by virtue of the Merger and without any action on the part of any Party or the holders of any of the SPAC Securities, each SPAC Unit that is issued and outstanding immediately prior to the Effective Time shall be automatically separated into its component securities divided, and the holder thereof shall be deemed to hold one share of SPAC Class A Common Stock and one-half of one SPAC Right Warrant in accordance with the terms of the applicable SPAC Unit.
Appears in 1 contract
Sources: Business Combination Agreement (ExcelFin Acquisition Corp.)