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Cayman Islands
(State or other jurisdiction of
incorporation or organization)
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6770
(Primary Standard Industrial
Classification Code Number)
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N/A
(I.R.S. Employer Identification
Number)
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Gil Savir, Esq.
Paul Hastings LLP
200 Park Avenue
New York, NY 10166
(212) 318-6000
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Brandon J. Bortner, Esq.
Paul Hastings LLP
2050 M Street NW
Washington, DC 20036
(202) 551-1700
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Jeffrey C. Selman, Esq.
Elena Nrtina, Esq.
DLA Piper LLP (US)
555 Mission Street
Suite 2400
San Francisco, CA 94105-2933
Tel: (415) 615 6095
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging growth company
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☒
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Per Unit
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Total
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Price to Public
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$10.00
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$150,000,000
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Underwriting Discounts and Commissions(1)
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$0.37
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$5,500,000
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Proceeds, before expenses, to us
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$9.63
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$144,500,000
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(1)
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including (a) $1,000,000, or approximately $0.07 per unit sold in the offering, payable upon the closing of this offering; and
(b) up to $0.30 per unit sold in the offering, or up to $4,500,000 in the aggregate (or up to $5,175,000 if the overallotment option is exercised in full) payable to the underwriter in this offering based on the percentage of funds
remaining in the trust account after redemptions of public shares, for deferred underwriting commissions to be placed in a trust account located in the United States and released to the underwriter only upon the completion of an initial
business combination. See “Underwriting” for a description of compensation and other items of value payable to the underwriter. See “Underwriting” for a description of underwriting compensation payable to the underwriter.
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||||||||||||||||||||||||
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As of February 28, 2025
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As of February 28, 2025
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Offering Price of $10.00
per Unit
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25% of
Maximum
Redemptions
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50% of
Maximum
Redemptions
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75% of
Maximum
Redemptions
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Maximum
Redemptions
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NTBV
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Difference
Between
NTBV and
Offering
Price
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Difference
Between
NTBV and
Offering
Price
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Difference
Between
NTBV and
Offering
Price
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NTBV
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Difference
Between
NTBV and
Offering
Price
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NTBV
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Difference
Between
NTBV and
Offering
Price
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NTBV
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Difference
Between
NTBV and
Offering
Price
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Assuming Full Exercise of Over Allotment Option
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7.84
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2.16
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7.30
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2.70
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6.40
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3.60
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4.60
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5.40
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(0.80)
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10.80
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Assuming No Exercise of Over Allotment Option
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7.87
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2.13
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7.33
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2.67
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6.44
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3.56
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4.66
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5.34
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(0.67)
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10.67
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•
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“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;
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•
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“Companies Act” are to the Companies Act (As Revised) of the Cayman Islands as the same may
be amended from time to time;
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“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 any permitted withdrawals 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 18 months from the closing of this offering with an automatic six-month extension if we have signed a definitive agreement with respect to an initial business combination within such 18-month period. 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 18 months to 24 months by virtue of having signed a definitive agreement with respect to an initial business combination within such initial 18-month
period, our shareholders will not be entitled to vote on such an extension or to redeem their shares as a result of the extension;
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“directors” are to our directors (including our director nominees named in this prospectus);
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•
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“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;
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•
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“founders” are to Diana Derycz- Kessler, our President, Scott LaPorta, our Chief Executive
Officer and Chief Financial Officer, and Paul L. Kessler, our Executive Chairman;
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•
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“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;
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•
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“initial shareholders” are to our sponsor and the other holders of our founder shares prior
to this offering (or their permitted transferees);
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•
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“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, to be executed by our initial shareholders, directors and officers;
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“management” or our “management team” are to our officers and directors;
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•
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“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;
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“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;
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“permitted withdrawals” refers to amounts withdrawn from the trust account (i) to fund our
working capital requirements, which amount shall not equal more than 10% of the interest earned on the trust account, and/or (ii) to pay our taxes, provided that all permitted withdrawals can only be made from interest and not from
the principal held in the trust account;
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“private placement warrants” are to the 3,488,000 warrants issued to our sponsor (whether
or not the over-allotment option is exercised)
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“private shares” are to the Class A ordinary shares sold as part of the private placement
warrants;
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“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);
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“public shareholders” are to the holders of our public shares, including our sponsor,
officers and directors to the extent our sponsor, officers, or directors purchase public shares, provided that each of their status as a “public shareholder” shall only exist with respect to such public shares;
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“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);
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“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;
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“sponsor” are to Vendome Acquisition Sponsor I LLC, a Cayman Islands limited liability
company; Vendome Acquisition Holding I LLC is the managing member of our sponsor; Diana Derycz- Kessler, our President, Scott LaPorta, our Chief Executive Officer and Chief Financial Officer, and Paul Kessler, our Executive Chairman,
are the sole members of Vendome Acquisition Holding I LLC;
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“underwriter’s option to purchase additional units” are to the underwriter’s 45-day option
to purchase up to an additional 2,250,000 units to cover over-allotments, if any;
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“warrants” are to our public warrants and private placement warrants;
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•
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“warrant exercise date” are to the date on which the warrants will become exercisable,
which is the later of the completion of our initial business combination or 12 months after this registration statement is declared effective by the Securities and Exchange Commission;
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“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
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•
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“we,” “us,” “company” or “our company” are to Vendome Acquisition Corporation I, a Cayman
Islands exempted company.
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Entity / Individual
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Amount of Compensation to be
Received or Securities Issued or to
be Issued
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Paid or to be Paid
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$10,000 per month, commencing on the first date on which our securities
are listed on the Nasdaq
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Office space, administrative and shared personnel support services
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Vendome Acquisition Sponsor I LLC
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4,312,500(1)(3) Class B Ordinary Shares
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$25,000
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3,488,000 private placement warrants (whether or not the over-allotment
option is exercised)
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$3,488,000 (whether or not the over-allotment option is exercised)
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Up to $25,000
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Repayment of loans made to us to cover offering related and
organizational expenses
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Reimbursement for any out-of-pocket expenses related to identifying,
investigating and completing an initial business combination
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Expenses incurred in connection with identifying, investigating and
completing an initial business combination
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Entity / Individual
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Amount of Compensation to be
Received or Securities Issued or to
be Issued
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Paid or to be Paid
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Up to $2,500,000 in working capital loans, which loans may be convertible
into warrants of the post-business combination entity at the price of $1.00 per warrant(2)
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Working capital loans to finance transaction costs in connection with an
initial business combination
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(1)
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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 $0.0058 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 and Management Team — The nominal
purchase price paid by our sponsor for the founder 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 66, “— 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 76, “— Our initial shareholders, either directly or
indirectly, paid an aggregate of $25,000, or approximately $0.0058 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 77
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 77.
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(2)
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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, or warrants. The $11.50 exercise price of the private placement warrants issuable upon conversion of working capital loans may be significantly less
than the market price of our shares at the time such private placement warrants are exercised. Similarly, depending on the market price of our shares at the time our private placement warrants are exercised, the cashless exercise
feature of our private placement warrants may also result in material dilution to our public shareholders given that the cashless exercise of the warrants will not result in any cash proceeds to us. See “Description of Securities —
Warrants — Private Placement Warrants” on page 165; see also “Risk Factors — Risks Relating to our Sponsor and Management Team — The nominal purchase price paid by our sponsor for the founder 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 66, “— 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 76, “— Our initial shareholders, either directly or indirectly, paid an aggregate of $25,000, or approximately
$0.0058 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 77 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 77.
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(3)
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Prior to the completion of this offering our sponsor intends to transfer an aggregate of 105,000 of its founder shares to our
independent director nominees and certain members of our management team for their services, in each case for no cash consideration, including 25,000 shares to each of our independent directors and 30,000 shares to Amy Wang. See “Risk
Factors — Risks Relating to our Sponsor and Management Team — The nominal purchase price paid by our sponsor for the founder 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 65; see also “ - Risks Relating to our Sponsor and Management Team - Since our sponsor, officers and directors, and any other holders of our founder shares will lose their entire investment in us if
our initial business combination is not completed, and because our sponsors, officers and directors and any other holder of our founder shares 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, 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” on page 67.
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Subject Securities
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Expiration Date
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Persons Subject to
Restrictions
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Exceptions to Transfer
Restrictions
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Founder Shares
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Earlier of six months after completion of our initial business
combination; or if the closing price of our ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and other similar transactions) for any
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Vendome Acquisition Sponsor I LLC, Paul L. Kessler, Diana Derycz-Kessler,
Scott LaPorta, Brett Wyard, Brian Webber, Jonathan Gray and Amy Wang
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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
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Subject Securities
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Expiration Date
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Persons Subject to
Restrictions
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Exceptions to Transfer
Restrictions
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20 trading days within any 30-trading day period commencing 150 days
after completion of our initial business combination
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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
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Private Placement Warrants
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30 days after the completion of our initial business combination
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Same as above
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Same as above
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Any units, warrants, ordinary shares or any other securities convertible
into, or exercisable or exchangeable for, any units, ordinary shares, founder shares or warrants
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180 days
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Same as above
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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 warrants pursuant to the letter agreement described in the immediately preceding paragraphs.
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•
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Depth of Team and Access to Resources. We have a dedicated management team with a
track record of executing on transactions, and the resources to source and evaluate a larger number of potential transactions relative to other SPACs.
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•
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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.
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•
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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.
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•
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Operating Company Experience. Certain members of our management team have extensive
experience as operating 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.
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•
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Business Fundamentals: We target companies with strong fundamentals that align with
its 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
could operate in multiple countries, enabling expansion and operational synergies through vertical integration. We 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.
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•
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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.
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•
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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 emerging growth companies, identifying productivity gains, and restructuring businesses
would be a value-add to the management teams and boards of potential target companies. We expect our strategy to draw heavily from the venture capital 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 the public markets and private equity, we emphasize
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•
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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.
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•
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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.
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•
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one Class A ordinary share; and
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•
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one-half of one redeemable warrant to purchase one Class A ordinary share.
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(1)
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Assumes no exercise of the underwriter’s option to purchase additional units.
|
|
(2)
|
Consists solely of founder shares and includes up to 562,500 shares that are subject to forfeiture by our sponsor and certain
director and officers, depending on the extent to which the underwriter’s option to purchase additional units is exercised.
|
|
(3)
|
Includes 15,000,000 public shares and 3,750,000 founder shares.
|
|
(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)
|
Includes 7,500,000 public warrants and 3,488,000 private placement warrants.
|
|
•
|
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 heading “Description of Securities — Warrants — 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.
|
|
•
|
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
|
|
•
|
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; and
|
|
•
|
the holders of the founder shares are entitled to registration rights.
|
|
•
|
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, 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 security holder 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, 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, 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 the Nasdaq, we will provide our public shareholders with the opportunity to redeem their public
|
|
•
|
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 $10,000
per month, commencing on the first date on which our securities are listed on the Nasdaq;
|
|
•
|
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 warrants of the post-business combination entity at a price of $1.00 per warrant at the option of the
lender; and
|
|
•
|
The warrants will be identical to the private placement warrants. 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.
|
|
•
|
We are a recently 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 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, sponsor or any of their respective
affiliates may elect to purchase public shares or warrants, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares or public warrants.
|
|
•
|
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 or warrants, potentially at a loss.
|
|
•
|
If the net proceeds of this offering and the sale of the private placement warrants not being held in the trust account are
insufficient to allow us to operate for the 18 months (or up to 24 months if the completion window is extended 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, sponsor or initial shareholders.
|
|
•
|
Since our sponsor, executive officers, directors, and initial shareholders will lose their entire investment in us if our
initial business combination is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business combination target is
appropriate for our initial business combination.
|
|
•
|
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, 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, sponsor, initial shareholders and their respective affiliates may have competitive pecuniary interests
that conflict with our interests.
|
|
•
|
The other risks and uncertainties discussed in “Risk Factors” and elsewhere in this prospectus.
|
|
|
|
|
|
||||||||||||||||||||||||
|
As of February 28, 2025
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
As of February 28, 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
|
|
|
Difference
Between
NTBV and
Offering
Price
|
|
|
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
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.84
|
|
|
2.16
|
|
|
7.30
|
|
|
2.70
|
|
|
6.40
|
|
|
3.60
|
|
|
4.60
|
|
|
5.40
|
|
|
(0.80)
|
|
|
10.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assuming No Exercise of Over Allotment Option
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.87
|
|
|
2.13
|
|
|
7.33
|
|
|
2.67
|
|
|
6.44
|
|
|
3.56
|
|
|
4.66
|
|
|
5.34
|
|
|
(0.67)
|
|
|
10.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
No Redemptions
|
|
|
25%
|
|
|
50%
|
|
|
75%
|
|
|
100%
|
|||||||||||||||
|
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net tangible book deficit before this offering
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
Net proceeds from this offering and the sale of the
private placement shares
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
Plus: Offering costs accrued for or paid in advance,
excluded from tangible book value
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
Less: Deferred underwriting commission
|
|
|
(4,500,000)
|
|
|
(5,175,000)
|
|
|
(4,500,000)
|
|
|
(5,175,000)
|
|
|
(4,500,000)
|
|
|
(5,175,000)
|
|
|
(4,500,000)
|
|
|
(5,175,000)
|
|
|
(4,500,000)
|
|
|
(5,175,000)
|
|
Less: overallotment liability
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
Less: Amounts paid for redemptions
|
|
|
—
|
|
|
—
|
|
|
(37,500,000)
|
|
|
(43,125,000)
|
|
|
(75,000,000)
|
|
|
(86,250,000)
|
|
|
(112,500,000)
|
|
|
(129,375,000)
|
|
|
(150,000,000)
|
|
|
(172,500,000)
|
|
|
|
|
146,980,681
|
|
|
169,030,000
|
|
|
109,480,681
|
|
|
125,905,000
|
|
|
71,980,681
|
|
|
82,780,000
|
|
|
34,480,681
|
|
|
39,655,000
|
|
|
(3,019,319)
|
|
|
(3,470,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
No Redemptions
|
|
|
25%
|
|
|
50%
|
|
|
75%
|
|
|
100%
|
|||||||||||||||
|
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
|
W/O
Over-
Allotment
|
|
|
With
Over-
Allotment
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares outstanding prior to this offering
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
Ordinary shares forfeited if over-allotment is not
exercised
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
Ordinary shares offered
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
Less: Ordinary shares redeemed
|
|
|
—
|
|
|
—
|
|
|
(3,750,000)
|
|
|
(4,312,500)
|
|
|
(7,500,000)
|
|
|
(8,625,000)
|
|
|
(11,250,000)
|
|
|
(12,937,500)
|
|
|
(15,000,000)
|
|
|
(17,250,000)
|
|
|
|
|
18,750,000
|
|
|
21,562,500
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
11,250,000
|
|
|
12,937,500
|
|
|
7,500,000
|
|
|
8,625,000
|
|
|
3,750,000
|
|
|
4,312,500
|
|
NTBV after
|
|
|
7.87
|
|
|
7.84
|
|
|
7.33
|
|
|
7.30
|
|
|
6.44
|
|
|
6.40
|
|
|
4.66
|
|
|
4.60
|
|
|
(0.67)
|
|
|
(0.80)
|
|
NTBV before
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
February 28, 2025
|
|||
|
|
|
|
Actual
|
|
|
As Adjusted
|
|
Balance Sheet Data:
|
|
|
|
|
|
|
|
Working capital (deficit)(1)
|
|
|
$(175,371)
|
|
|
$1,480,681
|
|
Total assets(2)
|
|
|
$213,273
|
|
|
$151,705,000
|
|
Total liabilities(3)
|
|
|
$188,273
|
|
|
$4,224,319
|
|
Value of ordinary shares subject to possible conversion(4)
|
|
|
$—
|
|
|
$150,000,000
|
|
Shareholders’ equity (deficit)(5)
|
|
|
$25,000
|
|
|
$(2,519,319)
|
|
|
|
|
|
|
|
|
|
(1)
|
The “as adjusted” calculation includes $1,680,000 of cash held outside the trust account including $25,000 of actual
shareholder’s equity on February 28, 2025 less the overallotment liability of $224,319.
|
|
(2)
|
The “as adjusted” calculation equals $150,000,000 cash held in trust from the proceeds of this offering, plus $1,680,000 in
cash held outside the trust account including plus $25,000 of actual shareholder’s equity at February 28, 2025.
|
|
(3)
|
The “as adjusted” calculation includes up to $4,500,000 of deferred underwriting commissions, assuming the over-allotment
option is not exercise, plus $224,319 of over-allotment liability.
|
|
(4)
|
The “as adjusted” calculation equals the “as adjusted” total assets, less the “as adjusted” total liabilities, less the “as
adjusted” shareholder’s deficit.
|
|
(5)
|
Excludes 15,000,000 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, 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, 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 security holder 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, 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 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 from units offered to public(1)
|
|
|
$150,000,000
|
|
|
$172,500,000
|
|
Gross proceeds from private placement warrants offered
in the private placement
|
|
|
3,488,000
|
|
|
3,488,000
|
|
Total gross proceeds
|
|
|
$153,488,000
|
|
|
$175,988,000
|
|
Estimated offering expenses
|
|
|
|
|
|
|
|
Underwriting (excluding deferred commission portion)(2)
|
|
|
$1,000,000
|
|
|
$1,000,000
|
|
Legal fees and expenses
|
|
|
450,000
|
|
|
450,000
|
|
Accounting fees and expenses
|
|
|
50,000
|
|
|
50,000
|
|
Printing and engraving expenses
|
|
|
35,000
|
|
|
35,000
|
|
SEC and FINRA expenses
|
|
|
88,000
|
|
|
88,000
|
|
Exchange listing fees
|
|
|
85,000
|
|
|
85,000
|
|
Miscellaneous expenses(3)
|
|
|
100,000
|
|
|
100,000
|
|
Total estimated offering expenses (other than underwriting commissions)
|
|
|
$808,000
|
|
|
$808,000
|
|
Proceeds after estimated offering expenses
|
|
|
$151,680,000
|
|
|
$174,180,000
|
|
Held in trust account(2)
|
|
|
$150,000,000
|
|
|
$172,500,000
|
|
% of public offering size
|
|
|
100%
|
|
|
100%
|
|
Not held in trust account
|
|
|
$1,680,000
|
|
|
$1,680,000
|
|
|
|
|
|
|
|
|
|
1
|
Includes amounts payable to public shareholders who properly redeem their shares in connection
with our successful completion of our initial business combination.
|
|
2
|
The underwriter has agreed to defer underwriting commissions of up to 3.0% of the gross proceeds
of the units sold in the offering including pursuant to the over-allotment option. Accordingly, upon and concurrently with the completion of our initial business combination, up to $4,500,000 (or up to $5,175,000 if the underwriter’s
over-allotment option is exercised in full) which constitutes the underwriter’s deferred commissions on the base offering and the overallotment option, if applicable, will be paid to the underwriter based on the percentage of funds
remaining in the trust account after redemptions of public shares from the funds held in the trust account. The deferred commissions will be released to the underwriter only on completion of an initial business combination. The
underwriter will not be entitled to any interest accrued on the deferred underwriting discounts and commissions. The remaining funds, less amounts released to the trustee to pay redeeming shareholders, will be released to us and can be
used.
|
|
3
|
Includes organizational and administrative expenses and may include amounts related to
above-listed expenses in the event actual amounts exceed estimates.
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
% of Total
|
|
Legal, accounting, due diligence, travel and other
expenses in connection with any business combination
|
|
|
$530,000
|
|
|
31.5%
|
|
Legal and accounting fees related to regulatory reporting obligations
|
|
|
375,000
|
|
|
22.3%
|
|
Payment for office space, administrative and support
services ($10,000 per month for up to 24 months)
|
|
|
240,000
|
|
|
14.3%
|
|
Directors and officers insurance premiums
|
|
|
250,000
|
|
|
14.9%
|
|
Continued exchange listing fees
|
|
|
55,000
|
|
|
3.3%
|
|
Other miscellaneous expenses
|
|
|
230,000
|
|
|
13.7%
|
|
Total
|
|
|
$1,680,000
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
4
|
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
amount in the table above does not include interest available to us from the trust account, which we may access for permitted withdrawals. In addition, in order to finance transaction costs in connection with an intended initial
business combination, our sponsor, any of its respective affiliates or certain of our directors and officers may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans may be repaid only out of funds held outside the trust account. In the event that our initial business combination does not close, we may
use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $2,500,000 of such loans may be convertible into
warrants of the post-business combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the private placement warrants issued to our sponsor. The terms of such loans, if any, have
not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor, as we do not believe third parties will be willing to
loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.
|
|
|
|
|
|
||||||||||||||||||||||||
|
As of February 28, 2025
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
As of February 28, 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
|
|
|
Difference
Between
NTBV and
Offering
Price
|
|
|
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
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.84
|
|
|
2.16
|
|
|
7.30
|
|
|
2.70
|
|
|
6.40
|
|
|
3.60
|
|
|
4.60
|
|
|
5.40
|
|
|
(0.80)
|
|
|
10.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assuming No Exercise of Over Allotment Option
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.87
|
|
|
2.13
|
|
|
7.33
|
|
|
2.67
|
|
|
6.44
|
|
|
3.56
|
|
|
4.66
|
|
|
5.34
|
|
|
(0.67)
|
|
|
10.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
No Redemptions
|
|
|
25%
|
|
|
50%
|
|
|
75%
|
|
|
100%
|
|||||||||||||||
|
|
|
|
W/O Over-
Allotment
|
|
|
With Over-
Allotment
|
|
|
W/O Over-
Allotment
|
|
|
With Over-
Allotment
|
|
|
W/O Over-
Allotment
|
|
|
With Over-
Allotment
|
|
|
W/O Over-
Allotment
|
|
|
With Over-
Allotment
|
|
|
W/O Over-
Allotment
|
|
|
With Over-
Allotment
|
|
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net tangible book deficit before this offering
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
|
(175,371)
|
|
Net proceeds from this offering and the sale of the
private placement shares
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
|
151,680,000
|
|
|
174,180,000
|
|
Plus: Offering costs accrued for or paid in
advance, excluded from tangible book value
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
|
200,371
|
|
Less: Deferred underwriting commission
|
|
|
(4,500,000)
|
|
|
($5,175,000)
|
|
|
(4,500,000)
|
|
|
($5,175,000)
|
|
|
(4,500,000)
|
|
|
($5,175,000)
|
|
|
(4,500,000)
|
|
|
($5,175,000)
|
|
|
(4,500,000)
|
|
|
($5,175,000)
|
|
Less: overallotment liability
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
|
(224,319)
|
|
|
—
|
|
Less: Amounts paid for redemptions
|
|
|
—
|
|
|
—
|
|
|
(37,500,000)
|
|
|
(43,125,000)
|
|
|
(75,000,000)
|
|
|
(86,250,000)
|
|
|
(112,500,000)
|
|
|
(129,375,000)
|
|
|
(150,000,000)
|
|
|
(172,500,000)
|
|
|
|
|
146,980,681
|
|
|
169,030,000
|
|
|
109,480,681
|
|
|
125,905,000
|
|
|
71,980,681
|
|
|
82,780,000
|
|
|
34,480,681
|
|
|
39,655,000
|
|
|
(3,019,319)
|
|
|
(3,470,000)
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares outstanding prior to this offering
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
|
4,312,500
|
|
Ordinary shares forfeited if over-allotment is not
exercised
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
|
(562,500)
|
|
|
—
|
|
Ordinary shares offered
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
15,000,000
|
|
|
17,250,000
|
|
Less: Ordinary shares redeemed
|
|
|
—
|
|
|
—
|
|
|
(3,750,000)
|
|
|
(4,312,500)
|
|
|
(7,500,000)
|
|
|
(8,625,000)
|
|
|
(11,250,000)
|
|
|
(12,937,500)
|
|
|
(15,000,000)
|
|
|
(17,250,000)
|
|
|
|
|
18,750,000
|
|
|
21,562,500
|
|
|
15,000,000
|
|
|
17,250,000
|
|
|
11,250,000
|
|
|
12,937,500
|
|
|
7,500,000
|
|
|
8,625,000
|
|
|
3,750,000
|
|
|
4,312,500
|
|
NTBV after
|
|
|
7.87
|
|
|
7.84
|
|
|
7.33
|
|
|
7.30
|
|
|
6.44
|
|
|
6.40
|
|
|
4.66
|
|
|
4.60
|
|
|
(0.67)
|
|
|
(0.80)
|
|
NTBV before
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
February 28, 2025
|
|||
|
|
|
|
Actual
|
|
|
As Adjusted(1)
|
|
Note payable to related party
|
|
|
$—
|
|
|
$—
|
|
Over-allotment liability
|
|
|
—
|
|
|
224,319
|
|
|
|
|
|
|
|
|
|
Deferred underwriting commissions(2)
|
|
|
—
|
|
|
4,500,000
|
|
Class A ordinary shares subject to possible
redemption; 0 and 15,000,000 shares, actual and as adjusted, respectively(3)
|
|
|
—
|
|
|
150,000,000
|
|
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 0 issued and outstanding (excluding 0 and 15,000,000 shares subject to possible redemption), actual and as adjusted, respectively
|
|
|
—
|
|
|
—
|
|
Class B ordinary shares, $0.0001 par value, 20,000,000
shares authorized; 4,312,500 and 3,750,000 shares issued and outstanding, actual and as adjusted, respectively(4)
|
|
|
431
|
|
|
375
|
|
Additional paid-in capital(5)
|
|
|
24,569
|
|
|
—
|
|
Accumulated deficit
|
|
|
—
|
|
|
(2,519,694)
|
|
Total shareholders’ equity (deficit)
|
|
|
25,000
|
|
|
(2,519,319)
|
|
Total capitalization
|
|
|
$25,000
|
|
|
$ 151,705,000
|
|
|
|
|
|
|
|
|
|
(1)
|
The “as adjusted” information gives effect to the sale of the private placement warrants.
|
|
(2)
|
The underwriter reserves the right in its sole discretion to waive its respective portion of the deferred underwriting
commissions at any time prior to the initial business combination by providing written notice to us.
|
|
(3)
|
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(less any permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), subject to any limitations
(including, but not limited to, cash requirements) created by the terms of the proposed business combination.
|
|
(4)
|
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 underwriter’s option to purchase additional units and the forfeiture of 562,500 founder shares by our sponsor.
|
|
(5)
|
The “as adjusted” additional paid-in capital calculation is equal to the “as adjusted” total shareholders’ deficit of
$2,519,319, less Class A ordinary shares (par value) of $0, less Class B ordinary shares (par value) of $375 less the accumulated deficit of $2,519,694.
|
|
•
|
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 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.
|
|
|
|
|
|
|
|
|
|
Entity / Individual
|
|
|
Amount of Compensation to be
Received or Securities Issued or to
be Issued
|
|
|
Paid or to be Paid
|
|
|
|
|
$10,000 per month, commencing on the first date on which our securities are
listed on the Nasdaq
|
|
|
Office space, administrative and shared personnel support services
|
|
|
|
|
|
|
|
|
|
Vendome Acquisition Sponsor I LLC
|
|
|
4,312,500(1) Class B Ordinary Shares
|
|
|
$25,000
|
|
|
|
|
3,488,000 private placement warrants (whether or not the over-allotment
option is exercised)
|
|
|
$3,488,000 (whether or not the over-allotment option is exercised)
|
|
|
|
|
|
|
|
|
|
|
|
|
Up to $25,000
|
|
|
Repayment of loans made to us to cover offering related and organizational
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity / Individual
|
|
|
Amount of Compensation to be
Received or Securities Issued or to
be Issued
|
|
|
Paid or to be Paid
|
|
|
|
|
Reimbursement for any out-of-pocket expenses related to identifying,
investigating and completing an initial business combination
Up to $2,500,000 in working capital loans, which loans may be convertible
into warrants of the post-business combination entity at the price of $1.00 per warrant(2)
|
|
|
Expenses incurred in connection with identifying, investigating and
completing an initial business combination
Working capital loans to finance transaction costs in connection with an
initial business combination
|
|
|
|
|
|
|
|
|
|
(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 $0.0058 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 and Management Team — The nominal purchase
price paid by our sponsor for the founder 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 66, “— 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 76, “— Our initial shareholders, either directly or indirectly, paid an
aggregate of $25,000, or approximately $0.0058 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 77 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 77.
|
|
(2)
|
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, or warrants. The $11.50 exercise price of the private placement warrants issuable upon conversion of working capital loans may be significantly less
than the market price of our shares at the time such private placement warrants are exercised. Similarly, depending on the market price of our shares at the time our private placement warrants are exercised, the cashless exercise feature
of our private placement warrants may also result in material dilution to our public shareholders given that the cashless exercise of the warrants will not result in any cash proceeds to us. See “Description of Securities — Warrants
— Private Placement Warrants” on page 165; see also “Risk Factors — Risks Relating to our Sponsor and Management Team — The nominal purchase price paid by our sponsor for the founder 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 66, “— 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 76, “— Our initial shareholders, either directly or indirectly, paid an aggregate of $25,000, or approximately $0.0058 per founder share, and, accordingly,
you will experience immediate and substantial dilution from the purchase of our Class B ordinary shares” on page 77 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 77.
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject Securities
|
|
|
Expiration Date
|
|
|
Persons Subject to
Restrictions
|
|
|
Exceptions to Transfer
Restrictions
|
|
Founder Shares
|
|
|
Earlier of six months after completion of our initial business combination;
or if the closing price of our ordinary shares equals or exceeds $12.00 per 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 150 days after completion of our initial business combination
|
|
|
Vendome Acquisition Sponsor I LLC, Paul L. Kessler, Diana Derycz-Kessler,
Scott LaPorta, Brett Wyard, Brian Webber, and Jonathan Gray
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject Securities
|
|
|
Expiration Date
|
|
|
Persons Subject to
Restrictions
|
|
|
Exceptions to Transfer
Restrictions
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
||
|
Private Placement Warrants
|
|
|
30 days after the 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 warrants 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 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.
|
|
•
|
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.
|
|
•
|
Operating Company Experience. Certain members of our management team have extensive
experience as operating 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 target companies with strong fundamentals that align with
its 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 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 in emerging growth companies would be a value-add to the management teams and
boards of potential target companies. We expect our strategy to draw heavily from the venture capital 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
|
|
•
|
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.
|
|
•
|
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.
|
|
•
|
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, 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 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, 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 security holder 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, 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, 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 (less any permitted withdrawals and up to $100,000 of
interest to pay dissolution expenses); 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;
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we will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 upon such
consummation and, solely if we seek shareholder approval, if we obtain the approval of 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;
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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
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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.
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Redemptions in Connection
with our Initial Business
Combination
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Other Permitted Purchases of
Public Shares by our Affiliates
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Redemptions if we fail to
Complete an Initial
Business Combination
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Calculation of redemption price
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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
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If we seek shareholder approval of our initial business combination, our
management, sponsor or any of their respective affiliates may purchase public shares or 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
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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 deferred underwriting commissions and taxes
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Redemptions in Connection
with our Initial Business
Combination
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Other Permitted Purchases of
Public Shares by our Affiliates
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Redemptions if we fail to
Complete an Initial
Business Combination
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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 (less any permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by
the number of then outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause our net tangible assets to be less than $5,000,001, after payment of the deferred
underwriting commissions, and any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination.
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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.
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payable and up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares.
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Impact to remaining shareholders
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The redemptions in connection with our initial business combination will
reduce the book value per share for our remaining shareholders, who will bear the burden of the deferred underwriting commissions and the permitted withdrawals (to the extent not paid from amounts accrued as interest on the funds held in
the trust account).
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If the permitted purchases described above are made, there would be no
impact to 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 or warrants 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
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The redemption of our public shares if we fail to complete our initial
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.
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Redemptions in Connection
with our Initial Business
Combination
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Other Permitted Purchases of
Public Shares by our Affiliates
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Redemptions if we fail to
Complete an Initial
Business Combination
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our registration statement/ proxy statement filed for our business
combination transaction: the possibility that our management team, 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, or any of their affiliates would not be voted in favor of approving the business combination transaction; and our
management team, 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.
Additionally, we would disclose in a Form 8-K, before our security holder
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, 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
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Redemptions in Connection
with our Initial Business
Combination
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Other Permitted Purchases of
Public Shares by our Affiliates
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Redemptions if we fail to
Complete an Initial
Business Combination
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that the business combination transaction will be approved; the identities
of our security holders who sold to our management team, 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.
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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Escrow of offering proceeds
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$150,000,000 of the net proceeds of this offering and the sale of the
private placement warrants will be deposited into a trust account located in the United States with Odyssey Trust Company acting as trustee.
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At least $130,050,000 of the offering proceeds, representing the gross
proceeds of this offering less allowable underwriting commissions, expenses and 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.
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Trading of securities issued
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The units will begin trading on or promptly after the date of this
prospectus. The Class A ordinary shares and warrants 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
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No trading of the units or the underlying ordinary shares and warrants
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
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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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 underwriter’s 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
underwriter’s option to purchase additional units.
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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.
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Investment of net proceeds
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$150,000,000 of the net offering proceeds and the sale of the private
placement warrants 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.
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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.
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Receipt of interest on escrowed funds
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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.
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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.
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Limitation on fair value or net assets of target
business
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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 deferred underwriting
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The fair value or net assets of a target business must represent at least
80% of the maximum offering proceeds.
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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commissions and taxes payable on the interest earned on the trust account)
at the time of our agreement to enter into our initial business combination.
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Trading of securities issued
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The units will begin trading on or promptly after the date of this
prospectus. The Class A ordinary shares and warrants 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 underwriter’s 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 underwriter’s option to purchase additional units.
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No trading of the units or the underlying ordinary shares and warrants
would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
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Exercise of the warrants
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The warrants cannot be exercised until the later of the completion of our
initial business combination or 12 months after this registration statement is declared effective by the Securities and Exchange Commission.
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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.
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Election to remain an investor
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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
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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
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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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 conduct the repurchases 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.
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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.
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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. 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.
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Business combination deadline
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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
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If an acquisition has not been completed within 24 months after the
effective date of the company’s registration statement, funds held in the trust or escrow account are returned to investors.
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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per share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, including interest (less any permitted withdrawals 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.
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Release of funds
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The funds held in the trust account will not be released from the trust
account until the earliest of: (1) the completion 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.
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The proceeds held in the escrow account are not released until the earlier
of the completion of a business combination and the failure to effect a business combination within the allotted time.
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Limitation on redemption rights of shareholders holding
more than 15% of the shares sold in this offering if we hold a shareholder
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If we seek shareholder approval of our initial business combination and we
do not conduct redemptions in connection with our initial business combination
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Some blank check companies provide no restrictions on the ability of
shareholders to redeem shares based on the number of shares held
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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vote
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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.
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by such shareholders in connection with an initial business combination.
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Tendering share certificates in connection with a tender
offer or redemption rights
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We may require our public shareholders seeking to exercise their redemption
rights, whether they are record holders or hold their shares in “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.
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In order to perfect redemption rights in connection with their business
combinations, holders could vote against a proposed business 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.
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Accordingly, a public shareholder would have from the time we send out our
tender offer materials until the
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Terms of Our Offering
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Terms Under a Rule 419 Offering
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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.
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Name
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Age
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Title
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Paul L. Kessler
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Executive Chairman
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Scott LaPorta
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Chief Executive Officer, Chief Financial Officer and Director
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Diana Derycz-Kessler
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59
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President and Director
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Amy Wang
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51
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General Counsel
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Brett Wyard
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55
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Director Nominee
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Brian Webber
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60
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Director Nominee
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Jonathan Gray
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44
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Director Nominee
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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;
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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;
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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;
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Reviewing and discussing with the independent registered public accounting firm all relationships the auditors have with us in
order to evaluate their continued independence;
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Setting clear hiring policies for employees or former employees of the independent registered public accounting firm;
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Setting clear policies for audit partner rotation in compliance with applicable laws and regulations;
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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;
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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”;
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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
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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.
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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;
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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;
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Reviewing our executive compensation policies and plans;
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Implementing and administering our incentive compensation equity-based remuneration plans;
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Assisting management in complying with our proxy statement and annual report disclosure requirements;
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Approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our
officers and employees;
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Producing a report on executive compensation to be included in our annual proxy statement; and
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Reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.
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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;
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Developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines;
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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
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Reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary.
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•
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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;
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•
|
duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;
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•
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directors should not improperly fetter the exercise of future discretion;
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•
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duty to exercise powers fairly as between different sections of shareholders;
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•
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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
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•
|
duty to exercise independent judgment.
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•
|
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 warrants held in the trust account will be used to fund the redemption of our public
shares, and the private placement warrants 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) six months after completion of our initial business combination; or (B) if the closing price of our ordinary shares equals or exceeds $12.00 per 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. Any permitted
|
|
•
|
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 and members of our management team 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 sponsor and
certain directors and officers will have invested in us an aggregate of $3,513,000 comprised of the $25,000 purchase price for the founder shares (or approximately $0.0058 per share) and the $3,488,000 purchase price for the private
placement warrants (or $1.00 per warrant), assuming no exercise of the underwriter’s over-allotment option. Accordingly, our management team, which owns 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; accordingly, such affiliated person(s) 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 affiliated person(s) would have interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business combination.
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Individual(1)
|
|
|
Entity
|
|
|
Entity’s Business
|
|
|
Affiliation
|
|
Paul L. Kessler
|
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|
Bristol Capital Advisors, LLC
|
|
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Investment
|
|
|
Founder and CEO
|
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||
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Bristol Investment Fund, Ltd.
|
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|
Investment
|
|
|
Director and Portfolio Manager
|
||
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|
||
|
|
Bristol Capital, LLC
|
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|
Investment
|
|
|
Founder and Manager
|
||
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||
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LK Advisors, Inc.
|
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|
Family Education and Advisory
|
|
|
Founder and Director
|
||
|
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||
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Sugarfina Corporation
|
|
|
Food Retail
|
|
|
Director
|
||
|
Scott LaPorta
|
|
|
Sugarfina USA LLC
|
|
|
Food Retail
|
|
|
CEO
|
|
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|
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|
|
Diana Derycz-Kessler
|
|
|
Bristol Capital Advisors, LLC
|
|
|
Investment
|
|
|
Co-Founder and Co-Manager
|
|
|
|
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|
||
|
|
Bristol Investment Fund, Ltd.
|
|
|
Investment
|
|
|
Director
|
||
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|
||
|
|
Bristol Capital, LLC
|
|
|
Investment
|
|
|
Co-Founder and Co-Manager
|
||
|
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|
|
|
||
|
|
LK Advisors, Inc.
|
|
|
Family Education and Advisory
|
|
|
Founder and Director
|
||
|
|
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|
|
|
|
|
|
||
|
|
Sugarfina Corporation
|
|
|
Food Retail
|
|
|
Director
|
||
|
|
|
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|
|
Amy Wang
|
|
|
Bristol Capital Advisors, LLC
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|
|
Investment
|
|
|
Outside General Counsel
|
|
|
|
|
|
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|
|
|
||
|
|
Bristol Investment Fund, Ltd.
|
|
|
Investment
|
|
|
Outside General Counsel to the Investment Manager
|
||
|
|
|
|
|
|
|
|
|
||
|
|
Bristol Capital, LLC
|
|
|
Investment
|
|
|
Outside General Counsel
|
||
|
|
|
|
|
|
|
|
|
||
|
|
LK Advisors Inc.
|
|
|
Family Education and Advisory
|
|
|
General Counsel
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Brett Wyard
|
|
|
Solace Capital Partners
|
|
|
Investment
|
|
|
Managing Partner
|
|
|
|
|
|
|
|
|
|
|
|
|
Brian Webber
|
|
|
American Discovery Adv.
|
|
|
Banking and Finance
|
|
|
CEO
|
|
|
|
|
|
|
|
|
|
||
|
|
American Discovery Capital
|
|
|
Banking and Finance
|
|
|
CEO
|
||
|
|
|
|
|
|
|
|
|
||
|
|
ADIA
|
|
|
Banking and Finance
|
|
|
CEO
|
||
|
|
|
||||||||
|
Jonathan Gray
|
|
|
First Idea International Ltd.
|
|
|
Strategy and Investment
|
|
|
CEO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Hideaway Entertainment, LLC
|
|
|
Entertainment
|
|
|
CEO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beauchamp Estates
France
|
|
|
Real Estate
|
|
|
Co-Owner
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
Prairie Operating Company
|
|
|
Energy
|
|
|
Director
|
|
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|
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|
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|
|
|
|
|
(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.
|
|
|
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|
||||||
|
|
|
|
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
|
|
Vendome Acquisition Sponsor I LLC(3)
|
|
|
4,312,500
|
|
|
100.0%
|
|
|
3,750,000
|
|
|
20.00%
|
|
Paul Kessler(3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Diana Derycz-Kessler(3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Scott LaPorta(3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Brett Webber
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Brian Wyard
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Jonathan Gray
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amy Wang
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
All executive officers and directors as a group (7
individuals)
|
|
|
4,312,500
|
|
|
100.0%
|
|
|
3,750,000
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Unless otherwise noted, the business address of each of the following entities or individuals is c/o Vendome Acquisition
Corporation I, 1090 Center Drive, Park City, UT 84098.
|
|
(2)
|
Interests shown consist of 4,312,500 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 underwriter’s over-allotment option is not exercised and that the sponsor forfeits 562,500 Class B ordinary shares.
|
|
(3)
|
Vendome Acquisition Sponsor I LLC is the record holder of the shares reported herein. Ms. Diana Derycz-Kessler, President, Paul
Kessler, Executive Chairman, and Scott La Porta, Chief Executive Officer and Chief Financial Officer, are the managing members of Vendome Acquisition Holding I LLC, the managing member of Vendome Acquisition Sponsor I LLC. As such, they
may be deemed to have or share beneficial ownership of the Class B ordinary shares held directly by Vendome Acquisition Sponsor I LLC. Such persons disclaim 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 $10,000
per month, commencing on the first date on which our securities are listed on Nasdaq;
|
|
•
|
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 warrants of the post-business combination entity at a price of $1.00 per warrant 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, or warrants; and
|
|
•
|
The warrants would be identical to the private placement warrants. 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.
|
|
•
|
15,000,000 Class A ordinary shares underlying the units being offered in this offering; and
|
|
•
|
3,750,000 Class B ordinary shares held by our initial shareholders.
|
|
•
|
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;
|
|
•
|
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 any permitted withdrawals 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 (because we may make permitted withdrawals, including of up to 10% of the interest earned on the trust account to fund our working capital requirements, the potential value of the trust account may be negatively
impacted);
|
|
•
|
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 public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in connection with the
completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 18 months (or 24
months if the completion window is extended as described herein) from the closing of this offering, or (y) amend the foregoing provisions;
|
|
•
|
although we do not intend to enter into a business combination with a prospective partner business that is affiliated with our
sponsor, 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 150,000 shares immediately after this
offering (or 172,500 if the underwriter exercises its 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 or private placement warrants;
|
|
•
|
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 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
|
|
|
15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Exercise
|
|
|
Full Exercise
|
|
Per Unit(1)
|
|
|
$0.37
|
|
|
$0.37
|
|
Total(1)
|
|
|
$5,500,000
|
|
|
$5,500,000
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes $0.30 per unit, or $4,500,000 (or $5,175,000 if the over-allotment option is exercised in full) in the aggregate
payable to the underwriter for deferred underwriting commissions to be placed in trust account located in the United States as described herein. The deferred commissions will be released to the underwriter’s only on completion of an
initial business combination, in an amount equal to $0.30 multiplied by the number of shares of Class A ordinary shares sold as part of the units in this offering, as described in this prospectus.
|
|
•
|
Over-allotment involves sales by the underwriter of units in excess of the number of units the underwriter is 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 underwriter is not greater than
the number of units that it 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 underwriter 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 underwriter sells 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 underwriter is 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 underwriter for any such offer; or
|
|
(c)
|
(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 underwriter 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
|
|
(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
|
|
•
|
where no consideration is or will be given for the transfer; or
|
|
•
|
where the transfer is by operation of law.
|
|
•
|
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.
|
|
|
|
|
|
|
|
|
|
Page
|
|
Audited Financial Statements of Vendome Acquisition Corporation I:
|
|
|
|
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28,
2025
|
|
ASSETS
|
|
|
|
|
Current Assets:
|
|
|
|
|
Prepaid expenses
|
|
|
$12,902
|
|
Total Current Assets
|
|
|
12,902
|
|
Deferred offering costs
|
|
|
200,371
|
|
Total Assets
|
|
|
$213,273
|
|
LIABILITIES AND SHAREHOLDER’S EQUITY
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accrued offering costs
|
|
|
$188,273
|
|
Total Current Liabilities
|
|
|
188,273
|
|
Commitments and contingencies (Note 6)
|
|
|
|
|
Shareholder’s Equity:
|
|
|
|
|
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none
issued and outstanding
|
|
|
—
|
|
Class A ordinary shares, $0.0001 par value,
200,000,000 shares authorized, none issued and outstanding
|
|
|
—
|
|
Class B ordinary shares, $0.0001 par value, 20,000,000
shares authorized, 4,312,500 shares issued and outstanding(1)(2)
|
|
|
431
|
|
Additional paid-in capital
|
|
|
24,569
|
|
Retained earnings
|
|
|
—
|
|
Total Shareholder’s Equity
|
|
|
25,000
|
|
Total Liabilities and Shareholder’s Equity
|
|
|
$213,273
|
|
|
|
|
|
|
(1)
|
Includes an aggregate of up to 562,500 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 6).
|
|
(2)
|
Shares and associated accounts have been retroactively restated to reflect the surrender of 5,544,643 Class B ordinary shares to
the Company for no consideration on March 25, 2025.
|
|
|
|
|
|
|
|
|
|
For the period from
January 28, 2025
(inception) through
February 28, 2025
|
|
Formation and operating expenses
|
|
|
$—
|
|
TOTAL EXPENSES
|
|
|
—
|
|
Net loss
|
|
|
$—
|
|
Weighted average ordinary shares outstanding basic and diluted(1)(2)
|
|
|
937,500
|
|
Basic and diluted net loss per ordinary share
|
|
|
$(0.00)
|
|
|
|
|
|
|
(1)
|
Excludes an aggregate of up to 562,500 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 6).
|
|
(2)
|
Shares and associated accounts have been retroactively restated to reflect the surrender of 5,544,643 Class B ordinary shares to
the Company for no consideration on March 25, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
Class B
Ordinary Shares
|
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Deficit
|
|
|
Shareholder’s
Equity
|
|||
|
|
|
|
Shares
|
|
|
Amount
|
|
||||||||
|
Balance, January 28, 2025 (inception)
|
|
|
—
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
Issuance of Class B ordinary shares to Sponsor(1)(2)
|
|
|
4,312,500
|
|
|
431
|
|
|
24,569
|
|
|
—
|
|
|
25,000
|
|
Balance, February 28, 2025
|
|
|
4,312,500
|
|
|
$431
|
|
|
$24,569
|
|
|
$—
|
|
|
$25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes an aggregate of up to 562,500 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 6).
|
|
(2)
|
Shares and associated accounts have been retroactively restated to reflect the surrender of 5,544,643 Class B ordinary shares to
the Company for no consideration on March 25, 2025.
|
|
|
|
|
|
|
|
|
|
For the
Period from
January 28,
2025
(inception) through
February 28,
2025
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
Net loss
|
|
|
$—
|
|
Net Cash Provided By Operating Activities
|
|
|
—
|
|
Net Cash Provided By Investing Activities
|
|
|
—
|
|
Net Cash Provided By Financing Activities
|
|
|
—
|
|
Net change in cash
|
|
|
—
|
|
Cash at beginning of period
|
|
|
—
|
|
Cash at end of period
|
|
|
$—
|
|
Supplemental Schedule of Non-Cash Financing
Activities:
|
|
|
|
|
Issuance of Class B shares in exchange for a payment to a vendor
|
|
|
$25,000
|
|
Deferred offering costs included in accrued offering costs
|
|
|
$188,273
|
|
|
|
|
|
|
•
|
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets that the
Company has the ability to access;
|
|
•
|
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;
|
|
•
|
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 sub-divisions, share dividends, reorganization, recapitalizations and the like); and
|
|
•
|
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
|
|
|
$88,000
|
|
Accounting Fees and expenses
|
|
|
50,000
|
|
Printing and engraving expenses
|
|
|
35,000
|
|
Legal fees and expenses
|
|
|
450,000
|
|
Nasdaq Listing and filing fees
|
|
|
85,000
|
|
Miscellaneous
|
|
|
100,000
|
|
Total
|
|
|
$808,000
|
|
|
|
|
|
|
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
|
|
1.1
|
|
|
Form of Underwriting Agreement**
|
|
|
|
Memorandum and Articles of Association*
|
|
|
3.2
|
|
|
Amended and Restated Memorandum and Articles of Association**
|
|
4.1
|
|
|
Specimen Unit Certificate**
|
|
4.2
|
|
|
Specimen Class A Ordinary Share Certificate**
|
|
4.3
|
|
|
Specimen Warrant Certificate**
|
|
4.4
|
|
|
Form of Warrant Agreement between Odyssey Trust Company, LLC and the
Registrant**
|
|
5.1
|
|
|
Opinion of Paul Hastings LLP**
|
|
5.2
|
|
|
Opinion of Maples and Calder (Cayman) LLP, Cayman Islands Legal Counsel to
the Registrant**
|
|
10.1
|
|
|
Form of Letter Agreement among the Registrant and Registrant’s initial
shareholders, officers, directors**
|
|
10.2
|
|
|
Form of Investment Management Trust Agreement between Odyssey Trust
Company, LLC and the Registrant**
|
|
10.3
|
|
|
Form of Registration Rights Agreement between the Registrant and certain
security holders**
|
|
|
|
Securities Subscription Agreement, between the Registrant and the Sponsor*
|
|
|
10.5
|
|
|
Form of Private Placement Warrants Purchase Agreement between the
Registrant and the Sponsor**
|
|
10.6
|
|
|
Form of Indemnity Agreement**
|
|
10.7
|
|
|
Form of Administrative Services Agreement by and between the Registrant and
the Sponsor**
|
|
14
|
|
|
Form of Code of Ethics**
|
|
|
|
Consent of Adeptus Partners, LLC*
|
|
|
23.2
|
|
|
Consent of Paul Hastings LLP (included in Exhibit 5.1)**
|
|
23.3
|
|
|
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)*
|
|
|
99.1
|
|
|
Form of Audit Committee Charter**
|
|
99.2
|
|
|
Form of Compensation Committee Charter**
|
|
99.3
|
|
|
Form of Nominating and Corporate Governance Committee Charter**
|
|
|
|
Consent of Brett Wyard to be named as director nominee*
|
|
|
|
|
Consent of Brian Webber to be named as director nominee*
|
|
|
|
|
Consent of Jonathan Gray to be named as director nominee*
|
|
|
99.7
|
|
|
Form of Clawback Policy**
|
|
|
|
Filing Fee Table*
|
|
|
|
|
|
|
|
*
|
Filed herewith.
|
|
**
|
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
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of
Registration Fee” table in the effective registration statement;
|
|
(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 underwriter at the closing specified in the underwriting
agreements, certificates in such denominations and registered in such names as required by the underwriter 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.
|
|
|
|
|
|
||||||
|
|
|
|
Vendome Acquisition Corporation I
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Diana Derycz-Kessler
|
|
|
|
|
|
|
|
|
|
|
Name: Diana Derycz-Kessler
|
|
|
|
|
|
|
|
|
|
|
Title: President
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Name
|
|
|
Position
|
|
|
Date
|
|
|
|
|
|
|
|
|
|
/s/ Scott LaPorta
|
|
|
Chief Executive Officer and Chief Financial Officer
(Principal Executive, Financial and Accounting Officer)
|
|
|
April 15, 2025
|
|
Scott LaPorta
|
|
|||||
|
|
|
|
|
|
|
|
|
/s/ Diana Derycz-Kessler
|
|
|
President and Director
|
|
|
April 15, 2025
|
|
Diana Derycz-Kessler
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Paul Kessler
|
|
|
President and Director
|
|
|
April 15, 2025
|
|
Paul Kessler
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
Vendome Acquisition Corporation I
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
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/s/ Diana Derycz-Kessler
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Name: Diana Derycz-Kessler
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Title: President
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| 1 |
The name of the Company is Vendome Acquisition Corporation I.
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| 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.
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| 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.
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| 4 |
The liability of each Member is limited to the amount unpaid on such Member's shares.
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| 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.
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| 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.
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| 7 |
Capitalised terms that are not defined in this Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.
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Signature and Address of Subscriber
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Number of Shares Taken
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Maples Corporate Services Limited
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One Class B ordinary share
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of PO Box 309, Ugland House
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Grand Cayman
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KY1-1104
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Cayman Islands
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acting by:
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/s/ Anadra McLaughlin
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Anadra Mclaughlin
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/s/ Jerome Narcisse
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Jerome Narcisse
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Witness to the above signature
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| 1 |
Interpretation
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| 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:
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"Articles"
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means these articles of association of the Company.
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"Auditor"
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means the person for the time being performing the duties of auditor of the Company (if any).
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"Business Combination"
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means a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the "target business"), which Business Combination: (a) 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 the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into such Business Combination; and (b) must not be effectuated with another blank cheque
company or a similar company with nominal operations.
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"Class A Share"
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means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company.
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"Class B Share"
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means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company.
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"Company"
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means the above named company.
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"Directors"
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means the directors for the time being of the Company.
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"Dividend"
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means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles.
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"Electronic Record"
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has the same meaning as in the Electronic Transactions Act.
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"Electronic Transactions Act"
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means the Electronic Transactions Act (As Revised) of the Cayman Islands.
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"Equity-linked
Securities"
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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.
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"IPO"
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means the Company's initial public offering of securities.
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"Member"
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has the same meaning as in the Statute.
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"Memorandum"
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means the memorandum of association of the Company.
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"Ordinary Resolution"
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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.
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"Preference Share"
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means a preference share of a par value of US$0.0001 in the share capital of the Company.
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"Register of Members"
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means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members.
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"Registered Office"
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means the registered office for the time being of the Company.
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"Seal"
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means the common seal of the Company and includes every duplicate seal.
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"Share"
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means a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company.
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"Special Resolution"
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has the same meaning as in the Statute, and includes a unanimous written resolution.
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"Statute"
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means the Companies Act (As Revised) of the Cayman Islands.
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"Subscriber"
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means the subscriber to the Memorandum.
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"Treasury Share"
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means a Share held in the name of the Company as a treasury share in accordance with the Statute.
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"Trust Account"
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means the trust account established by the Company upon the consummation of its 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 warrants simultaneously with the closing date of the IPO, will be deposited.
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| 1.2 |
In the Articles:
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| (a) |
words importing the singular number include the plural number and vice versa;
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| (b) |
words importing the masculine gender include the feminine gender;
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| (c) |
words importing persons include corporations as well as any other legal or natural person;
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| (d) |
"written" and "in writing" include all modes of representing or reproducing words in visible form, including in the form of an Electronic Record;
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| (e) |
"shall" shall be construed as imperative and "may" shall be construed as permissive;
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| (f) |
references to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced;
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| (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;
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| (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);
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| (i) |
headings are inserted for reference only and shall be ignored in construing the Articles;
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| (j) |
any requirements as to delivery under the Articles include delivery in the form of an Electronic Record;
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| (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;
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| (l) |
sections 8 and 19(3) of the Electronic Transactions Act shall not apply;
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| (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
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| (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.
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| 2 |
Commencement of Business
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| 2.1 |
The business of the Company may be commenced as soon after incorporation of the Company as the Directors shall see fit.
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| 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.
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| 3 |
Issue of Shares and other Securities
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| 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 without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant
options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred, deferred or other rights or restrictions, whether in regard to Dividend or other distribution, 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 Share Conversion set out in the Articles.
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| 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 of Shares or other securities in the
Company on such terms as the Directors may from time to time determine.
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| 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 of Shares or other securities in the Company, upon such terms as the Directors may from time to time determine.
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| 3.4 |
The Company shall not issue Shares to bearer.
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| 4 |
Register of Members
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| 4.1 |
The Company shall maintain or cause to be maintained the Register of Members in accordance with the Statute.
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| 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.
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| 5 |
Closing Register of Members or Fixing Record Date
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| 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 provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed forty days.
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| 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.
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| 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.
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| 6 |
Certificates for Shares
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| 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.
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| 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.
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| 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.
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| 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.
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| 7 |
Transfer of Shares
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| 7.1 |
Subject to Article 3.1, Shares are transferable subject to the approval of the Directors by resolution who may, in their absolute discretion, decline to register any transfer of Shares without giving any reason. If the Directors refuse
to register a transfer they shall notify the transferee within two months of such refusal.
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| 7.2 |
The instrument of transfer of any Share shall be in writing 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). 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.
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| 8 |
Redemption, Repurchase and Surrender of Shares
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| 8.1 |
Subject to the provisions of the Statute 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 shall be effected in such manner and
upon such other terms as the Directors, or the Company, by Ordinary Resolution, may determine before the issue of the Shares.
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| 8.2 |
Subject to the provisions of the Statute, 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.
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| 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.
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| 8.4 |
The Directors may accept the surrender for no consideration of any fully paid Share.
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| 9 |
Treasury Shares
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| 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.
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| 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).
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| 10 |
Variation of Rights of Shares
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| 10.1 |
If at any time the share capital of the Company is divided into different classes 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, 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.
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| 10.2 |
For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of Shares as forming one class of Shares if the Directors consider that such class 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 of Shares.
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| 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 the
creation or issue of further Shares ranking pari passu therewith.
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| 11 |
Commission on Sale of Shares
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| 12 |
Non Recognition of Trusts
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| 13 |
Lien on Shares
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| 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.
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| 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.
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| 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.
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| 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.
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| 14 |
Call on Shares
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| 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.
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| 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.
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| 14.3 |
The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 15 |
Forfeiture of Shares
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| 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.
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| 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.
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| 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.
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| 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.
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| 15.5 |
A certificate in writing under the hand of one Director or officer of the Company 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.
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| 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.
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| 16 |
Transmission of Shares
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| 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.
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| 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.
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| 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.
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| 17 |
Class B Ordinary Share Conversion
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| 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) with the exception that the holder of a Class B Share shall have the conversion rights referred to in this Article.
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| 17.2 |
Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the "Initial Conversion Ratio"):
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| (a) |
at any time and from time to time at the option of the holders thereof; and
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| (b) |
automatically on the day of the closing of a Business Combination.
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| 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 related to the
closing of a Business Combination, all Class B Shares in issue shall automatically convert into Class A Shares at the time of the closing 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, [20]1% 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, excluding any Shares or Equity-linked Securities issued, or to be issued, to any seller in a Business Combination and any private placement warrants issued to the
Sponsor or its Affiliates upon conversion of working capital loans made to the Company.
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| 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.
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| 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.
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| 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 and the provisions of the Articles as regards the matters to be dealt with by Ordinary Resolution, 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 and if no other time and place is prescribed by them, it shall be held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the
morning. At these meetings the report of the Directors (if any) shall be presented.
|
| 20.3 |
The Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to convene an extraordinary general meeting of the Company.
|
| 20.4 |
A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not less than 10% in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.
|
| 20.5 |
The Members' requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more
requisitionists.
|

| 20.6 |
If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors do not within 21 days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be held
within a further 21 days, the requisitionists, or any of them representing more than one-half of the total voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no
later than the day which falls three months after the expiration of the said 21 day period.
|
| 20.7 |
A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly as possible as that in which general meetings are to be convened by Directors.
|
| 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. Two Members 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 unless the Company has only one Member entitled to vote at such general meeting in which case the quorum shall be that one Member present in person or by proxy or (in the case of a corporation or other non-natural person)
by its duly authorised representative or proxy.
|
| 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 or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in
any other case it 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 chairperson 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 |
A resolution put to the vote of the meeting shall be decided on a show of hands unless before, or on the declaration of the result of, the show of hands, the chairperson demands a poll, or any other Member or Members collectively present
in person or by proxy (or in the case of a corporation or other non-natural person, by its duly authorised representative or proxy) and holding at least 10% in par value of the Shares giving a right to attend and vote at the meeting demand
a poll.
|
| 22.10 |
Unless a poll is duly demanded and the demand is not withdrawn a declaration by the chairperson that a resolution has been carried or carried unanimously, or by a particular majority, or lost or not carried by a particular majority, an
entry to that effect in the minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.
|

| 22.11 |
The demand for a poll may be withdrawn.
|
| 22.12 |
Except on a poll demanded on the election of a chairperson or on a question of adjournment, 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, whether on a show of hands or on a poll, 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, on a show of hands every Member who (being an individual) is present in person or by proxy or, if a corporation or other non-natural person is present by its duly
authorised representative or by proxy, shall have one vote and on a poll 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, whether on a show of hands or on a poll, 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 |
On a poll or on a show of hands 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 state which proxy is entitled to vote on a show of hands and shall specify the
number of Shares in respect of which each proxy is entitled to exercise the related votes.
|

| 23.7 |
On a poll, 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
|
| 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.
|
| 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.
|
| 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 or an alternate Director appointed by them) 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 two if there are two or more Directors, and shall be one if there is only one Director. A person who holds
office as an alternate Director shall, if their appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director shall, if their appointor is not present, count twice towards the quorum.
|
| 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. A Director who is also an alternate Director shall be entitled in the absence of their appointor to a separate vote on behalf of their appointor in addition to their own 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 (an alternate Director being entitled to sign such a resolution on behalf of their appointor and if such alternate Director is
also a Director, being entitled to sign such resolution both on behalf of their appointor and in their capacity as a Director) 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 or alternate Director may, or other officer of the Company on the direction of a Director or alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director and alternate
Director which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their alternates) 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 (including any person acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the
appointment of any Director or alternate 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 or alternate Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.
|
| 31.9 |
A Director but not an alternate 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 or alternate 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 or alternate 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 or alternate Director.
|
| 33.3 |
A Director or alternate 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 or alternate 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 alternate 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 or alternate Director shall be in any way interested be or be liable to be avoided, nor shall any Director or alternate 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 or alternate Director holding office or of the fiduciary relationship
thereby established. A Director (or their alternate Director in their absence) 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
or alternate 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 or alternate 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. They may also delegate to any managing director or any Director
holding any other executive office such of their powers, authorities and discretions as they consider desirable to be exercised by that Director, provided that an alternate Director may not act as managing director and the appointment
of a managing director shall be revoked forthwith if they cease to be a Director. 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 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.
|
| 35.4 |
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.
|
| 35.5 |
The Directors may appoint such officers of the Company (including, for the avoidance of doubt and without limitation, any secretary) 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 of the Company may be removed by resolution of the Directors or
Members. An officer of the Company may vacate their office at any time if they give notice in writing to the Company that they resign their office.
|

| 36 |
Alternate Directors
|
| 36.1 |
Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by them.
|
| 36.2 |
An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings of committees of Directors of which their appointor is a member, to attend and vote at every such meeting at which the
Director appointing them is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions of their appointor as a Director in their absence.
|
| 36.3 |
An alternate Director shall cease to be an alternate Director if their appointor ceases to be a Director.
|
| 36.4 |
Any appointment or removal of an alternate Director shall be by notice to the Company signed by the Director making or revoking the appointment or in any other manner approved by the Directors.
|
| 36.5 |
Subject to the provisions of the Articles, an alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible for their own acts and defaults and shall not be deemed to be the agent of the Director
appointing them.
|
| 37 |
No Minimum Shareholding
|
| 38 |
Remuneration of Directors
|
| 38.1 |
The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall determine. The Directors shall also 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 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.
|
| 38.2 |
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.
|

| 39 |
Seal
|
| 39.1 |
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 of the Company or other person appointed by the Directors for the purpose.
|
| 39.2 |
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.
|
| 39.3 |
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.
|
| 40 |
Dividends, Distributions and Reserve
|
| 40.1 |
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.
|
| 40.2 |
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.
|
| 40.3 |
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.
|
| 40.4 |
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.
|

| 40.5 |
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.
|
| 40.6 |
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.
|
| 40.7 |
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.
|
| 40.8 |
No Dividend or other distribution shall bear interest against the Company.
|
| 40.9 |
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.
|
| 41 |
Capitalisation
|

| 42 |
Books of Account
|
| 42.1 |
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.
|
| 42.2 |
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.
|
| 42.3 |
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.
|
| 43 |
Audit
|
| 43.1 |
The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors determine.
|
| 43.2 |
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 of the Company such information and
explanation as may be necessary for the performance of the duties of the Auditor.
|
| 43.3 |
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.
|

| 44 |
Notices
|
| 44.1 |
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). Any notice, if posted from one country to another, is to be sent by airmail.
|
| 44.2 |
Where a notice is sent by 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. Where a notice is sent by 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. Where a notice is sent by 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. Where a notice is given by email service 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.
|
| 44.3 |
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.
|
| 44.4 |
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.
|
| 45 |
Winding Up
|
| 45.1 |
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.
|
| 45.2 |
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.
|
| 46 |
Indemnity and Insurance
|
| 46.1 |
Every Director and officer of the Company (which for the avoidance of doubt, shall not include auditors of the Company), together with every former Director and former officer of the Company (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 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 or wilful default of such Indemnified Person. No person
shall be found to have committed actual fraud or wilful default under this Article unless or until a court of competent jurisdiction shall have made a finding to that effect.
|
| 46.2 |
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.
|

| 46.3 |
The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director or other officer of the Company 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.
|
| 47 |
Financial Year
|
| 48 |
Transfer by Way of Continuation
|
| 49 |
Mergers and Consolidations
|

|
Dated this 28th day of January 2025.
|
|
|
Signature and Address of Subscriber
|
|
|
Maples Corporate Services Limited
|
|
|
of PO Box 309, Ugland House
|
|
|
Grand Cayman
|
|
|
KY1-1104
|
|
|
Cayman Islands
|
|
|
acting by:
|
|
|
/s/Anadra McLaughlin
|
|
|
Anadra McLaughlin
|
|
|
/s/ Jerome Narcisse
|
|
|
Jerome Narcisse
|
|
|
Witness to the above signature
|
|
COMPANY:
|
|||
|
VENDOME ACQUISITION SPONSOR I LLC
|
|||
|
By: Vendome Acquisition Holding I LLC, its Manager
|
|||
|
By:
|
/s/ Amy Wang
|
||
|
Name: Amy Wang
|
|||
|
Title: General Counsel
|
|||
|
PURCHASER:
|
|||
|
VENDOME ACQUISITION HOLDING I LLC
|
|||
|
By:
|
/s/ Amy Wang
|
||
|
Name:
|
Amy Wang
|
||
|
Title:
|
General Counsel
|
||
|
Name
|
Interest
|
Capital Contribution
|
|||||||
|
Vendome Acquisition Holding I LLC
|
100
|
%
|
$
|
25,000
|
|||||
|
Totals
|
100
|
%
|
$
|
25,000
|
|||||
![]() |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the use, in the annual report on Form S-1, of Vendome Acquisition Corporation I, of our report dated April 14, 2025 on our audit of the balance sheet of Vendome Acquisition Corporation I as
of February 28, 2025, and the related statements of operations, changes in shareholder’s equity and cash flows for of the period from January 28, 2025 (inception) through February 28, 2025, and the reference to us under the caption
“Experts.”
/s/ Adeptus Partners, LLC
Adeptus Partners, LLC
Ocean, New Jersey
April 15, 2025
|
|
Dated: April 3, 2025
|
/s/ Brett Wyard
|
|
|
Signature
|
|
Dated: April 7, 2025
|
/s/ Brian Webber
|
|
Signature
|
|
Dated: April 11, 2025
|
/s/ Jonathan Gray
|
|
Signature
|