Cayman Islands | 6770 | N/A | ||||
(State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) | ||||
Gil Savir, Esq. Paul Hastings LLP 200 Park Avenue New York, New York 10166 (212) 318-6000 | Brandon J. Bortner, Esq. Ryan S. Brewer Paul Hastings LLP 2050 M Street NW Washington, DC 20036 (202) 551-1700 | Christopher J. DeCresce, Esq. Freshfields US LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 (212) 277-4000 | ||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||||||
Emerging growth company | ☒ | ||||||||||||||
Per Unit | Total | |||||
Price to Public | $10.00 | $152,170,000 | ||||
Underwriting Discounts and Commissions(1) | $0.05 | $750,000 | ||||
Proceeds, before expenses, to us | $9.95 | $151,420,000 | ||||
(1) | See “Underwriting” for a description of underwriting compensation payable to the underwriters. |
As of March 31, 2025 | |||||||||||||||||||||||||||
Offering Price of $10.00 per Unit | 25% of Maximum Redemptions | 50% of Maximum Redemptions | 75% of Maximum Redemptions | Maximum Redemptions | |||||||||||||||||||||||
NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | ||||||||||||||||||
Assuming Full Exercise of Over-Allotment Option | |||||||||||||||||||||||||||
7.42 | 2.58 | 6.84 | 3.15 | 5.92 | 4.08 | 4.23 | 5.77 | 0.18 | 9.82 | ||||||||||||||||||
Assuming No Exercise of Over-Allotment Option | |||||||||||||||||||||||||||
7.40 | 2.60 | 6.82 | 3.18 | 5.89 | 4.11 | 4.20 | 5.80 | 0.17 | 9.83 | ||||||||||||||||||
• | “Advisors” are to Meridien Peak, which was engaged by our Sponsor and Meteora, which was engaged by us; |
• | “amended and restated memorandum and articles of association” are to our amended and restated memorandum and articles of association to be in effect upon the completion of this offering; |
• | “Companies Act” are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time; |
• | “completion window” is the period following the completion of this offering at the end of which, if we have not completed our initial business combination, we will redeem 100% of the public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and certain conditions and as further described herein. The completion window ends 15 months from the closing of this offering (or up to 21 months by means of up to two three-month extensions after the closing of this offering by depositing into the trust account, for each three-month extension, $1,521,700, or up to $1,749,955 if the underwriters’ over-allotment option is exercised in full (representing $0.10 per unit of the total units sold in this offering)). In addition, our shareholders can also vote at any time to amend our amended and restated memorandum and articles of association to modify the amount of time we will have to complete an initial business combination, in each case as further described herein; provided that if our completion window is extended from 15 months to up to 21 months by depositing additional funds into the trust account, for each three-month extension, $1,521,700, or up to $1,749,955 if the underwriters’ over-allotment option is exercised in full (representing $0.10 per unit of the total units sold in this offering), our shareholders will not be entitled to vote on such an extension or to redeem their shares as a result of the extension, for up to two three-month extensions; |
• | “directors” are to our directors (including our director nominees named in this prospectus); |
• | “equity-linked securities” are to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of such securities; |
• | “founder shares” are to our Class B ordinary shares and the Class A ordinary shares issued upon the automatic conversion thereof at the time of our initial business combination or at any time prior thereto at the option of the holder thereof as provided herein; |
• | “initial shareholders” are to our sponsor and the other holders of our founder shares prior to this offering (or their permitted transferees); |
• | “letter agreement” refers to the letter agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part; |
• | “management” or our “management team” are to our officers and directors; |
• | “Meteora” refers to Meteora Capital, LLC, an investment adviser specializing in investments related to special purpose acquisition companies |
• | “Meridien Peak” refers to Meridien Peak, a New Jersey limited liability company |
• | “New Globa Terra” refers to Globa Terra Acquisition Corporation after the initial business combination; |
• | “ordinary resolution” are to a resolution of the company passed by the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the company, or a resolution approved in writing by all of the holders of the issued shares entitled to vote on such matter (or such lower threshold as may be allowed under the Companies Act from time to time); |
• | “ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares; |
• | “Private Placement Investor” is to that certain institutional investor who will subscribe to purchase directly from us an aggregate of 37,500 private placement units and 75,000 restricted Class A ordinary shares (or 30,000 private placement securities) at a combined price of $10.00 per private placement security for an aggregate purchase price of $300,000 in a private placement that will close simultaneously with the closing of this offering; |
• | “private placement securities” are to the private placement units and the restricted Class A shares, collectively; |
• | “private placement rights” are to the rights underlying the private placement units; |
• | “private placement shares” are to the Class A ordinary shares sold as part of the private placement units; |
• | “private placement units” are to the 394,267 units issued to our sponsor and the Private Placement Investor (whether or not the over-allotment option is exercised), of which 212,500 units would be purchased indirectly by the sponsor non-managing members, in private placements that will close simultaneously with the closing of this offering; |
• | “private placement warrants” are to the warrants sold as part of the private placement units; |
• | “public rights” are to the rights sold as part of the units in this offering (whether they are subscribed for in this offering or acquired in the open market); |
• | “public shares” are to our Class A ordinary shares sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market); |
• | “public shareholders” are to the holders of our public shares, including our sponsor, officers and directors and the sponsor non-managing members to the extent our sponsor, officers, directors or sponsor non-managing members purchase public shares, provided that each of their status as a “public shareholder” shall only exist with respect to such public shares; |
• | “public warrants” are to the warrants sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market); |
• | “restricted Class A shares” are to 788,534 class A ordinary shares, par value $0.0001 per share, which would vest only upon the consummation of our initial business combination; |
• | “rights” are to our rights, which include the public rights as well as the private placement rights to the extent they are no longer held by the initial purchasers of the private placement units or their permitted transferees; |
• | “SPACs” are to special purpose acquisition companies; |
• | “special resolution” are to a resolution of the company passed by the affirmative vote of at least a two-thirds (2/3) majority (or such higher approval threshold as specified in the company’s amended and restated memorandum and articles of association) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the company of which notice specifying the intention to propose the resolution as a special resolution has been duly given, or a resolution approved in writing by all of the holders of the issued shares entitled to vote on such matter (or such lower threshold as may be allowed under the Companies Act from time to time); |
• | “sponsor” are to Globa Terra Management LLC, a Cayman Islands limited liability company; Global Terra Sponsor LLC is the managing member of our sponsor; Agustin Tristan Aldave, our Chief Executive Officer and a member of our board of directors, controls Global Terra Sponsor LLC; |
• | “sponsor non-managing members” means institutional investors (none of which are affiliated with any member of our management or any other investor) that have expressed an interest in purchasing non-managing membership interests in our sponsor reflecting interests in an aggregate of (i) 212,500 of the 356,767 private placement units to be purchased by our sponsor and (ii) 425,000 of the 713,534 restricted Class A shares to be purchased by our sponsor, at a price of $10.00 per interest for each private placement security ($1,700,000 in the aggregate), in private placements that will close simultaneously with the closing of this offering. Subject to each sponsor non-managing member purchasing, through the sponsor, the private placement securities allocated to it in connection with the closing of this offering, the sponsor will issue non-managing membership interests at a nominal purchase price to the sponsor non-managing members reflecting interests in an aggregate of 1,700,000 founder shares. |
• | “underwriters’ option to purchase additional units” are to the underwriters’ 45-day option to purchase up to an additional units to cover over-allotments, if any; |
• | “warrants” are to our public warrants and private placement warrants; |
• | “warrant agreement” are to the public warrant agreement when discussing the public warrants, and to the private warrant agreement when discussing the private warrants; |
• | “warrant exercise date” are to the date on which the warrants will become exercisable, which is the later of 30 days after the completion of our initial business combination and 12 months after this registration statement is declared effective by the SEC; |
• | “warrant expiration date” are to the date on which the warrants expire, which is five years after the completion of our initial business combination or earlier upon redemption or liquidation; and |
• | “we,” “us,” “company” or “our company” are to Globa Terra Acquisition Corporation, a Cayman Islands exempted company. |
• | Bite Acquisition Corp. (“BITE”) completed its initial public offering in February 2021 and consummated its initial business combination in June 2024 with Above Food Corp (“ABVE”), approximately 40 months after its initial public offering. Approximately 3.8% of BITE’s public shares were redeemed in connection with two extensions to consummate an initial business combination and approximately 29.1% of BITE’s public shares were redeemed in connection with the consummation of its initial business combination with ABVE. As of June 10, 2025, ABVE’s stock price was $0.99. |
• | Digital World Acquisition Corp. (“DWAC”) completed its initial public offering in September 2021 and consummated its initial business combination in March 2024 with Trump Media & Technology Group Corp (“TMTG”), approximately 31 months after its initial public offering. Approximately 0.1% of DWAC’s public shares were redeemed during the seven three-month extensions, and approximately 0.02% of DWAC’s public shares were redeemed in connection with the consummation of its initial business combination with TMTG. As of June 10, 2025, TMTG’s stock price was $20.91. |
• | In 2021, members of our management team founded Agrinam Acquisition Corporation (“Agrinam”), a blank check company, listed on the Toronto Stock Exchange (TSX), formed for substantially similar purposes as our company. Additionally, members of our management team serve as the management team for Agrinam. Agrinam completed its initial public offering in 2022, raising total proceeds of $138,000,000 through the sale of 1,800,000 Restricted Class A Voting Units. On December 12, 2024, at the fourth special meeting of shareholders, shareholders of Agrinam approved the extension of the date by which the company must consummate a qualifying acquisition from December 15, 2024 to June 15, 2025. On June 12, 2025, at the fifth special meeting of shareholders, shareholders of Agrinam approved the extension of the date by which the company must consummate a qualifying acquisition from June 15, 2025 to September 15, 2025. On June 5, 2025, Agrinam was notified by the TSX that it will be delisted from the TSX due to failure to consummate an initial business combination within 36-months of the closing date of its initial public offering. Agrinam has filed an appeal of the TSX’s decision that is currently pending. As of January 6, 2025, an aggregate of 10,500 Class A Restricted Voting Shares of Agrinam were redeemed, approximately $1.59 million was held in the escrow account and 1,892 Class A Restricted Voting Shares were issued and outstanding. On March 14, 2025, Agrinam and Blue Energy and Electricity, S.A. de C.V. (“Blue Energy”), a leading independent energy supplier, specializing in the provision of renewable electricity, solar panels and battery storage in Mexico, announced they have entered into a definitive business combination agreement. Under the terms of the agreement, Blue Energy will merge with Agrinam, through a share exchange to become a publicly traded company listed on the TSX, pending regulatory approval. As a result, there is a material conflict of interest between Agrinam and our company as we and Agrinam are both engaged in the business of engaging in business combinations. We expect that Agrinam will generally have priority over us with respect to acquisition opportunities until it completes its initial business combination, enters into a contractual agreement that would restrict its ability to engage in material discussions regarding a potential initial business combination, or ceases operations and liquidates its trust account. |
Entity / Individual | Amount of Compensation to be Received or Securities Issued or to be Issued | Paid or to be Paid | ||||
$15,000 per month, commencing on the first date on which our securities are listed on Nasdaq | Office space, administrative and shared personnel support services | |||||
Globa Terra Management LLC | 5,327,495(1)(5) Class B Ordinary Shares | $25,000 | ||||
356,767 private placement units and 713,534 restricted Class A shares (whether or not the over-allotment option is exercised)(2)(3) | $2,854,136 (whether or not the over-allotment option is exercised) | |||||
Up to $450,000 | Repayment of loans made to us to cover offering related and organizational expenses | |||||
Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination | Expenses incurred in connection with identifying, investigating and completing an initial business combination | |||||
Up to $2,500,000 in working capital loans, which loans may be convertible into private placement units of the post-business combination entity at the price of $10.00 per unit(4) | Working capital loans to finance transaction costs in connection with an initial business combination | |||||
Agustin Tristan Aldave | 100,000 Class B Ordinary Shares(6) | Service as CEO and director | ||||
Entity / Individual | Amount of Compensation to be Received or Securities Issued or to be Issued | Paid or to be Paid | ||||
Katherine Chiles | 72,341 Class B Ordinary Shares(6) | Service as CFO | ||||
Edward Preble | 70,000 Class B Ordinary Shares(6) | Service as Head of Investor Relations | ||||
Alejandro Garza | 20,000 Class B Ordinary Shares(6) | Service as Head of Water Investments | ||||
Jesus Tueme | 20,000 Class B Ordinary Shares(6) | Service as independent director | ||||
Kelly Burke | 20,000 Class B Ordinary Shares(6) | Service as independent director | ||||
Jeff Smith | 42,341 Class B Ordinary Shares(6) | Service as independent director | ||||
(1) | The Class B ordinary shares and the Class A ordinary shares issuable in connection with the conversion of the Class B ordinary shares may result in material dilution to our public shareholders due to the nominal price of $0.0043 per share at which our sponsor purchased the Class B ordinary shares and/or the anti-dilution rights of our Class B ordinary shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. Our sponsor, directors and officers and their affiliates may receive additional compensation and/or may be issued additional securities in connection with an initial business combination, including securities that may result in material dilution to public shareholders. See “Risk Factors — Risks Relating to our Sponsor, Advisors and Management Team — The nominal purchase price paid by our sponsor for the founder shares, the purchase price paid by our sponsor for the private placement units and the vesting of the restricted Class A shares may significantly dilute the implied value of your public shares in the event we consummate an initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to decline materially” on page 81, “— Risks Relating to our Securities — We may issue additional ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks” on page 93, “— Our initial shareholders, either directly or indirectly, paid an aggregate of $25,000, or approximately $0.0043 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 93 and “— Unlike many other similarly structured blank check companies, our initial shareholders will receive additional Class A ordinary shares if we issue shares to consummate an initial business combination” on page 94. |
(2) | The sponsor non-managing members have expressed an interest to purchase sponsor non-managing membership interests reflecting interests in an aggregate of 170,000 private placement securities to be purchased by our sponsor, at a price of $10.00 per private placement security ($1,700,000) in the aggregate) in private placements that will close simultaneously with the closing of this offering. |
(3) | Subject to each sponsor non-managing member purchasing the non-managing membership interests in our sponsor reflecting interests in an aggregate of 170,000 private placement securities. |
(4) | After the completion of this offering, our board of directors may approve additional working capital loans for the purpose of funding working capital, which loans may be converted into our private placement units, shares, rights or warrants. The Class A ordinary shares issuable in connection with the exercise of the private placement warrants and private placement rights, as well as any Class A ordinary shares issued in connection with conversion of working capital loans into additional private placement units (as described in this prospectus), may result in material dilution to our public shareholders. See “Description of Securities — Warrants — Private placement units” on page 182; see also “Risk Factors — Risks Relating to our Sponsor, Advisors and Management Team — The nominal purchase price paid by our sponsor for the founder shares, the purchase price paid by our sponsor for the private placement units and the vesting of the restricted Class A shares may significantly dilute the implied value of your public shares in the event we consummate an initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to decline materially” on page 81, “— Risks Relating to our Securities — We may issue additional ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks” on page 93, “— Our initial shareholders, either directly or indirectly, paid an aggregate of $25,000, or approximately $0.0043 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 93 and “— Unlike many other similarly structured blank check companies, our initial shareholders will receive additional Class A ordinary shares if we issue shares to consummate an initial business combination” on page 94. |
(5) | If we increase or decrease the size of this offering we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of the offering in such amount as to maintain the ownership of our initial shareholders at 25% of the issued and outstanding ordinary shares upon the consummation of this offering. Our public shareholders may incur material dilution due to such anti-dilution adjustments that result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion or additional Class B ordinary shares. |
(6) | These shares are held directly by certain of our officers and directors. The directors and officers will have the ability to vote and dispose of the shares, subject to applicable transfer restrictions. |
Subject Securities | Expiration Date | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
Founder Shares | Earlier of one year after completion of our initial business combination; or if the closing price of our Class A ordinary shares equals or exceeds $12.00 per Class A ordinary share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing any time 150 days after completion of our initial business combination | Globa Terra Management LLC, Agustin Tristan Aldave, Katherine Chiles, Alejandro F. Garza, Edward Joseph Preble, Jesus Demetrio Tueme, Kelly Burke, Jeff Smith, the Private Placement Investor and Meridien Peak | Transfers permitted (i) to any officer, director, or employee of the Company, including to a family member or affiliate of such officer, director, or employee; (ii) by private sales or transfers, in each case, made in connection with the consummation of our initial business combination at prices no greater than the price at which the securities were originally purchased; (iii) in the event of our liquidation prior to the completion of our initial business combination; (iv) by virtue of the laws of the Cayman Islands or our sponsor’s limited liability company agreement upon dissolution of our sponsor; and (v) in the event of our completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to the completion of our initial business combination | ||||||
Subject Securities | Expiration Date | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
Private Placement Units | 180 days after the completion of our initial business combination | Globa Terra Management LLC and the Private Placement Investor | Same as above | ||||||
Restricted Class A Shares | 90 days after completion of our initial business combination | Same as above | Same as above | ||||||
Any units, warrants, ordinary shares or any other securities convertible into, or exercisable or exchangeable for, any units, ordinary shares, founder shares or warrants | 180 days | Same as above | The representative in its sole discretion may release any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors, which shall be with notice. Our sponsor, officers and directors are also subject to separate transfer restrictions on their founder shares and private placement units pursuant to the letter agreement described in the immediately preceding paragraphs. | ||||||
• | Depth of Team and Access to Resources. We have a dedicated management team with a track record of executing on transactions, and we believe we have the resources to source and evaluate a larger number of potential transactions relative to other SPACs. |
• | Sourcing Channels and Leading Industry Relationships. We believe our capabilities, reputation and deep industry relationships will provide us with a differentiated pipeline of acquisition opportunities that would be difficult for other participants in the market to replicate. |
• | Prior SPAC Experience. Certain members of our management team have significant SPAC experience, as founders, investors or advisors in SPAC transactions, including serving as executive officers of Bite Acquisition Corp, Digital World Acquisition Corp. and Agrinam. We believe their experience in SPAC transactions provide us with a distinctive advantage with respect to understanding the process of sourcing, evaluating and executing an initial business combination, as well as positioning us as an attractive partner with prospective target companies compared to first-time SPACs with no such prior experience. |
• | Execution and Structuring Capability. We believe our management team’s expertise and reputation will allow us to source and complete transactions possessing structural attributes that create an attractive investment thesis. These types of transactions are typically complex and require creativity, industry knowledge and expertise, rigorous due diligence, and extensive negotiations and documentation. We believe that by focusing our investment activities on these types of transactions, we can generate investment opportunities that have attractive risk/reward profiles based on their valuations and structural characteristics. |
• | Public Company Experience. Certain members of our management team have extensive experience as public company executives and/or board members. This experience will serve as a key competitive advantage in selecting companies that will benefit from going public, positioning us as an attractive partner to management teams of potential target companies, and help to create long-term value post-closing of the initial business combination. |
• | Business Fundamentals: We will target companies with strong fundamentals that align with our growth strategy in the agribusiness and water sectors. Ideal targets will have an enterprise value exceeding twice the size of ours and display year-over-year revenue growth, with EBITDA and cash-flow positivity. These companies should operate in multiple countries, enabling expansion and operational synergies through vertical integration. We will also seek founders who are willing to retain a meaningful stake in the public company, ensuring alignment with long-term value creation. Additional factors include attractive valuations, a large total addressable market, and a competitive industry position. |
• | Public Company Ready: We will seek to acquire a company that is well-positioned to be a public company in terms of scale and size, and a company that public equity market investors will understand and value. While we believe our public company experience will be a significant asset as a transaction partner to private companies, we intend to avoid companies that have significant deficiencies in financial reporting or general public company readiness. |
• | Would Benefit Distinctly from our Capabilities: We will seek to acquire a business where we can tangibly improve the operations and create long term value for our shareholders. In particular, we believe our experience in operating and changing public companies and/or serving on public company boards would be a value-add to the management teams and boards of potential target companies. We expect our strategy to draw heavily from the private equity world, focusing on creating long-term value through a combination of disciplined investment practices, operational improvements, and strategic growth initiatives. Leveraging our team's deep experience in private equity, we emphasize identifying high-quality businesses with strong fundamentals, scalability, and alignment with our vertical integration strategy. We aim to employ a rigorous due diligence process to evaluate targets, ensuring that they meet key criteria such as robust financial performance, competitive positioning, and alignment with certain principles that we may pre-define. Once a business combination is completed, we intend to apply private equity-style operational enhancements, fostering revenue growth and operational efficiency. By leveraging our network of private equity professionals, institutional investors, and strategic partners, we aim to bring transformative value to the target businesses, aligning our shareholders' interests with those of management teams to drive sustainable growth and superior returns. This approach reflects our commitment to unlocking value beyond the transaction, ensuring that we position our targets for long-term success in the competitive agribusiness and water technology sectors. We will look for targets where the majority of the production comes from Latin America where we can achieve higher yields due to lower labor and land costs and where the distribution occurs in the United States and/or Canada, or companies in the primary sector which have the potential to merge with companies in the value-added sector and thereby create a vertically integrated company. Our team will also look for companies involved in water treatment, desalination, pipelines, and water solutions looking to address the water crisis. |
• | Innovators within an Existing Market. We will seek a company which embraces technology and the innovation of its products and/or processes within an existing market, and burden of developing a new and yet to be proven marketplace or form of technology. |
• | Maintains Strong Environmental, Social and Corporate Governance Principles. We intend to seek a target that maintains strong environmental, social, and corporate governance standards which make use of responsible and ethical supply chains and prioritize human rights and sustainability. We believe ESG integration is fundamental to operating a productive, profitable and sustainable Agribusiness. To that end, we intend to target businesses following business models which implements the principles of responsible investment. |
• | Has a Dedicated and Proven Management Team: We will seek to acquire a business with a professional management team whose interests are aligned with those of our investors. Where necessary, we may also look to complement and enhance the capabilities of the target business’s management team by recruiting additional talent through our network of contacts. |
• | Targets where the majority of primary production will come from Latin America, where businesses may be able to achieve higher yields due to lower labor and land costs, and where the value-added distribution occurs in the United States and/or Canada, driving potentially higher margins. This strategy seeks to support reliability of supply and is also designed to enable higher margin capture with an integrated value chain from the farm to the end retail market; or |
• | Companies in the primary sector which have the potential to merge with businesses in the value-added sector to create a vertically integrated company. |
• | Implementation of robotics, AI and machine learning platforms to increase productivity, efficiency and reduce labor costs. |
• | Farm digitization in connection with the rise of ESG adoption. |
• | Fintech transformation in agriculture, comparable to the Fintech impact on the student loan and mortgage markets. |
• | Increasing adoption of alternative and cellular protein providing consumers around the world with safe, sustainable food. |
• | Adoption of food waste solutions which we believe will be recognized as both a good business practice and an essential tool to help mitigate hunger around the world. |
• | Adoption of food as a central effort to prevent chronic disease and improve health outcomes. |
• | Transformation of food brands and grocers towards “personalize or perish.” |
• | C- Grade: U.S. drinking water infrastructure received a “C-” grade on the American Society of Civil Engineers 2021 Infrastructure Report Card and U.S. wastewater infrastructure received a “D+” grade. |
• | 16% water loss: In the United States, due to aging infrastructure, it is estimated that the U.S. loses 16% of its treated water before it even reaches the customer, representing more than seven billion gallons of treated water lost each day. |
• | 700-850 main breaks a day, costing $3 billion per year: Studies suggest that between 700 and 850 water main breaks occur each day in North America, causing more than $3 billion in repair costs annually. |
• | $600 billion in investment needed: The U.S. EPA projects $472.6 billion is needed to maintain drinking water infrastructure between 2015 and 2035. Combined with wastewater needs, the EPA projects more than $600 billion is needed over 20 years for necessary infrastructure improvements. |
• | $3.9 billion invested each year by 10 largest private water companies: The ten largest water companies in the U.S. invested more than $3.9 billion in 2021 to improve community tap water systems. These are dollars coming from the private sector and not out of a municipal budget. |
• | About two billion people worldwide do not have access to safe drinking water today, and roughly half of the world’s population is experiencing severe water scarcity for at least part of the year. These numbers are expected to increase, exacerbated by climate change and population growth. |
• | Only 0.5 per cent of water on Earth is useable and available freshwater – and climate change is dangerously affecting that supply. Over the past twenty years, terrestrial water storage – including soil moisture, snow and ice – has dropped at a rate of 1 cm per year, with major ramifications for water security. |
• | Water supplies stored in glaciers and snow cover are projected to further decline over the course of the century, thus reducing water availability during warm and dry periods in regions supplied by melt water from major mountain ranges, where more than one-sixth of the world’s population currently live. |
• | Sea-level rise is projected to extend salinization of groundwater, decreasing freshwater availability for humans and ecosystems in coastal areas. |
• | Limiting global warming to 1.5°C compared to 2°C would approximately halve the proportion of the world population expected to suffer water scarcity, although there is considerable variability between regions. |
• | Water quality is also affected by climate change, as higher water temperatures and more frequent floods and droughts are projected to exacerbate many forms of water pollution – from sediments to pathogens and pesticides. |
• | Climate change, population growth and increasing water scarcity will put pressure on food supply as most of the freshwater used, about 70 percent on average, is used for agriculture (it takes between 2000 and 5000 liters of water to produce a person’s daily food). |
• | retailers are demanding that their suppliers adopt ESG best practices which are aligned with their corporate sustainability strategies; |
• | end-customers are demanding environmental best practices from the manufacturers and distributors of the products they purchase; |
• | ESG best practices, once successfully integrated into the operations of companies, can translate into cost efficiencies and improved productivity metrics; and |
• | there is a trend of a fast growing sustainable finance market which prioritizes the opportunity to link sustainability to better cost of capital. |
• | one Class A ordinary share; |
• | three-fourths of one redeemable warrant to purchase one Class A ordinary share; and |
• | one right to receive one-tenth (1/10) of one one Class A share upon consummation of our initial business combination. No fractional shares will be issued upon exchange of the rights, so you must hold rights in multiples of 10 in order to receive shares for all of your rights upon closing of a business combination. |
(1) | Assumes no exercise of the underwriters’ option to purchase additional units and the forfeiture by our initial shareholders of 760,850 founder shares and includes an aggregate of 394,267 Class A ordinary shares included in the private placement units. |
(2) | Consists solely of founder shares and includes up to 760,850 shares that are subject to forfeiture by our initial shareholders, depending on the extent to which the underwriters’ option to purchase additional units is exercised. |
(3) | Includes 15,217,000 public shares, 5,072,333 founder shares and 394,267 Class A ordinary shares underlying private placement units. |
(4) | Founder shares are classified as Class B ordinary shares, which shares automatically convert into Class A ordinary shares at the time of our initial business combination or at any time prior thereto at the option of the holder thereof, in each case, on a one-for-one basis, subject to adjustment as described below adjacent to the caption “Founder shares conversion and anti-dilution rights.” |
(5) | Does not include 788,534 restricted Class A shares, which would vest only upon the consummation of the initial business combination. |
(6) | Includes 11,412,750 public warrants and 295,700 private placement warrants underlying the private placement units. |
(7) | Includes 15,217,000 public rights and 394,267 private placement rights underlying the private placement units. |
• | in whole and not in part; |
• | at a price of $0.01 per public warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the 30-day redemption period; and |
• | if, and only if, the closing price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the |
• | prior to the closing of our initial business combination, only holders of our founder shares have the right to vote on the appointment or removal of directors and on continuing the company in a jurisdiction outside the Cayman Islands (as further described herein); |
• | the founder shares are subject to certain transfer restrictions contained in a letter agreement that our initial shareholders, directors and officers will enter into with us, as described in more detail below; |
• | pursuant to such letter agreement, our initial shareholders, directors and officers will agree to waive: (1) their redemption rights with respect to any founder shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (2) their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business combination within the completion window or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) their rights to |
• | the founder shares are automatically convertible into our Class A ordinary shares at the time of our initial business combination or at any time prior thereto at the option of the holder thereof, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more detail below; |
• | the holders of the founder shares are entitled to registration rights; and |
• | the sponsor non-managing members are not granted any shareholder or other rights in addition to those afforded to our other public shareholders, and will only be issued membership interests in the sponsor, with no right to control the sponsor or vote or dispose of any securities held by the sponsor, including the founder shares, the private placement shares or the restricted Class A shares held by the sponsor. The sponsor non-managing members are not required to (i) hold any units, Class A ordinary shares, public warrants or rights they may purchase in this offering or thereafter for any amount of time, or enter into a lock-up agreement with us or the underwriters with respect to any units, Class A ordinary shares or public warrants, (ii) vote any Class A ordinary shares they may own at the applicable |
• | our registration statement/proxy statement filed for our business combination transaction would disclose the possibility that our management team, sponsor or any of their respective affiliates may purchase shares, rights or warrants from public shareholders outside the redemption process, along with the purpose of such purchases; |
• | if our management team, sponsor or any of their respective affiliates were to purchase shares or warrants from public shareholders, they would do so at a price no higher than the price offered through our redemption process; |
• | our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our management team, sponsor, or any of their respective affiliates would not be voted in favor of approving the business combination transaction; |
• | our management team, Advisors, sponsor or any of their respective affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and |
• | we would disclose in a Form 8-K, before our general meeting to approve the business combination transaction, the following material items: |
• | the amount of our securities purchased outside of the redemption offer by our management team, sponsor or any of their respective affiliates, along with the purchase price; |
• | the purpose of the purchases by our management team, Advisors, sponsor or any of their respective affiliates; |
• | the impact, if any, of the purchases by our management team, sponsor or any of their respective affiliates on the likelihood that the business combination transaction will be approved; |
• | the identities of our security holders who sold to our management team, Advisors, sponsor or any of their respective affiliates (if not purchased on the open market) or the nature of our security holders (e.g., 5% security holders) who sold to our management team, sponsor or any of their respective affiliates; and |
• | the number of our securities for which we have received redemption requests pursuant to our redemption offer. |
• | conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and |
• | file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies. Whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq, we will provide our public shareholders with the opportunity to redeem their public shares by one of the two methods listed above. Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase our Class A ordinary shares in the open market, in order to comply with Rule 14e-5 under the Exchange Act. In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to |
• | conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and |
• | file proxy materials with the SEC. |
• | payment to our sponsor for office space, administrative and shared personnel support services, in an amount equal to $15,000 per month, commencing on the first date on which our securities are listed on Nasdaq; |
• | repayment of an aggregate of up to $450,000 in loans made to us by our sponsor to cover offering-related and organizational expenses; |
• | reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; |
• | repayment of loans which may be made by our sponsor, an affiliate of our sponsor or our officers and directors to finance transaction costs in connection with an intended initial business combination. Up to $2,500,000 of such loans may be convertible into private units of the post-business combination entity at a price of $10.00 per unit at the option of the lender; and |
• | Any such private units will be identical to the private placement units. Except for the foregoing, the terms of such loans, if any, have not been determined nor have any written agreements been executed with respect thereto. |
• | There is substantial doubt about our ability to continue as a going concern. |
• | We are a newly incorporated Cayman Islands exempted company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective. |
• | Past performance by our management team, Advisors and their respective affiliates may not be indicative of future performance of an investment in us. |
• | Our shareholders may not be afforded an opportunity to vote on our proposed initial business combination, which means we may complete our initial business combination even though a majority of our shareholders do not support such a combination. |
• | Your only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash. |
• | If we seek shareholder approval of our initial business combination, our initial shareholders will agree to vote in favor of such initial business combination, regardless of how our public shareholders vote. |
• | If we seek shareholder approval of our initial business combination, our management team, Advisors, sponsor or any of their respective affiliates may elect to purchase public shares, warrants or rights, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares, public warrants or public rights. |
• | You will not be entitled to protections normally afforded to investors of many other blank check companies. |
• | You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell your public shares, warrants or rights, potentially at a loss. |
• | If the net proceeds of this offering and the sale of the private placement securities not being held in the trust account are insufficient to allow us to operate for the 15 months (or up to 21 months if we elect to extend the completion window as described herein) following the closing of this offering, it could limit the amount available to fund our search for a target business or businesses and our ability to complete our initial business combination, and we will depend on loans from our sponsor, its affiliates or members of our management team to fund our search and to complete our initial business combination. |
• | The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target. |
• | We are not required to obtain an opinion from an independent registered public accounting or investment banking firm, and consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view. |
• | We may not be able to consummate an initial business combination within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate. |
• | We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with, managed by or otherwise associated with, members of our management group, Advisors, sponsor or initial shareholders. |
• | Since our initial shareholders including any sponsor non-managing members and the Private Placement Investor, will lose their entire investment in us if our initial business combination is not completed, and because our sponsor, officers and directors and any other holder of our founder shares, including any sponsor non-managing members, directly or indirectly may profit substantially from a business combination as a result of their ownership of founder shares even under circumstances where our public shareholders would experience losses in connection with their investment, and because our sponsor will be issued restricted Class A shares (which would vest only upon the consummation of our initial business combination) at no additional cost (i.e., as a “sweetener”), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination, including in connection with the shareholder vote in respect thereto. |
• | Our sponsor controls a substantial interest in us and thus may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support. |
• | Our management team, Advisors, sponsor, initial shareholders and their respective affiliates allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination. |
• | Our management team, Advisors, sponsor, initial shareholders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. |
• | We may not be able to complete an initial business combination with a U.S. target company if such initial business combination is subject to U.S. foreign investment regulations and review by a U.S. government entity such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited. |
• | The other risks and uncertainties discussed in “Risk Factors” and elsewhere in this prospectus. |
As of March 31, 2025 | |||||||||||||||||||||||||||
Offering Price of $10.00 per Unit | 25% of Maximum Redemptions | 50% of Maximum Redemptions | 75% of Maximum Redemptions | Maximum Redemptions | |||||||||||||||||||||||
NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | ||||||||||||||||||
Assuming Full Exercise of Over-Allotment Option | |||||||||||||||||||||||||||
7.42 | 2.58 | 6.84 | 3.16 | 5.92 | 4.08 | 4.23 | 5.77 | 0.18 | 9.82 | ||||||||||||||||||
Assuming No Exercise of Over-Allotment Option | |||||||||||||||||||||||||||
7.40 | 2.60 | 6.82 | 3.18 | 5.89 | 4.11 | 4.20 | 5.80 | 0.17 | 9.83 | ||||||||||||||||||
No Redemptions | 25% | 50% | 75% | 100% | |||||||||||||||||||||||||||||||||||
Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | ||||||||||||||||||||||||||||||
Numerator | |||||||||||||||||||||||||||||||||||||||
Net tangible book deficit before this offering | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | |||||||||||||||||||||||||||||
Net proceeds from this offering and the sale of the private placement securities(1) | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | |||||||||||||||||||||||||||||
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | |||||||||||||||||||||||||||||
Less: Deferred underwriting commission | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Less: overallotment liability | (227,227) | — | (227,227) | — | (227,227) | — | (227,227) | — | (227,227) | — | |||||||||||||||||||||||||||||
Less: Amounts paid for redemptions | — | — | (38,042,500) | (43,748,875) | (76,085,000) | (87,497,750) | (114,127,500) | (131,246,625) | (152,170,000) | (174,995,500) | |||||||||||||||||||||||||||||
153,094,156 | 176,146,883 | 115,051,656 | 132,398,008 | 77,009,156 | 88,649,133 | 38,966,656 | 44,900,258 | 924,156 | 1,151,383 | ||||||||||||||||||||||||||||||
Denominator:(2) | |||||||||||||||||||||||||||||||||||||||
Ordinary shares outstanding prior to this offering | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | |||||||||||||||||||||||||||||
Ordinary shares forfeited if over-allotment is not exercised | (760,850) | — | (760,850) | — | (760,850) | — | (760,850) | — | (760,850) | — | |||||||||||||||||||||||||||||
Private placement shares | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | |||||||||||||||||||||||||||||
Ordinary shares offered | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | |||||||||||||||||||||||||||||
Less: Ordinary shares redeemed | — | — | (3,804,250) | (4,374,888) | (7,608,500) | (8,749,775) | (11,412,750) | (13,124,663) | (15,217,000) | (17,499,550) | |||||||||||||||||||||||||||||
20,683,600 | 23,727,000 | 16,879,350 | 19,352,113 | 13,075,100 | 14,977,225 | 9,270,850 | 10,602,338 | 5,466,600 | 6,227,450 | ||||||||||||||||||||||||||||||
(1) | Expenses applied against gross proceeds include offering expenses of approximately $1,277,747 and underwriting discounts of $750,000. See “Use of Proceeds.” |
(2) | Excludes 788,534 restricted Class A shares which vest only upon the completion of our initial business combination. |
March 31, 2025 | ||||||
Actual | As Adjusted | |||||
Balance Sheet Data: | ||||||
Working capital (deficit)(1) | $(871,402) | $924,156 | ||||
Total assets(2) | $1,033,902 | $153,321,383 | ||||
Total liabilities(3) | $1,008,902 | $227,227 | ||||
Value of ordinary shares subject to possible conversion(4) | $— | $152,170,000 | ||||
Shareholders’ equity(5) | $25,000 | $924,156 | ||||
(1) | The “as adjusted” calculation includes $1,126,383 of cash held outside the trust account plus $25,000 of actual shareholder’s equity on March 31, 2025, less the overallotment liability of $227,227. |
(2) | The “as adjusted” calculation equals $152,170,000 cash held in trust from the proceeds of this offering, plus $1,126,383 in cash held outside the trust account plus $25,000 of actual shareholder’s equity at March 31, 2025. |
(3) | The “as adjusted” calculation includes $227,227 related to the fair value of the over-allotment option. |
(4) | The “as adjusted” calculation equals the “as adjusted” total assets, less the “as adjusted” total liabilities, less the “as adjusted” shareholder’s equity. |
(5) | Excludes 15,217,000 public shares which are subject to redemption in connection with our initial business combination. The “as adjusted” calculation equals the “as adjusted” total assets, less the “as adjusted” total liabilities, less the value of Class A ordinary shares that may be redeemed in connection with our initial business combination (initially $10.00 per share). |
• | our being a company with no operating history and no revenues; |
• | our ability to select an appropriate target business or businesses; |
• | our expectations around the performance of a prospective target business or businesses; |
• | our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; |
• | our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; |
• | our potential ability to obtain additional financing to complete our initial business combination; |
• | our pool of prospective target businesses; |
• | the ability of our officers and directors to generate a number of potential business combination opportunities; |
• | our public securities’ potential liquidity and trading; |
• | the lack of a market for our securities; |
• | the use of proceeds not held in the trust account or otherwise available to us; |
• | the trust account not being subject to claims of third parties; |
• | our financial performance following this offering; and |
• | the other risks and uncertainties discussed in “Risk Factors” and elsewhere in this prospectus. |
• | our registration statement/proxy statement filed for our business combination transaction would disclose the possibility that our management team, Advisors, sponsor or any of their respective affiliates may purchase public shares or warrants from public shareholders outside the redemption process, along with the purpose of such purchases; |
• | if our management team, sponsor or any of their respective affiliates were to purchase public shares or warrants from public shareholders, they would do so at a price no higher than the price offered through our redemption process; |
• | our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our management team, sponsor or any of their respective affiliates would not be voted in favor of approving the business combination transaction; |
• | our management team, Advisors, sponsor or any of their respective affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and |
• | we would disclose in a Form 8-K, before our general meeting to approve the business combination transaction, the following material items: |
• | the amount of our securities purchased outside of the redemption offer by our management team, sponsor or any of their respective affiliates, along with the purchase price; |
• | the purpose of the purchases by our management team, Advisors, sponsor or any of their respective affiliates; |
• | the impact, if any, of the purchases by our management team, sponsor or any of their respective affiliates on the likelihood that the business combination transaction will be approved; |
• | the identities of our security holders who sold to our sponsor, directors, executive officers, Advisors or any of their affiliates (if not purchased on the open market) or the nature of our security holders (e.g., 5% security holders) who sold to our management team, sponsor or any of their respective affiliates; and |
• | the number of our securities for which we have received redemption requests pursuant to our redemption offer. |
• | higher costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal requirements of overseas markets; |
• | rules and regulations regarding currency redemption; |
• | complex corporate withholding taxes on individuals; |
• | laws governing the manner in which future business combinations may be effected; |
• | tariffs and trade barriers; |
• | regulations related to customs and import/export matters; |
• | longer payment cycles and challenges in collecting accounts receivable; |
• | tax issues, including but not limited to tax law changes and variations in tax laws as compared to the United States; |
• | currency fluctuations and exchange controls; |
• | rates of inflation; |
• | cultural and language differences; |
• | employment regulations; |
• | crime, strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars; |
• | deterioration of political relations with the United States; and |
• | government appropriations of assets. |
• | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
• | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
• | our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding; |
• | our inability to pay dividends on our ordinary shares; |
• | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes; |
• | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
• | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
• | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and |
• | other disadvantages compared to our competitors who have less debt. |
• | solely dependent upon the performance of a single business, property or asset, or |
• | dependent upon the development or market acceptance of a single or limited number of products, processes or services. |
• | restrictions on the nature of our investments; and |
• | restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination. |
• | registration as an investment company; |
• | adoption of a specific form of corporate structure; and |
• | reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations. |
• | a limited availability of market quotations for our securities; |
• | reduced liquidity for our securities; |
• | a determination that our Class A ordinary shares are “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; |
• | a limited amount of news and analyst coverage; and |
• | a decreased ability to issue additional securities or obtain additional financing in the future. |
• | may significantly dilute the equity interest of investors in this offering; |
• | may subordinate the rights of holders of ordinary shares if preference shares is issued with rights senior to those afforded our ordinary shares; |
• | could cause a change of control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; and |
• | may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants. |
(i) | we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a New Issuance Price of less than $9.20 per share; |
(ii) | the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and |
(iii) | the Market Value is below $9.20 per share, |
• | the history and prospects of companies whose principal business is the acquisition of other companies; |
• | prior offerings of those companies; |
• | our prospects for acquiring an operating business; |
• | our capital structure; |
• | an assessment of our management and their experience in identifying operating companies; |
• | general conditions of the securities markets at the time of this offering; and |
• | other factors as were deemed relevant. |
• | if we do not develop successful new products or improve existing ones, our business will suffer; |
• | we may invest in new lines of business that could fail to attract or retain users or generate revenue; |
• | we will face significant competition and if we are not able to maintain or improve our market share, our business could suffer; |
• | disruption or failure of our networks, systems, platform or technology that frustrate or thwart our users’ ability to access our products and services, may cause our users, advertisers, and partners to cut back on or stop using our products and services altogether, which could seriously harm our business; |
• | mobile malware, viruses, hacking and phishing attacks, spamming, and improper or illegal use of our products could seriously harm our business and reputation; |
• | if we are unable to successfully grow our user base and further monetize our products, our business will suffer; |
• | if we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our business may be seriously harmed; |
• | we may be subject to regulatory investigations and proceedings in the future, which could cause us to incur substantial costs or require us to change our business practices in a way that could seriously harm our business; and |
• | components used in our products may fail as a result of a manufacturing, design, or other defect over which we have no control, and render our devices inoperable. |
Gross Proceeds | Without Option to Purchase Additional Units | Option to Purchase Additional Units Exercised in Full | ||||
Gross proceeds from units offered to public(1) | $152,170,000 | $174,995,500 | ||||
Gross proceeds from private placement securities offered in the private placements | $3,154,136 | $3,154,136 | ||||
Total gross proceeds | $155,324,136 | $178,149,636 | ||||
Estimated offering expenses(2) | ||||||
Underwriting commissions(3) | $750,000 | $750,000 | ||||
Legal fees and expenses | $385,000 | $385,000 | ||||
Printing and engraving expenses | $20,000 | $20,000 | ||||
Accounting fees and expenses | $50,000 | $50,000 | ||||
SEC/FINRA expenses | $137,747 | $137,747 | ||||
Nasdaq listing and filing fees | $85,000 | $85,000 | ||||
Miscellaneous expenses(4) | $600,006 | $600,006 | ||||
Total estimated offering expenses (other than underwriting commissions) | $1,277,747 | $1,277,747 | ||||
Proceeds after estimated offering expenses | $153,296,383 | $176,121,883 | ||||
Held in trust account | $152,170,000 | $174,995,500 | ||||
Percent of public offering size | 100.0% | 100.0% | ||||
Not held in trust account | $1,126,383 | $1,126,383 | ||||
Amount | % of Total | |||||
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination | $350,000 | 31.07% | ||||
Legal and accounting fees related to regulatory reporting obligations | $190,000 | 16.87% | ||||
Directors and officers insurance premiums | $147,000 | 13.05% | ||||
Payment for office space, utilities and secretarial and administrative support(5) | $225,000 | 19.98% | ||||
Working capital to cover miscellaneous expenses (including continued listing fees)(3) | $214,383 | 19.034% | ||||
Total | $1,126,383 | 100% | ||||
(1) | Includes amounts payable to public shareholders who properly redeem their shares in connection with our successful completion of our initial business combination. |
(2) | Our sponsor has agreed to loan us up to $450,000 as described in this prospectus. As of June 10, 2025, we had borrowed $405,000 under the promissory note. These loans will be repaid upon completion of this offering out of the $1,277,747 of offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust account. In the event that our offering expenses are more than as set for in this table, we may fund such excess from the funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than as set for in this table, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount. |
(3) | These expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our initial business combination based upon the level of complexity of such business combination. In the event we identify a business combination target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses. The proceeds held in the trust account will be (i) invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, and/or (ii) deposited in an interest bearing demand deposit account at a U.S. - chartered commercial bank with consolidated assets of $100 billion or more. We estimate the interest earned on the trust account will be approximately $7,988,925 per year, assuming an interest rate of 5.25% per year; however, we can provide |
(4) | Includes organizational and administrative expenses, including advisor fees, and may include amounts related to above-listed expenses in the event actual amounts exceed estimates. |
(5) | In the event our time to complete an initial business combination is extended from 15 months to up to 21 months as further described herein, the additional $15,000 monthly payments for office space, utilities and secretarial and administrative support will be funded via working capital loans. |
As of March 31, 2025 | |||||||||||||||||||||||||||
Offering Price of $10.00 per Unit | 25% of Maximum Redemptions | 50% of Maximum Redemptions | 75% of Maximum Redemptions | Maximum Redemptions | |||||||||||||||||||||||
NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | NTBV | Difference between NTBV and Offering Price | ||||||||||||||||||
Assuming Full Exercise of Over-Allotment Option | |||||||||||||||||||||||||||
7.42 | 2.58 | 6.84 | 3.16 | 5.92 | 4.08 | 4.23 | 5.77 | 0.18 | 9.82 | ||||||||||||||||||
Assuming No Exercise of Over-Allotment Option | |||||||||||||||||||||||||||
7.40 | 2.60 | 6.82 | 3.18 | 5.89 | 4.11 | 4.20 | 5.80 | 0.17 | 9.83 | ||||||||||||||||||
No Redemptions | 25% | 50% | 75% | 100% | ||||||||||||||||||||||||||
Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | |||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||
Net tangible book deficit before this offering | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | (871,402) | ||||||||||||||||||||
Net proceeds from this offering and the sale of the private placement securities(1) | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | 153,296,383 | 176,121,883 | ||||||||||||||||||||
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | 896,402 | ||||||||||||||||||||
Less: Deferred underwriting commission | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Less: overallotment liability | (227,227) | — | (227,227) | — | (227,227) | — | (227,227) | — | (227,227) | — | ||||||||||||||||||||
Less: Amounts paid for redemptions | — | — | (38,042,500) | (43,748,875) | (76,085,000) | (87,497,750) | (114,127,500) | (131,246,625) | (152,170,000) | (174,995,500) | ||||||||||||||||||||
153,094,156 | 176,146,883 | 115,051,656 | 132,398,008 | 77,009,156 | 88,649,133 | 38,966,656 | 44,900,258 | 924,156 | 1,151,383 | |||||||||||||||||||||
Denominator:(2) | ||||||||||||||||||||||||||||||
Ordinary shares outstanding prior to this offering | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | 5,833,183 | ||||||||||||||||||||
Ordinary shares forfeited if over-allotment is not exercised | (760,850) | — | (760,850) | — | (760,850) | — | (760,850) | — | (760,850) | — | ||||||||||||||||||||
Private placement shares | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | 394,267 | ||||||||||||||||||||
Ordinary shares offered | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | 15,217,000 | 17,499,550 | ||||||||||||||||||||
Less: Ordinary shares redeemed | — | — | (3,804,250) | (4,374,888) | (7,608,500) | (8,749,775) | (11,412,750) | (13,124,663) | (15,217,000) | (17,499,550) | ||||||||||||||||||||
20,683,600 | 23,727,000 | 16,879,350 | 19,352,113 | 13,075,100 | 14,977,225 | 9,270,850 | 10,602,338 | 5,466,600 | 6,227,450 | |||||||||||||||||||||
(1) | Expenses applied against gross proceeds include offering expenses of approximately $1,277,747 and underwriting discounts of $750,000. See “Use of Proceeds.” |
(2) | Excludes 788,534 restricted Class A shares which vest upon consummation of our initial business combination. |
March 31, 2025 | ||||||
Actual | As Adjusted(1) | |||||
Note payable to related party(1) | $165,000 | $— | ||||
Over-allotment liability | — | 227,227 | ||||
Class A ordinary shares subject to possible redemption; 0 and 15,217,000 shares, actual and as adjusted, respectively(2) | — | 152,170,000 | ||||
Preference shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted | — | — | ||||
Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized, none and 394,267 issued and outstanding (excluding 0 and 15,217,000 shares subject to possible redemption), actual and as adjusted, respectively(6) | — | 39 | ||||
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized; 5,833,183 and 5,072,333 shares issued and outstanding, actual and as adjusted(3)(5) | 583 | 507 | ||||
Additional paid-in capital(4) | 24,417 | 923,610 | ||||
Accumulated deficit | — | — | ||||
Total shareholders’ equity | 25,000 | 924,156 | ||||
Total capitalization | $190,000 | $153,321,383 | ||||
(1) | Our sponsor has agreed to loan us up to an aggregate of $450,000 to be used for a portion of the expenses of this offering. As of June 10, 2025, we had borrowed $405,000 under the promissory note. The “as adjusted” information gives effect to the sale of the private placement securities. |
(2) | In connection with seeking the shareholder approval of our initial business combination, we will provide our public shareholders with the opportunity to redeem their public shares, regardless of whether they abstain, vote for, or vote against, our initial business combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination, including interest, subject to any limitations (including, but not limited to, cash requirements) created by the terms of the proposed business combination. |
(3) | Actual share amount is prior to any forfeiture of founder shares by our sponsor and the “as adjusted” share amount assumes no exercise of the underwriters’ option to purchase additional units and the forfeiture of 760,850 founder shares by our sponsor. |
(4) | The “as adjusted” additional paid-in capital calculation is equal to the “as adjusted” total shareholders’ equity of $924,156, less Class A ordinary shares (par value) of $0, less Class B ordinary shares (par value) of $507 less the accumulated deficit of $0. |
(5) | On March 25, 2025, the Sponsor returned to the Company, at no cost, an aggregate of 1,354,317 founder shares, which the Company cancelled. Shares and associated accounts have been retroactively restated to reflect the surrender of 1,354,317 Class B ordinary shares to the Company for no consideration on March 25, 2025. |
(6) | The number of “as adjusted” Class A ordinary shares does not give effect to the restricted class A shares because such restricted class A shares are subject to vesting. |
• | may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares; |
• | may subordinate the rights of holders of ordinary shares if preference shares are issued with rights senior to those afforded our ordinary shares; |
• | could cause a change of control if a substantial number of ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; |
• | may have the effect of delaying or preventing a change of control of us by diluting the equity ownership or voting rights of a person seeking to obtain control of us; and |
• | may adversely affect prevailing market prices for our Class A ordinary shares and/or warrants. |
• | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
• | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand; |
• | our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding; |
• | our inability to pay dividends on our ordinary shares; |
• | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares, expenses, capital expenditures, acquisitions and other general corporate purposes; |
• | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
• | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and |
• | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt. |
• | staffing for financial, accounting and external reporting areas, including segregation of duties; |
• | reconciliation of accounts; |
• | proper recording of expenses and liabilities in the period to which they relate; |
• | evidence of internal review and approval of accounting transactions; |
• | documentation of processes, assumptions and conclusions underlying significant estimates; and |
• | documentation of accounting policies and procedures. |
• | Bite Acquisition Corp. (“BITE”) completed its initial public offering in February 2021 and consummated its initial business combination in June 2024 with Above Food Corp (“ABVE”), approximately 40 months after its initial public offering. Approximately 3.8% of BITE’s public shares were redeemed in connection with two extensions to consummate an initial business combination and approximately 29.1% of BITE’s public shares were redeemed in connection with the consummation of its initial business combination with ABVE. As of June 10, 2025, ABVE’s stock price was $0.99. |
• | Digital World Acquisition Corp. (“DWAC”) completed its initial public offering in September 2021 and consummated its initial business combination in March 2024 with Trump Media & Technology Group Corp (“TMTG”), approximately 31 months after its initial public offering. Approximately 0.1% of DWAC’s public shares were redeemed during the seven three-month extensions, and approximately 0.02% of DWAC’s public shares were redeemed in connection with the consummation of its initial business combination with TMTG. As of June 10, 2025, TMTG’s stock price was $20.91. |
• | In 2021, members of our management team founded Agrinam Acquisition Corporation (“Agrinam”), a blank check company, listed on the Toronto Stock Exchange (TSX), formed for substantially similar purposes as our company. Additionally, members of our management team serve as the management team for Agrinam. Agrinam completed its initial public offering in 2022, raising total proceeds of $138,000,000 through the sale of 1,800,000 Restricted Class A Voting Units. On December 12, 2024, at the fourth special meeting of shareholders, shareholders of Agrinam approved the extension of the date by which the company must consummate a qualifying acquisition from December 15, 2024 to June 15, 2025. On June 12, 2025, at the fifth special meeting of shareholders, shareholders of Agrinam approved the extension of the date by which the company must consummate a qualifying acquisition from June 15, 2025 to September 15, 2025. On June 5, 2025, Agrinam was notified by the TSX that it will be delisted from the TSX due to failure to consummate an initial business combination within 36-months of the closing date of its initial public offering. Agrinam has filed an appeal of the TSX’s decision that is currently pending. As of January 6, 2025, an aggregate of 10,500 Class A Restricted Voting Shares of Agrinam were redeemed, approximately $1.59 million was held in the escrow account and 1,892 Class A Restricted Voting Shares were issued and outstanding. On March 14, 2025, Agrinam and Blue Energy and Electricity, S.A. de C.V. (“Blue Energy”), a leading independent energy supplier, specializing in the provision of renewable electricity, solar panels and battery storage in Mexico, announced they have entered into a definitive business combination agreement. Under the terms of the agreement, Blue Energy will merge with Agrinam, through a share exchange to become a publicly traded company listed on the TSX, pending regulatory approval. As a result, there is a material conflict of interest between Agrinam and our company as we and Agrinam are both engaged in the business of engaging in business combinations. We expect that Agrinam will generally have priority over us with respect to acquisition opportunities until it completes its initial business combination, enters into a contractual agreement that would restrict its ability to engage in material discussions regarding a potential initial business combination, or ceases operations and liquidates its trust account. |
Entity / Individual | Amount of Compensation to be Received or Securities Issued or to be Issued | Paid or to be Paid | ||||
$15,000 per month, commencing on the first date on which our securities are listed on Nasdaq | Office space, administrative and shared personnel support services | |||||
Globa Terra Management LLC | 5,327,495(1)(5) Class B ordinary shares | $25,000 | ||||
356,767 private placement units and 713,534 restricted Class A shares (whether or not the over-allotment option is exercised)(2)(3) | $2,854,136 private placement units (whether or not the over-allotment option is exercised) | |||||
Up to $450,000 | Repayment of loans made to us to cover offering related and organizational expenses | |||||
Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination | Expenses incurred in connection with identifying, investigating and completing an initial business combination | |||||
Up to $2,500,000 in working capital loans, which loans may be convertible into private placement units of the post-business combination entity at the price of $10.00 per units(4) | Working capital loans to finance transaction costs in connection with an initial business combination | |||||
Agustin Tristan Aldave | 100,000 Class B Ordinary Shares(6) | Service as CEO and director | ||||
Katherine Chiles | 72,341 Class B Ordinary Shares(6) | Service as CFO | ||||
Edward Preble | 70,000 Class B Ordinary Shares(6) | Service as Head of Investor Relations | ||||
Alejandro Garza | 20,000 Class B Ordinary Shares(6) | Service as Head of Water Investments | ||||
Jesus Tueme | 20,000 Class B Ordinary Shares(6) | Service as independent director | ||||
Kelly Burke | 20,000 Class B Ordinary Shares(6) | Service as independent director | ||||
Jeff Smith | 42,341 Class B Ordinary Shares(6) | Service as independent director | ||||
(1) | The Class B ordinary shares and the Class A ordinary shares issuable in connection with the conversion of the Class B ordinary shares may result in material dilution to our public shareholders due to the nominal price of $0.0043 per share at which our sponsor purchased the Class B ordinary shares and/or the anti-dilution rights of our Class B ordinary shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. Our sponsor, directors and officers and their affiliates may receive additional compensation and/or may be issued additional securities in connection with an initial business combination, including securities that may result in material dilution to public shareholders. See “Risk Factors — Risks Relating to our Sponsor, Advisors and Management Team — The nominal purchase price paid by our sponsor for the founder shares, the purchase price paid by our sponsor for the private placement units and the vesting of the restricted Class A shares may significantly dilute the implied value of your public shares in the event we consummate an initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to decline materially” on page 81, “— Risks Relating to our Securities — We may issue additional ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks” on page 93, “— Our initial shareholders, either |
(2) | The sponsor non-managing members have expressed an interest to purchase sponsor non-managing membership interests reflecting interests in an aggregate of 170,000 private placement securities to be purchased by our sponsor, at a price of $10.00 per private placement security ($1,700,000 in the aggregate) in private placements that will close simultaneously with the closing of this offering. |
(3) | Subject to each sponsor non-managing member purchasing the non-managing membership interests in our sponsor reflecting interests in an aggregate of 170,000 private placement securities. |
(4) | After the completion of this offering, our board of directors may approve additional working capital loans for the purpose of funding working capital, which loans may be converted into our private placement units, shares, rights, or warrants. The Class A ordinary shares issuable in connection with the exercise of the private placement warrants and private placement rights, as well as any Class A ordinary shares issued in connection with conversion of working capital loans into additional private placement units (as described in this prospectus), may result in material dilution to our public shareholders. See “Description of Securities — Warrants — Private placement units” on page 182; see also “Risk Factors — Risks Relating to our Sponsor, Advisors and Management Team — The nominal purchase price paid by our sponsor for the founder shares, the purchase price paid by our sponsor for the private placement units and the vesting of the restricted Class A shares may significantly dilute the implied value of your public shares in the event we consummate an initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to decline materially” on page 81, “— Risks Relating to our Securities — We may issue additional ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks” on page 93, “— Our initial shareholders, either directly or indirectly, paid an aggregate of $25,000, or approximately $0.0043 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 93 and “— Unlike many other similarly structured blank check companies, our initial shareholders will receive additional Class A ordinary shares if we issue shares to consummate an initial business combination” on page 94. |
(5) | If we increase or decrease the size of this offering we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of the offering in such amount as to maintain the ownership of our initial shareholders at 25% of the issued and outstanding ordinary shares upon the consummation of this offering. Our public shareholders may incur material dilution due to such anti-dilution adjustments that result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion or additional Class B ordinary shares. |
(6) | These shares are held directly by certain of our officers and directors. The directors and officers will have the ability to vote and dispose of the shares, subject to applicable transfer restrictions. |
Subject Securities | Expiration Date | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
Founder Shares | Earlier of one year after completion of our initial business combination; or if the closing price of our ordinary shares equals or exceeds $12.00 per Class A ordinary share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing any time 150 days after completion of our initial business combination | Globa Terra Management LLC, Agustin Tristan Aldave, Katherine Chiles, Alejandro F. Garza, Edward Joseph Preble, Jesus Demetrio Tueme, Kelly Burke, Jeff Smith and the Private Placement Investor and Meriden Peak | Transfers permitted (i) to any officer, director, or employee of the Company, including to a family member or affiliate of such officer, director, or employee; (ii) by private sales or transfers, in each case, made in connection with the consummation of our initial business combination at prices no greater than the price at which the securities were originally purchased; (iii) in the event of our liquidation prior to the completion of our initial business combination; (iv) by virtue of the laws of the Cayman Islands or our sponsor’s limited liability company agreement upon dissolution of our sponsor; and (v) in the event of our completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to the completion of our initial business combination | ||||||
Subject Securities | Expiration Date | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
Private Placement Units | 180 days after the completion of our initial business combination | Globa Terra Management LLC and the Private Placement Investor | Same as above | ||||||
Restricted Class A Shares | 90 days after completion of our initial business combination | Same as above | Same as above | ||||||
Any units, warrants, ordinary shares or any other securities convertible into, or exercisable or exchangeable for, any units, ordinary shares, founder shares or warrants | 180 days | Same as above Globa Terra Management LLC | The representative in its sole discretion may release any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors, which shall be with notice. Our sponsor, officers and directors are also subject to separate transfer restrictions on their founder shares and private placement units pursuant to the letter agreement described in the immediately preceding paragraphs. | ||||||
• | Depth of Team and Access to Resources: We have a dedicated management team with a track record of executing on transactions, and we believe we have the resources to source and evaluate a larger number of potential transactions relative to other SPACs. |
• | Sourcing Channels and Leading Industry Relationships. We believe our capabilities, reputation and deep industry relationships will provide us with a differentiated pipeline of acquisition opportunities that would be difficult for other participants in the market to replicate. |
• | Prior SPAC Experience: Certain members of our management team have significant SPAC experience, as founders, investors or advisors in SPAC transactions, including serving as executive officers of Bite Acquisition Corp, Digital World Acquisition Corp. and Agrinam. We believe their experience in SPAC transactions provide us with a distinctive advantage with respect to understanding the process of sourcing, evaluating and executing an initial business combination, as well as positioning us as an attractive partner with prospective target companies compared to first-time SPACs with no such prior experience. |
• | Execution and Structuring Capability. We believe our management team’s expertise and reputation will allow us to source and complete transactions possessing structural attributes that create an attractive investment thesis. These types of transactions are typically complex and require creativity, industry knowledge and expertise, rigorous due diligence, and extensive negotiations and documentation. We believe that by focusing our investment activities on these types of transactions, we can generate investment opportunities that have attractive risk/reward profiles based on their valuations and structural characteristics. |
• | Public Company Experience. Certain members of our management team have extensive experience as public company executives and/or board members. This experience will serve as a key competitive advantage in selecting companies that will benefit from going public, positioning us as an attractive partner to management teams of potential target companies, and help to create long-term value post-closing of the initial business combination. |
• | Business Fundamentals: We will target companies with strong fundamentals that align with our growth strategy in the agribusiness and water sectors. Ideal targets will have an enterprise value exceeding twice the size of ours and display year-over-year revenue growth, with EBITDA and cash-flow positivity. These companies should operate in multiple countries, enabling expansion and operational synergies through vertical integration. We will also seek founders who are willing to retain a meaningful stake in the public company, ensuring alignment with long-term value creation. Additional factors include attractive valuations, a large total addressable market, and a competitive industry position. |
• | Public Company Ready: We will seek to acquire a company that is well-positioned to be a public company in terms of scale and size, and a company that public equity market investors will understand and value. While we believe our public company experience will be a significant asset as a transaction partner to private companies, we intend to avoid companies that have significant deficiencies in financial reporting or general public company readiness. |
• | Would Benefit Distinctly from our Capabilities: We will seek to acquire a business where we can tangibly improve the operations and create long term value for our shareholders. In particular, we believe our experience in operating and changing public companies and/or serving on public company boards would be a value-add to the management teams and boards of potential target companies. We expect our strategy to draw heavily from the private equity world, focusing on creating long-term value through a combination of disciplined investment practices, operational improvements, and strategic growth initiatives. Leveraging our team's deep experience in private equity, we emphasize identifying high-quality businesses with strong fundamentals, scalability, and alignment with our vertical integration strategy. We aim to employ a rigorous due diligence process to evaluate targets, ensuring that they meet key criteria such as robust financial performance, competitive positioning, and alignment with certain principles that we may pre-define. Once a business combination is completed, we intend to apply private equity-style operational enhancements, fostering revenue growth and operational efficiency. By leveraging our network of private equity professionals, institutional investors, and strategic partners, we aim to bring transformative value to the target businesses, aligning our shareholders' interests with those of management teams to drive sustainable growth and superior returns. This approach reflects our commitment to unlocking value beyond the transaction, ensuring that we position our targets for long-term success in the competitive agribusiness and water sectors. We will look for targets where the majority of the production comes from Latin America where we can achieve higher yields due to lower labor and land costs and where the distribution occurs in the United States and/or Canada, or companies in the primary sector which have the potential to merge with companies in the value-added sector and thereby create a vertically integrated company. Our team will also look for companies involved in water treatment, desalination, pipelines, and water solutions looking to address the water crisis. |
• | Innovators within an Existing Market. We will seek a company which embraces technology and the innovation of its products and/or processes within an existing market, and burden of developing a new and yet to be proven marketplace or form of technology. |
• | Maintains Strong Environmental, Social and Corporate Governance Principles. We intend to seek a target that maintains strong environmental, social, and corporate governance standards which make use of responsible and ethical supply chains and prioritize human rights and sustainability. We believe ESG integration is fundamental to operating a productive, profitable and sustainable Agribusiness. To that end, we intend to target businesses following a business model which implements the principles of responsible investment. |
• | Has a Dedicated and Proven Management Team: We will seek to acquire a business with a professional management team whose interests are aligned with those of our investors. Where necessary, we may also look to complement and enhance the capabilities of the target business’s management team by recruiting additional talent through our network of contacts. |
• | Targets where the majority of primary production will come from Latin America,where businesses may be able to achieve higher yields due to lower labor and land costs, and where the value-added distribution occurs in the United States and/or Canada, driving potentially higher margins. This strategy seeks to support reliability of supply and is also designed to enable higher margin capture with an integrated value chain from the farm to the end retail market; or |
• | Companies in the primary sector which have the potential to merge with businesses in the value-added sector to create a vertically integrated company. |
• | Implementation of robotics, AI and machine learning platforms to increase productivity, efficiency and reduce labor costs. |
• | Farm digitization in connection with the rise of ESG adoption. |
• | Fintech transformation in agriculture, comparable to the Fintech impact on the student loan and mortgage markets. |
• | Increasing adoption of alternative and cellular protein providing consumers around the world with safe, sustainable food. |
• | Adoption of food waste solutions which we believe will be recognized as both a good business practice and an essential tool to help mitigate hunger around the world. |
• | Adoption of food as a central effort to prevent chronic disease and improve health outcomes. |
• | Transformation of food brands and grocers towards “personalize or perish.” |
• | C- Grade: U.S. drinking water infrastructure received a “C-” grade on the American Society of Civil Engineers 2021 Infrastructure Report Card and U.S. wastewater infrastructure received a “D+” grade. |
• | 16% water loss: In the United States, due to aging infrastructure, it is estimated that the U.S. loses 16% of its treated water before it even reaches the customer, representing more than seven billion gallons of treated water lost each day. |
• | 700-850 main breaks a day, costing $3 billion per year: Studies suggest that between 700 and 850 water main breaks occur each day in North America, causing more than $3 billion in repair costs annually. |
• | $600 billion in investment needed: The U.S. EPA projects $472.6 billion is needed to maintain drinking water infrastructure between 2015 and 2035. Combined with wastewater needs, the EPA projects more than $600 billion is needed over 20 years for necessary infrastructure improvements. |
• | $3.9 billion invested each year by 10 largest private water companies: The ten largest water companies in the U.S. invested more than $3.9 billion in 2021 to improve community tap water systems. These are dollars coming from the private sector and not out of a municipal budget. |
• | About two billion people worldwide do not have access to safe drinking water today, and roughly half of the world’s population is experiencing severe water scarcity for at least part of the year. These numbers are expected to increase, exacerbated by climate change and population growth. |
• | Only 0.5 per cent of water on Earth is useable and available freshwater – and climate change is dangerously affecting that supply. Over the past twenty years, terrestrial water storage – including soil moisture, snow and ice – has dropped at a rate of 1 cm per year, with major ramifications for water security. |
• | Water supplies stored in glaciers and snow cover are projected to further decline over the course of the century, thus reducing water availability during warm and dry periods in regions supplied by melt water from major mountain ranges, where more than one-sixth of the world’s population currently live. |
• | Sea-level rise is projected to extend salinization of groundwater, decreasing freshwater availability for humans and ecosystems in coastal areas. |
• | Limiting global warming to 1.5°C compared to 2°C would approximately halve the proportion of the world population expected to suffer water scarcity, although there is considerable variability between regions. |
• | Water quality is also affected by climate change, as higher water temperatures and more frequent floods and droughts are projected to exacerbate many forms of water pollution – from sediments to pathogens and pesticides. |
• | Climate change, population growth and increasing water scarcity will put pressure on food supply as most of the freshwater used, about 70 percent on average, is used for agriculture (it takes between 2000 and 5000 liters of water to produce a person’s daily food). |
• | retailers are demanding that their suppliers adopt ESG best practices which are aligned with their corporate sustainability strategies; |
• | end-customers are demanding environmental best practices from the manufacturers and distributors of the products they purchase; |
• | ESG best practices, once successfully integrated into the operations of companies, can translate into cost efficiencies and improved productivity metrics; and |
• | there is a trend of a fast growing sustainable finance market which prioritizes the opportunity to link sustainability to better cost of capital. |
• | subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after our initial business combination; and |
• | cause us to depend on the marketing and sale of a single product or limited number of products or services. |
• | We issue Class A ordinary shares that will be equal to or in excess of 20% of the number of our Class A ordinary shares then-outstanding; |
• | Any of our directors, officers or substantial security holder (as defined by Nasdaq rules) has a 5% or greater interest, directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of ordinary shares could result in an increase in issued and outstanding ordinary shares or voting power of 1% or more (or 5% or more if the related party involved is classified as such solely because such person is a substantial security holder); or |
• | The issuance or potential issuance of ordinary shares will result in our undergoing a change of control. |
• | the timing of the transaction, including in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the company; |
• | the expected cost of holding a shareholder vote; |
• | the risk that the shareholders would fail to approve the proposed business combination; |
• | other time and budget constraints of the company; and |
• | additional legal complexities of a proposed business combination that would be time-consuming and burdensome to present to shareholders. |
• | our registration statement/proxy statement filed for our business combination transaction would disclose the possibility that our management team, Advisors, sponsor or any of their respective affiliates may purchase shares, rights or warrants from public shareholders outside the redemption process, along with the purpose of such purchases; |
• | if our management team, Advisors, sponsor or any of their respective affiliates were to purchase public shares or warrants from public shareholders, they would do so at a price no higher than the price offered through our redemption process; |
• | our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our management team, Advisors, sponsor or any of their respective affiliates would not be voted in favor of approving the business combination transaction; |
• | our management team, Advisors, sponsor or any of their respective affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and |
• | we would disclose in a Form 8-K, before our general meeting to approve the business combination transaction, the following material items: |
• | the amount of our securities purchased outside of the redemption offer by our management team, Advisors, sponsor or any of their respective affiliates, along with the purchase price; |
• | the purpose of the purchases by our management team, Advisors, sponsor or any of their respective affiliates; |
• | the impact, if any, of the purchases by our management team, Advisors, sponsor or any of their respective affiliates on the likelihood that the business combination transaction will be approved; |
• | the identities of our security holders who sold to our management team, Advisors, sponsor or any of their respective affiliates (if not purchased on the open market) or the nature of our security holders (e.g., 5% security holders) who sold to our management team, sponsor or any of their respective affiliates; and |
• | the number of our securities for which we have received redemption requests pursuant to our redemption offer. |
• | conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and |
• | file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies. |
• | conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and |
• | file proxy materials with the SEC. |
• | prior to the consummation of our initial business combination, we shall either: (1) seek shareholder approval of our initial business combination at a general meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against, or abstain from voting on, the proposed business combination, into their pro rata share of the aggregate amount on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest; or (2) provide our public shareholders with the opportunity to tender their shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount equal to their pro rata share of the aggregate amount on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest, in each case subject to the limitations described herein; |
• | we will consummate our initial business combination only if, solely if we seek shareholder approval, a majority of the outstanding ordinary shares voted are voted in favor of the business combination at a duly held general meeting; |
• | if our initial business combination is not consummated within the completion window, then our existence will terminate and we will distribute all amounts in the trust account; and |
• | prior to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (1) receive funds from the trust account or (2) vote on any initial business combination. |
Redemptions in Connection with our Initial Business Combination | Other Permitted Purchases of Public Shares by our Affiliates | Redemptions if we fail to Complete an Initial Business Combination | |||||||
Calculation of redemption price | Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per share), including interest, divided by the number of then outstanding public shares. | If we seek shareholder approval of our initial business combination, our management, Advisors, the Private Placement Investor, sponsor or any of their respective affiliates may purchase public shares and public warrants in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. If our management, sponsor or any of their respective affiliates were to purchase public shares or warrants from public shareholders they would do so at a price no higher than the price offered through our redemption process. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will be required to comply with such rules. | If we are unable to complete our initial business combination within the completion window, we will redeem all public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares. | ||||||
Impact to remaining shareholders | The redemptions in connection with our initial business combination will | If the permitted purchases described above are made, there would be no impact to | The redemption of our public shares if we fail to complete our initial | ||||||
Redemptions in Connection with our Initial Business Combination | Other Permitted Purchases of Public Shares by our Affiliates | Redemptions if we fail to Complete an Initial Business Combination | |||||||
reduce the book value per share for our remaining shareholders. | our remaining shareholders because the purchase price would not be paid by us. In the event our management, sponsor, or any of their respective affiliates were to purchase public shares, public warrants or public rights from public shareholders, such purchases would be structured in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent part, through disclosing the following in our registration statement/ proxy statement filed for our business combination transaction: the possibility that our management team, Advisors, sponsor or any of their respective affiliates may purchase public shares or warrants from public shareholders outside the redemption process, along with the purpose of such purchases; a representation that any of our securities purchased by our sponsor, directors, executive officers, advisors or any of their affiliates would not be voted in favor of approving the business combination transaction; and our management team, Advisors, sponsor or any of their respective affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights. | business combination will reduce the book value per share for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions. | |||||||
Additionally, we would disclose in a Form 8-K, before our general meeting | |||||||||
Redemptions in Connection with our Initial Business Combination | Other Permitted Purchases of Public Shares by our Affiliates | Redemptions if we fail to Complete an Initial Business Combination | |||||||
to approve the business combination transaction, the following material items: the amount of our securities purchased outside of the redemption offer by our management team, sponsor or any of their respective affiliates, along with the purchase price; the purpose of the purchases by our management team, Advisors, sponsor or any of their respective affiliates; the impact, if any, of the purchases by our management team, sponsor or any of their respective affiliates on the likelihood that the business combination transaction will be approved; the identities of our security holders who sold to our management team, Advisors, sponsor or any of their respective affiliates (if not purchased on the open market) or the nature of our security holders (e.g., 5% security holders) who sold to our management team, sponsor or any of their respective affiliates; and the number of our securities for which the we have received redemption requests pursuant to our redemption offer. | |||||||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
Escrow of offering proceeds | $152,170,000 of the net proceeds of this offering and the sale of the private placement securities will be deposited into a trust account located in the United States with Odyssey Trust Company acting as trustee. | At least $136,278,000 of the offering proceeds, representing the gross proceeds of this offering less allowable underwriting commissions, expenses and company deductions under | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
Rule 419, would be required to be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account. | ||||||
Trading of securities issued | The units will begin trading on or promptly after the date of this prospectus. The Class A ordinary shares, warrants and rights constituting the units will begin separate trading on the 52nd day following the date of this prospectus (or, if such date is not a business day, the following business day) unless D. Boral Capital informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriters’ option to purchase additional units is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters’ option to purchase additional units. | No trading of the units or the underlying ordinary shares, warrants and rights would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. company deductions under Rule 419, would be required to be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account. | ||||
Investment of net proceeds | $152,170,000 of the net offering proceeds and the sale of the private placement securities held in trust will be (i) invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act and that invest only in direct U.S. government obligations and/or (ii) deposited in an interest bearing demand deposit account at a U.S. - chartered commercial bank with consolidated assets of $100 billion or more. | Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
Receipt of interest on escrowed funds | Interest on proceeds from the trust account to be paid to shareholders is reduced by: (i) taxes paid or payable and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation. | Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination. | ||||
Limitation on fair value or net assets of target business | Nasdaq rules require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the trust account (excluding any taxes payable on the interest earned on the trust account) at the time of our agreement to enter into our initial business combination. | The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds. | ||||
Trading of securities issued | The units will begin trading on or promptly after the date of this prospectus. The Class A ordinary shares, warrants and rights constituting the units will begin separate trading on the 52nd day following the date of this prospectus (or, if such date is not a business day, the following business day) unless D. Boral Capital informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriters’ option to purchase additional units is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters’ option to purchase additional units. | No trading of the units or the underlying ordinary shares, warrants and rights would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
Exercise of the warrants | The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination and 12 months after this registration statement is declared effective by the Securities and Exchange Commission. | The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account. | ||||
Election to remain an investor | We will provide our public shareholders with the opportunity to redeem their public shares, regardless of whether they abstain, vote for, or vote against, our initial business combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange rules to hold a shareholder vote. If we are not required by applicable law or stock exchange rules and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. | A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company’s registration statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45th business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued. | ||||
Pursuant to the tender offer rules, the tender offer period will be not less than 20 business days and, in the case of a shareholder vote, a final proxy statement would be mailed to public shareholders at least 20 days prior to the shareholder vote. | ||||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
However, we expect that a draft proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy solicitation. If we seek shareholder approval, we will complete our initial business combination only if we receive approval pursuant to an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a simple majority of the shareholders who attend and vote at a general meeting of the company. | ||||||
Business combination deadline | If we are unable to complete an initial business combination within the completion window, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. | If an acquisition has not been completed within 18 months after the effective date of the company’s registration statement, funds held in the trust or escrow account are returned to investors. | ||||
Release of funds | The funds held in the trust account will not be released from the trust account until the earliest of: (1) the completion | The proceeds held in the escrow account are not released until the earlier of the completion of a | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
of our initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business combination within the completion window or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of all of our public shares if we are unable to complete our initial business combination within the completion window, subject to applicable law | business combination and the failure to effect a business combination within the allotted time. | |||||
Limitation on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold a shareholder vote | If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), is restricted from seeking redemption rights with respect Excess Shares (more than an aggregate of 15% of the shares sold in this offering). Our public shareholders’ inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer a material loss on their investment in us if they sell Excess Shares in open market transactions. | Some blank check companies provide no restrictions on the ability of shareholders to redeem shares based on the number of shares held by such shareholders in connection with an initial business combination. | ||||
Tendering share certificates in connection with a tender offer or redemption rights | We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in | In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed business | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
“street name,” to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders or up to two business days prior to the vote on the proposal to approve the business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System, at the holder’s option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements, which will include the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in order to validly redeem its shares. | combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the company would contact such shareholders to arrange for them to deliver their certificate to verify ownership. | |||||
Accordingly, a public shareholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two business days prior to the vote on the business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights. | ||||||
Name | Age | Title | ||||
Agustin Tristan Aldave | 39 | Chief Executive Officer, Director | ||||
Katherine Chiles | 44 | Chief Financial Officer | ||||
Alejandro F. Garza | 64 | Head of Water Investments | ||||
Edward Joseph Preble | 52 | Head of Investor Relations, Director Nominee | ||||
Kelly Burke | 48 | Director Nominee | ||||
Jesus Demetrio Tueme | 60 | Director Nominee | ||||
Jeff Smith | 51 | Director Nominee | ||||
• | Assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent registered public accounting firm’s qualifications and independence, and (4) the performance of our internal audit function and independent registered public accounting firm; |
• | Reviewing the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm and any other independent registered public accounting firm engaged by us; |
• | re-approving all audit and non-audit services to be provided by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; |
• | Reviewing and discussing with the independent registered public accounting firm all relationships the auditors have with us in order to evaluate their continued independence; |
• | Setting clear hiring policies for employees or former employees of the independent registered public accounting firm; |
• | Setting clear policies for audit partner rotation in compliance with applicable laws and regulations; |
• | Obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent registered public accounting firm’s internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review, of the independent registered public accounting firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues; |
• | Meeting to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent registered public accounting firm, including reviewing our specific disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; |
• | Reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and |
• | Reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities. |
• | Reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation; |
• | Reviewing and making recommendations to our board of directors with respect to (or approving, if such authority is so delegated by our board of directors) the compensation, and any incentive- compensation and equity-based plans that are subject to board approval of all of our other officers; |
• | Reviewing our executive compensation policies and plans; |
• | Implementing and administering our incentive compensation equity-based remuneration plans; |
• | Assisting management in complying with our proxy statement and annual report disclosure requirements; |
• | Approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees; |
• | Producing a report on executive compensation to be included in our annual proxy statement; and |
• | Reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. |
• | Identifying, screening and reviewing individuals qualified to serve as directors and recommending to the board of directors candidates for nomination for appointment at the annual general meeting or to fill vacancies on the board of directors; |
• | Developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines; |
• | Coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and management in the governance of the company; and |
• | Reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary. |
• | duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; |
• | duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; |
• | directors should not improperly fetter the exercise of future discretion; |
• | duty to exercise powers fairly as between different sections of shareholders; |
• | duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and |
• | duty to exercise independent judgment. |
• | none of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities. |
• | in the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Please see “— Directors and Executive Officers” for a description of our management’s other affiliations. |
• | our initial shareholders, officers and directors will agree to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the consummation of our initial business combination. Additionally, our initial shareholders, officers and directors will agree to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to consummate our initial business combination within the completion window. However, if our initial shareholders or any of our officers, directors or affiliates acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to consummate our initial business combination within the completion window. If we do not complete our initial business combination within such applicable time period, the proceeds of the sale of the private placement units and restricted Class A shares held in the trust account will be used to fund the redemption of our public shares, and the private placement units and restricted Class A shares will expire worthless. Except as described herein, (1) pursuant to a letter agreement entered into with us, our initial shareholders, officers and directors will agree not to transfer, assign or sell any founder shares held by them until the earlier to occur of: (A) one year after completion of our initial business combination; or (B) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for |
• | our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether to proceed with a particular business combination. |
• | our key personnel may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such key personnel was included by a target business as a condition to any agreement with respect to our initial business combination. |
• | our sponsor, members of our management team and Meridien Peak will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Upon the closing of this offering, our initial shareholders will have invested in us an aggregate of $3,179,136 comprised of the $25,000 purchase price for the founder shares (or approximately $0.0043 per share) and the $3,154,136 purchase price for the private placement securities. Accordingly, our management team and our independent directors, which own interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares. |
• | in the event our sponsor or members of our management team provide loans to us to finance transaction costs, or out-of-pocket reimbursement of expenses, in connection with an intended initial business combination and/or incur expenses on our behalf in connection with an initial business combination, such persons and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination. |
• | we are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, directors or members of our management team, Advisors or sponsor non-managing members; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders. |
Individual(1) | Entity | Entity’s Business | Affiliation | ||||||
Agustin Tristan Aldave | Lexington Capital, S.A.P.I. de C.V Agrinam Acquisition Corporation. Above Food Ingredients Inc. | Financial Advisory Services SPAC Food Production | Director and CEO Director and CEO Director | ||||||
Lexington Water, SAPI de CV | Investment platform | Member | |||||||
Edward Joseph Preble | Alpamayo Agrifund 1 LLC | Financial Advisory Services | Owner | ||||||
Katherine Chiles | — | — | — | ||||||
Alejandro F. Garza | Blukey, S.A. de C.V. Orange Tech, S.A.P.I. de C.V. Blutek, S.A. de C.V. EBD Blukey, L.L.C. | Water Treatment Services Water Treatment Services Water Treatment Services Water Treatment Services | Owner and CEO Owner Owner and President Owner | ||||||
Kelly Burke | Chamberlain Family Office Advisors Inc. | Financial Advisory Services | Partner | ||||||
Family Enterprise Stewards, Inc. | Financial Advisory Services | Owner | |||||||
Jesus Demetrio Tueme | Lexington Capital, S.A.P.I. de C.V | Financial Advisory Services | Advisor | ||||||
Change Dynamics Advisors LLC | Financial Advisory Services | Owner Principal | |||||||
Castle Placements LLC | Registered Broker Dealer | Securities Principal and Managing Director | |||||||
Jeff Smith | LawVisory PLLC | Legal and Consulting Services | Managing Attorney | ||||||
(1) | Each of the entities listed in this table may have competitive interests with our company with respect to the performance by each individual listed in this table of his or her obligations. |
• | each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares; |
• | each of our executive officers, directors and director nominees; and |
• | all our executive officers and directors as a group. |
Before Offering | After Offering | |||||||||||
Name and Address of Beneficial Owner(1) | Number of Shares Beneficially Owned(2) | Approximate Percentage of Outstanding ordinary shares | Number of Shares Beneficially Owned(2) | Approximate Percentage of Outstanding ordinary shares | ||||||||
Globa Terra Management LLC(3)(4) | 5,327,495 | 92.7% | 4,623,412 | 22.4% | ||||||||
Agustin Tristan Aldave(3) | 5,427,495 | 94.5% | 4,723,412 | 22.8% | ||||||||
Katherine Chiles(5) | 72,341 | 1.3% | 72,341 | * | ||||||||
Alejandro F. Garza | 20,000 | * | 20,000 | * | ||||||||
Edward Joseph Preble(6) | 70,000 | 1.2% | 70,000 | * | ||||||||
Kelly Burke | 20,000 | * | 20,000 | * | ||||||||
Jesus Demetrio Tueme | 20,000 | * | 20,000 | * | ||||||||
Jeff Smith(5) | 42,341 | * | 42,341 | * | ||||||||
All executive officers and directors as a group (7 individuals) | 5,672,177 | 98.7% | 4,968,094 | 24.0% | ||||||||
* | Less than 1% |
(1) | Unless otherwise noted, the business address of each of the following entities or individuals is c/o Globa Terra Acquisition Corporation, 382 NE 191st Street #952377, Miami, Florida 33179. |
(2) | Interests shown consist of 5,072,333 Class B ordinary shares which are referred to herein as founder shares. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination or at any time prior thereto at the option of the holder thereof, on a one-for-one basis, subject to adjustment, as described in the section entitled “Description of Securities.” This number assumes that the underwriters’ over-allotment option is not exercised and that the sponsor forfeits 760,850 Class B ordinary shares. |
(3) | Globa Terra Management LLC is the record holder of the shares reported herein. Mr. Tristan, our Chief Executive Officer controls Global Terra Sponsor, LLC, the managing member of Globa Terra Management LLC. As such, he may be deemed to have or share beneficial ownership of the Class B ordinary shares held directly by Globa Terra Management LLC. Such person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly. |
(4) | The sponsor non-managing members have expressed an interest to purchase sponsor non-managing membership interests reflecting interests in an aggregate of 170,000 private placement securities to be purchased by our sponsor, at a price of $10.00 per private placement security ($1,700,000 in the aggregate) in private placements that will close simultaneously with the closing of this offering. The sponsor non-managing members are not granted any shareholder or other rights in addition to those afforded to our other public shareholders, and will only be issued membership interests in the sponsor, with no right to control the sponsor or vote or dispose of any securities held by the sponsor, including the founder shares held by the initial shareholders. |
(5) | Each such person is a direct or indirect member of our sponsor and disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly. |
(6) | Edward Preble is an indirect member of our sponsor and indirectly holds a 25% non-voting economic interest in the sponsor that corresponds to an indirect economic interest in 916,856 founder shares. Mr. Preble disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly. |
• | payment to our sponsor for office space, administrative and shared personnel support services, in an amount equal to $15,000 per month, commencing on the first date on which our securities are listed on Nasdaq; |
• | repayment of an aggregate of up to $450,000 in loans made to us by our sponsor to cover offering-related and organizational expenses; |
• | reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; |
• | repayment of loans which may be made by our sponsor, an affiliate of our sponsor or our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $2,500,000 of such loans may be convertible into private units of the post-business combination entity at a price of $10.00 per unit at the option of the lender. In addition, after the completion of this offering, our board of directors may approve additional working capital loans for the purpose of funding working capital, which loans may be converted into our private units, shares, rights, or warrants. The units would be identical to the private placement units. Except for the foregoing, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans; and |
• | 15,217,000 Class A ordinary shares underlying the units being offered in this offering; |
• | 5,072,333 Class B ordinary shares held by our initial shareholders; and |
• | 394,267 Class A ordinary shares included in the private placement units. |
• | the names and addresses of the members of the company, a statement of the shares held by each member, which: |
• | distinguishes each share by its number (so long as the share has a number); |
• | confirms the amount paid, or agreed to be considered as paid, on the shares of each member; confirms the number and category of shares held by each member; and |
• | confirms whether each relevant category of shares held by a member carries voting rights under the Articles, and if so, whether such voting rights are conditional; |
• | the date on which the name of any person was entered on the register as a member; and |
• | the date on which any person ceased to be a member. |
• | in whole and not in part; |
• | at a price of $0.01 per public warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period, to each warrant holder; and |
• | if, and only if, the closing price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a public warrant as described under the heading “— Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (the “Reference Value”), provided that a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-trading day measurement period. |
• | we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with; |
• | the shareholders have been fairly represented at the meeting in question; the arrangement is such as a businessman would reasonably approve; and |
• | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.” |
• | a company is acting, or proposing to act, illegally or ultra vires (beyond the scope of its authority); |
• | the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or |
• | those who control the company are perpetrating a “fraud on the minority.” |
• | an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies; |
• | an exempted company’s register of members is not open to inspection; |
• | an exempted company does not have to hold an annual general meeting; |
• | an exempted company may issue shares with no par value; |
• | an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance); |
• | an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; |
• | an exempted company may register as a limited duration company; and an exempted company may register as a segregated portfolio company. |
• | if we do not consummate an initial business combination within the completion window, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per- share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account, if any (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; |
• | prior to the completion of our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our |
• | although we do not intend to enter into a business combination with a prospective partner business that is affiliated with our sponsor, Advisors, sponsor non-managing members, our directors or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or an independent valuation or accounting firm that such a business combination or transaction is fair to our company from a financial point of view; |
• | prior to our initial business combination, we may not, except in connection with the conversion of Class B ordinary shares into Class A ordinary shares where the holders of such shares have waived any rights to receive funds from the trust account, issue additional shares that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with public shares on any initial business combination; |
• | if a shareholder vote on our initial business combination is not required by applicable law or stock exchange rule and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; |
• | our initial business combination must occur with one or more prospective partner businesses that together have an aggregate fair market value of at least 80% of the fair market value held in the trust account (excluding the taxes payable on the interest earned on the trust account) at the time of signing the agreement to enter into the initial business combination; |
• | if our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window, or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein; |
• | we will not effectuate our initial business combination solely with another blank check company or a similar company with nominal operations; and |
• | only holders of our Class B ordinary shares have the right to vote on appointing or removing directors or continuing our company in a jurisdiction outside the Cayman Islands (as further described herein), prior to the consummation of our initial business combination. |
(i) | where this is necessary for the performance of our rights and obligations under any purchase agreements; |
(ii) | where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or |
(iii) | where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms. |
• | 1% of the total number of Class A ordinary shares then outstanding, which will equal 152,170 shares immediately after this offering (or 174,996 if the underwriters exercise their option to purchase additional units in full); or |
• | the average weekly reported trading volume of the ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale. |
• | the issuer of the securities that was formerly a shell company has ceased to be a shell company; |
• | the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; |
• | the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and |
• | at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. |
1. | That no law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and |
2. | In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable: |
2.1 | On or in respect of the shares, debentures or other obligations of the Company; or |
2.2 | by way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Act (As Revised). |
• | entities or arrangements treated as partnerships or pass-through entities for U.S. federal income tax purposes or holders of interests therein; |
• | our founders, sponsor, officers or directors or other holders of our Class B ordinary shares, private placement units or restricted Class A ordinary shares; |
• | banks, insurance companies or other financial institutions; |
• | tax-exempt or governmental organizations; |
• | “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code (or any entities all of the interests of which are held by a qualified foreign pension fund); |
• | dealers in securities or foreign currencies; |
• | U.S. Holders (as defined below) whose functional currency is not the U.S. dollar; |
• | traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes; |
• | “controlled foreign corporations,” “passive foreign investment companies” and corporations that accumulate earnings to avoid U.S. federal income tax; |
• | persons deemed to sell our securities under the constructive sale provisions of the Code; |
• | persons that acquired our securities through the exercise of employee share options or otherwise as compensation or through a tax-qualified retirement plan; |
• | persons that actually or constructively own five (5) percent or more (by vote or value) of any class of our shares; |
• | persons that hold our securities as part of a straddle, appreciated financial position, synthetic security, hedge, conversion transaction or other integrated investment or risk reduction transaction; |
• | certain former citizens or long-term residents of the United States; |
• | regulated investment companies; and |
• | real estate investment trusts. |
• | an individual who is a citizen or resident of the United States; |
• | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate the income of which is subject to U.S. federal income tax regardless of its source; or |
• | a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (B) that has made a valid election under applicable U.S. Treasury regulations to be treated as a United States person. |
(i) | at least 75% of our gross income for such taxable year, including our pro rata share of the gross income of any corporation in which we are considered to own at least 25% of the shares by value, consists of passive income (which generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets); or |
(ii) | at least 50% of our assets in a taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including our pro rata share of the assets of any corporation in which we are considered to own at least 25% of the shares by value, produce or are held for the production of passive income. |
• | the U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s holding period for the Class A ordinary shares, rights or public warrants; |
• | the amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder realized the gain or received the excess distribution, or to the portion of the U.S. Holder’s holding period prior to the first day of our first taxable year in which we are a PFIC, will be taxed as ordinary income; and |
• | the amount allocated to each of the other taxable years (or portions thereof) of the U.S. Holder will be subject to tax at the highest tax rate in effect for the U.S. Holder in that year (and would not be eligible for the lower long-term capital gains rate), and an interest charge for the deemed deferral benefit will be imposed with respect to the resulting tax attributable to each such other taxable year (or portion thereof). |
Underwriter | Number of Units | ||
D. Boral Capital LLC | |||
Total | 15,217,000 | ||
No Exercise | Full Exercise | |||||
Per Unit(1) | $0.05 | $0.05 | ||||
Total(1) | $750,000 | $750,000 | ||||
(1) | Includes $0.05 per unit (excluding units sold pursuant to the underwriters’ option to purchase additional units), or $750,000 in the aggregate payable to the underwriters upon the closing of this offering. |
• | Over-allotment involves sales by the underwriters of units in excess of the number of units the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of units over-allotted by the underwriters is not greater than the number of units that they may purchase in the |
• | Syndicate covering transactions involve purchases of the units in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of units to close out the short position, the underwriters will consider, among other things, the price of units available for purchase in the open market as compared to the price at which they may purchase units through the over-allotment option. If the underwriters sell more units than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying units in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in this offering. |
• | Penalty bids permit the representative to reclaim a selling concession from a syndicate member when the units originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions. |
(a) | to legal entities which are qualified investors as defined in the Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation) subject to obtaining the prior consent of the underwriters for any such offer; or |
(c) | in any other circumstances which do not require the publication by the issuer of a prospectus pursuant to Article 1(4) of the Prospectus Regulation. |
(a) | to any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than qualified investors as defined in the UK Prospectus Regulation) in the United Kingdom subject to obtaining the prior consent of the underwriters for any such offer; or |
(c) | at any time in any other circumstances falling within section 86 of the FSMA, |
(a) | it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) in circumstances in which section 21(1) of FSMA does not apply to the company; and |
(b) | it has complied with, and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the units in, from or otherwise involving the United Kingdom. |
• | a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or |
• | a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except: |
• | to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA; |
• | the purchaser is entitled under applicable provincial securities laws to purchase the units without the benefit of a prospectus qualified under those securities laws as it is an “accredited investor” as defined under National Instrument 45 - 106 - Prospectus Exemptions or Section 73.3 of the Securities Act (Ontario), as applicable; |
• | the purchaser is a “permitted client” as defined in National Instrument 31 - 103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations; |
• | where required by law, the purchaser is purchasing as principal and not as agent; and |
• | the purchaser has reviewed the text above under Resale Restrictions. |
March 31, 2025 (Unaudited) | December 31, 2024 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash | $137,500 | $— | ||||
Prepaid expenses | — | 2,343 | ||||
Total Current Assets | 137,500 | 2,343 | ||||
Deferred offering costs | 896,402 | 575,339 | ||||
Total Assets | $1,033,902 | $577,686 | ||||
LIABILITIES AND SHAREHOLDER’S EQUITY | ||||||
Current Liabilities: | ||||||
Accrued offering expenses | $843,902 | $552,682 | ||||
Due to related party | 165,000 | |||||
Total Current Liabilities | 1,008,902 | 552,682 | ||||
Commitments and contingencies (Note 6) | ||||||
Shareholder’s Equity: | ||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024 | — | — | ||||
Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized, none issued or outstanding as of March 31, 2025 and December 31, 2024 | — | — | ||||
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 5,833,183 shares(1)(2) issued and outstanding, as of March 31, 2025 and December 31, 2024, respectively | 583 | 583 | ||||
Additional paid-in capital | 24,417 | 24,417 | ||||
Accumulated deficit | — | — | ||||
Total Shareholder’s Equity | 25,000 | 25,000 | ||||
Total Liabilities and Shareholder’s Equity | $1,033,902 | $577,682 | ||||
(1) | Includes an aggregate of up to 760,850 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (see Note 7). |
(2) | Shares and associated accounts have been retroactively restated to reflect the surrender of 1,354,317 Class B ordinary shares to the Company for no consideration on March 25, 2025. |
For the Three Months Ended March 31, 2025 (Unaudited) | For the period from October 18, 2024 (Inception) through December 31, 2024 | |||||
Formation and operating expenses | $— | $— | ||||
TOTAL EXPENSES | — | — | ||||
Net loss | $— | $— | ||||
Weighted average shares outstanding, basic and diluted(1) | 5,072,333 | 5,072,333 | ||||
Basic and diluted net loss per ordinary share | $(0.00) | $(0.00) | ||||
(1) | Excludes an aggregate of up to 760,850 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (see Note 7). |
(2) | Shares and associated accounts have been retroactively restated to reflect the surrender of 1,354,317 Class B ordinary shares to the Company for no consideration on March 25, 2025. |
Class B Ordinary Shares | Class B Ordinary Shares Amount | Additional Paid-In Capital | Accumulated Deficit | Shareholder’s Equity | |||||||||||
Balance, December 31, 2024(1) | 5,833,183 | $583 | $24,417 | $— | $25,000 | ||||||||||
Balance, March 31, 2025(1) | 5,833,183 | $583 | $24,417 | $— | $25,000 | ||||||||||
Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Shareholder’s Equity | |||||||||||
Balance, October 18, 2024 (inception) | — | $— | $— | $— | $— | ||||||||||
Issuance of Class B ordinary shares to Sponsor(1)(2) | 5,833,183 | 583 | 24,417 | — | 25,000 | ||||||||||
Balance, December 31, 2024 | 5,833,183 | $583 | $24,417 | $— | $25,000 | ||||||||||
(1) | Includes an aggregate of up to 760,850 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (see Note 7). |
(2) | Shares and associated accounts have been retroactively restated to reflect the surrender of 1,354,317 Class B ordinary shares to the Company for no consideration on March 25, 2025. |
For the Three Months Ended March 31, 2025 (Unaudited) | For the period from October 18, 2024 (Inception) through December 31, 2024 | |||||
Cash Flows From Operating Activities: | ||||||
Net loss | $— | $— | ||||
Accrued offering costs | (27,500) | — | ||||
Net Cash Used In Operating Activities | (27,500) | — | ||||
Cash Flows From Financing Activities: | ||||||
Proceeds from advances from Sponsor | 165,000 | — | ||||
Net Cash Provided by Financing Activities | 165,000 | — | ||||
Net change in cash | 137,500 | — | ||||
Cash at beginning of period | — | — | ||||
Cash at end of period | $137,500 | $— | ||||
Supplemental Schedule of Non-Cash Activities | ||||||
Class B ordinary shares issued in exchange for vendor payment | $— | $25,000 | ||||
Deferred offering costs included in accrued offering costs | $843,902 | $552,682 | ||||
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
• | in whole and not in part; |
• | at a price of $0.01 per Public Warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
• | if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
Item 13. | Other Expenses of Issuance and Distribution. |
SEC/FINRA expenses | $137,747 | ||
Accounting Fees and expenses | 50,000 | ||
Printing and engraving expenses | 20,000 | ||
Legal fees and expenses | 385,000 | ||
Nasdaq Listing and filing fees | 85,000 | ||
Miscellaneous | 600,000 | ||
Total | $1,277,747 | ||
Item 14. | Indemnification of Directors and Officers. |
Item 15. | Recent Sales of Unregistered Securities. |
Item 16. | Exhibits and Financial Statement Schedules. |
(c) | Exhibits. The list of exhibits preceding the signature page of this registration statement is incorporated herein by reference. |
(d) | Financial Statements. See page F-1 for an index to the financial statements and schedules included in the registration statement. |
Exhibit | Description | ||
Form of Underwriting Agreement* | |||
Memorandum and Articles of Association** | |||
Amended and Restated Memorandum and Articles of Association* | |||
Specimen Unit Certificate* | |||
Specimen Class A Ordinary Share Certificate* | |||
Specimen Warrant Certificate* | |||
Specimen Right Certificate* | |||
Form of Warrant Agreement between Odyssey Trust Company, LLC and the Registrant* | |||
Form of Right Agreement between Odyssey Trust Company, LLC and the Registrant* | |||
Opinion of Paul Hastings LLP* | |||
Opinion of Maples and Calder (Cayman) LLP, Cayman Islands Legal Counsel to the Registrant* | |||
Form of Letter Agreement among the Registrant and Registrant’s initial shareholders, officers, directors* | |||
Form of Investment Management Trust Agreement between Odyssey Trust Company, LLC and the Registrant* | |||
Form of Registration Rights Agreement between the Registrant and certain security holders* | |||
Securities Subscription Agreement, between the Registrant and the Sponsor** | |||
Form of Private Placement Units and Restricted Share Purchase Agreement* | |||
Form of Indemnity Agreement** | |||
Form of Administrative Services Agreement between the Registrant and the Sponsor** | |||
Amended and Restated Consulting Agreement, dated as of June 10, 2025, between Registrant and Meteora Capital, LLC* | |||
Amended and Restated Promissory Note, dated June 12, 2025, issued to the Sponsor* | |||
Form of Code of Ethics** | |||
Consent of Adeptus Partners, LLC* | |||
Consent of Paul Hastings LLP (included in Exhibit 5.1)* | |||
Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.2)* | |||
Power of Attorney (included on signature page of the initial filing of this Registration Statement)** | |||
Form of Audit Committee Charter** | |||
Form of Compensation Committee Charter** | |||
Form of Nominating and Corporate Governance Committee Charter** | |||
Consent of Kelly Burke to be named as director nominee** | |||
Consent of Jesus Demetrio Tueme to be named as director nominee** | |||
Consent of Edward Joseph Preble to be named as director nominee** | |||
Consent of Jeff Smith to be named as director nominee** | |||
Form of Clawback Policy** | |||
Filing Fee Table** | |||
* | Filed herewith. |
** | Previously filed. |
*** | To be filed by amendment |
Item 17. | Undertakings. |
(a) | The undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(1) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
(2) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of |
(3) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
(b) | The undersigned registrant hereby undertakes to remove from registration by means of a post- effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(c) | The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser. |
(d) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
(e) | The undersigned registrant hereby undertakes that: |
(1) | For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. |
(2) | For the purpose of determining any liability under the Securities Act of 1933, each post- effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
Globa Terra Acquisition Corporation | ||||||
By: | ||||||
/s/ Agustin Tristan Aldave | ||||||
Name: Agustin Tristan Aldave | ||||||
Title: Chief Executive Officer | ||||||
Name | Position | Date | ||||
/s/ Agustin Tristan Aldave | Chief Executive Officer (Principal Executive Officer) | June 17, 2025 | ||||
Agustin Tristan Aldave | ||||||
/s/ Katherine Chiles | Chief Financial Officer (Principal Financial and Accounting Officer) | June 17, 2025 | ||||
Katherine Chiles | ||||||
By: | /s/ Katherine Chiles | |||||
Name: Katherine Chiles | ||||||
Title: Chief Financial Officer (Principal Financial and Accounting Officer) | ||||||
Exhibit 1.1
GLOBA TERRA ACQUISITION CORPORATION
UNDERWRITING AGREEMENT
| New York, New York [●], 2025 |
D. BORAL CAPITAL LLC
590 Madison Avenue
39th Floor
New York, New York 10022
As Representative of the Underwriters
named on Schedule A hereto Ladies and Gentlemen:
Globa Terra Acquisition Corporation, a Cayman Islands exempted company (the “Company”), hereby confirms its agreement (this “Agreement”) with D. Boral Capital LLC (hereinafter referred to as “you” (including its correlatives) acting as representative (the “Representative”) of the several underwriters named on Schedule A hereto (the “Underwriters” or, each underwriter individually, an “Underwriter”), as follows:
Article I
Purchase and Sale of Securities.
Section 1.1 Units.
1.1.1 Purchase of Units. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters, an aggregate of 15,217,000 units of the Company (the “Firm Units”) at a purchase price (net of discounts and commissions) of $9.95 per Firm Unit. Each Firm Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (individually, a “Class A Ordinary Share” or “Public Share” and collectively, the “Class A Ordinary Shares” or “Public Shares,” and such Class A Ordinary Shares together with Class B ordinary shares, collectively, “Ordinary Shares”), three-fourths of one redeemable warrant (the “Public Warrants”), with each whole warrant entitling the holder to purchase one Class A Ordinary Share for $11.50 per share, subject to adjustment as provided for in the Warrant Agreement (as defined in Section 2.24.9 below), and one right (the “Rights”), entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation by the Company of the initial Business Combination (as defined below). Each Firm Unit consists of a “Public Share,” three-fourths of one “Public Warrant” and one “Right”, respectively. The Public Shares, Public Warrants and Rights included in the Firm Units will not be separately tradable until 52 days after the date hereof unless the Representative informs the Company of its decision to allow earlier separate trading, subject to the Company filing a Current Report on Form 8-K with the Securities and Exchange Commission (the “Commission”) containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Offering (defined below) and the completion of the Private Placements (defined in Section 1.4.2) and issuing a press release announcing when such separate trading will begin. The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Units set forth opposite their respective names on Schedule A. The Underwriters shall offer the Firm Units to the public (the “Offering”) at the offering price of $10.00 per Firm Unit.
1.1.2 Payment and Delivery. Delivery and payment for the Firm Units shall be made at 10:00 A.M., New York time, on the first (1st) Business Day (as defined below) following the commencement of trading of the Firm Units at the offices of D. Boral Capital LLC, or at such earlier time and/or such other place as agreed upon by the Representative and the Company. The closing of the Offering is referred to herein as the “Closing” and the hour and date of delivery and payment for the Firm Units is referred to herein as the “Closing Date.” Payment for the Firm Units shall be made on the Closing Date through the facilities of The Depository Trust Company (“DTC”) by wire transfer in Federal (same day) funds. On the Closing Date, an aggregate of $152,170,000 of the net proceeds from the sale of the Firm Units and Private Placement Securities (as defined below) shall be deposited into the trust account (the “Trust Account”) established by the Company for the benefit of the Public Shareholders (as defined below), as described in the Registration Statement (as defined in Section 2.1.1 below) and pursuant to the terms of an Investment Management Trust Agreement (the “Trust Agreement”) between the Company and Odyssey Trust Company, LLC (“Odyssey”), substantially in the form annexed as an exhibit to the Registration Statement. The remaining proceeds (less actual expenses and fees payable pursuant to this Agreement) shall be paid to the order of the Company on the Closing Date upon delivery of certificates representing the Firm Units (in form and substance reasonably satisfactory to the Representative) or through the facilities of DTC for the account of the Underwriters. The Firm Units shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least one (1) Business Day prior to the Closing Date. The Company will permit the Representative to examine and package the Firm Units for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Units except upon tender of payment by the Representative for all the Firm Units. As used herein, the term “Business Day” means any day other than a Saturday, Sunday, or any day on which national banks in New York, New York are not open for business, and the term “Public Shareholders” means the holders of the Class A Ordinary Shares sold in the Offering or acquired in the aftermarket, including any of the Respondents (as defined in Section 2.14 below) to the extent they acquire such Class A Ordinary Shares in the Offering or in the aftermarket (and solely with respect to such shares).
Section 1.2 Over-Allotment Option.
1.2.1 Grant of Option. The Representative shall have the option (the “Over-Allotment Option”) to purchase, on behalf of the several Underwriters, all or less than all of an additional 2,282,550 units of the Company (the “Option Units”) solely for the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Units. Such Option Units shall, at the Representative’s election, be purchased for each account of the several Underwriters in the same proportion as the number of Firm Units set forth opposite such Underwriter’s name on Schedule A hereto (subject to adjustment by the Representative to eliminate fractions). Such Option Units shall be identical in all respects to the Firm Units. The Firm Units and the Option Units are hereinafter collectively referred to as the “Public Securities.” No Option Units shall be sold or delivered unless the Firm Units previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Units, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company. The purchase price to be paid for each Option Unit (net of discounts and commissions) will be $10.00 per Option Unit.
1.2.2 Exercise of Option. The Over-Allotment Option may be exercised by the Representative, on behalf of the several Underwriters, as to all or any part of the Option Units at any time and from time to time within forty-five (45) days after the Effective Date (as defined in Section 2.1.1 below). The Representative will not be under any obligation to purchase any Option Units prior to the exercise of the Over-Allotment Option. The Over-Allotment Option may be exercised by oral notice from the Representative to the Company, which must be confirmed in accordance with the notice provisions of Section 10.1 herein, setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units, if other than the Closing Date, which date shall not be earlier than the Closing Date or later than ten (10) full Business Days after the date of the notice (the “Option Closing Date”), at the offices of D. Boral Capital LLC, or at such other time and place as shall be agreed upon by the Company and the Representative. Upon exercise of the Over-Allotment Option, the Company will become obligated to convey to the several Underwriters, and, subject to the terms and conditions set forth herein, the several Underwriters will become obligated to purchase, the number of Option Units specified in such notice in the same proportion as the number of Firm Units set forth opposite each Underwriter’s name on Schedule A hereto.
1.2.3 Payment and Delivery. Payment for the Option Units shall be made on the Option Closing Date at the Representative’s election by wire transfer in Federal (same day) funds or by certified or bank cashier’s check(s) in New York Clearing House funds, payable as follows: $10.00 per Option Unit shall be deposited in the Trust Account pursuant to the Trust Agreement upon delivery of certificates representing the Option Units (in form and substance satisfactory to the Representative), or through the facilities of DTC for the account of the Underwriters. The Option Units shall be registered in such names and in such authorized denominations as the Representative may request in writing at least one (1) Business Day prior to the Closing Date or the Option Closing Date, as the case may be. The Company will permit the Representative to examine and package the Option Units for delivery at least one (1) full Business Day prior to the Closing Date or the Option Closing Date, as the case may be.
Section 1.3 [Reserved].
Section 1.4 Private Placements.
1.4.1 In October 2024, the Company issued to Globa Terra Management LLC, a Cayman Islands exempted company (the “Sponsor”), 7,187,500 Class B ordinary shares (“Founder Shares”) for a purchase price of $0.0035 per share, for an aggregate purchase price of $25,000 in a private placement intended to be exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”). On March 25, 2025, the Sponsor surrendered 1,354,317 Founder Shares to the Company for no consideration, resulting in 5,833,183 Founder Shares outstanding. No underwriting discounts, commissions or placement fees have been or will be payable in connection with the sale of the Founder Shares. The Founder Shares shall be subject to restrictions on transfer as set forth in the Registration Statement. Holders of the Founder Shares shall have no right to any liquidation distributions with respect to any portion of the Founder Shares in the event the Company fails to consummate any proposed initial merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (“Business Combination”) within the required time period except with respect to any funds held outside of the Trust Account remaining after payment of all fees and expenses. Holders of the Founder Shares shall not have redemption rights with respect to the Founder Shares nor shall they be entitled to sell such Founder Shares to the Company in any tender offer in connection with a proposed Business Combination. Up to 760,850 Founder Shares are subject to forfeiture depending on the extent to which the Over-Allotment Option is exercised.
1.4.2 Simultaneously with the closing of the Offering, the Sponsor will purchase from the Company, pursuant to the Sponsor Private Placement Securities Purchase Agreement (as defined in Section 2.24.2 below), in a private placement (the “Sponsor Private Placement”) intended to be exempt from registration under the Act, at an aggregate purchase price equal to $2,854,136, 285,414 Private Placement Securities (as defined below), consisting of (a) 356,767 Private Placement Units (as defined below) and (b) 713,534 restricted Class A shares (the “Restricted Class A Shares”). Simultaneously with the closing of the Offering, the private placement investor (the “Private Placement Investor”) shall purchase from the Company in a private placement intended to be exempt from registration under the Act (the “Private Placement Investor Private Placement” and, together with the Sponsor Private Placement, the “Private Placements”), pursuant to the Investor Private Placement Securities Purchase Agreement (as defined in Section 2.24.2 below), at an aggregate purchase price equal to $300,000, 30,000 Private Placement Securities, consisting of (a) 37,500 Private Placement Units and (b) 75,000 Restricted Class A Shares. Each Private Placement Unit (a “Private Placement Unit”) consists of (a) one Class A Ordinary Share (the “Private Placement Shares”), (b) three-fourths of one redeemable warrant (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”), with each whole warrant entitling the holder to purchase one Class A Ordinary Share for $11.50 per share, and (c) one right (the “Private Placement Rights”), entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of the initial Business Combination. For each $10.00 invested in the Private Placements, the applicable investor will receive (i) one and one-fourth Private Placement Units and (ii) two and one-half Restricted Class A Shares. Each allocation of (i) one and one-fourth Private Placement Units and (ii) two and one-half Restricted Class A Shares is a “Private Placement Security,” and are referred to collectively as the “Private Placement Securities.” No underwriting discounts, commissions or placement fees have been or will be payable in connection with the Private Placements. The Company shall cause to be deposited an amount of additional proceeds from the sale of the Private Placement Units into the Trust Account such that the amount of funds in the Trust Account shall be $10.00 per Public Share sold in the Offering.
1.4.3 The amount of the proceeds of the sale of the Private Placement Securities, together with the proceeds of the Offering, shall be used to maintain the amount in trust at $10.00 per Firm Unit sold in the Offering. Additionally, the Sponsor agrees that if the Over-Allotment Option is exercised, all of the proceeds of such Over-Allotment Option will be deposited into the Trust Account such that the amount in trust shall be equal to $10.00 per Class A Ordinary Share sold to the public in the Offering, including as a result of the exercise of the Over-Allotment Option.
Section 1.5 Trust Account Proceeds.
1.5.1 Working Capital. Upon consummation of the Offering, approximately $1,126,383 (whether or not the Over-Allotment Option is exercised) of the net proceeds from the sale of the Private Placement Securities shall be released to the Company, which together with $25,000 paid to the Company by the Sponsor for the purchase of Founder Shares, shall result in a total of $1,126,383 to fund the working capital requirements of the Company.
1.5.2 Trust Account Proceeds. Interest income on funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus (as defined below).
Article II
Representations and Warranties of the Company.
The Company represents and warrants to the Underwriters as of the date hereof as follows:
Section 2.1 Filing of Registration Statement.
2.1.1 Pursuant to the Act. The Company has filed with the Commission a registration statement and any amendments thereto, on Form S-1 (File No. 333-286585), including any related preliminary prospectus (the “Preliminary Prospectus”, including any prospectus that is included in the registration statement immediately prior to the effectiveness of the registration statement, for the registration of the Public Securities under the Act, which registration statement and amendment or amendments have been prepared by the Company in conformity with the requirements of the Act, and the rules and regulations (the “Regulations”) of the Commission under the Act. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission and effective as of the date hereof (the “Effective Date”), including the prospectus, financial statements, schedules, exhibits, and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of such time pursuant to Rule 430A of the Regulations, together with the registration statement filed by the Company pursuant to Rule 462(b) under the Act, if any, registering additional Public Securities (the “Rule 462(b) Registration Statement”), is hereinafter called the “Registration Statement,” provided, that any references herein to the Registration Statement at any given time shall mean such registration statement, as amended, on file with the Commission at such time, including the prospectus, financial statements, schedules, exhibits, and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of such time pursuant to Rule 430A of the Regulations, and the form of the final prospectus dated the Effective Date included in the Registration Statement (or, if applicable, the form of final prospectus containing information permitted to be omitted at the time of effectiveness by Rule 430A of the Regulations filed with the Commission pursuant to Rule 424 of the Regulations), is hereinafter called the “Prospectus.” For purposes of this Agreement, “Time of Sale,” as used in the Act, means [•] p.m., New York time, on the date of this Agreement. Prior to the Time of Sale, the Company prepared a preliminary prospectus, dated [●], 2025, for distribution by the Underwriters (the “Statutory Prospectus” and, together with the information included on Schedule B hereto, the “General Disclosure Package”). Other than the Registration Statement, together with any correspondence letters between the Company and/or counsel for the Company and the Commission, no other document with respect to the Registration Statement has been filed under the Act with the Commission. All of the Public Securities have been or will be registered under the Act pursuant to the Registration Statement. The Registration Statement has been declared effective by the Commission at [4:00] p.m., New York time, on the date hereof. If, subsequent to the date of this Agreement, the Company or the Representative determines that at the Time of Sale, the General Disclosure Package included an untrue statement of a material fact or omitted a statement of material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and agrees to provide an opportunity to purchasers of the Firm Units to terminate their old purchase contracts and enter into new purchase contracts, then the General Disclosure Package will be deemed to include any additional information available to purchasers at the time of entry into the first such new purchase contract.
2.1.2 Pursuant to the Exchange Act. The Company has filed with the Commission a Registration Statement on Form 8-A, as amended (File Number 001-[●]), providing for the registration under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Public Securities, Public Shares, Public Warrants and Rights. The registration of the Public Securities, Public Shares, Public Warrants and Rights under the Exchange Act has been declared effective by the Commission on or prior to the date hereof.
Section 2.2 No Stop Orders, etc. Neither the Commission nor, to the Company’s knowledge, any foreign or state regulatory authority has issued any order or threatened to issue any order preventing or suspending the use of any Statutory Prospectus or the Prospectus or has instituted or, to the best of the Company’s knowledge, threatened to institute any proceedings with respect to such an order.
Section 2.3 Disclosures in Registration Statement.
2.3.1 10b-5 Representation. At the Effective Date (or at the effective time of any post-effective amendment to the Registration Statement subsequent to the Effective Date) and at all times subsequent thereto up to the Closing Date, the Registration Statement, the Statutory Prospectus, and the Prospectus contained or will contain all material statements that are required to be stated therein in accordance with the Act and the Regulations, and did or will, in all material respects, conform to the requirements of the Act and the Regulations. At the Effective Date and at the Time of Sale, the Registration Statement did not, and on the Closing Date it will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; on the date of any filing pursuant to Rule 424(b) and on the Closing Date, the Prospectus (together with any supplement thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and at the Time of Sale, the General Disclosure Package does not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided however that the representation and warranty made in this Section 2.3.1 does not apply to statements made or statements omitted in reliance upon and in conformity with, written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the General Disclosure Package, or Prospectus, or any amendment thereof or supplement thereto, which information, it is agreed, shall consist solely of the following (the “Underwriter Information”): the names of the Underwriters and the 7th, 20th, 21st and 22nd paragraphs in the section captioned “Underwriting”.
2.3.2 Disclosure of Agreements. The agreements and documents described in the Registration Statement, the General Disclosure Package, and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required to be described in the Registration Statement, the General Disclosure Package, or the Prospectus, or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party, or by which its property or business is or may be bound or affected, and that is referred to in the Registration Statement or attached as an exhibit thereto or that is material to the Company’s business, has been duly and validly executed by the Company, is in full force and effect in all material respects, and is enforceable against the Company and, to the Company’s knowledge, the other parties thereto, in all material respects in accordance with its terms, except (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, (b) as enforceability of any indemnification or contribution provision may be limited under the foreign, federal, and state securities laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, and none of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company’s knowledge, any other party is in breach or default thereunder and, to the Company’s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a breach or default thereunder. To the Company’s knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order, or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.
2.3.3 Prior Securities Transactions. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company since the date of the Company’s formation, except as disclosed in the Registration Statement, the General Disclosure Package, and the Prospectus.
2.3.4 Regulations. The disclosures in the Registration Statement, the General Disclosure Package, and the Prospectus concerning the effects of foreign, federal, state and local regulation on the Company’s business as currently contemplated are correct in all material respects and do not omit to state a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.
Section 2.4 Changes after Dates in Registration Statement.
2.4.1 No Material Adverse Change. Since the end of the period covered by the latest audited financial statements included in the Registration Statement, the General Disclosure Package, and the Prospectus, except as otherwise specifically stated therein: (i) no event has occurred that could reasonably be expected to have a Material Adverse Effect (as defined below) on the condition, financial or otherwise, or business prospects of the Company; (ii) there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement; (iii) no member of the Company’s board of directors or management has resigned from any position with the Company; and (iv) no event or occurrence has taken place which materially impairs, or would likely materially impair, with the passage of time, the ability of the members of the Company’s board of directors or management to act in their capacities with the Company as described in the Registration Statement, the General Disclosure Package, and the Prospectus.
2.4.2 Recent Securities Transactions, etc. Since the end of the period covered by the latest audited financial statements included in the Registration Statement, the General Disclosure Package, and the Prospectus, and except as may otherwise be indicated or contemplated herein or therein, the Company has not: (i) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.
Section 2.5 Independent Accountants. Adeptus Partners LLC (“Adeptus”), whose report is filed with the Commission as part of the Registration Statement and included in the Registration Statement, the General Disclosure Package, and the Prospectus, is an independent registered public accounting firm as required by the Act, the Regulations, and the Public Company Accounting Oversight Board (the “PCAOB”), including the rules and regulations promulgated by such entity. To the Company’s knowledge, Adeptus is duly registered and in good standing with the PCAOB. Adeptus has not, during the periods covered by the financial statements included in the Registration Statement, the General Disclosure Package, and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.
Section 2.6 Financial Statements; Statistical Data.
2.6.1 Financial Statements. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the General Disclosure Package, and the Prospectus, fairly present in all material respects the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”), consistently applied throughout the periods involved, except as disclosed therein; and the supporting schedules included in the Registration Statement present fairly in all material respects the information required to be stated therein in conformity with the Regulations. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the General Disclosure Package, or the Prospectus. The Registration Statement, the General Disclosure Package, and the Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company’s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. There are no pro forma or as adjusted financial statements which are required to be included in the Registration Statement, the General Disclosure Package, or the Prospectus in accordance with Regulation S-X of the Regulations which have not been included as so required.
2.6.2 Statistical Data. The statistical, industry-related and market-related data included in the Registration Statement, the General Disclosure Package, and/or the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.
Section 2.7 Authorized Capital; Options. etc. The Company had at the date or dates indicated in each of the Registration Statement, the General Disclosure Package, and the Prospectus, as the case may be, duly authorized, issued, and outstanding capitalization as set forth in the Registration Statement, the General Disclosure Package, and the Prospectus. Based on the assumptions stated in the Registration Statement, the General Disclosure Package, and the Prospectus, the Company will have on the Closing Date the adjusted stock capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the General Disclosure Package and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued Ordinary Shares or any security convertible into Ordinary Shares, or any contracts or commitments to issue or sell Ordinary Shares or any such options, warrants, rights or convertible securities.
Section 2.8 Valid Issuance of Securities, etc.
2.8.1 Outstanding Securities. All issued and outstanding securities of the Company issued prior to the Offering and Private Placements have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company. The outstanding securities of the Company issued prior to the Offering and Private Placements conform to the descriptions thereof contained in the Registration Statement, the General Disclosure Package, and the Prospectus. All offers, sales, and any transfers of the outstanding securities of the Company issued prior to the transactions contemplated by this Agreement were at all relevant times either registered under the Act and the applicable state securities or Blue Sky laws or exempt from such registration requirements (based in part on the representations and warranties of the purchasers of the securities of the Company issued prior to the Offering and Private Placements).
2.8.2 Public Securities. The Public Securities, the Public Shares, the Public Warrants, the Rights, the Class A Ordinary Shares underlying the Public Warrants, and the Class A Ordinary Shares underlying the Rights, have been duly authorized and reserved for issuance and when issued and paid for in accordance with this Agreement, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Public Securities, the Public Shares, the Public Warrants, the Rights, the Class A Ordinary Shares underlying the Public Warrants, and the Class A Ordinary Shares underlying the Rights, are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities, the Public Shares, the Public Warrants, the Rights, the Class A Ordinary Shares underlying the Public Warrants, and the Class A Ordinary Shares underlying the Rights, has been duly and validly taken. The Public Securities, the Public Shares, the Public Warrants, the Rights, the Class A Ordinary Shares underlying the Public Warrants, and the Class A Ordinary Shares underlying the Rights conform in all material respects to the descriptions thereof contained in the Registration Statement, the General Disclosure Package, and the Prospectus, as the case may be.
2.8.3 [Reserved.]
2.8.4 Private Placement Securities. The Private Placement Units, the Private Placement Shares, the Private Placement Warrants, the Private Placement Rights, the Class A Ordinary Shares underlying the Private Placement Warrants, the Class A Ordinary Shares underlying the Private Placement Rights and the Restricted Class A Shares have been duly authorized and reserved for issuance and when issued and paid for in accordance with each of the Sponsor Private Placement Securities Purchase Agreement and Investor Private Placement Securities Purchase Agreement will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Private Placement Units, the Private Placement Shares, the Private Placement Warrants, the Private Placement Rights, the Class A Ordinary Shares underlying the Private Placement Warrants, the Class A Ordinary Shares underlying the Private Placement Rights and the Restricted Class A Shares, are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Private Placement Units, the Private Placement Shares, the Private Placement Warrants, the Private Placement Rights, the Class A Ordinary Shares underlying the Private Placement Warrants, the Class A Ordinary Shares underlying the Private Placement Rights and the Restricted Class A Shares has been duly and validly taken. The Private Placement Units, the Private Placement Shares, the Private Placement Warrants, the Private Placement Rights, the Class A Ordinary Shares underlying the Private Placement Warrants, the Class A Ordinary Shares underlying the Private Placement Rights and the Restricted Class A Shares conform in all material respects to the descriptions thereof contained in the Registration Statement, the General Disclosure Package, and the Prospectus, as the case may be.
2.8.5 No Integration. Neither the Company nor any of its affiliates has, prior to the date hereof, made any offer or sale of any securities which are required to be “integrated” pursuant to the Act or the Regulations with the offer and sale of the Public Securities, the Public Shares, the Public Warrants and the Rights pursuant to the Registration Statement, or the Private Placement Securities in the Private Placements.
Section 2.9 Registration Rights of Third Parties. Except as set forth in the Registration Statement, the General Disclosure Package, and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.
Section 2.10 Validity and Binding Effect of Agreements. This Agreement, the Insider Letter (as defined in Section 2.24.1 below), the Trust Agreement, the Sponsor Private Placement Securities Purchase Agreement (as defined in Section 2.24.2(a)), the Investor Private Placement Securities Purchase Agreement (as defined in Section 2.24.2(b)), the Founder Shares Subscription Agreement (as defined in Section 2.24.3) the Services Agreement (as defined in Section 2.24.7 below), the Warrant Agreement (as defined in Section 2.24.9), the Rights Agreement (as defined in Section 2.24.10) and the Registration Rights Agreement (as defined in Section 2.24.6 below) (collectively, the “Transaction Documents”) have been duly and validly authorized by the Company, and, when executed and delivered by the Company and the other parties thereto, will constitute valid and binding agreements of the Company, enforceable against the Company in accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under foreign, federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.
Section 2.11 No Conflicts etc. The execution, delivery, and performance by the Company of the Transaction Documents, the consummation by the Company of the transactions therein contemplated, and the compliance by the Company with the terms thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a breach or violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement, obligation, condition, covenant, or instrument to which the Company is a party or bound or to which its property is subject except pursuant to the Trust Agreement; (ii) result in any violation of the provisions of the Company’s amended and restated memorandum and articles of association (as the same may be amended from time to time, collectively the “Charter Documents”); or (iii) violate any existing applicable statute, law, rule, regulation, judgment, order, or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties, business or assets, except such violation or breach that would not reasonably be expected to have a Material Adverse Effect.
Section 2.12 No Defaults; Violations. No default exists in the due performance and observance of any term, covenant or condition of any license, contract, indenture, mortgage, deed of trust, note, loan, or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject except for such default that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company. The Company is (i) not in violation of any term or provision of its Charter Documents; or (ii) in violation of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses except, with respect to clause (ii) only, that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company.
Section 2.13 Corporate Power; Licenses; Consents.
2.13.1 Conduct of Business. The Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates, and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business for the purposes described in the Registration Statement, the General Disclosure Package, and the Prospectus. The disclosures in the Registration Statement, the General Disclosure Package, and the Prospectus concerning the effects of foreign, federal, state, and local regulation on this Offering and the Company’s business purpose as currently contemplated are correct in all material respects and do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Since its formation and except as described in the Registration Statement, the Company has conducted no business and has incurred no liabilities other than in connection with its formation and in furtherance of the Offering.
2.13.2 Transactions Contemplated Herein. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof, and all consents, authorizations, approvals, and orders required in connection herewith have been obtained. No consent, authorization, or order of, and no filing with, any court, government agency, or other body, foreign or domestic, is required for the valid issuance, sale, and delivery, of the Public Securities, the Public Shares, the Public Warrants and the Rights and the consummation of the transactions and agreements contemplated by the Transaction Documents and as contemplated by the Registration Statement, the General Disclosure Package, and Prospectus, except with respect to applicable foreign, federal, and state securities laws and the rules and regulations promulgated by the Financial Industry Regulatory Authority, Inc. (“FINRA”).
Section 2.14 D&O Questionnaires. To the Company’s knowledge, all information contained in the questionnaires completed immediately prior to the initial filing of the Registration Statement and provided to the Representative (the “Questionnaires”) by each of the Company’s officers, directors, 5% beneficial owners, and owners of unregistered securities acquired within the past 180 days (the “Respondents”), as such Questionnaires may have been updated from time to time and confirmed by each of the Respondents, as well as the biographies previously provided to the Representative, is true and correct and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to become inaccurate and incorrect.
Section 2.15 Litigation; Governmental Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation, or governmental proceeding pending or, to the Company’s knowledge, threatened against, or involving the Company or, to the Company’s knowledge, any of the Respondents, which has not been disclosed in the Registration Statement, the General Disclosure Package, and the Prospectus.
Section 2.16 Good Standing. The Company has been duly organized and is validly existing as a corporation and is in good standing under the laws of its jurisdiction of incorporation and is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a material adverse effect on the condition (financial or otherwise), prospects, earnings, assets, business, operations or properties of the Company, whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”).
Section 2.17 No Consideration of a Business Combination. Prior to the date hereof, neither the Company nor any Respondent has, and as of the Closing Date, the Company and such Respondents will not have: (a) had any specific Business Combination under consideration; or (b) directly or indirectly, contacted any prospective target business which the Company may seek to acquire (each, a “Target Business”) or had any substantive discussions, formal or otherwise, with respect to effecting any potential Business Combination with the Company.
Section 2.18 Transactions Affecting Disclosure to FINRA.
2.18.1 To the Company’s knowledge, all information contained in the questionnaires (the “FINRA Questionnaires”) completed by each of the Respondents and provided to the Representative, as such FINRA Questionnaires may have been updated from time to time and confirmed by each of the Respondents, is true and correct and the Company has not become aware of any information which would cause the information disclosed in the FINRA Questionnaires to become inaccurate and incorrect.
2.18.2 Except as described in the Registration Statement, the General Disclosure Package, and the Prospectus, there are no claims, payments, arrangements, agreements, or understandings relating to the payment of a finder’s, consulting, or origination fee by the Company or any Respondent with respect to the sale of the Public Securities, the Public Shares, the Public Warrants and the Rights hereunder or any other arrangements, agreements, or understandings of the Company or, to the Company’s knowledge, any Respondent that may affect the Underwriters’ compensation, as determined by FINRA.
2.18.3 Except as described herein or in the Registration Statement, the General Disclosure Package, and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities, or otherwise) to: (i) any person, as a finder’s fee, consulting fee, or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) to any “participating member as defined in FINRA Rule 5110(j)(15) (“Participating Member”); or (iii) to any person or entity that has any direct or indirect affiliation or association with any Participating Member, within the 180-day period prior to the initial filing date of the Registration Statement with the Commission.
2.18.4 To the Company’s knowledge, except as set forth in the FINRA Questionnaires, no Respondent is a Participating Member or a person associated or affiliated with a Participating Member.
2.18.5 To the Company’s knowledge, except as set forth in the FINRA Questionnaires, no Respondent is an owner of stock or other securities of any Participating Member (other than securities purchased in the open market).
2.18.6 To the Company’s knowledge, except as set forth in the FINRA Questionnaires, no Respondent has made a subordinated loan to any Participating Member.
2.18.7 No proceeds from the sale of the Public Securities, the Public Shares, the Public Warrants or the Rights (excluding underwriting compensation) will be paid to any Participating Member, or any persons associated or affiliated with a Participating Member, except as specifically authorized herein.
2.18.8 [Reserved.]
2.18.9 To the Company’s knowledge, except as set forth in the FINRA Questionnaires, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Registration Statement with the Commission has any relationship or affiliation or association with any Participating Member.
2.18.10 To the Company’s knowledge, no Participating Member in the Offering has a conflict of interest (as defined by FINRA rules) with the Company.
2.18.11 Except with respect to the Representative in connection with the Offering and as otherwise disclosed in the Registration Statement, the Company has not entered into any agreement or arrangement (including, without limitation, any consulting agreement or any other type of agreement) during the 180-day period prior to the initial filing date of the Registration Statement with the Commission, which arrangement or agreement provides for the receipt of any “underwriting compensation” as defined in FINRA Rule 5110.01 from the Company to a Participating Member.
Section 2.19 Taxes.
2.19.1 There are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any U.S. state or any political subdivision thereof, or under the laws of any non-U.S. jurisdiction, required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale by the Company of the Public Securities, the Public Shares, the Public Warrants and the Rights.
2.19.2 The Company has filed all U.S. federal, state, and local, and non-U.S., tax returns that are required to be filed or has requested extensions thereof, except in any case in which the failure to so file would not have a Material Adverse Effect, and has paid all taxes required to be paid by it and any other assessment, fine, or penalty levied against it, to the extent that any of the foregoing is due and payable except for any such assessment, fine, or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect.
Section 2.20 Foreign Corrupt Practices Act. Neither the Company nor any of the Respondents or any other person acting on behalf of the Company is aware of or has taken any action, directly or indirectly, that: (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”) or otherwise subject the Company to any damage or penalty in any civil, criminal, or governmental litigation or proceeding; (ii) if not done in the past, might reasonably be expected to have had a Material Adverse Effect or (iii) if not continued in the future, might reasonably be expected to materially and adversely affect the assets, business, or operations of the Company. The foregoing includes, without limitation, giving or agreeing to give any money, gift, or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee, or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction). The Company’s internal accounting controls and procedures are sufficient to cause the Company to comply with the FCPA.
Section 2.21 Currency and Foreign Transactions Reporting Act. The operations of the Company have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder, and any related or similar rules, regulations, or guidelines, issued, administered, or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit, or proceeding by or before any court or governmental agency, authority, body, or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.
Section 2.22 Bank Secrecy Act Money Laundering; Patriot Act. Neither the Company nor, to the Company’s knowledge, any Respondent, has violated: (i) the Bank Secrecy Act, as amended, (ii) the Money Laundering Laws or (iii) the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, and/or the rules and regulations promulgated under any such law, or any successor law.
Section 2.23 Officers’ Certificate. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to its counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.
Section 2.24 Agreements with Company Affiliates and Others.
2.24.1 Insider Letter. The Company has caused to be duly executed legally binding and enforceable agreement (except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization, or similar laws affecting creditors’ rights generally, (ii) as enforceability of any indemnification contribution provision may be limited under foreign, federal, and state securities laws, and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought) in the form filed as an exhibit to the Registration Statement (the “Insider Letter”), pursuant to which each of the Respondents agrees to certain matters, including but not limited to, the voting of the Ordinary Shares of the Company held by them and certain matters described as being agreed to by them under the “Proposed Business” section of the Registration Statement, the General Disclosure Package, and Prospectus.
2.24.2 Private Placement Agreements. (a) The Sponsor has executed and delivered a private placement securities purchase agreement, the form of which is filed as an exhibit to the Registration Statement (the “Sponsor Private Placement Securities Purchase Agreement”), pursuant to which the Sponsor has agreed, among other things, to purchase 285,413 Private Placement Securities on the Closing Date. (b) The Private Placement Investor has executed and delivered a private placement securities purchase agreement, the form of which is filed as an exhibit to the Registration Statement (the “Investor Private Placement Securities Purchase Agreement”), pursuant to which the Private Placement Investor has agreed, among other things, to purchase 30,000 Private Placement Securities on the Closing Date.
2.24.3 Founder Share Subscription Agreement. The Sponsor has executed and delivered a subscription agreement, which is filed as an exhibit to the Registration Statement (the “Founder Share Subscription Agreement”), pursuant to which the Sponsor purchased the Founder Shares.
2.24.4 Non-Competition/Solicitation. To the Company’s knowledge, no Respondent is subject to any non-competition agreement or non-solicitation agreement with any employer or prior employer which could materially affect such Respondent’s ability to be and act in the capacity of a director or officer of the Company, as applicable.
2.24.5 Consulting Services Agreement. The Company entered into an amended and restated consulting agreement with Meteora Capital LLC, dated as of June 10, 2025, which is filed as an exhibit to the Registration Statement (the “Consulting Agreement”), pursuant to which Meteora Capital LLC has agreed to provide consulting, advisory and related services to the Company with respect to general special purpose acquisition company structuring and capital market matters.
2.24.6 Registration Rights Agreement. The Company and the holders of Founder Shares, Private Placement Units, Private Placement Shares, Private Placement Warrants, Restricted Class A Shares, Class A Ordinary Shares underlying the Private Placement Warrants and the Class A Ordinary Shares underlying the Private Placement Rights have entered into a registration rights agreement (“Registration Rights Agreement”), substantially in the form filed as an exhibit to the Registration Statement, whereby the holders of such securities will be entitled to certain registration rights with respect to such securities, as set forth in such Registration Rights Agreement and described more fully in the Registration Statement.
2.24.7 Administrative Services. The Company has entered into an agreement (“Services Agreement”) with the Sponsor, substantially in the form filed as an exhibit to the Registration Statement, pursuant to which the Sponsor will make available to the Company, on the terms and subject to the conditions set forth therein, office space, administrative and shared personnel support services for the Company’s use for $15,000 per month payable until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Trust Account.
2.24.8 Investment Management Trust Agreement. The Company has entered into the Trust Agreement with respect to certain proceeds of the Offering and the Private Placements, substantially in the form filed as an exhibit to the Registration Statement, pursuant to which the funds held in the Trust Account may be released under limited circumstances. The Trust Agreement shall not be amended, modified, or otherwise changed in any way that modifies the rights or obligations of the Company without the prior written consent of the Representative.
2.24.9 Warrant Agreement. The Company has entered into a warrant agreement with respect to the Public Warrants to be issued as part of the Public Securities and the Private Placement Warrants with Odyssey, substantially in the form filed as an exhibit to the Registration Statement (the “Warrant Agreement”).
2.24.10 Rights Agreement. The Company has entered into a rights agreement with respect to the Rights to be issued as part of the Public Securities with Odyssey, substantially in the form filed as an exhibit to the Registration Statement (the “Rights Agreement”).
Section 2.25 Investments. No more than 45% of the “value” (as defined in Section 2(a)(41) of the Investment Company Act of 1940 (“Investment Company Act”)) of the Company’s total assets (exclusive of cash items and “Government Securities,” as defined in Section 2(a)(16) of the Investment Company Act) consist of, and no more than 45% of the Company’s net income after taxes is derived from, securities other than Government Securities.
Section 2.26 Investment Company Act. The Company is not required, and upon the issuance and sale of the Public Securities as herein contemplated and the application of the net proceeds therefrom as described in the Prospectus will not be required, to register as an “investment company” under the Investment Company Act.
Section 2.27 Subsidiaries. The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust, or other business entity.
Section 2.28 Related Party Transactions. No relationship, direct or indirect, exists between or among any of the Company or any Respondent, on the one hand, and any customer or supplier of the Company or any Respondent, on the other hand, which is required by the Act, the Exchange Act, or the Regulations to be described in the Registration Statement, the General Disclosure Package, and the Prospectus, which is not so described. There are no outstanding loans, advances, or guarantees of indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of their respective family members, except as disclosed in the Registration Statement, the General Disclosure Package, and the Prospectus. The Company has not extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any director or officer of the Company.
Section 2.29 No Influence. The Company has not offered, or caused the Representative to offer, the Firm Units to any person or entity with the intention of unlawfully influencing: (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer’s or supplier’s level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such affiliate.
Section 2.30 Sarbanes-Oxley. The Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002, as amended (“SOX”), and the rules and regulations promulgated thereunder and related or similar rules and regulations promulgated by any governmental or self-regulatory entity or agency, that are applicable to it as of the date hereof.
Section 2.31 Nasdaq Eligibility. As of the Effective Date, the Public Securities, the Public Shares, the Public Warrants and Rights have been approved for listing on the Nasdaq Global Market (the “Nasdaq”), subject to official notice of issuance and evidence of satisfactory distribution. There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with (as and when applicable), and immediately following the Effective Date the Company will be in compliance with, Nasdaq rules.
Section 2.32 Board of Directors. As of the Effective Date, the board of directors of the Company will be comprised of the persons set forth as “Directors” or “Director nominees” under the heading of the Statutory Prospectus and the Prospectus captioned “Management.” As of the Effective Date, the qualifications of the persons serving as board members and the overall composition of the board will comply with SOX and the rules promulgated thereunder and the rules of Nasdaq that are, in each case, applicable to the Company. As of the Effective Date, the Company will have an Audit Committee that satisfies the applicable requirements under SOX and the rules promulgated thereunder and the rules of Nasdaq.
Section 2.33 Emerging Growth Status. From the date of the Company’s formation through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Act (an “Emerging Growth Company”).
Section 2.34 Free-Writing Prospectus and Testing-the-Waters. The Company has not made any offer relating to the Public Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405. The Company (a) has not engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Act or institutions that are accredited investors within the meaning of Rule 501 under the Act and (b) has not authorized anyone to engage in Testing-the-Waters Communications other than its officers and the Representative and individuals engaged by the Representative. The Company has not distributed any written Testing-the-Waters Communications other than those listed on Schedule C hereto. As used herein, “Testing-the-Waters Communication” means any oral or written communication with potential investors within the meaning of Section 5(d) of the Act, and “Written Testing-the-Waters Communication” means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405.
Section 2.35 Disclosure Controls and Procedures. The Company maintains effective “disclosure controls and procedures” (as defined under Rule 13a-15(e) under the Exchange Act to the extent required by such rule).
Section 2.36 Definition of “Knowledge”. As used in herein, the term “knowledge of the Company” (or similar language) shall mean the knowledge of the Company’s executive officers and directors, with the assumption that such officers and directors shall have made reasonable and diligent inquiry of the matters presented.
Article III
Covenants of the Company.
The Company covenants and agrees as follows:
Section 3.1 Amendments to Registration Statement. The Company will deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and shall not file any such amendment or supplement to which the Representative shall reasonably object in writing.
Section 3.2 Federal Securities Laws.
3.2.1 Compliance. During the time when a prospectus is required to be delivered under the Act, the Company will use all reasonable efforts to comply with all requirements imposed upon it by the Act, the Regulations, and the Exchange Act and by the regulations under the Exchange Act, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Public Securities in accordance with the provisions hereof and the Prospectus. If at any time when a Prospectus relating to the Public Securities is required to be delivered under the Act, any event shall have occurred as a result of which, in the opinion of counsel for the Company or counsel for the Underwriters, the General Disclosure Package and/or the Prospectus, as then amended or supplemented, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary during such period to amend the Registration Statement or amend or supplement the General Disclosure Package and Prospectus to comply with the Act, the Company will notify the Representative promptly and prepare and file with the Commission, subject to Section 3.1 hereof, an appropriate amendment to the Registration Statement or amendment or supplement to the General Disclosure Package and Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance.
3.2.2 Filing of Final Prospectus. The Company will promptly file the Prospectus (in form and substance reasonably satisfactory to the Representative) with the Commission pursuant to the requirements of Rule 424 of the Regulations.
3.2.3 Exchange Act Registration. For a period of five years from the Effective Date (except in connection with a going private transaction), or until such earlier time upon which the Trust Account is to be liquidated if a Business Combination has not been consummated as required by its Charter Documents (the “Termination Date”), the Company (i) will use its best efforts to maintain the registration of the Public Securities and (ii) will not deregister the Public Securities under the Exchange Act without the prior written consent of the Representative.
3.2.4 Free Writing Prospectuses. The Company agrees that it will not make any offer relating to the Public Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 under the Act.
3.2.5 Sarbanes-Oxley Compliance. As soon as it is legally required to do so, the Company shall take all actions necessary to obtain and thereafter maintain material compliance with each applicable provision of SOX and the rules and regulations promulgated thereunder and related or similar rules and regulations promulgated by any other governmental or self-regulatory entity or agency with jurisdiction over the Company.
Section 3.3 Emerging Growth Company Status. The Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the earlier of five years after the consummation of the Company’s initial Business Combination, or the liquidation of the Trust Account if a Business Combination is not consummated by the Termination Date.
Section 3.4 Delivery of Materials to Underwriters. The Company will deliver to the each of the Underwriters, without charge and from time to time during the period when a prospectus is required to be delivered under the Act or the Exchange Act, such number of copies of each Statutory Prospectus, the Prospectus, and all amendments and supplements to such documents as such Underwriters may reasonably request.
Section 3.5 Effectiveness and Events Requiring Notice to the Representative. The Company will use its best efforts to cause the Registration Statement to remain effective and will notify the Representative immediately and confirm the notice in writing: (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment thereto or preventing or suspending the use of any Preliminary Prospectus or the Prospectus or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any foreign or state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event during the period described in this Section 3.5 that, in the judgment of the Company or its counsel, makes any statement of a material fact made in the Registration Statement, the General Disclosure Package, or the Prospectus untrue or that requires the making of any changes in the Registration Statement, the General Disclosure Package, and Prospectus in order to make the statements therein, (with respect to the Prospectus and the General Disclosure Package and in the light of the circumstances under which they were made), not misleading. If the Commission or any foreign or state securities commission shall enter a stop order or suspend such qualification at any time, the Company will make every reasonable effort to obtain promptly the lifting of such order.
Section 3.6 Review of Financial Statements. Until the earlier of five years from the Effective Date or until the liquidation of the Trust Account if a Business Combination is not consummated by the Termination Date, the Company, at its expense, shall cause its regularly engaged independent certified public accountants to review (but not audit) the Company’s financial statements for each of the first three fiscal quarters prior to the announcement of quarterly financial information and the filing of the Company’s Form 10-Q quarterly report.
Section 3.7 Affiliated Transactions.
3.7.1 Business Combinations. The Company will not consummate a Business Combination with an entity that is affiliated with any Respondent unless, in each case, (i) the Company obtains an opinion from an independent investment banking firm or another independent firm that commonly renders fairness opinions on the type of target business the Company is seeking to acquire that the Business Combination is fair to the Company from a financial point of view and (ii) a majority of the Company’s disinterested and independent directors (if there are any) approve such transaction.
3.7.2 Compensation. Except as disclosed in the Registration Statement, the General Disclosure Package, and the Prospectus and as provided for otherwise herein and in the Insider Letter, the Company shall not pay any Respondent or any of their affiliates any fees or compensation for services rendered to the Company prior to, or in connection with, either this Offering or the Business Combination.
Section 3.8 Lock-Up. The Company will not, without the prior written consent of the Representative, offer, sell, contract to sell, pledge, charge or grant any option to purchase or otherwise dispose of, directly or indirectly (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), including the filing (or participation in the filing) of a registration statement with the Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any Units, Warrants, or Ordinary Shares or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares or publicly announce an intention to effect any such transaction during the period commencing on the date hereof and ending 180 days after the date of this Agreement; provided, however, that the Company may (1) issue and sell the Private Placement Units and Restricted Class A Shares, (2) issue and sell the Option Securities on exercise of the option provided for in Section 1.2.1 hereof, (3) register with the Commission pursuant to the Registration Rights Agreement, in accordance with the terms of the Registration Rights Agreement, the resale of the Class A Ordinary Shares underlying the Private Placement Units and issuable upon exercise of the Private Placement Warrants, Private Placement Rights and the Founder Shares and (4) issue securities in connection with the Company's Initial Business Combination.
Section 3.9 Investor Relations Firm. Promptly after the execution of a definitive agreement for a Business Combination, the Company shall retain an investor relations firm with the expertise necessary to assist the Company both before and after the consummation of the Business Combination.
Section 3.10 Reports to the Representative.
3.10.1 Periodic Reports, etc. For a period of five years from the Effective Date or until the Termination Date or such earlier time upon which the Company is required to be liquidated and dissolved, the Company will furnish to the Representative and its counsel copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities, and shall promptly furnish to the Representative: (i) a copy of each periodic report the Company is required to file with the Commission; (ii) a copy of every press release and every news item and article with respect to the Company or its affairs which was released by the Company; (iii) a copy of each Current Report on Form 8-K and any Schedules 13D, 13G, 14D-1, or 13E-4 received or prepared by the Company; (iv) five copies of each registration statement filed by the Company with the Commission under the Act; and (v) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request; provided that the Representative shall sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representative and its counsel in connection with the Representative’s receipt of such information. Documents filed with the Commission pursuant to Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) shall be deemed to have been delivered to the Representative pursuant to this Section 3.10.1.
3.10.2 Transfer Agent and Warrant Agent. For a period of five years following the Effective Date or until the Termination Date or such earlier time upon which the Company is required to be liquidated, the Company shall retain a transfer agent and warrant agent reasonably acceptable to the Representative. Odyssey is acceptable to the Representative and the Underwriters.
Section 3.11 Payment of Expenses. The Company agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at Closing Date, or such later date as may be agreed to by the Representative in its sole discretion, all fees and expenses incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (i) the preparation, printing, filing, and mailing (including the payment of postage with respect to such mailing) of the Registration Statement, the Statutory Prospectus, and the final Prospectus and mailing of this Agreement and related documents, including the cost of all copies thereof and any amendments thereof or supplements thereto supplied to the Underwriters in quantities as may be required by the Underwriters; (ii) the printing, engraving, issuance, and delivery of the Firm Units and Option Units, including any transfer or other taxes payable thereon; (iii) Nasdaq filing fees or, if necessary, the qualification of the Public Securities under state or foreign securities or Blue Sky laws; (iv) fees incurred in registering the Offering with FINRA; (v) fees and disbursements of the transfer agent, right agent and warrant agent; (vi) all costs and expenses of the Company associated with “road show” marketing and “due diligence” trips for the Company’s management to meet with prospective investors, including, without limitation, all travel, food and lodging expenses associated with such trips incurred by the Company or such management; and (vii) all other reasonable out of pocket costs and expenses agreed to in writing in advance incident to the performance of the its obligations hereunder which are not otherwise specifically provided for in this Section 3.11. provided that the amount of legal fees of the Representative (together with any fees payable to D. Boral Capital LLC pursuant to the engagement letter between the Company and D. Boral Capital LLC, dated September 24, 2024) to be reimbursed by the Company shall not exceed $38,000 in total and shall be payable as set forth in the funds flow memorandum agreed among the parties. If the Offering is consummated, the Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set forth above (which shall be mutually agreed upon between the Company and the Representative prior to the Closing Date) to be paid by the Company to the Representative and others. If the Offering is not consummated for any reason (other than a breach by the Representative of any of its obligations hereunder), then the Company shall reimburse the Representative for its out-of-pocket accountable expenses actually incurred through such date.
Section 3.12 Application of Net Proceeds. The Company will apply the net proceeds from this Offering received by it in a manner substantially consistent with the application described under the caption “Use of Proceeds” in the Prospectus.
Section 3.13 Delivery of Earnings Statements to Security Holders. The Company will make generally available to its security holders as soon as practicable, but not later than the first day of the sixteenth full calendar month following the Effective Date, an earnings statement (which need not be certified by independent public or independent certified public accountants unless required by the Act or the Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Act) covering a period of at least twelve consecutive months beginning after the Effective Date.
Section 3.14 Notice to FINRA.
3.14.1 Assistance with Business Combination. For a period of sixty (60) days following the date hereof, in the event any person or entity (regardless of any FINRA affiliation or association) is engaged to assist the Company in its search for a Business Combination candidate or to provide any similar Business Combination-related services, the Company will provide the following information (the “Business Combination Information”) to the Representative: (i) complete details of all services and copies of agreements governing such services (which details or agreements may be appropriately redacted to account for privilege or confidentiality concerns); and (ii) justification as to why the person or entity providing the Business Combination-related services should not be considered an “underwriter and related person” with respect to the Company’s initial public offering, as such term is defined in FINRA Rule 5110. The Company also agrees that proper disclosure of such arrangement or potential arrangement will be made in the proxy statement which the Company will file for purposes of soliciting shareholder approval for the Business Combination. Upon the Company’s delivery of the Business Combination Information to the Representative, the Company hereby expressly authorizes the Representative to provide such information directly to FINRA, if required, as a result of representations the Representative has made to FINRA in connection with the Offering.
3.14.2 Broker/Dealer. In the event the Company intends to register as a broker/dealer, merge with or acquire a registered broker/dealer, or otherwise become a member of FINRA, it shall promptly notify the Representative.
Section 3.15 Stabilization. Neither the Company, nor, to its knowledge, any of its employees, officers, directors, or shareholders has taken or will take, directly or indirectly, (without the consent of the Representative) any action designed to or that has constituted or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.
Section 3.16 Internal Controls. From and after the Closing Date, the Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Section 3.17 Accountants. For a period of five years from the Effective Date or until the Termination Date or such earlier time upon which the Trust Account is required to be liquidated, the Company shall retain Adeptus or other independent public accountants reasonably acceptable to the Representative.
Section 3.18 Form 8-Ks. The Company has retained Adeptus to audit the balance sheet of the Company as of the Closing Date (the “Audited Balance Sheet”) reflecting the receipt by the Company of the proceeds of the Offering and the Private Placements. Within four (4) Business Days of the Closing Date, the Company shall file a Current Report on Form 8-K with the Commission, which Report shall contain the Company’s Audited Balance Sheet. If the Over-Allotment Option has not been exercised on the Effective Date (and is exercised subsequent to the Effective Date), the Company will also file an amendment to the Form 8-K, or a new Form 8-K, to provide updated financial information of the Company to reflect the exercise and consummation of the Over-Allotment Option.
Section 3.19 FINRA. Until the Option Closing Date, if any, the Company shall advise the Representative if it is aware that any 10% or greater shareholder of the Company becomes an affiliate or associated person of a Participating Member.
Section 3.20 Corporate Proceedings. All corporate proceedings and other legal matters necessary to carry out the provisions of this Agreement and the transactions contemplated hereby shall have been done to the reasonable satisfaction to counsel for the Underwriters.
Section 3.21 Investment Company. The Company shall cause the proceeds of the Offering to be held in the Trust Account to be invested only as set forth in the Trust Agreement as in effect on the date hereof and disclosed in the Prospectus. The Company will otherwise conduct its business in a manner so that it will not be required to register as an “investment company” under the Investment Company Act. Furthermore, once the Company consummates a Business Combination, it will be engaged in a business other than that of investing, reinvesting, owning, holding, or trading securities.
Section 3.22 Press Releases. The Company agrees that it will not issue press releases or engage in any other publicity, without the Representative’s prior written consent (not to be unreasonably withheld), for a period of twenty-five (25) days after the Closing Date; provided that in no event shall the Company be prohibited from issuing any press release or engaging in any other publicity required by law
Section 3.23 Insurance. The Company will maintain directors’ and officers’ insurance (including, without limitation, insurance covering the Company, its directors and officers for liabilities or losses arising in connection with this Offering, including, without limitation, liabilities or losses arising under the Act, the Exchange Act, the Regulations and any applicable foreign securities laws).
Section 3.24 Electronic Prospectus. The Company shall cause to be prepared and delivered to the Representative, at the Company’s expense, promptly, but in no event later than two (2) Business Days from the effective date of this Agreement, an Electronic Prospectus to be used by the Representative in connection with the Offering. As used herein, the term “Electronic Prospectus” means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Representative, that may be transmitted electronically by the other Underwriters to offerees and purchasers of the Public Securities for at least the period during which a Prospectus relating to the Public Securities is required to be delivered under the Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Representative, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for on-line time). The Company hereby confirms that it has included or will include in the Prospectus filed pursuant to EDGAR or otherwise with the Commission and in the Registration Statement at the Effective Date an undertaking that, upon receipt of a request by an investor or his or her representative within the period when a prospectus relating to the Public Securities is required to be delivered under the Act, the Company shall transmit or cause to be transmitted promptly, without charge, a paper copy of the Prospectus.
Section 3.25 Future Financings. The Company agrees that neither it, nor any successor or subsidiary of the Company, will consummate any public or private equity or debt financing prior to or in connection with the consummation of a Business Combination, unless all investors in such financing expressly waive, in writing, any rights in or claims against the Trust Account.
Section 3.26 Amendment to Agreements. The Company shall not materially amend, modify or otherwise change the Warrant Agreement, the Rights Agreement the Trust Agreement, the Registration Rights Agreement, the Sponsor Private Placement Securities Purchase Agreement, the Investor Private Placement Securities Purchase Agreement, the Services Agreement or the Insider Letter without the prior written consent of the Representative, which consent will not be unreasonably withheld.
Section 3.27 Nasdaq Maintenance. Until the consummation of a Business Combination, the Company will use commercially reasonable efforts to maintain the listing of the Public Securities, Public Shares, Public Warrants and Rights by Nasdaq or any other national stock exchange.
Section 3.28 Proceeds of Private Placements. On the Closing Date, the Company shall cause to be deposited $2,027,747 of proceeds from the Private Placements into the Trust Account, or such other amount such that the amount of the funds in the Trust Account shall be $10.00 per Public Share sold in the Offering.
Section 3.29 Reservation of Shares. The Company will reserve and keep available that maximum number of its authorized but unissued Class A Ordinary Shares which are issuable pursuant to the Public Warrants, the Rights, the Private Placement Warrants and the Private Placement Rights outstanding from time to time.
Section 3.30 Testing-the-Waters Communications. If at any time following the distribution of any written Testing-the-Waters Communication, there occurred or occurs an event or development as a result of which such written Testing-the-Waters Communication included or would include any untrue statement of a material fact or omitted or would omit to state any material fact necessary to make the statements therein in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly (i) notify the Representative so that use of the written Testing-the-Waters Communication may cease until it is amended or supplemented; (ii) amend or supplement, at its own expense, such written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission; and (iii) supply any amendment or supplement to the Representative in such quantities as may be reasonably requested.
Section 3.31 Distributions from Trust Account. The Company agrees that the Trust Agreement shall provide that Odyssey is required to obtain a joint written instruction signed by each of the Company and the Representative with respect to the transfer of the funds held in the Trust Account from the Trust Account, prior to commencing any liquidation of the assets of the Trust Account in connection with the consummation of any Business Combination, and such provision of the Trust Agreement shall not be permitted to be amended without the prior written consent of the Representative.
Article IV
Conditions of Underwriters’ Obligations.
The obligations of the several Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of the Closing Date and the Option Closing Date, if any, to the accuracy of the statements of officers of the Company made pursuant to the provisions hereof and to the performance by the Company of its obligations hereunder and to the following conditions:
Section 4.1 Regulatory Matters.
4.1.1 Effectiveness of Registration Statement. The Effective Date shall be not later than 5:00 p.m., New York time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at the Closing Date and at each Option Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for the purpose shall have been instituted or shall be pending or contemplated by the Commission and any request on the part of the Commission for additional information shall have been complied with.
4.1.2 FINRA Clearance. By the Effective Date, the Representative shall have received a letter of no objections from FINRA as to the terms and arrangements and amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.
4.1.3 No Commission Stop Order. At the Closing Date and at the Option Closing Date, if any, the Commission has not issued any order or threatened to issue any order preventing or suspending the use of any Preliminary Prospectus, the Prospectus, or any part thereof, and has not instituted or, to the Company’s knowledge, threatened to institute any proceedings with respect to such an order.
4.1.4 Nasdaq Listing. The Public Securities, Public Shares, Public Warrants and Rights shall have been approved for listing on Nasdaq, subject to official notice of issuance and evidence of satisfactory distribution.
Section 4.2 Company Counsel Matters.
4.2.1 Opinion of Company Counsel. On each of the Closing Date and the Option Closing Date, if any, the Representative shall have received the favorable opinion (along with a negative assurance letter) of Paul Hastings LLP, counsel to the Company, addressed to the Representative as the representative for the several Underwriters and in form mutually agreed to by the Company and the Representative; provided that the Representative shall have received the favorable opinion (along with a negative assurance letter) of Freshfields US LLP, counsel to the Underwriters, addressed to the Representative as the representative for the several Underwriters and in form mutually agreed to by the Company and the Representative.
4.2.2 Reliance. In rendering such opinion, such counsel may rely: (i) as to matters involving the application of laws other than the laws of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of other counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii) as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdiction having custody of documents respecting the corporate existence or good standing of the Company, provided that copies of any such statements or certificates shall be delivered to the Underwriters’ counsel if requested. The opinion of counsel for the Company and any opinion relied upon by such counsel for the Company shall include a statement to the effect that it may be relied upon by counsel for the Underwriters in its opinion delivered to the Underwriters.
4.2.3 Opinion of Cayman Islands Counsel. On each of the Closing Date and the Option Closing Date, if any, the Underwriters shall have received the favorable opinion of Maples and Calder (Cayman) LLP, counsel to the Company as to the law of the Cayman Islands, addressed to the Representative as the representative for the several Underwriters and in form mutually agreed to by the Company and the Representative.
Section 4.3 Comfort Letter. At the time this Agreement is executed, and at the Closing Date and Option Closing Date, if any, the Representative shall have received a letter, addressed to the Representative as the representative for the several Underwriters and in form and substance satisfactory in all respects (including the non-material nature of the changes or decreases, if any, referred to in Section 4.3.3 below) to the Representative from Adeptus dated, respectively, as of the date of this Agreement and as of the Closing Date and Option Closing Date, if any:
4.3.1 Confirming that they are independent accountants with respect to the Company within the meaning of the Act and the applicable Regulations and that they have not, during the periods covered by the financial statements included in the Registration Statement and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act;
4.3.2 Stating that in their opinion the financial statements of the Company included in the Registration Statement and the Prospectus comply as to form in all material respects with the applicable accounting requirements of the Act and the published Regulations thereunder;
4.3.3 Stating that, on the basis of a limited review which included a reading of the latest available unaudited interim financial statements of the Company (with an indication of the date of the latest available unaudited interim financial statements), a reading of the latest available minutes of the shareholders and board of directors and the various committees of the board of directors, consultations with officers and other employees of the Company responsible for financial and accounting matters and other specified procedures and inquiries, nothing has come to their attention which would lead them to believe that: (a) the unaudited financial statements of the Company included in the Registration Statement, the Statutory Prospectus and the Prospectus do not comply as to form in all material respects with the applicable accounting requirements of the Act and the Regulations or are not fairly presented in conformity with GAAP applied on a basis substantially consistent with that of the audited financial statements of the Company included in the Registration Statement, the Statutory Prospectus and the Prospectus; or (b) at a date immediately prior to the Effective Date, Closing Date or Option Closing Date, if any, as the case may be, there was any change in the capital stock or long-term debt of the Company, or any decrease in the shareholders’ equity of the Company as compared with amounts shown in the December 31, 2024 balance sheet included in the Registration Statement, the Statutory Prospectus and the Prospectus, other than as set forth in or contemplated by the Registration Statement, the Statutory Prospectus and the Prospectus, or, if there was any decrease, setting forth the amount of such decrease, and (c) during the period from December 31, 2024 to a specified date immediately prior to the Effective Date Closing Date or Option Closing Date, if any, as the case may be, there were any changes in revenues, net earnings (losses), or net earnings (losses) per Ordinary Share, in each case as compared with the Statement of Operations for the period from October 18, 2024 (inception) to December 31, 2024 included in the Registration Statement, or, if there was any such change, setting forth the amount of such change;
4.3.4 Stating that they have compared specific dollar amounts, numbers of shares, percentages of revenues and earnings, statements and other financial information pertaining to the Company set forth in the Registration Statement, the Statutory Prospectus and the Prospectus in each case to the extent that such amounts, numbers, percentages, statements and information may be derived from the general accounting records, including work sheets, of the Company and excluding any questions requiring an interpretation by legal counsel, with the results obtained from the application of specified readings, inquiries and other appropriate procedures (which procedures do not constitute an examination in accordance with generally accepted auditing standards) set forth in the letter and found them to be in agreement; and
4.3.5 Statements as to such other matters incident to the transaction contemplated hereby as the Representative may reasonably request.
Section 4.4 Officers’ Certificates.
4.4.1 Officers’ Certificate. As of each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Chairman of the Board, Chief Executive Officer, or Chief Financial Officer (in their capacities as such), to the effect that the Company has performed all covenants and complied with all conditions required by this Agreement to be performed or complied with by the Company prior to and as of the Closing Date or the Option Closing Date, as the case may be, and that the conditions set forth in this Section 4 have been satisfied as of such date and that, as of Closing Date or the Option Closing Date, as the case may be, the representations and warranties of the Company set forth in Section 2 hereof are true and correct. In addition, the Representative will have received such other and further certificates of officers of the Company as the Representative may reasonably request.
4.4.2 Secretary’s Certificate. As of each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Chief Executive Officer or Chief Financial Officer of the Company, certifying: (i) that the Charter Documents are true and complete, have not been modified and are in full force and effect; (ii) that the resolutions relating to the Offering are in full force and effect and have not been modified; (iii) all correspondence between the Company or its counsel and the Commission; (iv) all correspondence between the Company or its counsel and Nasdaq; and (v) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.
Section 4.5 No Material Changes. Prior to each of the Closing Date and the Option Closing Date, if any: (i) there shall have been no material adverse change or development involving a material adverse change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement, the General Disclosure Package, and Prospectus; (ii) no action, suit, or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Respondent before or by any court or foreign, federal, or state commission, board, or other administrative agency wherein an unfavorable decision, ruling, or finding may have a Material Adverse Effect on the business, operations, prospects, or financial condition or income of the Company, except as set forth in the Registration Statement, the General Disclosure Package, and Prospectus; (iii) no stop order shall have been issued under the Act against the Company and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the General Disclosure Package, and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Act and the Regulations and shall conform in all material respects to the requirements of the Act and the Regulations, and none of the Registration Statement, the General Disclosure Package, or the Prospectus, or any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case of the General Disclosure Package and Prospectus, in the light of the circumstances under which they were made), not misleading.
Section 4.6 Delivery of Transaction Documents and Public Securities. On the Effective Date, the Company shall have delivered to the Representative executed copies of the Transaction Documents and shall have delivered the Public Securities.
Section 4.7 Private Placement Securities. On the Closing Date, the Private Placement Securities have been purchased as provided for in the Sponsor Private Placement Securities Purchase Agreement and the Investor Private Placement Securities Purchase Agreement, and the requisite portion of the purchase price for such securities specified in this Agreement shall be deposited into the Trust Account.
Article V
Disclosure, Indemnification and Contribution.
Section 5.1 Indemnification.
5.1.1 Indemnification of the Underwriters. The Company agrees to indemnify, defend and hold harmless each Underwriter, its partners, directors, officers, employees, members and agents, any person who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, and any “affiliate” (within the meaning of Rule 405 under the Act) of any Underwriter, and the successors and assigns of all of the foregoing persons, from and against any and all loss, damage, expense, liability or claim (including the reasonable cost of investigation and the fees and disbursements of counsel chosen by the Representative) whatsoever, as incurred, which, jointly or severally, any Underwriter or any such person may incur insofar as such loss, damage, expense, liability or claim arises out of, relates to or is based on (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or arises out of, relates to or is based on any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as any such loss, damage, expense, liability or claim primarily and directly arises out of, relates to or is based on any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with the Underwriter Information or primarily and directly arises out of, relates to or is based on any omission or alleged omission to state a material fact in the Registration Statement (or any amendment thereto) in connection with the Underwriter Information, which material fact was not contained in the Underwriter Information and which material fact was required to be stated in the Registration Statement or was necessary to make the Underwriter Information not misleading or (ii) any untrue statement or alleged untrue statement of a material fact included in any Written Testing-the-Waters Communication, any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto), in any information provided to investors by, or with the approval of, the Company, including, without limitation, any investor presentations, or in any Blue Sky application or other information or other documents executed by the Company filed in any state or other jurisdiction or Nasdaq to qualify any or all of the Public Securities under the securities laws thereof, or arises out of, relates to or is based on any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto), insofar as any such loss, damage, expense, liability or claim primarily and directly arises out of, relates to or is based on any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with the Underwriter Information or primarily and directly arises out of, relates to or is based on any omission or alleged omission to state a material fact in any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) in connection with the Underwriter Information, which material fact was not contained in the Underwriter Information and which material fact was necessary in order to make the statements in the Underwriter Information, in the light of the circumstances under which they were made, not misleading.
5.1.2 Indemnification of the Company. Each Underwriter, severally and not jointly, agrees to indemnify, defend and hold harmless the Company, its directors and officers, and any person who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any and all loss, damage, expense, liability or claim (including the reasonable cost of investigation) whatsoever, as incurred, which, jointly or severally, the Company or any such person may incur insofar as such loss, damage, expense, liability or claim primarily and directly arises out of, relates to or is based on (i) any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with the Underwriter Information concerning such Underwriter furnished in writing by such Underwriter to the Representative for delivery to the Company expressly for use in, the Registration Statement (or any amendment thereto), or primarily and directly arises out of, relates to or is based on any omission or alleged omission to state a material fact in the Registration Statement (or any amendment thereto) in connection with such Underwriter Information, which material fact was not contained in such Underwriter Information and which material fact was required to be stated in the Registration Statement (or any amendment thereto) or was necessary to make such information not misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with Underwriter Information concerning such Underwriter furnished in writing by such Underwriter to the Representative for delivery to the Company expressly for use in, any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto), or primarily and directly arises out of, relates to or is based on any omission or alleged omission to state a material fact in any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) in connection with such Underwriter Information, which material fact was not contained in such Underwriter Information and which material fact was necessary in order to make the statements in such Underwriter Information, in the light of the circumstances under which they were made, not misleading.
5.1.3 Procedure. If any action, suit or proceeding (each, a “Proceeding”) is brought against a person (an “indemnified party”) in respect of which indemnity may be sought against any party required to provide indemnification under this Agreement (as applicable, the “indemnifying party”) such indemnified party shall promptly notify such indemnifying party in writing of the institution of such Proceeding; provided, however, that the omission or failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability which such indemnifying party may have to any indemnified party hereunder to the extent such indemnifying party is not materially prejudiced as a result thereof and in any event shall not relieve such indemnifying party from any liability which it may have otherwise than under this Section 5. In the case of parties indemnified pursuant to Section 5.1.1 counsel to the indemnified parties shall be selected by the Representative, and, in the case of parties indemnified pursuant to Section 5.1.2, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall any indemnifying party be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding or Proceedings. The indemnifying party shall not be liable for any settlement of any Proceeding effected without its written consent but, if settled with its written consent, such indemnifying party agrees to indemnify and hold harmless the indemnified party or parties from and against any and all loss, damage, expense, liability or claim by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have fully reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 days’ prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which such indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act by or on behalf of such indemnified party. The Company agrees promptly to notify the Underwriters of the commencement of any Proceeding against it and against any of the Company’s directors or officers in connection with the sale and delivery of the Public Securities or with the Registration Statement, any Preliminary Prospectus or the Prospectus.
Section 5.2 Contribution. If the indemnification provided for in Section 5.1 is unavailable to an indemnified party under the applicable subsections above or insufficient to hold an indemnified party harmless in respect of any and all losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the offering of the Public Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same respective proportions as the total proceeds from the offering of the Public Securities (net of underwriting discounts (as set forth in Sections 1.1.1 and 1.2.1 above) received by the Underwriters but before deducting expenses) received by the Company and the underwriting discounts (as set forth in Sections 1.1.1 and 1.2.1 above) received by the Underwriters bear to the aggregate initial public offering price of the Public Securities. The relative fault of the Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding. For purposes of this Section 5.2 each person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and each of the Underwriter’s partners, directors, officers, employees, members, agents and affiliates shall have the same rights to contribution as such Underwriter; and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company. Each of the Company and the Underwriters agrees that it would not be just and equitable if contribution pursuant to this Section 5.2 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 5.2. Notwithstanding the provisions of this Section 5.2, no Underwriter shall be required to contribute any amount in excess of the total underwriting discounts (as set forth in Sections 1.1.1 and 1.2.1 above) received by such Underwriter in connection with Public Securities underwritten by it for sale to the public. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute pursuant to this Section 5.2 are several in proportion to their respective underwriting commitments and not joint.
Article VI
Default by an Underwriter.
Section 6.1 Default Not Exceeding 10% of Firm Units. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Units and if the number of the Firm Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Units that all Underwriters have agreed to purchase hereunder, then such Firm Units to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.
Section 6.2 Default Exceeding 10% of Firm Units. In the event that the default addressed in Section 7.1 above relates to more than 10% of the Firm Units, the Representative may, in its discretion, arrange for it or for another party or parties to purchase such Firm Units to which such default relates on the terms contained herein. If within one (1) Business Day after such default relating to more than 10% of the Firm Units the Representative does not arrange for the purchase of such Firm Units, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Units on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Units to which a default relates as provided in this Section 7, this Agreement may be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.11, 5 and 10.3 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.
Section 6.3 Postponement of Closing Date. In the event that the Firm Units to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement and/or the Prospectus, as the case may be, or in any other documents and arrangements, and the Company agrees to file promptly any amendment to, or to supplement, the Registration Statement and/or the Prospectus, as the case may be, that in the reasonable opinion of counsel for the Underwriters may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any party substituted under this Section 7 with like effect as if it had originally been a party to this Agreement with respect to such securities.
Article VII
.Additional Covenants.
Section 7.1 Additional Shares or Options. Except as described in the Registration Statement, the Company hereby agrees that until the Company consummates a Business Combination, it shall not issue any Class A Ordinary Shares or any options or other securities convertible into the Class A Ordinary Shares or any preference shares which participate in any manner in the Trust Account or which vote on a Business Combination or any amendment to the Company’s amended and restated memorandum and articles of association that would affect the rights granted to Public Shareholders.
Section 7.2 Trust Account Waiver Acknowledgments. The Company hereby agrees that, prior to commencing its due diligence investigation of any Target Business or obtaining the services of any vendor, it will use its best efforts to have such Target Business or vendor acknowledge in writing, whether through a letter of intent, memorandum of understanding, agreement in principle, or other similar document (and subsequently acknowledge the same in any definitive document replacing any of the foregoing), that (a) it has read the Prospectus, and understands that the Company has established the Trust Account, initially in an amount of $152,170,000 for the benefit of the Public Shareholders and that the funds held in the Trust Account will not be released from the Trust Account until the earliest of: (1) the completion of the Company’s Business Combination; (2) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to provide for the redemption of the Public Shares in connection with the Business Combination or to redeem 100% of the Public Shares if the Company has not consummated the Business Combination within the time period designated in its amended and restated memorandum and articles of association or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity; and (3) the redemption of all of the Public Shares if the Company is unable to complete the Business Combination within the time period designated in its amended and restated memorandum and articles of association, subject to applicable law, and (b) for and in consideration of the Company (1) agreeing to evaluate such Target Business for purposes of consummating a Business Combination with it or (2) agreeing to engage the services of the vendor, as the case may be, such Target Business or vendor agrees that it does not have any right, title, interest or claim of any kind in or to any monies of the Trust Account (“Claim”) and waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The foregoing letters shall substantially be in the form attached hereto as Exhibits A and B, respectively.
Section 7.3 Insider Letter. The Company shall not take any action or omit to take any action which would cause a breach of the Insider Letter and will not allow any amendments to, or waivers of, such Insider Letter without the prior written consent of the Representative.
Section 7.4 Tender Offer. Proxy, and Other Information. The Company shall provide the Representative or their counsel (if so instructed by the Representative) with copies of all tender offer documents or proxy information and all related material filed with the Commission in connection with a Business Combination concurrently with such filing with the Commission. Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been provided to the Representative pursuant to this Section.
Section 7.5 Rule 419. The Company agrees that it will use its best efforts to prevent the Company from becoming subject to Rule 419 under the Act prior to the consummation of any Business Combination, including, but not limited to, using its best efforts to prevent any of the Company’s outstanding securities from being deemed to be a “penny stock” as defined in Rule 3a-51-1 under the Exchange Act during such period.
Section 7.6 Target Fair Market Value. The Company agrees that the Target Business that it acquires must have a fair market value equal to at least 80% of the balance in the Trust Account (excluding any taxes payable) at the time of signing the definitive agreement for the Business Combination with such Target Business. The fair market value of such business must be determined by the Board of Directors of the Company based upon standards generally accepted by the financial community, such as actual and potential sales, earnings, cash flow and book value. If the Board of Directors of the Company is not able to independently determine that the target business meets such fair market value requirement, the Company will obtain an opinion from an unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, with respect to the fair market value of the Target Business. The Company is not required to obtain such an opinion as to the fair market value if the Company’s Board of Directors independently determines that the Target Business does have sufficient fair market value.
Article VIII
Representations and Agreements to Survive Delivery
Section 8.1 Except as the context otherwise requires, all representations, warranties, and agreements contained in this Agreement shall be deemed to be representations, warranties, and agreements at the Closing Date or Option Closing Date, as applicable, and such representations, warranties, and agreements of the Underwriters and Company, including the indemnity agreements contained in Section 5 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any Underwriter, the Company or any controlling person, and shall survive termination of this Agreement or the issuance and delivery of the Public Securities to the several Underwriters until the earlier of the expiration of any applicable statute of limitations and the seventh (7th) anniversary of the Closing Date, at which time the representations, warranties and agreements shall terminate and be of no further force and effect.
Article IX
Effective Date of This Agreement and Termination Thereof.
Section 9.1 Effective Date. This Agreement shall become effective on the Effective Date at the time the Registration Statement is declared effective by the Commission.
Section 9.2 Termination. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date: (i) if any domestic or international event or act or occurrence has materially disrupted or, in the Representative’s sole opinion, will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the NYSE, the NYSE American LLC, the Nasdaq Global Market, the Nasdaq Stock Market or the OTC Bulletin Board (or successor trading market) shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been fixed, or maximum ranges for prices for securities shall have been required on the OTC Bulletin Board or by order of the Commission or any other government authority having jurisdiction, or (iii) if the United States shall have become involved in a war or an increase in existing major hostilities, or (iv) if a banking moratorium has been declared by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities market, or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity (including, without limitation, a calamity relating to a public health matter or natural disaster) or malicious act which, whether or not such loss shall have been insured, will, in the Representative’s sole opinion, make it inadvisable to proceed with the delivery of the Public Securities, (vii) if any of the Company’s representations, warranties or covenants hereunder are materially breached, or (viii) if the Representative shall have become aware after the date hereof of a Material Adverse Effect on the Company, or such adverse material change in general market conditions, including, without limitation, as a result of terrorist activities after the date hereof, as in the Representative’s sole judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts made by the Representative for the sale of the Public Securities.
Section 9.3 Expenses. In the event that the Offering is not consummated for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, (i) the obligations of the Company to pay the out-of-pocket expenses related to the transactions contemplated herein shall be governed by Section 3.11 hereof and (ii) the Company shall reimburse the Representative for any costs and expenses incurred in connection with enforcing any provisions of this Agreement.
Section 9.4 Indemnification. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall not be in any way effected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.
Article X
Miscellaneous.
Section 10.1 Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed by certified mail (with return receipt), delivered by hand or reputable overnight courier, delivered by facsimile transmission (with printed confirmation of receipt) and confirmed, or by electronic transmission via PDF and shall be deemed given when so mailed, delivered, faxed, or transmitted (or if mailed, five days after such mailing):
If to the Representative, to:
D. Boral Capital LLC
590 Madison Avenue
39th Floor
New York, New York 10022
Attn: Syndicate Department
Email: dbccapitalmarkets@dboralcapital.com
With a copy (which shall not constitute notice) to:
Freshfields US LLP
3 World Trade Center
175 Greenwich Street
New York, NY
Attn: Christopher J. DeCresce, Esq.
Email: christopher.decresce@freshfields.com
If to the Company, to:
Globa Terra Acquisition Corporation
Homero 109, Despacho 1602, Polanco
Ciudad de Mexico, Mexico, 11560
Attn: Agustin Tristan
Email: agustin.tristan@globaterra.com
With a copy (which shall not constitute notice) to:
Paul Hastings LLP
200 Park Avenue
New York, New York 10166
Attn: Gil Savir, Esq.
Email: gilsavir@paulhastings.com
Section 10.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.
Section 10.3 Amendment. This Agreement may only be amended by a written instrument executed by each of the parties hereto.
Section 10.4 Entire Agreement. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersede all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.
Section 10.5 Binding Effect. This Agreement shall inure solely to the benefit of and shall be binding upon the Underwriters and the Company and the controlling persons, partners, directors, officers, employees, members, agents and affiliates referred to in Section 5 hereof, and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained.
Section 10.6 Governing Law, Venue, etc. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to the conflict of laws principles thereof. Each of the Company and the Representative hereby agrees that any action, proceeding, or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York, New York County under the accelerated adjudication procedures of the Commercial Division, or in the United States District Court for the Southern District of New York, as applicable, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and the Representative hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon any of the Company or the Representative, respectively, may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 10.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company or the Representative, respectively, in any action, proceeding, or claim. Each of the Company and the Representative agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.
Section 10.7 Execution in Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. The words “execution,” signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement or the other Transaction Documents shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf’, “tif’ or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.
Section 10.8 Waiver, etc. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.
Section 10.9 No Fiduciary Relationship. The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the offering of the Public Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm’s length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Public Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Public Securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.
[Signature Page Follows]
If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon this instrument shall constitute a binding agreement between us.
|
Very Truly Yours, |
||
| By: | ||
|
Name: Title: |
||
Agreed to and accepted
as of the date first written above:
|
D. BORAL CAPITAL, LLC |
||
| By: | ||
|
Name: Title: |
||
Schedule A
GLOBA TERRA ACQUISITION CORPORATION
15,217,000 Firm Units
| Underwriters | Number of Firm Units to be Purchased | |||
| D. Boral Capital LLC | [●] | |||
| [●] | [●] | |||
| TOTAL | 15,217,000 | |||
Schedule B
Pricing Disclosure Package
| Number of Firm Units: | 15,217,000 | |||
| Number of Option Units: | 2,282,550 | |||
| Public Offering Price per Firm Unit: | $ | 10.00 | ||
| Public Offering Price per Option Unit: | $ | 10.00 | ||
| Underwriting Discount per Firm Unit: | $ | 0.05 | ||
| Underwriting Discount per Option Unit: | $ | 0.00 | ||
| Proceeds to Company per Firm Unit (before expenses) | $ | 9.95 | ||
| Proceeds to Company per Option Unit (before expenses): | $ | 10.00 |
Schedule C
None
Exhibit A
Form of Target Business Letter
Globa Terra Acquisition Corporation
Homero 109, Despacho 1602, Polanco
Ciudad de Mexico, Mexico, 11560
Ladies and Gentlemen:
Reference is made to the Final Prospectus of Globa Terra Acquisition Corporation (“Company”), dated [●], 2025 (the “Prospectus”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus.
We have read the Prospectus and understand that the Company has established the Trust Account, initially in an amount of at least $152,170,000, for the benefit of the Public Shareholders, and that the funds held in the Trust Account will not be released from the Trust Account until the earliest of: (1) the completion of the Company’s Business Combination; (2) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to provide for the redemption of the Public Shares in connection with the Business Combination or to redeem 100% of the Public Shares if the Company has not consummated the Business Combination within the time period designated in its amended and restated memorandum and articles of association or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity; and (3) the redemption of all of the Public Shares if the Company is unable to complete the Business Combination within the time period designated in its amended and restated memorandum and articles of association, subject to applicable law.
For and in consideration of the Company agreeing to evaluate the undersigned for purposes of consummating a Business Combination with it, the undersigned hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (each, a “Claim”) and hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever.
| Print Name of Target Business | |
| Authorized Signature of Target Business |
Exhibit B
Form of Vendor Letter
Globa Terra Acquisition Corporation
Homero 109, Despacho 1602, Polanco
Ciudad de Mexico, Mexico, 11560
Ladies and Gentlemen:
Reference is made to the Final Prospectus of Globa Terra Acquisition Corporation (“Company”), dated [●], 2025 (the “Prospectus”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus.
We have read the Prospectus and understand that the Company has established the Trust Account, initially in an amount of at least $152,170,000, for the benefit of the Public Shareholders, and that the funds held in the Trust Account will not be released from the Trust Account until the earliest of: (1) the completion of the Company’s Business Combination; (2) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to provide for the redemption of the Public Shares in connection with the Business Combination or to redeem 100% of the Public Shares if the Company has not consummated the Business Combination within the time period designated in its amended and restated memorandum and articles of association or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity; and (3) the redemption of all of the Public Shares if the Company is unable to complete the Business Combination within the time period designated in its amended and restated memorandum and articles of association, subject to applicable law.
For and in consideration of the Company agreeing to use the services of the undersigned, the undersigned hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (each, a “Claim”) and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against the Trust Account for any reason whatsoever.
| Print Name of Vendor | |
| Authorized Signature of Vendor |
45
|
1.
|
The name of the Company is Globa Terra Acquisition Corporation.
|
|
2.
|
The Registered Office of the Company shall be at the offices of Maples Corporate Services
Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide.
|
|
3.
|
The objects for which the Company is established are unrestricted and the Company shall have
full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.
|
|
4.
|
The liability of each Member is limited to the amount unpaid on such Member’s shares.
|
|
5.
|
The share capital of the Company is US$22,100 divided into 200,000,000 Class A ordinary shares
of a par value of US$0.0001 each, 20,000,000 Class B ordinary shares of a par value of US$0.0001 each and 1,000,000 preference shares of a par value of US$0.0001 each.
|
|
6.
|
The Company has power to register by way of continuation as a body corporate limited by shares
under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.
|
|
7.
|
Capitalised terms that are not defined in this Amended and Restated Memorandum of Association
bear the respective meanings given to them in the Amended and Restated Articles of Association of the Company.
|
|
1
|
Interpretation
|
|
1.1
|
In the Articles Table A in the First Schedule to the Statute does not apply and, unless there is
something in the subject or context inconsistent therewith:
|
|
“Affiliate”
|
in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood,
marriage or adoption or anyone residing in such person’s home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case
of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity.
|
|
“Applicable Law”
|
means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or
orders of any governmental authority applicable to such person.
|
|
“Articles”
|
means these amended and restated articles of association of the Company.
|
|
“Audit Committee”
|
means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
|
|
“Auditor”
|
means the person for the time being performing the duties of auditor of the Company (if any).
|
|
“Business Combination”
|
means a merger, amalgamation, share exchange, asset acquisition, share
purchase, reorganization or similar business combination involving the Company, with one or more businesses or entities (the “target business”), which Business Combination: (a) as long as the securities of the Company are listed on The NASDAQ Global Market, must occur with one or
more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding any deferred underwriting commissions and taxes payable on the interest earned on the Trust
Account) at the time of the signing of the definitive agreement to enter into such Business Combination; and (b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations.
|
|
“business day”
|
means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to
close in New York City.
|
|
“Clearing House”
|
means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange
or interdealer quotation system in such jurisdiction.
|
|
“Class A Share”
|
means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company.
|
|
“Class B Share”
|
means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company.
|
|
“Company”
|
means the above named company.
|
|
“Company’s Website”
|
means the website of the Company and/or its web-address or domain name (if any).
|
|
“Compensation
Committee”
|
means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
|
|
“Designated Stock
Exchange”
|
means any United States national securities exchange on which the securities of the Company are listed for trading, including The NASDAQ Global Market.
|
|
“Directors”
|
means the directors for the time being of the Company.
|
|
“Dividend”
|
means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles.
|
|
“Electronic
Communication”
|
means a communication sent by electronic means, including electronic posting to the Company’s Website, transmission to any number, address or internet website
(including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors.
|
|
“Electronic Record”
|
has the same meaning as in the Electronic Transactions Act.
|
|
“Electronic Transactions
Act”
|
means the Electronic Transactions Act (As Revised) of the Cayman Islands.
|
|
“Equity-linked Securities”
|
means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a
Business Combination, including but not limited to a private placement of equity or debt.
|
|
“Exchange Act”
|
means the United States Securities Exchange Act of 1934, as amended, or any similar United States federal statute and the rules and regulations of the Securities
and Exchange Commission thereunder, all as the same shall be in effect at the time.
|
|
“Founders”
|
means all Members immediately prior to the consummation of the IPO.
|
|
“Independent Director”
|
has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be.
|
|
“IPO”
|
means the Company’s initial public offering of securities.
|
|
“Member”
|
has the same meaning as in the Statute.
|
|
“Memorandum”
|
means the amended and restated memorandum of association of the Company.
|
|
“Nominating and
Corporate Governance
Committee”
|
means the nominating and corporate governance committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
|
|
“Officer”
|
means a person appointed to hold an office in the Company.
|
|
“Ordinary Resolution”
|
means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general
meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles.
|
|
“Over-Allotment Option”
|
means the option of the Underwriters to purchase up to an additional 15% of the firm units (as described in the Articles) issued in the IPO at a price equal to
US$10 per unit, less underwriting discounts and commissions.
|
|
“Preference Share”
|
means a preference share of a par value of US$0.0001 in the share capital of the Company.
|
|
“Public Share”
|
means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO.
|
|
“Redemption Notice”
|
means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any
conditions contained therein.
|
|
“Register of Members”
|
means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members.
|
|
“Registered Office”
|
means the registered office for the time being of the Company.
|
|
“Representative”
|
means a representative of the Underwriters.
|
|
“Seal”
|
means the common seal of the Company and includes every duplicate seal.
|
|
“Securities and Exchange
Commission”
|
means the United States Securities and Exchange Commission.
|
|
“Share”
|
means a Class A Share, a Class B Share or a Preference Share and includes any class or series, and a fraction, of a share in the Company.
|
|
“Special Resolution”
|
subject to Article 29.4, has the same meaning as in the Statute, and includes a unanimous written resolution.
|
|
“Sponsor”
|
means Globa Terra Management LLC, a Cayman Islands limited liability company, and its successors or assigns.
|
|
“Statute”
|
means the Companies Act (As Revised) of the Cayman Islands.
|
|
“Tax Filing Authorised
Person”
|
means such person as any Director shall designate from time to time, acting severally.
|
|
“Treasury Share”
|
means a Share held in the name of the Company as a treasury share in accordance with the Statute.
|
|
“Trust Account”
|
means the trust account established by the Company upon the consummation of the IPO and into which a certain amount of the net proceeds of the IPO, together with
a certain amount of the proceeds of a private placement of securities simultaneously with the closing date of the IPO or otherwise, will be deposited.
|
|
“Underwriter”
|
means an underwriter of the IPO from time to time and any successor underwriter.
|
|
1.2
|
In the Articles:
|
|
|
(a)
|
words importing the singular number include the plural number and vice versa;
|
|
(b)
|
words importing the masculine gender include the feminine gender;
|
|
(c)
|
words importing persons include corporations as well as any other legal or natural person;
|
|
(d)
|
“written” and “in writing” include all modes of representing or reproducing words in visible
form, including in the form of an Electronic Record;
|
|
(e)
|
“shall” shall be construed as imperative and “may” shall be construed as permissive;
|
|
(f)
|
references to provisions of any law or regulation shall be construed as references to those
provisions as amended, modified, re-enacted or replaced;
|
|
(g)
|
any phrase introduced by the terms “including”, “include”, “in particular” or any similar
expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;
|
|
(h)
|
the term “and/or” is used to mean both “and” as well as “or.” The use of “and/or” in certain
contexts in no respects qualifies or modifies the use of the terms “and” or “or” in others. The term “or” shall not be interpreted to be exclusive and the term “and” shall not be interpreted to require the conjunctive (in each case,
unless the context otherwise requires);
|
|
(i)
|
headings are inserted for reference only and shall be ignored in construing the Articles;
|
|
(j)
|
any requirements as to delivery under the Articles include delivery in the form of an Electronic
Record;
|
|
(k)
|
any requirements as to execution or signature under the Articles including the execution of the
Articles themselves can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act;
|
|
(l)
|
sections 8 and 19(3) of the Electronic Transactions Act shall not apply;
|
|
(m)
|
the term “clear days” in relation to the period of a notice means that period excluding the day
when the notice is received or deemed to be received and the day for which it is given or on which it is to take effect; and
|
|
(n)
|
the term “holder” in relation to a Share means a person whose name is entered in the Register of
Members as the holder of such Share.
|
|
2
|
Commencement of Business
|
|
2.1
|
The business of the Company may be commenced as soon after incorporation of the Company as the
Directors shall see fit.
|
|
2.2
|
The Directors may pay, out of the capital or any other monies of the Company, all expenses
incurred in or about the formation and establishment of the Company, including the expenses of registration.
|
|
3
|
Issue of Shares and other Securities
|
|
3.1
|
Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by
the Company in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable
Law, and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares in separate classes and/or series (including fractions of a Share) with or
without preferred, deferred or other rights or restrictions, whether in regard to Dividends or other distributions, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think
proper, and may also (subject to the Statute and the Articles) vary such rights, save that the Directors shall not allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) to the extent that
it may affect the ability of the Company to carry out a Class B Ordinary Share Conversion set out in the Articles.
|
|
3.2
|
The Company may issue rights, options, warrants or convertible securities or securities of
similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class or series of Shares or other securities in the Company on such terms as the Directors may from time to time determine.
|
|
3.3
|
The Company may issue units of securities in the Company, which may be comprised of whole or
fractional Shares, rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class or series of Shares or other
securities in the Company, upon such terms as the Directors may from time to time determine. The securities comprising any such units which are issued pursuant to the IPO can only be traded separately from one another on the 52nd
day following the date of the prospectus relating to the IPO unless the Representative(s) determines that an earlier date is acceptable, subject to the Company having filed a current report on Form 8-K with the Securities and
Exchange Commission and a press release announcing when such separate trading will begin. Prior to such date, the units can be traded, but the securities comprising such units cannot be traded separately from one another.
|
|
3.4
|
The Company shall not issue Shares to bearer.
|
|
3.5
|
On or before the allotment of any Share, the Directors shall resolve the class and/or series to
which such Share shall be classified and may, prior to the issue of any Share, reclassify such Share. Each class and/or series shall be specifically identified. Subject to the Statute and the Articles, the Directors may at any time
re-name any Share.
|
|
4
|
Register of Members
|
|
4.1
|
The Company shall maintain or cause to be maintained the Register of Members in accordance with
the Statute.
|
|
4.2
|
The Directors may determine that the Company shall maintain one or more branch registers of
Members in accordance with the Statute. The Directors may also determine which register of Members shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination
from time to time.
|
|
5
|
Closing Register of Members or Fixing Record Date
|
|
5.1
|
For the purpose of determining Members entitled to notice of, or to vote at any meeting of
Members or any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose, the Directors may, after notice has been given
by advertisement in an appointed newspaper or any other newspaper or by any other means in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent
regulatory authority or otherwise under Applicable Law, provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed forty days.
|
|
5.2
|
In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or
arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive
payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose.
|
|
5.3
|
If the Register of Members is not so closed and no record date is fixed for the determination of
Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution, the date on which notice of the meeting is sent or the date on which the resolution of
the Directors resolving to pay such Dividend or other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members
has been made as provided in this Article, such determination shall apply to any adjournment thereof.
|
|
6
|
Certificates for Shares
|
|
6.1
|
A Member shall only be entitled to a share certificate if the Directors resolve that share
certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates shall be signed by one or more Directors or other person authorised by the
Directors. The Directors may authorise certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise identified and shall specify
the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject to the Articles, no new certificate shall be issued until the former certificate representing a like number of
relevant Shares shall have been surrendered and cancelled.
|
|
6.2
|
The Company shall not be bound to issue more than one certificate for Shares held jointly by
more than one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them.
|
|
6.3
|
If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms
(if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of
the old certificate.
|
|
6.4
|
Every share certificate sent in accordance with the Articles will be sent at the risk of the
Member or other person entitled to the certificate. The Company will not be responsible for any share certificate lost or delayed in the course of delivery.
|
|
6.5
|
Share certificates shall be issued within the relevant time limit as prescribed by the Statute,
if applicable, or as the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law may from time to time
determine, whichever is shorter, after the allotment or, except in the case of a Share transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgement of a Share transfer with
the Company.
|
|
7
|
Transfer of Shares
|
|
7.1
|
Subject to the terms of the Articles, any Member may transfer all or any of their Shares by an
instrument of transfer provided that such transfer complies with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under
Applicable Law. If the Shares in question were issued in conjunction with rights, options, warrants or units issued pursuant to the Articles on terms that one cannot be transferred without the other, the Directors shall refuse to
register the transfer of any such Share without evidence satisfactory to them of the like transfer of such right, option, warrant or unit.
|
|
7.2
|
The instrument of transfer of any Share shall be in writing in the usual or common form or in a
form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law or in any other form approved by
the Directors and shall be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee) and may be under hand or, if the transferor or transferee is a Clearing House or its
nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Directors may approve from time to time. The transferor shall be deemed to remain the holder of a Share until the name of the
transferee is entered in the Register of Members.
|
|
8
|
Redemption, Repurchase and Surrender of Shares
|
|
8.1
|
Subject to the provisions of the Statute, and, where applicable, the rules and regulations of
the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may issue Shares that are to be redeemed or are liable to be
redeemed at the option of the Member or the Company. The redemption of such Shares, except Public Shares, shall be effected in such manner and upon such other terms as the Company may, by Special Resolution, determine before the
issue of such Shares. With respect to redeeming or repurchasing the Shares:
|
|
(a)
|
Members who hold Public Shares are entitled to request the redemption of such Shares in the
circumstances described in the Business Combination Article hereof;
|
|
(b)
|
Class B Shares held by the Sponsor shall be surrendered by the Sponsor for no consideration to
the extent that the Over-Allotment Option is not exercised in full so that the Sponsor will own 25% of the Company’s issued Shares after the IPO (exclusive of any securities purchased in a private placement simultaneously with the
IPO); and
|
|
(c)
|
Public Shares shall be repurchased by way of tender offer in the circumstances set out in the
Business Combination Article hereof.
|
|
8.2
|
Subject to the provisions of the Statute, and, where applicable, the rules and regulations of
the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may purchase its own Shares (including any redeemable Shares) in
such manner and on such other terms as the Directors may agree with the relevant Member. For the avoidance of doubt, redemptions, repurchases and surrenders of Shares in the circumstances described in the Article above shall not
require further approval of the Members.
|
|
8.3
|
The Company may make a payment in respect of the redemption or purchase of its own Shares in any
manner permitted by the Statute, including out of capital.
|
|
8.4
|
The Directors may accept the surrender for no consideration of any fully paid Share.
|
|
9
|
Treasury Shares
|
|
9.1
|
The Directors may, prior to the purchase, redemption or surrender of any Share, determine that
such Share shall be held as a Treasury Share.
|
|
9.2
|
The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such
terms as they think proper (including, without limitation, for nil consideration).
|
|
10
|
Variation of Rights of Shares
|
|
10.1
|
Subject to Article 3.1, if at any time the share capital of the Company is divided into
different classes or series of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not the Company is being wound up, be varied without
the consent of the holders of the issued Shares of that class where such variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the
consent in writing of the holders of not less than two‑thirds of the issued Shares of that class (other than with respect to a waiver of the provisions of the Class B Ordinary Share Conversion Article hereof, which as stated therein
shall only require the consent in writing of the holders of a majority of the issued Shares of that class), or with the approval of a resolution passed by a majority of not less than two-thirds of the votes cast at a separate
meeting of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders of
Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall apply mutatis mutandis,
except that the necessary quorum shall be one person holding or representing by proxy at least one-third of the issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll.
|
|
10.2
|
For the purposes of a separate class meeting, the Directors may treat two or more or all the
classes or series of Shares as forming one class or series of Shares if the Directors consider that such class or series of Shares would be affected in the same way by the proposals under consideration, but in any other case shall
treat them as separate classes or series of Shares.
|
|
10.3
|
The rights conferred upon the holders of the Shares of any class issued with preferred or other
rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by: (i) the creation or issue of further Shares ranking pari passu therewith or Shares issued with
preferred or other rights; (ii) where the constitutional documents of the Company are amended or new constitutional documents of the Company are adopted, in each case, as a result of the Company undertaking a transfer; or (iii) the
conversion of any Class B Shares pursuant to the Class B Ordinary Share Conversion Article.
|
|
11
|
Commission on Sale of Shares
|
|
12
|
Non Recognition of Trusts
|
|
13
|
Lien on Shares
|
|
13.1
|
The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)
registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether presently payable or not) by such Member or their estate, either alone or jointly
with any other person, whether a Member or not, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a transfer of any such Share shall operate
as a waiver of the Company’s lien thereon. The Company’s lien on a Share shall also extend to any amount payable in respect of that Share.
|
|
13.2
|
The Company may sell, in such manner as the Directors think fit, any Shares on which the Company
has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within 14 clear days after notice has been received or deemed to have been received by the holder of the Shares, or to the person
entitled to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold.
|
|
13.3
|
To give effect to any such sale the Directors may authorise any person to execute an instrument
of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or their nominee shall be registered as the holder of the Shares comprised in any such transfer, and they shall not be bound to
see to the application of the purchase money, nor shall their title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of the Company’s power of sale under the Articles.
|
|
13.4
|
The net proceeds of such sale after payment of costs, shall be applied in payment of such part
of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the
Shares at the date of the sale.
|
|
14
|
Call on Shares
|
|
14.1
|
Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon
the Members in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving at least 14 clear days’ notice specifying the time or times of payment) pay to the
Company at the time or times so specified the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be required to be paid by instalments. A person upon whom
a call is made shall remain liable for calls made upon them notwithstanding the subsequent transfer of the Shares in respect of which the call was made.
|
|
14.2
|
A call shall be deemed to have been made at the time when the resolution of the Directors
authorising such call was passed.
|
|
14.3
|
The joint holders of a Share shall be jointly and severally liable to pay all calls in respect
thereof.
|
|
14.4
|
If a call remains unpaid after it has become due and payable, the person from whom it is due
shall pay interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and in addition all expenses that have been incurred by the Company by reason of such
non-payment), but the Directors may waive payment of the interest or expenses wholly or in part.
|
|
14.5
|
An amount payable in respect of a Share on issue or allotment or at any fixed date, whether on
account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles shall apply as if that amount had become due and payable by virtue of a call.
|
|
14.6
|
The Directors may issue Shares with different terms as to the amount and times of payment of
calls, or the interest to be paid.
|
|
14.7
|
The Directors may, if they think fit, receive an amount from any Member willing to advance all
or any part of the monies uncalled and unpaid upon any Shares held by that Member, and may (until the amount would otherwise become payable) pay interest at such rate as may be agreed upon between the Directors and the Member paying
such amount in advance.
|
|
14.8
|
No such amount paid in advance of calls shall entitle the Member paying such amount to any
portion of a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but for such payment, become payable.
|
|
15
|
Forfeiture of Shares
|
|
15.1
|
If a call or instalment of a call remains unpaid after it has become due and payable the
Directors may give to the person from whom it is due not less than 14 clear days’ notice requiring payment of the amount unpaid together with any interest which may have accrued and any expenses incurred by the Company by reason of
such non-payment. The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will be liable to be forfeited.
|
|
15.2
|
If the notice is not complied with, any Share in respect of which it was given may, before the
payment required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited Share and not paid
before the forfeiture.
|
|
15.3
|
A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be
transferred to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person.
|
|
15.4
|
A person any of whose Shares have been forfeited shall cease to be a Member in respect of them
and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies which at the date of forfeiture were payable by that person to the Company in
respect of those Shares together with interest at such rate as the Directors may determine, but that person’s liability shall cease if and when the Company shall have received payment in full of all monies due and payable by them in
respect of those Shares.
|
|
15.5
|
A certificate in writing under the hand of one Director or Officer that a Share has been
forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer)
constitute a good title to the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money, if any, nor shall their title to the Share be affected by any
irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the Share.
|
|
15.6
|
The provisions of the Articles as to forfeiture shall apply in the case of non payment of any
sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified.
|
|
16
|
Transmission of Shares
|
|
16.1
|
If a Member dies, the survivor or survivors (where they were a joint holder), or their legal
personal representatives (where they were a sole holder), shall be the only persons recognised by the Company as having any title to the deceased Member’s Shares. The estate of a deceased Member is not thereby released from any
liability in respect of any Share, for which the Member was a joint or sole holder.
|
|
16.2
|
Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation
or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by that person to the Company, either to become the
holder of such Share or to have some person nominated by them registered as the holder of such Share. If they elect to have another person registered as the holder of such Share they shall sign an instrument of transfer of that
Share to that person. The Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before their death or bankruptcy
or liquidation or dissolution, as the case may be.
|
|
16.3
|
A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or
dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages to which they would be entitled if they were the holder of such Share. However, they
shall not, before becoming a Member in respect of a Share, be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors may at any time give notice
requiring any such person to elect either to be registered or to have some person nominated by them registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend
registration as they would have had in the case of a transfer of the Share by the relevant Member before their death or bankruptcy or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice
is not complied with within 90 days of being received or deemed to be received (as determined pursuant to the Articles), the Directors may thereafter withhold payment of all Dividends, other distributions, bonuses or other monies
payable in respect of the Share until the requirements of the notice have been complied with.
|
|
17
|
Class B Ordinary Share Conversion
|
|
17.1
|
The rights attaching to the Class A Shares and Class B Shares shall rank pari passu in all respects, and the Class A Shares and Class B Shares shall vote together as a single class on all matters (subject to the Variation of
Rights of Shares Article and the Appointment and Removal of Directors Article hereof) with the exception that the holder of a Class B Share shall have the conversion rights referred to in this Article.
|
|
17.2
|
Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the “Initial Conversion Ratio”): (a) at any time and from time to time at the option of the holders thereof; or (b) in connection with the consummation of a
Business Combination.
|
|
17.3
|
Notwithstanding the Initial Conversion Ratio, in the case that additional Class A Shares or any
other Equity-linked Securities, are issued, or deemed issued, by the Company in excess of the amounts offered in the IPO and in connection with the consummation of a Business Combination, all Class B Shares in issue shall
automatically convert into Class A Shares in connection with the consummation of a Business Combination at a ratio for which the Class B Shares shall convert into Class A Shares will be adjusted (unless the holders of a majority of
the Class B Shares in issue agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A Shares issuable upon conversion of all Class B Shares will equal, on an
as-converted basis, in the aggregate, 25% of the sum of all Class A Shares and Class B Shares in issue upon completion of the IPO plus all Class A Shares and Equity-linked Securities issued or deemed issued in connection with a
Business Combination, exclusive of (i) any Class A Shares issued or deemed issued to Sponsor in connection with the consummation of the IPO and (ii) any Class A Shares underlying any private placement warrants issued by the Company
simultaneously with the IPO or upon conversion of working capital loans made to the Company.
|
|
17.4
|
Notwithstanding anything to the contrary contained herein, the foregoing adjustment to the
Initial Conversion Ratio may be waived as to any particular issuance or deemed issuance of additional Class A Shares or Equity-linked Securities by the written consent or agreement of holders of a majority of the Class B Shares then
in issue consenting or agreeing separately as a separate class in the manner provided in the Variation of Rights of Shares Article hereof.
|
|
17.5
|
The foregoing conversion ratio shall also be adjusted to account for any subdivision (by share
subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or
recapitalisation of the Class A Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar
reclassification or recapitalisation of the Class B Shares in issue.
|
|
17.6
|
Each Class B Share shall convert into its pro rata number of Class A Shares pursuant to this
Article. The pro rata share for each holder of Class B Shares will be determined as follows: each Class B Share shall convert into such number of Class A Shares as is equal to the product of 1 multiplied by a fraction, the numerator
of which shall be the total number of Class A Shares into which all of the Class B Shares in issue shall be converted pursuant to this Article and the denominator of which shall be the total number of Class B Shares in issue at the
time of conversion.
|
|
17.7
|
References in this Article to “converted”, “conversion” or “exchange” shall mean the compulsory
redemption without notice of Class B Shares of any Member and, on behalf of such Members, automatic application of such redemption proceeds in paying for such new Class A Shares into which the Class B Shares have been converted or
exchanged at a price per Class B Share necessary to give effect to a conversion or exchange calculated on the basis that the Class A Shares to be issued as part of the conversion or exchange will be issued at par. The Class A Shares
to be issued on an exchange or conversion shall be registered in the name of such Member or in such name as the Member may direct.
|
|
17.8
|
Notwithstanding anything to the contrary in this Article, in no event may any Class B Share
convert into Class A Shares at a ratio that is less than one-for-one.
|
|
18
|
Amendments of Memorandum and Articles of Association and Alteration of Capital
|
|
18.1
|
The Company may by Ordinary Resolution:
|
|
(a)
|
increase its share capital by such sum as the Ordinary Resolution shall prescribe and with such
rights, priorities and privileges annexed thereto, as the Company in general meeting may determine;
|
|
(b)
|
consolidate and divide all or any of its share capital into Shares of larger amount than its
existing Shares;
|
|
(c)
|
convert all or any of its paid-up Shares into stock, and reconvert that stock into paid-up
Shares of any denomination;
|
|
(d)
|
by subdivision of its existing Shares or any of them divide the whole or any part of its share
capital into Shares of smaller amount than is fixed by the Memorandum or into Shares without par value; and
|
|
(e)
|
cancel any Shares that at the date of the passing of the Ordinary Resolution have not been taken
or agreed to be taken by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.
|
|
18.2
|
All new Shares created in accordance with the provisions of the preceding Article shall be
subject to the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the Shares in the original share capital.
|
|
18.3
|
Subject to the provisions of the Statute, the provisions of the Articles as regards the matters
to be dealt with by Ordinary Resolution and Article 29.4, the Company may by Special Resolution:
|
|
(a)
|
change its name;
|
|
(b)
|
alter or add to the Articles;
|
|
(c)
|
alter or add to the Memorandum with respect to any objects, powers or other matters specified
therein; and
|
|
(d)
|
reduce its share capital or any capital redemption reserve fund.
|
|
19
|
Offices and Places of Business
|
|
20
|
General Meetings
|
|
20.1
|
All general meetings other than annual general meetings shall be called extraordinary general
meetings.
|
|
20.2
|
The Company may, but shall not (unless required by the Statute) be obliged to, in each year hold
a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting shall be held at such time and place as the Directors shall appoint. At these meetings the
report of the Directors (if any) shall be presented.
|
|
20.3
|
The Directors, the chief executive officer or the chairperson of the board of Directors may call
general meetings, and, for the avoidance of doubt, the Members shall not have the ability to call general meetings.
|
|
20.4
|
Members seeking to bring business before the annual general meeting must deliver notice to the
principal executive offices of the Company not less than 120 calendar days before the date of the Company’s proxy statement released to Members in connection with the previous year’s annual general meeting or, if the Company did not
hold an annual general meeting the previous year, or if the date of the current year’s annual general meeting has been changed by more than 30 days from the date of the previous year’s annual general meeting, then the deadline shall
be set by the board of Directors with such deadline being a reasonable time before the Company begins to print and send its related proxy materials.
|
|
21
|
Notice of General Meetings
|
|
21.1
|
At least five clear days’ notice shall be given of any general meeting. Every notice shall
specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be
prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of the Articles regarding general meetings have
been complied with, be deemed to have been duly convened if it is so agreed:
|
|
(a)
|
in the case of an annual general meeting, by all of the Members entitled to attend and vote at
the meeting; and
|
|
(b)
|
in the case of an extraordinary general meeting, by a majority in number of the Members having a
right to attend and vote at the meeting, together holding not less than 95% in par value of the Shares giving that right.
|
|
21.2
|
The accidental omission to give notice of a general meeting to, or the non receipt of notice of
a general meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that general meeting.
|
|
22
|
Proceedings at General Meetings
|
|
22.1
|
No business shall be transacted at any general meeting unless a quorum is present. The holders
of one-third of the Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum.
|
|
22.2
|
A person may participate at a general meeting by conference telephone or other communications
equipment by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in a general meeting in this manner is treated as presence in person at that meeting.
|
|
22.3
|
A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by
or on behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives)
shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held.
|
|
22.4
|
If a quorum is not present within half an hour from the time appointed for the meeting to
commence, the meeting shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not
present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum.
|
|
22.5
|
The Directors may, at any time prior to the time appointed for the meeting to commence, appoint
any person to act as chairperson of a general meeting of the Company or, if the Directors do not make any such appointment, the chairperson, if any, of the board of Directors shall preside as chairperson at such general meeting. If
there is no such chairperson, or if the person shall not be present within 15 minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present shall elect one of their number to be
chairperson of the meeting.
|
|
22.6
|
If no Director is willing to act as chairperson or if no Director is present within 15 minutes
after the time appointed for the meeting to commence, the Members present shall choose one of their number to be chairperson of the meeting.
|
|
22.7
|
The chairperson may, with the consent of a meeting at which a quorum is present (and shall if so
directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment
took place.
|
|
22.8
|
When a general meeting is adjourned for 30 days or more, notice of the adjourned meeting shall
be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting.
|
|
22.9
|
If, prior to a Business Combination, a notice is issued in respect of a general meeting and the
Directors, in their absolute discretion, consider that it is impractical or undesirable for any reason to hold that general meeting at the place, the day and the hour specified in the notice calling such general meeting, the
Directors may postpone the general meeting to another place, day and/or hour provided that notice of the place, the day and the hour of the rearranged general meeting is promptly given to all Members. No business shall be transacted
at any postponed meeting other than the business specified in the notice of the original meeting.
|
|
22.10
|
When a general meeting is postponed for 30 days or more, notice of the postponed meeting shall
be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of a postponed meeting. All proxy forms submitted for the original general meeting shall remain valid for the postponed
meeting. The Directors may postpone a general meeting which has already been postponed.
|
|
22.11
|
A resolution put to the vote of the meeting shall be decided on a poll.
|
|
22.12
|
A poll shall be taken as the chairperson directs, and the result of the poll shall be deemed to
be the resolution of the general meeting at which the poll was demanded.
|
|
22.13
|
A poll demanded on the election of a chairperson or on a question of adjournment shall be taken
forthwith. A poll demanded on any other question shall be taken at such date, time and place as the chairperson of the general meeting directs, and any business other than that upon which a poll has been demanded or is contingent
thereon may proceed pending the taking of the poll.
|
|
22.14
|
In the case of an equality of votes the chairperson shall be entitled to a second or casting
vote.
|
|
23
|
Votes of Members
|
|
23.1
|
Subject to any rights or restrictions attached to any Shares, including as set out at Article
29.4, every Member present in any such manner shall have one vote for every Share of which they are the holder.
|
|
23.2
|
In the case of joint holders the vote of the senior holder who tenders a vote, whether in person
or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted to the exclusion of the votes of the other joint holders, and seniority shall be
determined by the order in which the names of the holders stand in the Register of Members.
|
|
23.3
|
A Member of unsound mind, or in respect of whom an order has been made by any court, having
jurisdiction in lunacy, may vote by their committee, receiver, curator bonis, or other person on such Member’s behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy.
|
|
23.4
|
No person shall be entitled to vote at any general meeting unless they are registered as a
Member on the record date for such meeting nor unless all calls or other monies then payable by them in respect of Shares have been paid.
|
|
23.5
|
No objection shall be raised as to the qualification of any voter except at the general meeting
or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance with this Article shall be referred to the
chairperson whose decision shall be final and conclusive.
|
|
23.6
|
Votes may be cast either personally or by proxy (or in the case of a corporation or other
non-natural person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments to attend and vote at a meeting. Where a Member appoints more than one
proxy the instrument of proxy shall specify the number of Shares in respect of which each proxy is entitled to exercise the related votes.
|
|
23.7
|
A Member holding more than one Share need not cast the votes in respect of their Shares in the
same way on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution and/or abstain from voting a Share or some or all of the Shares and, subject to the terms of the instrument
appointing the proxy, a proxy appointed under one or more instruments may vote a Share or some or all of the Shares in respect of which they are appointed either for or against a resolution and/or abstain from voting a Share or some
or all of the Shares in respect of which they are appointed.
|
|
24
|
Proxies
|
|
24.1
|
The instrument appointing a proxy shall be in writing and shall be executed under the hand of
the appointor or of their attorney duly authorised in writing, or, if the appointor is a corporation or other non natural person, under the hand of its duly authorised representative. A proxy need not be a Member.
|
|
24.2
|
The Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument
of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned
meeting to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening any meeting or adjourned meeting or in an instrument
of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically at the Registered Office not less than 48 hours before the time appointed for the meeting or adjourned meeting to commence at which
the person named in the instrument proposes to vote.
|
|
24.3
|
The chairperson may in any event at their discretion declare that an instrument of proxy shall
be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairperson, shall be invalid.
|
|
24.4
|
The instrument appointing a proxy may be in any usual or common form (or such other form as the
Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in
demanding a poll.
|
|
24.5
|
Votes given in accordance with the terms of an instrument of proxy shall be valid
notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the Share in respect of which the proxy is given unless notice in
writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it is sought to use the proxy.
|
|
25
|
Corporate Members
|
|
25.1
|
Any corporation or other non-natural person which is a Member may in accordance with its
constitutional documents, or in the absence of such provision by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class
of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which they represent as the corporation could exercise if it were an individual Member.
|
|
25.2
|
If a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise such
persons as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class or series of Shares in respect of which
each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights
and powers on behalf of the Clearing House (or its nominee(s)) as if such person was the registered holder of such Shares held by the Clearing House (or its nominee(s)).
|
|
26
|
Shares that May Not be Voted
|
|
27
|
Directors
|
|
28
|
Powers of Directors
|
|
28.1
|
Subject to the provisions of the Statute, the Memorandum and the Articles and to any directions
given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior
act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum is present may exercise all powers exercisable by the
Directors.
|
|
28.2
|
All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine by resolution.
|
|
28.3
|
The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement
to any Director who has held any other salaried office or place of profit with the Company or to their surviving spouse, civil partner or dependants and may make contributions to any fund and pay premiums for the purchase or
provision of any such gratuity, pension or allowance.
|
|
28.4
|
The Directors may exercise all the powers of the Company to borrow money and to mortgage or
charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any
debt, liability or obligation of the Company or of any third party.
|
|
29
|
Appointment and Removal of Directors
|
|
29.1
|
The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary
Resolution remove any Director, provided that prior to the consummation of a Business Combination and for so long as there are Class B Shares in issue, only the holders of the Class B Shares shall be entitled to vote on any such
Ordinary Resolution. For the avoidance of doubt, prior to the consummation of a Business Combination, if there are any Class B Shares in issue, holders of Class A Shares shall have no right to vote on the appointment or removal of
any Director.
|
|
29.2
|
The Directors may appoint any person to be a Director, either to fill a vacancy or as an
additional Director provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles as the maximum number of Directors.
|
|
29.3
|
After the consummation of a Business Combination, the Company may by Ordinary Resolution appoint
any person to be a Director or may by Ordinary Resolution remove any Director.
|
|
29.4
|
Prior to the consummation of a Business Combination, Article 29.1 may only be amended by a
Special Resolution passed by at least 90% of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as
a special resolution has been given, or by way of unanimous written resolution.
|
|
30
|
Vacation of Office of Director
|
|
(a)
|
the Director gives notice in writing to the Company that they resign the office of Director; or
|
|
(b)
|
the Director is absent (for the avoidance of doubt, without being represented by proxy) from
three consecutive meetings of the board of Directors without special leave of absence from the Directors, and the Directors pass a resolution that they have by reason of such absence vacated office; or
|
|
(c)
|
the Director dies, becomes bankrupt or makes any arrangement or composition with their creditors
generally; or
|
|
(d)
|
the Director is found to be or becomes of unsound mind; or
|
|
(e)
|
all of the other Directors (being not less than two in number) determine that the Director
should be removed as a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened and held in accordance with the Articles or by a resolution in writing signed by all of the
other Directors.
|
|
31
|
Proceedings of Directors
|
|
31.1
|
The quorum for the transaction of the business of the Directors may be fixed by the Directors,
and unless so fixed shall be a majority of the Directors then in office.
|
|
31.2
|
Subject to the provisions of the Articles, the Directors may regulate their proceedings as they
think fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairperson shall have a second or casting vote.
|
|
31.3
|
A person may participate in a meeting of the Directors or any committee of Directors by
conference telephone or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation by a person in a meeting in this manner is treated
as presence in person at that meeting. Unless otherwise determined by the Directors, the meeting shall be deemed to be held at the place where the chairperson is located at the start of the meeting.
|
|
31.4
|
A resolution in writing (in one or more counterparts) signed by all the Directors or all the
members of a committee of the Directors or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office by any Director, all of the Directors other than the Director who is the subject of
such resolution shall be as valid and effectual as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held.
|
|
31.5
|
A Director may, or other Officer on the direction of a Director shall, call a meeting of the
Directors by at least two days’ notice in writing to every Director which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors either at, before or after the meeting
is held. To any such notice of a meeting of the Directors all the provisions of the Articles relating to the giving of notices by the Company to the Members shall apply mutatis mutandis.
|
|
31.6
|
The continuing Directors (or a sole continuing Director, as the case may be) may act
notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing Directors or Director may act for the
purpose of increasing the number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose.
|
|
31.7
|
The Directors may elect a chairperson of their board and determine the period for which they are
to hold office; but if no such chairperson is elected, or if at any meeting the chairperson is not present within five minutes after the time appointed for the meeting to commence, the Directors present may choose one of their
number to be chairperson of the meeting.
|
|
31.8
|
All acts done by any meeting of the Directors or of a committee of the Directors shall,
notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were not entitled to vote, be
as valid as if every such person had been duly appointed and/or not disqualified to be a Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.
|
|
31.9
|
A Director may be represented at any meetings of the board of Directors by a proxy appointed in
writing by that Director. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director.
|
|
32
|
Presumption of Assent
|
|
33
|
Directors’ Interests
|
|
33.1
|
A Director may hold any other office or place of profit under the Company (other than the office
of Auditor) in conjunction with their office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine.
|
|
33.2
|
A Director may act on their own or by, through or on behalf of their firm in a professional
capacity for the Company and they or their firm shall be entitled to remuneration for professional services as if they were not a Director.
|
|
33.3
|
A Director may be or become a director or other officer of or otherwise interested in any
company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits received
by them as a director or officer of, or from their interest in, such other company.
|
|
33.4
|
No person shall be disqualified from the office of Director or prevented by such office from
contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director shall be in any way interested be
or be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such
Director holding office or of the fiduciary relationship thereby established. A Director shall be at liberty to vote in respect of any contract or transaction in which they are interested provided that the nature of the interest of
any Director in any such contract or transaction shall be disclosed by them at or prior to its consideration and any vote thereon.
|
|
33.5
|
A general notice that a Director is a shareholder, director, officer or employee of any
specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which
they have an interest, and after such general notice it shall not be necessary to give special notice relating to any particular transaction.
|
|
34
|
Minutes
|
|
35
|
Delegation of Directors’ Powers
|
|
35.1
|
The Directors may delegate any of their powers, authorities and discretions, including the power
to sub-delegate, to any committee consisting of one or more Directors (including, without limitation, the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee). Any such delegation may be
made subject to any conditions the Directors may impose and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions, the
proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying.
|
|
35.2
|
The Directors may establish any committees, local boards or agencies or appoint any person to be
a manager or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies. Any such appointment may be made subject to any conditions the Directors may impose,
and either collaterally with or to the exclusion of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of any such committee, local board or agency
shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying.
|
|
35.3
|
The Directors may adopt formal written charters for committees and, if so adopted, shall review
and assess the adequacy of such formal written charters on an annual basis as may be required from time to time by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other
competent regulatory authority or otherwise under Applicable Law. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in the Articles and shall have such powers
as the Directors may delegate pursuant to the Articles and as required by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or
otherwise under Applicable Law. Each of the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee, if established, shall consist of such number of Directors as the Directors shall from
time to time determine (or such minimum number as may be required from time to time by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory
authority or otherwise under Applicable Law). For so long as any class or series of Shares is listed on the Designated Stock Exchange, the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance
Committee shall be made up of such number of Independent Directors as is required from time to time by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent
regulatory authority or otherwise under Applicable Law.
|
|
35.4
|
The Directors may by power of attorney or otherwise appoint any person to be the agent of the
Company on such conditions as the Directors may determine, provided that the delegation is not to the exclusion of their own powers and may be revoked by the Directors at any time.
|
|
35.5
|
The Directors may by power of attorney or otherwise appoint any company, firm, person or body of
persons, whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or
exercisable by the Directors under the Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain such provisions for the protection and
convenience of persons dealing with any such attorneys or authorised signatories as the Directors may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and
discretions vested in them.
|
|
35.6
|
The Directors may appoint such Officers as they consider necessary on such terms, at such
remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified in the terms of their appointment an Officer may be removed by
resolution of the Directors or Members. An Officer may vacate their office at any time if they give notice in writing to the Company that they resign their office.
|
|
36
|
No Minimum Shareholding
|
|
37
|
Remuneration of Directors
|
|
37.1
|
The remuneration to be paid to the Directors, if any, shall be such remuneration as the
Directors shall determine, provided that no cash remuneration shall be paid to any Director by the Company prior to the consummation of a Business Combination. The Directors shall also, whether prior to or after the consummation of
a Business Combination, be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general meetings of the
Company, or separate meetings of the holders of any class or series of Shares or debentures of the Company, or otherwise in connection with the business of the Company or the discharge of their duties as a Director, or to receive a
fixed allowance in respect thereof as may be determined by the Directors, or a combination partly of one such method and partly the other.
|
|
37.2
|
The Directors may by resolution approve additional remuneration to any Director for any services
which in the opinion of the Directors go beyond that Director’s ordinary routine work as a Director. Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional
capacity shall be in addition to their remuneration as a Director.
|
|
38
|
Seal
|
|
38.1
|
The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the
authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall be signed by at least one person who shall be either a Director or some Officer or
other person appointed by the Directors for the purpose.
|
|
38.2
|
The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal
or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used.
|
|
38.3
|
A Director or Officer, representative or attorney of the Company may without further authority
of the Directors affix the Seal over their signature alone to any document of the Company required to be authenticated by them under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.
|
|
39
|
Dividends, Distributions and Reserve
|
|
39.1
|
Subject to the Statute and this Article and except as otherwise provided by the rights attached
to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor. A
Dividend shall be deemed to be an interim Dividend unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend shall be a final Dividend. No Dividend or other
distribution shall be paid except out of the realised or unrealised profits of the Company, out of the share premium account or as otherwise permitted by law.
|
|
39.2
|
Except as otherwise provided by the rights attached to any Shares, all Dividends and other
distributions shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank for Dividend as from a particular date, that Share shall rank for Dividend
accordingly.
|
|
39.3
|
The Directors may deduct from any Dividend or other distribution payable to any Member all sums
of money (if any) then payable by the Member to the Company on account of calls or otherwise.
|
|
39.4
|
The Directors may resolve that any Dividend or other distribution be paid wholly or partly by
the distribution of specific assets and in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in
regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional Shares and may fix the value for distribution of such specific assets or any part thereof and may
determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees in such manner as may seem expedient to
the Directors.
|
|
39.5
|
Except as otherwise provided by the rights attached to any Shares, Dividends and other
distributions may be paid in any currency. The Directors may determine the basis of conversion for any currency conversions that may be required and how any costs involved are to be met.
|
|
39.6
|
The Directors may, before resolving to pay any Dividend or other distribution, set aside such
sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at the discretion of the Directors, be employed in
the business of the Company.
|
|
39.7
|
Any Dividend, other distribution, interest or other monies payable in cash in respect of Shares
may be paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the registered address of the holder who is first named
on the Register of Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two
or more joint holders may give effectual receipts for any Dividends, other distributions, bonuses, or other monies payable in respect of the Share held by them as joint holders.
|
|
39.8
|
No Dividend or other distribution shall bear interest against the Company.
|
|
39.9
|
Any Dividend or other distribution which cannot be paid to a Member and/or which remains
unclaimed after six months from the date on which such Dividend or other distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company’s name, provided that the Company shall
not be constituted as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend or other distribution which remains unclaimed after a period of six years from
the date on which such Dividend or other distribution becomes payable shall be forfeited and shall revert to the Company.
|
|
39.10
|
Prior to the Deadline Date, the Directors may not resolve to pay Dividends and other
distributions on Shares in issue and authorise payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor.
|
|
39.11
|
Other than with respect to payments or distributions from the Trust Account, no Dividends or
other distributions shall be payable on the Class A Shares.
|
|
40
|
Capitalisation
|
|
41
|
Books of Account
|
|
41.1
|
The Directors shall cause proper books of account (including, where applicable, material
underlying documentation including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and
purchases of goods by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper books shall not be deemed to
be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company’s affairs and to explain its transactions.
|
|
41.2
|
The Directors shall determine whether and to what extent and at what times and places and under
what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account
or book or document of the Company except as conferred by Statute or authorised by the Directors or by the Company in general meeting.
|
|
41.3
|
The Directors may cause to be prepared and to be laid before the Company in general meeting
profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.
|
|
42
|
Audit
|
|
42.1
|
The Directors may appoint an Auditor of the Company who shall hold office on such terms as the
Directors determine.
|
|
42.2
|
Without prejudice to the freedom of the Directors to establish any other committee, if the
Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other
competent regulatory authority or otherwise under Applicable Law, the Directors shall establish and maintain an Audit Committee as a committee of the Directors and shall adopt a formal written Audit Committee charter and review and
assess the adequacy of the formal written charter on an annual basis. The composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the Designated Stock Exchange, the Securities and
Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. The Audit Committee shall meet at least once every financial quarter, or more frequently as circumstances dictate.
|
|
42.3
|
If the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock
Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilise the Audit Committee for the review and approval of potential conflicts of interest.
|
|
42.4
|
The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).
|
|
42.5
|
If the office of Auditor becomes vacant by resignation or death of the Auditor, or by their
becoming incapable of acting by reason of illness or other disability at a time when their services are required, the Directors shall fill the vacancy and determine the remuneration of such Auditor.
|
|
42.6
|
Every Auditor of the Company shall have a right of access at all times to the books and accounts
and vouchers of the Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for the performance of the duties of the Auditor.
|
|
42.7
|
Auditors shall, if so required by the Directors, make a report on the accounts of the Company
during their tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general
meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office, upon request of the Directors or any general
meeting of the Members.
|
|
42.8
|
Any payment made to members of the Audit Committee (if one exists) shall require the review and
approval of the Directors, with any Director interested in such payment abstaining from such review and approval.
|
|
42.9
|
The Audit Committee shall monitor compliance with the terms of the IPO and, if any
non-compliance is identified, the Audit Committee shall be charged with the responsibility to take all action necessary to rectify such non-compliance or otherwise cause compliance with the terms of the IPO.
|
|
42.10
|
At least one member of the Audit Committee shall be an “audit committee financial expert” as
determined by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. The “audit committee financial
expert” shall have such past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual’s financial
sophistication.
|
|
43
|
Notices
|
|
43.1
|
Notices shall be in writing and may be given by the Company to any Member either personally or
by sending it by courier, post, telex, fax or email to such Member or to such Member’s address as shown in the Register of Members (or where the notice is given by email by sending it to the email address provided by such Member).
Notice may also be served by Electronic Communication in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or by
placing it on the Company’s Website.
|
|
43.2
|
Where a notice is sent by:
|
|
(a)
|
courier; service of the notice shall be deemed to be effected by delivery of the notice to a
courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public holidays) following the day on which the notice was delivered to the courier;
|
|
(b)
|
post; service of the notice shall be deemed to be effected by properly addressing, pre paying
and posting a letter containing the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands) following the day on which the notice was posted;
|
|
(c)
|
telex or fax; service of the notice shall be deemed to be effected by properly addressing and
sending such notice and shall be deemed to have been received on the same day that it was transmitted;
|
|
(d)
|
email or other Electronic Communication; service of the notice shall be deemed to be effected by
transmitting the email to the email address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall not be necessary for the receipt of the email to be acknowledged
by the recipient; and
|
|
(e)
|
placing it on the Company’s Website; service of the notice shall be deemed to have been effected
one hour after the notice or document was placed on the Company’s Website.
|
|
43.3
|
A notice may be given by the Company to the person or persons which the Company has been advised
are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be given under the Articles and shall be addressed to them by name, or by the title of
representatives of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option of the Company by giving the notice in any
manner in which the same might have been given if the death or bankruptcy had not occurred.
|
|
43.4
|
Notice of every general meeting shall be given in any manner authorised by the Articles to every
holder of Shares carrying an entitlement to receive such notice on the record date for such meeting except that in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the Register of
Members and every person upon whom the ownership of a Share devolves because they are a legal personal representative or a trustee in bankruptcy of a Member where the Member but for their death or bankruptcy would be entitled to
receive notice of the meeting, and no other person shall be entitled to receive notices of general meetings.
|
|
44
|
Winding Up
|
|
44.1
|
If the Company shall be wound up, the liquidator shall apply the assets of the Company in
satisfaction of creditors’ claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Shares, in a winding up:
|
|
(a)
|
if the assets available for distribution amongst the Members shall be insufficient to repay the
whole of the Company’s issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion to the par value of the Shares held by them; or
|
|
(b)
|
if the assets available for distribution amongst the Members shall be more than sufficient to
repay the whole of the Company’s issued share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the commencement of the
winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise.
|
|
44.2
|
If the Company shall be wound up the liquidator may, subject to the rights attaching to any
Shares and with the approval of a Special Resolution of the Company and any other approval required by the Statute, divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall
consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like
approval, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like approval, shall think fit, but so that no Member shall be compelled to accept any asset
upon which there is a liability.
|
|
45
|
Indemnity and Insurance
|
|
45.1
|
Every Director and Officer (which for the avoidance of doubt, shall not include auditors of the
Company), together with every former Director and former Officer (each an “Indemnified Person”) shall be indemnified out of the assets of the Company
against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions
other than such liability (if any) that they may incur by reason of their own actual fraud, wilful neglect or wilful default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a
result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud, wilful neglect or wilful default of such Indemnified Person. No person shall be found to have
committed actual fraud, wilful neglect or wilful default under this Article unless or until a court of competent jurisdiction shall have made a finding to that effect.
|
|
45.2
|
The Company shall advance to each Indemnified Person reasonable attorneys’ fees and other costs
and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses
hereunder, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final adjudication that such Indemnified Person was not entitled to
indemnification pursuant to this Article. If it shall be determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to such judgment, costs or expenses,
then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to the Company (without interest) by the Indemnified Person.
|
|
45.3
|
The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of
any Director or Officer against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in
relation to the Company.
|
|
46
|
Financial Year
|
|
47
|
Transfer by Way of Continuation
|
|
48
|
Mergers and Consolidations
|
|
49
|
Business Combination
|
|
49.1
|
Notwithstanding any other provision of the Articles, this Article shall apply during the period
commencing upon the adoption of the Articles and terminating upon the first to occur of the consummation of a Business Combination and the full distribution of the Trust Account pursuant to this Article. In the event of a conflict
between this Article and any other Articles, the provisions of this Article shall prevail.
|
|
49.2
|
Prior to the consummation of a Business Combination, the Company shall either:
|
|
(a)
|
submit such Business Combination to its Members for approval; or
|
|
(b)
|
provide Members with the opportunity to have their Public Shares repurchased by means of a
tender offer for a per-Share repurchase price payable in cash, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of such Business Combination, including
interest earned on the Trust Account (net of taxes paid or payable, if any), divided by the number of then issued Public Shares. Such obligation to repurchase Public Shares is subject to the completion of the proposed Business
Combination to which it relates.
|
|
49.3
|
If the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of
the Exchange Act in connection with a proposed Business Combination, it shall file tender offer documents with the Securities and Exchange Commission prior to completing such Business Combination which contain substantially the same
financial and other information about such Business Combination and the redemption rights as is required under Regulation 14A of the Exchange Act. If, alternatively, the Company holds a general meeting to approve a proposed Business
Combination, the Company will conduct any redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, and not pursuant to the tender offer rules, and file proxy materials with the Securities
and Exchange Commission.
|
|
49.4
|
At a general meeting called for the purposes of approving a Business Combination pursuant to
this Article, in the event that such Business Combination is approved by Ordinary Resolution, the Company shall be authorised to consummate such Business Combination, provided that the Company shall not consummate such Business
Combination unless the Company meets the net tangible asset or cash requirement that may be contained in the agreement relating to, such Business Combination.
|
|
49.5
|
Any Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may, at
least two business days’ prior to any vote on a Business Combination, elect to have their Public Shares redeemed for cash, in accordance with any applicable requirements provided for in the related proxy materials (the “Business Combination Redemption”), provided that no such Member acting together with any Affiliate of their or any other person with whom they are acting
in concert or as a partnership, limited partnership, syndicate, or other group (including, for the avoidance of doubt, a “group” (as defined under Section 13 of the Exchange Act) for the purposes of acquiring, holding, or disposing
of Shares may exercise this redemption right with respect to more than 15% of the Public Shares in the aggregate without the prior consent of the Company and provided further that any beneficial holder of Public Shares on whose
behalf a redemption right is being exercised must identify itself to the Company in connection with any redemption election in order to validly redeem such Public Shares. If so demanded, the Company shall pay any such redeeming
Member, regardless of whether they are voting for or against such proposed Business Combination, a per-Share redemption price payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two
business days prior to the consummation of the Business Combination, including interest earned on the Trust Account (such interest shall be net of taxes payable) and not previously released to the Company to pay its taxes, divided
by the number of then issued Public Shares (such redemption price being referred to herein as the “Redemption Price”), but only in the event that the applicable proposed Business Combination is approved and in connection with its
consummation.
|
|
49.6
|
A Member may not withdraw a Redemption Notice once submitted to the Company unless the Directors
determine (in their sole discretion) to permit the withdrawal of such redemption request (which they may do in whole or in part). The Directors (in their sole discretion) shall determine the timing of such Business Combination
Redemption of Public Shares in order to facilitate the consummation and/or closing of a Business Combination.
|
|
49.7
|
In the event that:
|
|
(a)
|
the Company does not consummate a Business Combination within 15 months from the consummation of
the IPO (or up to 21 months if such date is extended as described in the prospectus relating to the IPO) (the “Deadline Date”), or such later time as
the Members may approve by Special Resolution in accordance with the Articles; or
|
|
(b)
|
if the Directors, acting in good faith, determine by resolution, and provide notice in writing
to the Members, that the Company is unable to consummate a Business Combination by the Deadline Date,
|
|
|
(i)
|
cease all operations except for the purpose of winding up;
|
|
(ii)
|
as promptly as reasonably possible but not more than ten business days thereafter, redeem the
Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
(less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members’ rights as Members (including the
right to receive further liquidation distributions, if any); and
|
|
(iii)
|
as promptly as reasonably possible following such redemption, subject to the approval of the
Company’s remaining Members and the Directors, liquidate and dissolve,
|
|
49.8
|
In the event that any amendment is made to the Articles (an “Amendment”):
|
|
(a)
|
to modify the substance or timing of the Company’s obligation to allow redemption in connection
with a Business Combination or redeem 100% of the Public Shares if the Company does not consummate a Business Combination by the Deadline Date, or such later time as the Members may approve by Special Resolution in accordance with
the Articles; or
|
|
(b)
|
with respect to any other provision
relating to Members’ rights or pre-Business Combination activity, any Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may, at least two business days’ prior to any vote on an Amendment,
elect to have their Public Shares redeemed for cash, in accordance with any applicable requirements provided for in the related proxy materials (the “Amendment
Redemption”), provided that no such Member acting together with any Affiliate of their or any other person with whom they are acting in concert or as a partnership, limited partnership, syndicate, or other group (including,
for the avoidance of doubt, a “group” (as defined under Section 13 of the Exchange Act) for the purposes of acquiring, holding, or disposing of Shares may exercise this redemption right with respect to more than 15% of the Public
Shares in the aggregate without the prior consent of the Company and provided further that any beneficial holder of Public Shares on whose behalf a redemption right is being exercised must identify itself to the Company in
connection with any redemption election in order to validly redeem such Public Shares. If so demanded, the Company shall pay any such redeeming Member, regardless of whether they are voting for or against such proposed Amendment,
the Redemption Price, but only in the event that the applicable proposed Amendment is approved. The Directors (in their sole discretion) shall determine the timing of any such Amendment Redemption. The Company’s ability to provide
the Amendment Redemption is subject to the Redemption Limitation.
|
|
49.9
|
A holder of Public Shares shall be entitled to receive distributions from the Trust Account only
in the event of a Business Combination Redemption, an Amendment Redemption, a repurchase of Shares by means of a tender offer pursuant to this Article, or a distribution of the Trust Account pursuant to this Article. In no other
circumstance shall a holder of Public Shares have any right or interest of any kind in the Trust Account.
|
|
49.10
|
Except in connection with the conversion of Class B Shares into Class A Shares pursuant to the
Class B Ordinary Share Conversion Article hereof where the holders of such Shares have waived any right to receive funds from the Trust Fund, after the issue of Public Shares, and prior to the consummation of a Business Combination,
the Company shall not issue additional Shares or any other securities that would entitle the holders thereof to:
|
|
(a)
|
receive funds from the Trust Account; or
|
|
(b)
|
vote as a class with Public Shares on a Business Combination.
|
|
49.11
|
The uninterested Independent Directors shall approve any transaction or transactions between the
Company and any of the following parties:
|
|
(a)
|
any Member owning an interest in the voting power of the Company that gives such Member a
significant influence over the Company; and
|
|
(b)
|
any Director or Officer and any Affiliate of such Director or Officer.
|
|
49.12
|
A Director may vote in respect of a Business Combination in which such Director has a conflict
of interest with respect to the evaluation of such Business Combination. Such Director must disclose such interest or conflict to the other Directors.
|
|
49.13
|
As long as the securities of the Company are listed on The NASDAQ Global Market, the Company
must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding any deferred underwriting commissions and taxes payable on the interest earned
on the Trust Account) at the time of the Company’s signing a definitive agreement in connection with a Business Combination. A Business Combination must not be solely effectuated with another blank cheque company or a similar
company with nominal operations.
|
|
49.14
|
The Company may enter into a Business Combination with a target business that is Affiliated with
the Sponsor, a Founder, a Director or an Officer. In the event the Company seeks to consummate a Business Combination with a target that is Affiliated with the Sponsor, a Founder, a Director or an Officer, the Company, or a
committee of Independent Directors, will obtain an opinion from an independent investment banking firm or another valuation or appraisal firm that regularly renders fairness opinions on the type of target business the Company is
seeking to acquire that is a member of the United States Financial Industry Regulatory Authority or an independent accounting firm that such a Business Combination is fair to the Company from a financial point of view.
|
|
50
|
Certain Tax Filings
|
|
51
|
Business Opportunities
|
|
51.1
|
To the fullest extent permitted by Applicable Law, no individual serving as a Director or an
Officer (“Management”) shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in
the same or similar business activities or lines of business as the Company. To the fullest extent permitted by Applicable Law, the Company renounces any interest or expectancy of the Company in, or in being offered an opportunity
to participate in, any potential transaction or matter which may be a corporate opportunity for Management, on the one hand, and the Company, on the other. Except to the extent expressly assumed by contract, to the fullest extent
permitted by Applicable Law, Management shall have no duty to communicate or offer any such corporate opportunity to the Company and shall not be liable to the Company or its Members for breach of any fiduciary duty as a Member,
Director and/or Officer solely by reason of the fact that such party pursues or acquires such corporate opportunity for itself, directs such corporate opportunity to another person, or does not communicate information regarding such
corporate opportunity to the Company.
|
|
51.2
|
Except as provided elsewhere in this Article, the Company hereby renounces any interest or
expectancy of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for both the Company and Management, about which a Director and/or Officer
who is also a member of Management acquires knowledge.
|
|
51.3
|
To the extent a court might hold that the conduct of any activity related to a corporate
opportunity that is renounced in this Article to be a breach of duty to the Company or its Members, the Company hereby waives, to the fullest extent permitted by Applicable Law, any and all claims and causes of action that the
Company may have for such activities. To the fullest extent permitted by Applicable Law, the provisions of this Article apply equally to activities conducted in the future and that have been conducted in the past.
|
|
52
|
Exclusive Jurisdiction and Forum
|
|
52.1
|
Unless the Company consents in writing to the selection of an alternative forum, the courts of
the Cayman Islands shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with the Memorandum, the Articles or otherwise related in any way to each Member’s shareholding in the Company, including
but not limited to:
|
|
(a)
|
any derivative action or proceeding brought on behalf of the Company;
|
|
(b)
|
any action asserting a claim of breach of any fiduciary or other duty owed by any current or
former Director, Officer or other employee of the Company to the Company or the Members;
|
|
(c)
|
any action asserting a claim arising pursuant to any provision of the Statute, the Memorandum or
the Articles; or
|
|
(d)
|
any action asserting a claim against the Company governed by the “Internal Affairs Doctrine” (as
such concept is recognised under the laws of the United States of America).
|
|
52.2
|
Each Member irrevocably submits to the exclusive jurisdiction of the courts of the Cayman
Islands over all such claims or disputes.
|
|
52.3
|
Without prejudice to any other rights or remedies that the Company may have, each Member
acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the Cayman Islands as exclusive forum and that accordingly the Company shall be entitled, without proof of special
damages, to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the selection of the courts of the Cayman Islands as exclusive forum.
|
|
52.4
|
This Article 52 shall not apply to any action or suits brought to enforce any liability or duty
created by the United States Securities Act of 1933, as amended, the Exchange Act, or any claim for which the federal district courts of the United States of America are, as a matter of the laws of the United States, the sole and
exclusive forum for determination of such a claim.
|
|
THIS CERTIFIES THAT
|
is the owner of
|
Units.
|
|
Authorized Signatory
|
Transfer Agent
|
|
|
[Name:]
|
[Name:]
|
|
|
[Title:]
|
|
TEN COM
|
— as tenants in common
|
UNIF GIFT MIN ACT
|
—
|
Custodian
|
||||||||
|
TEN ENT
|
— as tenants by the entireties
|
(Cust)
|
(Minor)
|
|||||||||
|
JT TEN
|
— as joint tenants with right of survivorship and not as tenants in common
|
under Uniform Gifts to Minors Act
|
||||||||||
|
(State)
|
||||||||||||
|
Dated: ______
|
||
|
Notice:
|
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
|
|
Signature(s) Guaranteed:
|
|
|
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).
|
|
Authorized Signatory
|
Transfer Agent
|
|
|
[Name:]
|
[Name:]
|
|
|
[Title:]
|
|
TEN COM
|
— as tenants in common
|
UNIF GIFT MIN ACT
|
—
|
Custodian
|
||||||||
|
(Cust)
|
(Minor)
|
|||||||||||
|
TEN ENT
|
— as tenants by the entireties
|
|||||||||||
|
JT TEN
|
— as joint tenants with right of survivorship and not as tenants in common
|
under Uniform Gifts to Minors Act
|
||||||||||
|
(State)
|
||||||||||||
|
Dated: __________
|
||
|
Notice:
|
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without
alteration or enlargement or any change whatever.
|
|
|
Signature(s) Guaranteed:
|
||
|
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).
|
|
GLOBA TERRA ACQUISITION CORPORATION
|
|
|
By:
|
|
|
Name:
|
|
|
Title: Authorized Signatory
|
|
|
ODYSSEY TRANSFER AND TRUST COMPANY, AS WARRANT AGENT
|
|
|
By:
|
|
|
Name:
|
|
|
Title:
|
|
|
(Signature)
|
|
|
(Address)
|
|
|
(Tax Identification Number)
|
|
NUMBER
|
RIGHTS
|
|
Dated:
|
||
|
PRESIDENT
|
CHIEF FINANCIAL OFFICER
|
|
|
Odyssey Transfer and Trust Company
|
|
TEN COM
|
—
|
as tenants in common
|
UNIF GIFT MIN ACT
|
—
|
Custodian
|
|||||
|
(Cust)
|
(Minor)
|
|||||||||
|
TEN ENT
|
—
|
as tenants by the entireties
|
||||||||
|
JT TEN
|
—
|
as joint tenants with right of survivorship and not as tenants in common
|
under Uniform Gifts to Minors Act
|
|||||||
|
(State)
|
||||||||||
|
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
|
|
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
|
|
Notice: The signature to this assignment must correspond with the
name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
|
|
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).
|
|
Globa Terra Acquisition Corporation
|
|
|
By:
|
|
|
Name: Agustin Tristan Aldave
|
|
|
Title: Chief Executive Officer
|
|
|
ODYSSEY TRANSFER AND TRUST COMPANY, as Warrant Agent
|
|
|
By:
|
|
|
Name:
|
|
|
Title
|
|
|
GLOBA TERRA ACQUISITION CORPORATION
|
|
|
By:
|
|
|
Name:
|
|
|
Title: Authorized Signatory
|
|
|
ODYSSEY TRANSFER AND TRUST COMPANY, AS WARRANT AGENT
|
|
|
By:
|
|
|
Name:
|
|
|
Title:
|
|
|
(Signature)
|
|
|
(Address)
|
|
|
(Tax Identification Number)
|
| 1. |
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent hereby accepts such appointment and agrees to perform the
same in accordance with the terms and conditions set forth in this Agreement.
|
| 2. |
Rights.
|
|
|
2.1. |
Form of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or
bear the facsimile signature of, the Chair of the Board or Chief Executive Officer or Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has
been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of
issuance.
|
| 2.2. |
Effect of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may not be exchanged for Class A Ordinary
Shares.
|
| 2.3. |
Registration.
|
| 2.3.1. |
Rights Register. The Rights Agent shall maintain books (“Rights Register”) for the registration of original issuance and the registration of transfer of the Rights. Upon the initial issuance of the
Rights, the Rights Agent shall issue and register the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Rights Agent by the Company.
|
| 2.3.2. |
Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the person in whose name such Right shall be registered upon
the Right Register (“registered holder”) as the absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate made by anyone other than the Company or
the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.
|
| 2.4. |
Detachability of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the fifty-second (52nd) day after the date hereof unless D. Boral informs the Company of its decision to allow earlier separate trading, but in no event will separate trading of the
securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds
received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such
separate trading shall begin.
|
| 3. |
Terms and Exchange of Rights.
|
| 3.1. |
Rights. Each Right shall entitle the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the happening of the Exchange Event (described below). No additional consideration
shall be paid by a holder of Rights in order to receive his, her or its Class A Ordinary Shares upon the Exchange Event as the purchase price for such Class A Ordinary Shares has been included in the purchase price for the Units. In no
event will the Company be required to net cash settle the Rights or issue fractional Class A Ordinary Shares.
|
| 3.2. |
Exchange Event. The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s Amended and Restated Memorandum and Articles of Association).
|
| 3.3. |
Exchange of Rights.
|
|
|
3.3.1. |
Issuance of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct holders of the Rights to return their Rights Certificates to the Rights Agent. If
the Company is not the surviving entity in a Business Combination, the holder of Rights must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate, the Company shall issue to the registered holder of such
Right(s) a certificate or certificates for the number of full Class A Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing, or any provision
contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. At the time of the Exchange Event, the Company will
instruct the Rights Agent to round down to the nearest whole Class A Ordinary Share or otherwise inform it how fractional shares will be addressed in accordance with the Company’s Amended and Restated
Memorandum and Articles of Association, the Companies Act (As Revised) of the Cayman Islands and other applicable law.
|
| 3.3.2. |
Valid Issuance. All Class A Ordinary Shares issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully paid and nonassessable.
|
| 3.3.3. |
Date of Issuance. Each person in whose name any such certificate for Class A Ordinary Shares is issued shall for all purposes be deemed to have become the holder of record of such shares on the date of
the Exchange Event, irrespective of the date of delivery of such certificate.
|
|
3.3.4.
|
Company Not Surviving Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting entity, the definitive agreement will provide for the holders
of Rights to receive the same per share consideration as the holders of the Class A Ordinary Shares will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section 3.1 above.
|
| 3.4. |
Duration of Rights. If the Exchange Event does not occur within 21 months from the closing of the Public Offering, and such Business Combination has not yet
been consummated within the applicable time period, the Rights shall expire and shall be worthless.
|
| 4. |
Transfer and Exchange of Rights.
|
| 4.1. |
Registration of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon surrender of such Right for transfer, properly endorsed
with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right shall be cancelled by the
Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time to time upon request.
|
| 4.2. |
Procedure for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer, and thereupon the Rights Agent shall issue in exchange
therefor one or more new Rights as requested by the registered holder of the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer bears a
restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating
whether the new Rights must also bear a restrictive legend.
|
| 4.3. |
Fractional Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right Certificate for a fraction of a Right.
|
| 4.4. |
Service Charges. No service charge shall be made for any exchange or registration of transfer of Rights.
|
| 4.5. |
Adjustments to Conversion Ratios. The number of Class A Ordinary Shares that the holders of Rights are entitled to receive as a result of the occurrence of an Exchange Event shall be equitably adjusted
to reflect appropriately the effect of any share split, reverse share split, share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the Class A Ordinary
Shares occurring on or after the date hereof and prior to the Exchange Event.
|
| 4.6. |
Right Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Rights required to be issued pursuant to
the provisions of this Section 4, and the Company, whenever required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.
|
| 5. |
Other Provisions Relating to Rights of Holders of Rights.
|
| 5.1. |
No Rights as Stockholder. Until exchange of a Right for Class A Ordinary Shares as provided for herein, a Right does not entitle the registered holder thereof to any of the rights of a stockholder of
the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.
|
| 5.2. |
Lost, Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent may on such terms as to indemnity or otherwise as they may in their
discretion impose (which shall, in the case of a mutilated Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated, or destroyed. Any such new Right shall
constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.
|
| 5.3. |
Reservation of Class A Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Class A Ordinary Shares that will be sufficient to permit the
exchange of all outstanding Rights issued pursuant to this Agreement.
|
| 6. |
Concerning the Rights Agent and Other Matters.
|
| 6.1. |
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect of the issuance or delivery of Class A
Ordinary Shares upon the exchange of Rights, but the Company shall not be obligated to pay any transfer taxes in respect of the Rights or such shares.
|
| 6.2. |
Resignation, Consolidation, or Merger of Rights Agent.
|
| 6.2.1. |
Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after
giving sixty (60) days’ notice in writing to the Company. If the office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Rights Agent in place of the
Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with such
notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the
Company’s cost. Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the
Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Rights Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor
Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Rights Agent all such authority, powers, rights, immunities, duties, and obligations.
|
| 6.2.2. |
Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the predecessor Rights Agent and the transfer agent for the Class A
Ordinary Shares not later than the effective date of any such appointment.
|
| 6.2.3. |
Merger or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to
which the Rights Agent shall be a party shall be the successor Rights Agent under this Agreement without any further act.
|
| 6.3. |
Fees and Expenses of Rights Agent.
|
| 6.3.1. |
Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse the Rights Agent upon demand for all expenditures
that the Rights Agent may reasonably incur in the execution of its duties hereunder.
|
| 6.3.2. |
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and
assurances as may reasonably be required by the Rights Agent for the carrying out or performing of the provisions of this Agreement.
|
| 6.4. |
Liability of Rights Agent.
|
| 6.4.1. |
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established by
the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by
the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.
|
| 6.4.2. |
Indemnity. The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6, the Company agrees to indemnify the Rights Agent and
save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as a result of the Rights Agent’s gross
negligence or willful misconduct.
|
| 6.4.3. |
Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Right (except its countersignature thereof);
nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Class A Ordinary Shares to be issued pursuant to this Agreement or any Right or as to whether any Class A Ordinary Shares will, when issued, be valid and fully paid and nonassessable.
|
| 6.5. |
Acceptance of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth.
|
| 6.6. |
Waiver. The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that
certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim
against the Trust Account for any reason whatsoever.
|
| 7. |
Miscellaneous Provisions.
|
| 7.1. |
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns.
|
| 7.2. |
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right to or on the Company shall be sufficiently given when so
delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the
Rights Agent), as follows:
|
| 7.3. |
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, this provision will not apply to suits brought to enforce any liability or duty
created by the Securities Exchange Act of 1934 or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any such process or summons to be served upon the Company may be
served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or claim.
|
| 7.4. |
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or
give to, any person or corporation other than the parties hereto and the registered holders of the Rights and, for the purposes of Sections 3.1, 3.2, 7.4 and 7.8 hereof, , any right, remedy, or claim under or by reason of this
Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof) and their successors and
assigns and of the registered holders of the Rights.
|
| 7.5. |
Examination of this Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent for inspection by the registered holder of any Right. The Rights
Agent may require any such holder to submit his, her or its Right for inspection by it.
|
| 7.6. |
Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.
|
| 7.7. |
Effect of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.
|
| 7.8. |
Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect rights interest of the registered holders hereunder. All other modifications or amendments shall require the written consent or vote of the registered holders of a majority of the then outstanding Rights.
|
|
7.9.
|
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of
any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such
invalid or unenforceable provision as may be possible and be valid and enforceable.
|
|
GLOBA TERRA ACQUISITION CORPORATION
|
||
|
By:
|
||
|
Name:
|
Agustin Tristan
|
|
|
Title:
|
Chief Executive Officer
|
|
|
ODYSSEY TRANSFER AND TRUST COMPANY
|
||
|
By:
|
||
|
Name:
|
||
|
Title:
|
||
|
NUMBER
|
RIGHTS
|
|
Dated:
|
||
|
PRESIDENT
|
CHIEF FINANCIAL OFFICER
|
|
|
Odyssey Transfer and Trust Company
|
|
TEN COM
|
—
|
as tenants in common
|
UNIF GIFT MIN ACT
|
—
|
Custodian
|
|||
|
(Cust)
|
(Minor)
|
|||||||
|
TEN ENT
|
—
|
as tenants by the entireties
|
||||||
|
JT TEN
|
—
|
as joint tenants with right of survivorship and not as tenants in common
|
under Uniform Gifts to Minors Act
|
|||||
|
(State)
|
||||||||
|
|
|
|
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
|
|
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
|
|
Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or
enlargement or any change whatever.
|
|
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).
|

| Re: |
Globa Terra Acquisition Corporation Registration Statement on Form S-1
|
Exhibit 5.2

| Our ref | ZAX/843465-000001/82856396v2 |
Globa Terra Acquisition Corporation
PO Box 309, Ugland House
Grand Cayman
KY1-1104
Cayman Islands
June 17, 2025
Globa Terra Acquisition Corporation
We have acted as counsel as to Cayman Islands law to Globa Terra Acquisition Corporation (the “Company”) in connection with the Company’s registration statement on Form S-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the “Commission”) under the United States Securities Act of 1933, as amended (the “Act”) (including its exhibits, the “Registration Statement”) for the purposes of, registering with the Commission under the Act, the offering and sale to the public of:
| (a) | up to 17,499,550 units (including 2,282,550 units, which the several underwriters (“Underwriters”), for whom D. Boral Capital LLC is acting as representative (“Representative”), will have a 45-day option to purchase from the Company to cover over-allotments, if any) (“Units”) at an offering price of US$10 per Unit, each Unit consisting of: |
| (i) | one Class A ordinary share of a par value of US$0.0001 of the Company (“Class A Ordinary Shares”); |
| (ii) | three-fourths of one redeemable warrant, each whole warrant exercisable to purchase one Class A Ordinary Share at a price of US$11.50 per Class A Ordinary Share (“Warrants”); and |
| (iii) | one right to receive one-tenth of one Class A Ordinary Share upon the consummation of an initial business combination (“Rights”); |
| (b) | all Class A Ordinary Shares and Warrants and Rights issued as part of the Units; |
| (c) | all Class A Ordinary Shares that may be issued upon exercise of the Warrants included in the Units; and |
| (d) | all Class A Ordinary Shares that may be issued upon conversion of the Rights included in the Units. |
This opinion letter is given in accordance with the terms of the Legal Matters section of the Registration Statement.

| 1 | Documents Reviewed |
We have reviewed originals, copies, drafts or conformed copies of the following documents:
| 1.1 | The certificate of incorporation dated 18 October 2024 and the memorandum and articles of association of the Company as registered or adopted on 18 October 2024 (the “Memorandum and Articles”). |
| 1.2 | The written resolutions of the board of directors of the Company dated June 15, 2025 (the “Resolutions”). |
| 1.3 | A certificate of good standing with respect to the Company issued by the Registrar of Companies (the “Certificate of Good Standing”). |
| 1.4 | A certificate from a director of the Company a copy of which is attached to this opinion letter (the “Director’s Certificate”). |
| 1.5 | The Registration Statement. |
| 1.6 | A draft of the form of the unit certificate representing the Units (the “Unit Certificate”). |
| 1.7 | A draft of the form of the warrant agreement and the warrant certificate constituting the Warrants (the “Warrant Documents”). |
| 1.8 | A draft of the form of the rights agreement and the rights certificate constituting the Rights (the “Rights Documents”). |
| 1.9 | A draft of the underwriting agreement between the Company and the Representative. |
The documents listed in paragraphs 1.6 to 1.9 inclusive above shall be referred to collectively herein as the “Documents”.
| 2 | Assumptions |
The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director’s Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:
| 2.1 | The Documents have been or will be authorised and duly executed and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of the Cayman Islands). |
| 2.2 | The Documents are, or will be, legal, valid, binding and enforceable against all relevant parties in accordance with their terms under the laws of the State of New York (the “Relevant Law”) and all other relevant laws (other than, with respect to the Company, the laws of the Cayman Islands). |
| 2.3 | The choice of the Relevant Law as the governing law of the Documents has been made in good faith and would be regarded as a valid and binding selection which will be upheld by the courts of the State of New York and any other relevant jurisdiction (other than the Cayman Islands) as a matter of the Relevant Law and all other relevant laws (other than the laws of the Cayman Islands). |
| 2.4 | Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals. |
| 2.5 | All signatures, initials and seals are genuine. |
| 2.6 | The capacity, power, authority and legal right of all parties under all relevant laws and regulations (other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into, execute, unconditionally deliver and perform their respective obligations under the Documents. |
| 2.7 | No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Units, the Rights, the Warrants or the Class A Ordinary Shares. |
| 2.8 | There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Documents. |
| 2.9 | No monies paid to or for the account of any party under the Documents or any property received or disposed of by any party to the Documents in each case in connection with the Documents or the consummation of the transactions contemplated thereby represent or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and the Terrorism Act (As Revised), respectively). |
| 2.10 | There is nothing contained in the minute book or corporate records of the Company (which we have not inspected) which would or might affect the opinions set out below. |
| 2.11 | There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out below. Specifically, we have made no independent investigation of the Relevant Law. |
| 2.12 | The Company will receive money or money’s worth in consideration for the issue of the Class A Ordinary Shares and none of the Class A Ordinary Shares were or will be issued for less than par value. |
Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.
| 3 | Opinions |
Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:
| 3.1 | The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the Registrar of Companies under the laws of the Cayman Islands. |
| 3.2 | The Class A Ordinary Shares to be offered and issued by the Company as contemplated by the Registration Statement (including the issuance of Class A Ordinary Shares upon the exercise of the Warrants in accordance with the Warrant Documents and the issuance of Class A Ordinary Shares upon the conversion of the Rights in accordance with the Rights Documents) have been duly authorised for issue, and when issued by the Company against payment in full of the consideration as set out in the Registration Statement and in accordance with the terms set out in the Registration Statement (including the issuance of Class A Ordinary Shares upon the exercise of the Warrants in accordance with the Warrant Documents and the issuance of Class A Ordinary Shares upon the conversion of the Rights in accordance with the Rights Documents), such Class A Ordinary Shares will be validly issued, fully paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders). |
| 3.3 | The execution, delivery and performance of the Unit Certificate and the Warrant Documents and the Rights Documents have been authorised by and on behalf of the Company and, once the Unit Certificate and the Warrant Documents and the Rights Documents have been executed and delivered by any director or officer of the Company, the Unit Certificate and the Warrant Documents and the Rights Documents will be duly executed and delivered on behalf of the Company and will constitute the legal, valid and binding obligations of the Company enforceable in accordance with their terms. |
| 4 | Qualifications |
The opinions expressed above are subject to the following qualifications:
| 4.1 | The obligations assumed by the Company under the Documents will not necessarily be enforceable in all circumstances in accordance with their terms. In particular: |
| (a) | enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or contributories; |
| (b) | enforcement may be limited by general principles of equity. For example, equitable remedies such as specific performance may not be available, inter alia, where damages are considered to be an adequate remedy; |
| (c) | where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction; and |
| (d) | some claims may become barred under relevant statutes of limitation or may be or become subject to defences of set off, counterclaim, estoppel and similar defences. |
| 4.2 | To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law. |
| 4.3 | Under Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 3.2, there are no circumstances or matters of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if such an application were made in respect of the Class A Ordinary Shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court. |
| 4.4 | In this opinion letter the phrase “non-assessable” means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company’s assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to our firm under the headings “Legal Matters”, “Risk Factors”, “Shareholders’ Suits” and “Enforcement of Civil Liabilities” in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the Act or the Rules and Regulations of the Commission thereunder.
We express no view as to the commercial terms of the Documents or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.
The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Documents and express no opinion or observation upon the terms of any such document.
This opinion letter is addressed to you and may be relied upon by you, your counsel and purchasers of Units pursuant to the Registration Statement. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.
Yours faithfully
Maples and Calder (Cayman) LLP
Globa Terra Acquisition Corporation
PO Box 309, Ugland House
Grand Cayman
KY1-1104
Cayman Islands
| To: | Maples and Calder (Cayman) LLP |
PO Box 309, Ugland House
Grand Cayman
KY1-1104
Cayman Islands
June 15, 2025
Globa Terra Acquisition Corporation (the “Company”)
I, the undersigned, being a director of the Company, am aware that you are being asked to provide an opinion letter (the “Opinion”) in relation to certain aspects of Cayman Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in the Opinion. I hereby certify that:
| 1 | The Memorandum and Articles remain in full force and effect and are unamended. |
| 2 | The Company has not entered into any mortgages or charges over its property or assets other than those entered in the register of mortgages and charges of the Company. |
| 3 | The Resolutions were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect. |
| 4 | The authorised share capital of the Company is US$22,100 divided into 200,000,000 Class A ordinary shares of a par value of US$0.0001 each, 20,000,000 Class B ordinary shares of a par value of US$0.0001 each and 1,000,000 preference shares of a par value of US$0.0001 each. The issued share capital of the Company is 5,833,183 Class B ordinary shares, which have been duly authorised and are validly issued as fully-paid and non-assessable. |
| 5 | The shareholders of the Company (the “Shareholders”) have not restricted the powers of the directors of the Company in any way. |
| 6 | The sole director of the Company at the date of the Resolutions and at the date of this certificate was and is as follows: Agustin Tristan Aldave. |
| 7 | The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the Shareholders and directors (or any committee thereof) of the Company (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed by written resolution or consent, as the case may be. |
| 8 | Prior to, at the time of, and immediately following the approval of the transactions contemplated by the Registration Statement, the Company was, or will be, able to pay its debts as they fell, or fall, due and has entered, or will enter, into the transactions contemplated by the Registration Statement for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor or with a view to giving a creditor a preference. |
| 9 | Each director of the Company considers the transactions contemplated by the Registration Statement to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion. |
| 10 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction and neither the directors nor Shareholders have taken any steps to have the Company struck off or placed in liquidation. Further, no steps have been taken to wind up the Company or to appoint restructuring officers or interim restructuring officers, and no step has been taken to appoint a receiver in relation to any of the Company’s property or assets. |
| 11 | To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the Company. |
| 12 | The Registration Statement has been, or will be, authorised and duly executed and delivered by or on behalf of all relevant parties in accordance with all relevant laws. |
| 13 | No invitation has been made or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Class A Ordinary Shares. |
| 14 | The Class A Ordinary Shares to be issued pursuant to the Registration Statement have been, or will be, duly registered, and will continue to be registered, in the Company’s register of members (shareholders). |
| 15 | The Company is not a central bank, monetary authority or other sovereign entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state. |
| 16 | There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Documents. |
(Signature Page follows)
I confirm that you may continue to rely on this certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you in writing personally to the contrary.
| Signature: | /s/ Agustin Tristan Aldave | |
| Name: | Agustin Tristan Aldave | |
| Title: | Director |
3
|
Sincerely,
|
|||||
|
Globa Terra Management LLC
|
|||||
|
By:
|
Global Terra Sponsor LLC
|
||||
|
Its Managing Member
|
|||||
|
By:
|
|||||
|
Name: Agustin Tristan Aldave
|
|||||
|
Title: Managing Member
|
|||||
|
INSIDERS
|
||
|
By:
|
||
|
Name: Additional Insiders
|
||
|
Title:
|
|
Acknowledged and Agreed:
|
||
|
Globa Terra Acquisition Corporation
|
||
|
By:
|
||
|
Name: Agustin Tristan Aldave
|
||
|
Title: Chief Executive Officer
|
||
|
Odyssey Transfer and Trust Company, as Trustee
|
|||
|
|
|||
|
By:
|
|||
|
Name:
|
|||
|
Title:
|
|||
|
Globa Terra Acquisition Corporation
|
|||
|
|
|||
|
By:
|
|||
|
Name: Agustin Tristan Aldave
|
|||
|
Title: Chief Executive Officer
|
|||
|
Trust Agreement – one-time acceptance fee
|
|||
|
Annual administrative fee
|
|||
|
Disbursement/withdrawal processing fee (per payment)
|
|||
|
Shareholder redemption processing fee (per redemption)
|
|||
|
Liquidation of the trust
|
|||
|
Asset management fee
|
As negotiated
|
||
|
Out of pocket expenses
|
As Incurred
|
|
Dear
|
:
|
|
Very truly yours,
|
|||
|
|
|||
|
Globa Terra Acquisition Corporation
|
|||
|
|
|||
|
By:
|
|||
|
Name: Agustin Tristan Aldave
|
|||
|
Title: Chief Executive Officer
|
|||
|
D. Boral Capital LLC
|
|||
|
|
|||
|
By:
|
|
||
|
|
Name:
|
||
|
|
Title:
|
||
|
Dear
|
:
|
|
Very truly yours,
|
|||
|
|
|||
|
Globa Terra Acquisition Corporation
|
|||
|
|
|||
|
By:
|
|||
|
Name: Agustin Tristan Aldave
|
|||
|
Title: Chief Executive Officer
|
|||
|
Dear
|
:
|
|
Very truly yours,
|
|||
|
|
|||
|
Globa Terra Acquisition Corporation
|
|||
|
|
|||
|
By:
|
|||
|
Name: Agustin Tristan Aldave
|
|||
|
Title: Chief Executive Officer
|
|||
|
cc: D. Boral Capital LLC
|
|||
|
Dear
|
:
|
|
Very truly yours,
|
|||
|
|
|||
|
Globa Terra Acquisition Corporation
|
|||
|
|
|||
|
By:
|
|||
|
Name: Agustin Tristan Aldave
|
|||
|
Title: Chief Executive Officer
|
|||
|
cc: D. Boral Capital LLC
|
|||
|
THE COMPANY:
|
|
|
Globa Terra Acquisition Corporation
|
|
|
By:
|
|
|
Name:
|
Agustin Tristan Aldave
|
|
Title:
|
Chief Executive Officer
|
|
HOLDERS:
|
|
|
Globa Terra Management LLC
|
|
|
By:
|
Globa Terra Sponsor LLC
|
|
Its:
|
Managing Member
|
|
By:
|
|
|
Name:
|
Agustin Tristan Aldave
|
|
Title:
|
Authorized Signatory
|
|
By:
|
|
|
Name:
|
Additional Holders
|
|
Title:
|
|
COMPANY:
|
|
|
GLOBA TERRA ACQUISITION CORPORATION
|
|
|
By:
|
|
|
Name:
|
Agustin Tristan Aldave
|
|
Title:
|
Chief Executive Officer
|
|
PURCHASER:
|
|
|
[Purchaser]
|
|
|
By:
|
|
|
Name:
|
|
|
Title:
|
|
| Subject: |
Consulting Services Agreement
|
| 1. |
Services. The Company hereby retains Consultant as an independent contractor, and Consultant hereby accepts its role with the Company as an independent contractor as of the
Effective Date upon the terms and conditions set forth in this Agreement. Consultant hereby agrees to provide to the Company the Services from and after the Effective Date. In rendering Services hereunder, Consultant shall act solely as
an independent contractor and this Agreement shall not be construed to create any employee-employer, partnership, association, joint venture or agency relationship between Consultant and the Company or between any Representative (as
defined below) of Consultant and the Company. As an independent contractor of the Company, Consultant shall not have any authority to bind, make any representation or commitment or act on behalf of the Company. Consultant may not, or
permit any of its Representatives to, enter into any agreement, understanding, or other commitment that is binding on the Company, or hold itself out as having such authority. For the avoidance of doubt, under no circumstances shall the
Consultant act as an underwriter, placement agent or otherwise be formally mandated or assist with any securities offering.
|
| 2. |
Consideration, Expenses. Subject to the terms and conditions set forth herein, and in conjunction with and as consideration for the Consultant providing the Services, upon
the closing of the Company’s initial public offering (the “IPO”) and as part of its flow of funds, the Company agrees to pay Consultant $150,000 in cash to an account(s) designated by Consultant (the “Cash Consideration”).
During the term of this Agreement, the Consultant shall not be reimbursed for any out-of-pocket expenses related to the Services provided to the Company, unless the Company pre-approves such out-of-pocket expenses.
|
| 3. |
Reserved.
|
| 4. |
Company Representations. In connection with the transactions contemplated hereby, the Company represents and warrants to the Consultant that:
|
| 5. |
Indemnification. Subject to the provisions of Section 8(i), the Company hereby agrees to the terms of Annex A to this Agreement and the terms of Annex A are
hereby incorporated by reference herein.
|
| 6. |
Consultant Representations. In connection with the transactions contemplated hereby, the Consultant represents and warrants to the Company that:
|
| 7. |
Confidentiality.
|
| 8. |
Miscellaneous.
|
|
Globa Terra Acquisition Corporation
|
|
|
By: /s/ Agustin Tristan
|
|
|
Name: Agustin Tristan
|
|
|
Title: Chief Executive Officer
|
|
|
METEORA CAPITAL, LLC and its affiliates
|
|
|
By: Vikas Mittal
|
|
|
Name: Vikas Mittal
|
|
|
Title: Managing Member
|
|
Principal Amount: Up to $450,000
|
Dated as of June 12, 2025
|
|
Globa Terra Acquisition Corporation
|
||
|
By:
|
/s/ Agustin Tristan Aldave
|
|
|
Name: Agustin Tristan Aldave
|
||
|
Title: Chief Executive Officer
|
||
![]() |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the use, in the Registration Statement on Form S-1, Amendment No. 2, of Globa Terra Acquisition Corporation, of our report dated April 16, 2025, except Notes 2, 5, 8
and 9, dated May 14, 2025, on our audit of the balance sheet of Globa Terra Acquisition Corporation as of December 31, 2024, and the related statements of operations, changes in shareholder’s equity and cash flows for the period from
October 18, 2024 (inception) through December 31, 2024. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ Adeptus Partners, LLC
Ocean, New Jersey
June 16, 2025
|