SPAC Sponsor and Affiliates Information, Restrictions on Sale of SPAC Securities [Table Text Block] |
Pursuant
to a letter agreement to be entered with us, each of our sponsor, directors and officers has agreed to restrictions on its ability to
transfer, assign, or sell the founder shares and private placement units, as summarized in the table below.
Subject
Securities |
|
Expiration Date
|
|
Natural Persons
and Entities Subject to Restrictions |
|
Exceptions to Transfer Restrictions
|
Founder
Shares |
|
The
earlier of (i) one year after the completion of our initial business combination or (ii) the date following the completion of
our initial business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results
in all of our shareholders having the right to exchange their ordinary shares for cash, securities or |
|
McKinley
Partners LLC
Adam
Dooley
Peter
Wright
Daphne
Huang
Saurabh
Shah
Jonathan
Rosenzweig |
|
Transfers
permitted (a) to our officers, directors, advisors or consultants, any affiliate or family member of any of our officers, directors,
advisors or consultants, any members or partners of the sponsor or their affiliates and funds and accounts advised by such members or
partners, any affiliates of the sponsor, or any employees of such affiliates, (b) in the case of an individual, as a gift to such
person’s immediate family or to a trust, the beneficiary of which is a member of such |
|
|
other
property. Notwithstanding the foregoing, if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 150 days
after our initial business combination, the founder shares will be released from the lockup. |
|
Tommaso
Breschi
Kevin
Beard |
|
person’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by
virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement,
in connection with an extension of the completion window or in connection with the consummation of a business combination at prices no
greater than the price at which the shares or units were originally purchased; (f) pro rata distributions from our sponsor to its
respective members, partners or shareholders pursuant to our sponsor’s limited liability company agreement or other charter documents;
(g) by virtue of the laws of the Cayman Islands or our sponsor’s limited liability company agreement upon dissolution of our
sponsor, (h) in the event of our liquidation prior to our consummation of our initial business combination; (i) in the event
that, subsequent to our consummation of an initial business combination, we complete a liquidation, merger, share exchange or other similar
transaction which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property or (j) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (a) through
(g); provided, however, that in the case of
|
Subject
Securities |
|
Expiration Date
|
|
Natural Persons
and Entities Subject to Restrictions |
|
Exceptions to Transfer Restrictions
|
|
|
|
|
|
|
clauses
(a) through (g) and clause (j) these permitted transferees must enter into a written agreement agreeing to be bound by
these transfer restrictions and the other restrictions contained in the letter agreements |
Private
placement units |
|
30 days
after the completion of our initial business combination |
|
McKinley
Partners LLC |
|
Same
as above |
Founder
Shares and Private placement units |
|
180 days
after the date of this prospectus |
|
McKinley
Partners LLC
Adam
Dooley
Peter
Wright
Daphne
Huang
Saurabh
Shah
Jonathan
Rosenzweig
Tommaso
Breschi
Kevin
Beard |
|
We
may (1) issue and sell the private placement units; (2) issue and sell the additional units to cover our underwriter’s
over-allotment option (if any); (3) register with the SEC pursuant to an agreement to be entered into
concurrently with the issuance and sale of the securities in this offering, the resale of the private placement units and the Class A
ordinary shares underlying the private placement units and the founder shares; and (4) issue securities in connection with our initial
business combination. However, we are permitted to transfer founder shares to any current or future independent director of the company
(as long as such current or future independent director transferee is subject to the letter agreement, filed herewith, or executes an
agreement substantially identical to the letter agreement, as applicable to directors and officers at the time of such transfer; and as
long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16
filing includes a practical explanation as to the nature of the transfer). |
|
SPAC Sponsor, Terms That Would Result in Earlier Expiration of Restrictions [Text Block] |
In
addition, in order to facilitate our initial business combination or for any other reason determined by our sponsor in its sole discretion,
our sponsor may surrender or forfeit, transfer or exchange our founder shares, private placement units or any of our other securities,
including for no consideration, as well as subject any such securities to earn-outs or other restrictions,
or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities.
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