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E9 6770 4785 Caughlin Parkway Reno NV 89519 775 827-2000 Procter Hug IV 4785 Caughlin Parkway Reno NV 89519 775 827-2000 Non-accelerated Filer true true false Calm Seas Acquisition Corp. If we do not consummate an initial business combination within (i) 24 months from the closing of this offering or our board of directors approves an earlier liquidation or (ii) such other time period in which we must complete an initial business combination pursuant to an amendment to our amended and restated memorandum and articles of association, which we refer to as our completion window, 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 earned on the funds held in the trust account (net of taxes paid or payable and up to $100,000 of interest to pay liquidation expenses), divided by the number of then-outstanding public shares, subject to applicable law and certain conditions as further described herein. Except as described above, prior to the consummation of our initial business combination, none of the funds on deposit in the trust account, including interest earned on the funds held in the trust account, may be released to us to fund our working capital requirements. We may seek shareholder approval to amend our amended and restated memorandum and articles of association to extend the date by which we must consummate our initial business combination. If we seek shareholder approval for an extension, holders of our public shares will be offered an opportunity to redeem their public shares if such extension is implemented. If we do not consummate an initial business combination within (i) 24 months from the closing of this offering or our board of directors approves an earlier liquidation or (ii) such other time period in which we must complete an initial business combination pursuant to an amendment to our amended and restated memorandum and articles of association, which we refer to as our completion window, 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 earned on the funds held in the trust account (net of taxes paid or payable and up to $100,000 of interest to pay liquidation expenses), divided by the number of then-outstanding public shares, subject to applicable law and certain conditions as further described herein. Except as described above, prior to the consummation of our initial business combination P24M P24M true true true true true If we seek shareholder approval for an extension, holders of our public shares will be offered an opportunity to redeem their public shares if such extension is implemented true <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: "Times New Roman"; text-align: justify;">The following table illustrates the difference between the public offering price and our net tangible book value per share, as adjusted to reflect various potential redemption levels that may occur in connection with the closing of our initial business combination, on a pro forma basis to give effect to this offering and the issuance of the private placement warrants, assuming no exercise of the over-allotment option and exercise of the over-allotment option in full. Net tangible book value per share excludes the effect of the consummation of our initial business combination or any related transactions or expenses. See the section titled “<span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Dilution</span></span>” for more information. </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td colspan="32" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">As of September 1, 2026</span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Offering<br/>Price of<br/>$<span style="letter-spacing: 0px; top: 0px;display:inline;">10.00</span><br/>per Unit</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">25% of Maximum<br/>Redemption</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">50% of Maximum<br/>Redemption</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">75% of Maximum<br/>Redemption</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Maximum<br/>Redemption</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">NTBV</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">NTBV</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Difference<br/>between<br/>NTBV and<br/>Offering<br/>Price</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">NTBV</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Difference<br/>between<br/>NTBV and<br/>Offering<br/>Price</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">NTBV</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Difference<br/>between<br/>NTBV and<br/>Offering<br/>Price</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">NTBV</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Difference<br/>between<br/>NTBV and<br/>Offering<br/>Price</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td colspan="32" style="vertical-align:top;text-align:center"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Assuming Full Exercise of Over-Allotment Option</span></span></td> <td style="vertical-align:top"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;"> </span></span></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top">$7.21</td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.66</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.78</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.22</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.15</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.85</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td colspan="33" style="height:6pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td colspan="32" style="vertical-align:top;text-align:center"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Assuming No Exercise of Over-Allotment Option</span></span></td> <td style="vertical-align:top"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;"> </span></span></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top">$7.21</td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.65</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.77</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.23</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.14</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.86</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.09</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.91</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> 10 10 10 10 10 10 10 10 10 10 7.21 6.66 3.34 5.78 4.22 4.15 5.85 0.1 9.9 7.21 6.65 3.35 5.77 4.23 4.14 5.86 0.09 9.91 true Limited Liability Company Each of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to at least one other entity pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands law. <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our Sponsor </span></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Our sponsor, Calm Seas Sponsor LLC, is a Cayman Islands limited liability company that was formed to invest in our company. Although our sponsor is permitted to undertake any activities permitted under the Cayman Islands <span style="-sec-ix-hidden:hidden171921616;display:inline;">Limited Liability Companies</span> Act (As Revised) and other applicable law, its business is focused on investing in our company. Our sponsor is affiliated with Pilgrim Global Advisors, LLC, an <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">SEC-registered</span> investment adviser that reported regulatory assets under management of $884.2 million as of December 31, 2025. Pilgrim has invested in the energy, maritime and industrial sectors and has current investments in these focus industries. Procter Hug IV, our Chief Executive Officer and a director, is a Partner and member of the investment committee of Pilgrim Global Advisors, LLC, and Michael Marietta, our Chief Financial Officer and a director, is also a member of its investment committee. </div><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Compensation of Sponsor, Sponsor’s Affiliates and Directors and Officers </span></span></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The table below summarizes (i) the number of founder shares and private placement warrants issued or to be issued to the sponsor and CCM simultaneously with the consummation of this offering and the price paid or to be paid by the sponsor or CCM for such securities, and (ii) the main items of compensation received or eligible to be received by the sponsor, our sponsor’s affiliates and our directors and officers: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 30%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 32%; font-family: "Times New Roman";"></td> <td style="width: 5%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 34%; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Entity/Individual</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Amount of Compensation Received or to be<br/>Received or Securities Issued or to be Issued</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Consideration</span></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sponsor</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11,525,000 founder shares<span style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</span> (of which 1,500,000 are subject to forfeiture to the extent the underwriters do not exercise their over-allotment option)</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$25,000 or approximately $0.002 per founder share</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: "Times New Roman";"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5,000,000 private placement warrants (or 5,450,000 private placement warrants if the underwriters’ over-allotment option is exercised in full)</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$5,000,000 (or $5,450,000 if the underwriters’ over-allotment option is exercised in full) or $1.00 per private placement warrant</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: "Times New Roman";"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Up to $300,000</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Repayment of loans made to us to cover offering related and organizational expenses</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sponsor, officers, directors or our or their affiliates</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Working capital loans by our sponsor, our sponsor’s affiliates and our directors or officers. Such loans may be converted at the option of the lender into private placement warrants at a conversion price of $1.00 per warrant<span style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</span></span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Working capital loans to fund working capital deficiencies or finance transaction costs in connection with an initial business combination</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: "Times New Roman";"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">Reimbursement for any <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">out-of-pocket</span></span> expenses related to identifying, investigating, negotiating and completing an initial business combination. There is no cap or ceiling on the reimbursement of <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">out-of-pocket</span></span> expenses incurred by such persons in connection with activities on our behalf<span style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(3)</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Services in connection with identifying, investigating and completing an initial business combination</span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">(1)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">As described below under “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering — Founder shares conversion and anti-dilution rights</div></div>,” the Class B ordinary shares and 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 $0.002 per founder share at which our sponsor purchased the founder 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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-to-one</div></div> basis upon conversion. Further, if we increase or decrease the size of the offering, we will effect a share capitalization or a share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares held by our sponsor at 25% of our issued and outstanding ordinary shares upon the consummation of this offering. Such adjustment may result in material dilution to our public shareholders. 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. For more information also see below under “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering — Limited payments to insiders</div></div>” and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering </div></div>— <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Additional financing</div></div>.” </div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">For more information on the dilutive effect of the founder shares and the Class A ordinary shares issuable in connection with the conversion of the Class B ordinary shares, see the section titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors — Risks Relating to our Search for, and Consummation of, or Inability to Consummate, a Business Combination — We may issue additional Class</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> A 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</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> A ordinary shares upon the conversion of the Class</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> B ordinary shares at a ratio greater than <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-to-one</div></div> at the time of our initial business combination as a result of the anti-dilution provisions contained therein. Any such issuances would dilute the interest of our shareholders and likely present other risks”</div></div>, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“— Risks Relating to our Securities — 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 </div></div>the<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> business combination causes the trading price of our ordinary shares to materially decline”</div></div>, and <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“— Risks Relating</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">to our Securities — Our initial shareholders paid an aggregate of $25,000, or approximately $0.002 per founder share and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> A ordinary shares”</div></div>. </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">(2)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">The $1.00 per private placement warrant conversion price for such working capital loans may potentially be significantly less than the market price of our warrants at the time the lenders elect to convert their working capital loans into private placement warrants. Therefore, such private placement warrant issuances may result in significant dilution to holders of our shares. <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">For more information also see</div></div> “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors </div></div>— <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risks Relating to our Search for, and Consummation of, or Inability to Consummate, a Business Combination — We may issue shares to investors in connection with our initial business combination at a price which is less than $10.00 or the prevailing market price of our shares at that time, which could materially dilute the interests of our existing shareholders and add costs.</div></div>” </div></td></tr></table><div style="clear:both;max-height:0pt;"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">(3)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">For more information, also see “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Effecting Our Initial Business Combination — Sources of Target Businesses,</div></div>” “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Management — Executive Officer and Director Compensation</div></div>” and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Certain Relationships and Related Party Transactions.</div></div>” </div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain members of our management team will directly or indirectly own founder shares and/or private placement warrants following this offering and, accordingly, 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 and in negotiating or accepting the terms of the transaction because of their financial interest in completing an initial business combination within the completion window. The low price that our sponsor and certain members of our management team paid, directly or indirectly, for the founder shares creates an incentive whereby they could potentially make a substantial profit even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. If we are unable to complete our initial business </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">combination within the completion window, the founder shares and private placement warrants may expire worthless, except to the extent they entitle the holders thereof to receive liquidating distributions from assets outside the trust account, which could create an incentive for our sponsor, Pilgrim Global and/or officers and directors to complete a transaction even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. Similarly, additional conflicts of interests may arise and incentives may be created to select an acquisition target that subsequently declines in value and is unprofitable for public shareholders instead of not consummating a business combination if (i) after the redemption of public shareholders no assets are available outside of the trust account to repay any loans extended to us by our sponsor, affiliates of our sponsor or our officers and directors and to reimburse our sponsor and others for any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">out-of-pocket</div></div> expenses incurred in connection with identifying, investigating and completing an initial business combination or (ii) not consummating a business combination within the allotted time may require service providers to forfeit their fees. Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers or directors were to be included by a target business as a condition to any agreement with respect to our initial business combination. </div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Pursuant to written agreements to be entered with us, our sponsor, each member of our management team and CCM will agree to restrictions on its, his or her ability to transfer, assign, or sell founder shares and private placement warrants, as summarized in the table below. For more information on <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-contractual</span> resale restrictions, also see “<span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Securities Eligible for Future Sale — Rule 144,” “Securities Eligible for Future Sale —</span></span> <span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies” and “Securities Eligible for Future Sale — Summary of resale restrictions.”</span></span> </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 16%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 27%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 27%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 27%; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Subject Securities</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Transfer Restrictions</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Natural persons and<br/>entities subject to<br/>transfer restrictions</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Exceptions to transfer restrictions </span></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Founder Shares</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement not to (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidation with respect to or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our sponsor, officers and directors </span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions are not applicable to transfers (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 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;</span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 16%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Subject Securities</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Transfer Restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Natural persons and<br/>entities subject to<br/>transfer restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Exceptions to transfer restrictions </div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise, or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (each of the foregoing, a “Transfer”), until the earlier of (A) 180 days after the completion of our initial business combination; and (B) subsequent to our initial business combination, the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(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 an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) distributions from our sponsor to its members, partners or stockholders pursuant to our sponsor’s limited liability company agreement; (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) (such transactions described in</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 16%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Subject Securities</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Transfer Restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Natural persons and<br/>entities subject to<br/>transfer restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Exceptions to transfer restrictions </div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clauses (a) through (j), collectively “permitted transfers”); provided, however, that in the case of 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 agreement.</div></div></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"><div style="display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Private Placement Warrants and Underlying Shares</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">No Transfer until 30 days after the completion of our initial business combination.</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our sponsor, officers, directors, other initial shareholders and CCM</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Same as above (other than clause (g) with respect to the inclusion of CCM).</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">Pursuant to the letter agreement, for the benefit of CCM, our sponsor and the members of our management team will also agree that, for a period of 180 days from the date of this prospectus, they will not, without the prior written consent of CCM, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any Class A ordinary shares or any other securities convertible into, or exercisable, or exchangeable for, Class A ordinary shares, subject to customary exceptions. CCM in its sole discretion may release any of the securities subject to these <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">lock-up</div> agreements at any time without notice. </div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The letter agreement will also provide that our sponsor and our management team agree to vote any founder shares and any public shares they may own in favor of a proposed initial business combination (except with respect to any public shares which may not be voted in favor of approving the business combination transaction in accordance with the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">14e-5</div> under the Exchange Act and any SEC interpretations or guidance relating thereto) if we seek shareholder approval for such business combination and in favor of any proposals recommended by our board of directors in connection with such business combination. Further, our sponsor and management team will also agree not to redeem any public shares they may hold in connection with such shareholder approval. The letter agreement may not be changed, amended, modified or waived as to any particular provision, except by a written instrument executed by (i) each individual signatory to the letter agreement with respect to herself or himself, as applicable, to the extent she or he are the subject of any such change, amendment, modification or waiver, (ii) us, and (iii) our sponsor. Pursuant to the underwriting agreement, we will agree to not amend, modify or otherwise change the letter agreement without the prior written consent of CCM, which will not be unreasonably delayed, conditioned or withheld. While we do not expect our board to approve any amendment to the letter agreement prior to our initial business combination, it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to the letter agreement. Any such amendments to the letter agreement would not require approval from our shareholders and may have an adverse effect on the value of an investment in our securities. For more information, also see “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors — Risks Relating to our Management Team — Our letter agreement with our sponsor and management team may be amended without shareholder approval</div></div>”<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div>and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Underwriting.</div></div>” </div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In order to facilitate our initial business combination or for any other reason determined by our sponsor, our sponsor may, in its sole discretion (with respect to permitted transfers) and otherwise with our consent </div></div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i) surrender or forfeit, transfer or exchange our founder shares, private placement warrants or any of our other securities held by it, including for no consideration in connection with a PIPE financing or otherwise, (ii) subject any such securities to earn-outs or other restrictions, and (iii) enter into any other arrangements with respect to any such securities. </div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">We may approve an amendment or waiver of the letter agreement that would allow the sponsor to directly, or members or manager of our sponsor to indirectly, transfer founder shares and private placement warrants or membership interests in our sponsor in a transaction in which the sponsor removes itself as our sponsor before identifying a business combination. As a result, there is a risk that our sponsor, Pilgrim Global and/or our officers and directors may divest their ownership or economic interests in us or in our sponsor, which would likely result in our loss of certain key personnel, including Procter Hug IV or Michael Marietta, and could also result in a change to our acquisition strategy and criteria and our industry focus without shareholders having the ability to consider the merits of a change in the management team. There can be no assurance that any replacement sponsor or key personnel will successfully identify a business combination target for us, or, even if one is so identified, successfully complete such business combination. For more information, see “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors — General Risk Factors — Our sponsor has the ability to remove itself as the Company’s sponsor or to substantially reduce its interests in the Company before identifying an initial business combination, which may result in change in the strategy and focus of our Company in pursuing an initial business combination.”</div></div> </div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Each of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to at least one other entity pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association will provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. We do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination because the other entities to which our officers and directors currently owe fiduciary duties or contractual obligations are (i) not themselves in the business of engaging in business combinations or (ii) though in the business of engaging in business combinations, have already entered into a binding agreement with a target company. </div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, our sponsor, Pilgrim Global and/or our officers and directors in the future may sponsor or form, other SPACs similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. As a result, our sponsor, Pilgrim Global and/or officers and directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other special purpose acquisition company with which they may become involved. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination target. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business combination because we expect that our company will generally have priority over any other SPACs subsequently formed by our sponsor, Pilgrim Global and/or officers or directors with respect to acquisition opportunities until we complete our initial business combination or enter into a contractual agreement that would restrict our ability to engage in material discussions regarding a potential initial business combination. </div></div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, Pilgrim Global and/or officers or directors, or completing the business combination through a joint venture or other form of shared ownership with our sponsor, Pilgrim Global and/or officers or directors. In the event we seek to complete an initial business combination with a target that is affiliated (as defined in our amended and restated memorandum and articles of association) with our sponsor, Pilgrim Global and/or officers or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm stating that the consideration to be paid by us in such an initial business combination is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context. </div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, our founders, officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest in allocating management time among various business activities, including identifying potential business combinations and monitoring the related due diligence. </div></div></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">We have until the date that is 24 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve to consummate our initial business combination. If we anticipate that we may be unable to consummate our initial business combination within such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">24-month</div> period, we may seek shareholder approval to amend our amended and restated memorandum and articles of association to extend the date by which we must consummate our initial business combination. If we seek shareholder approval for an extension, public shareholders will be offered an opportunity to redeem their public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the effective date of such extension, including interest earned thereon (less permitted withdrawals), divided by the number of then-outstanding public shares, subject to applicable law, if such extension is implemented. There is no limit on the number or length of extensions that we may seek; however, we do not expect to extend the time period to consummate our initial business combination beyond 36 months from the closing of this offering. If we determine not to or are unable to extend the time period to consummate our initial business combination or fail to obtain shareholder approval to extend, our sponsor, management team and other initial shareholders will lose their entire investment in our founder shares and our private placement warrants, except to the extent they entitle the holders thereof to receive liquidating distributions from assets outside the trust account. For more information, also see “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors — Risks Relating to our Securities — Since our sponsor, management team and other initial shareholders will likely 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 and in negotiating or accepting the terms of the transaction because of their financial interest in completing an initial business combination within the completion window.</div></div>” </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our Sponsor </span></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Our sponsor, Calm Seas Sponsor LLC, is a Cayman Islands limited liability company that was formed to invest in our company. Although our sponsor is permitted to undertake any activities permitted under the Cayman Islands <span style="-sec-ix-hidden:hidden171921616;display:inline;">Limited Liability Companies</span> Act (As Revised) and other applicable law, its business is focused on investing in our company. Our sponsor is affiliated with Pilgrim Global Advisors, LLC, an <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">SEC-registered</span> investment adviser that reported regulatory assets under management of $884.2 million as of December 31, 2025. Pilgrim has invested in the energy, maritime and industrial sectors and has current investments in these focus industries. Procter Hug IV, our Chief Executive Officer and a director, is a Partner and member of the investment committee of Pilgrim Global Advisors, LLC, and Michael Marietta, our Chief Financial Officer and a director, is also a member of its investment committee. </div><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Compensation of Sponsor, Sponsor’s Affiliates and Directors and Officers </span></span></div><div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The table below summarizes (i) the number of founder shares and private placement warrants issued or to be issued to the sponsor and CCM simultaneously with the consummation of this offering and the price paid or to be paid by the sponsor or CCM for such securities, and (ii) the main items of compensation received or eligible to be received by the sponsor, our sponsor’s affiliates and our directors and officers: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 30%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 32%; font-family: "Times New Roman";"></td> <td style="width: 5%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 34%; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Entity/Individual</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Amount of Compensation Received or to be<br/>Received or Securities Issued or to be Issued</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Consideration</span></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sponsor</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11,525,000 founder shares<span style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</span> (of which 1,500,000 are subject to forfeiture to the extent the underwriters do not exercise their over-allotment option)</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$25,000 or approximately $0.002 per founder share</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: "Times New Roman";"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5,000,000 private placement warrants (or 5,450,000 private placement warrants if the underwriters’ over-allotment option is exercised in full)</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$5,000,000 (or $5,450,000 if the underwriters’ over-allotment option is exercised in full) or $1.00 per private placement warrant</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: "Times New Roman";"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Up to $300,000</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Repayment of loans made to us to cover offering related and organizational expenses</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sponsor, officers, directors or our or their affiliates</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Working capital loans by our sponsor, our sponsor’s affiliates and our directors or officers. Such loans may be converted at the option of the lender into private placement warrants at a conversion price of $1.00 per warrant<span style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</span></span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Working capital loans to fund working capital deficiencies or finance transaction costs in connection with an initial business combination</span></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td> <td colspan="2" style="height: 6pt; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: "Times New Roman";"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">Reimbursement for any <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">out-of-pocket</span></span> expenses related to identifying, investigating, negotiating and completing an initial business combination. There is no cap or ceiling on the reimbursement of <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">out-of-pocket</span></span> expenses incurred by such persons in connection with activities on our behalf<span style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(3)</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Services in connection with identifying, investigating and completing an initial business combination</span></div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">(1)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">As described below under “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering — Founder shares conversion and anti-dilution rights</div></div>,” the Class B ordinary shares and 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 $0.002 per founder share at which our sponsor purchased the founder 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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-to-one</div></div> basis upon conversion. Further, if we increase or decrease the size of the offering, we will effect a share capitalization or a share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares held by our sponsor at 25% of our issued and outstanding ordinary shares upon the consummation of this offering. Such adjustment may result in material dilution to our public shareholders. 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. For more information also see below under “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering — Limited payments to insiders</div></div>” and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering </div></div>— <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Additional financing</div></div>.” </div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">For more information on the dilutive effect of the founder shares and the Class A ordinary shares issuable in connection with the conversion of the Class B ordinary shares, see the section titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors — Risks Relating to our Search for, and Consummation of, or Inability to Consummate, a Business Combination — We may issue additional Class</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> A 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</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> A ordinary shares upon the conversion of the Class</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> B ordinary shares at a ratio greater than <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-to-one</div></div> at the time of our initial business combination as a result of the anti-dilution provisions contained therein. Any such issuances would dilute the interest of our shareholders and likely present other risks”</div></div>, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“— Risks Relating to our Securities — 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 </div></div>the<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> business combination causes the trading price of our ordinary shares to materially decline”</div></div>, and <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“— Risks Relating</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">to our Securities — Our initial shareholders paid an aggregate of $25,000, or approximately $0.002 per founder share and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> A ordinary shares”</div></div>. </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">(2)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">The $1.00 per private placement warrant conversion price for such working capital loans may potentially be significantly less than the market price of our warrants at the time the lenders elect to convert their working capital loans into private placement warrants. Therefore, such private placement warrant issuances may result in significant dilution to holders of our shares. <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">For more information also see</div></div> “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors </div></div>— <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risks Relating to our Search for, and Consummation of, or Inability to Consummate, a Business Combination — We may issue shares to investors in connection with our initial business combination at a price which is less than $10.00 or the prevailing market price of our shares at that time, which could materially dilute the interests of our existing shareholders and add costs.</div></div>” </div></td></tr></table><div style="clear:both;max-height:0pt;"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">(3)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">For more information, also see “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Effecting Our Initial Business Combination — Sources of Target Businesses,</div></div>” “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Management — Executive Officer and Director Compensation</div></div>” and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Certain Relationships and Related Party Transactions.</div></div>” </div></td></tr></table> Sponsor Calm Seas Sponsor LLC Although our sponsor is permitted to undertake any activities permitted under the Cayman Islands <span style="-sec-ix-hidden:hidden171921616;display:inline;">Limited Liability Companies</span> Act (As Revised) and other applicable law, its business is focused on investing in our company. Procter Hug IV, our Chief Executive Officer and a director, is a Partner and member of the investment committee of Pilgrim Global Advisors, LLC, and Michael Marietta, our Chief Financial Officer and a director, is also a member of its investment committee. Procter Hug IV Procter Hug IV Chief Executive Officer 11525000 25000 5000000 5000000 300000 Reimbursement for any <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">out-of-pocket</span></span> expenses related to identifying, investigating, negotiating and completing an initial business combination. There is no cap or ceiling on the reimbursement of <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">out-of-pocket</span></span> expenses incurred by such persons in connection with activities on our behalf <div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Pursuant to written agreements to be entered with us, our sponsor, each member of our management team and CCM will agree to restrictions on its, his or her ability to transfer, assign, or sell founder shares and private placement warrants, as summarized in the table below. For more information on <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-contractual</span> resale restrictions, also see “<span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Securities Eligible for Future Sale — Rule 144,” “Securities Eligible for Future Sale —</span></span> <span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies” and “Securities Eligible for Future Sale — Summary of resale restrictions.”</span></span> </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 16%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 27%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 27%; font-family: "Times New Roman";"></td> <td style="width: 1%; vertical-align: bottom; font-family: "Times New Roman";"></td> <td style="width: 27%; font-family: "Times New Roman";"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Subject Securities</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Transfer Restrictions</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Natural persons and<br/>entities subject to<br/>transfer restrictions</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Exceptions to transfer restrictions </span></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Founder Shares</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement not to (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidation with respect to or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or</span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our sponsor, officers and directors </span></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions are not applicable to transfers (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 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;</span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 16%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Subject Securities</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Transfer Restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Natural persons and<br/>entities subject to<br/>transfer restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Exceptions to transfer restrictions </div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise, or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (each of the foregoing, a “Transfer”), until the earlier of (A) 180 days after the completion of our initial business combination; and (B) subsequent to our initial business combination, the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(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 an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) distributions from our sponsor to its members, partners or stockholders pursuant to our sponsor’s limited liability company agreement; (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) (such transactions described in</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 16%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="width: 27%;"><div style="display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Subject Securities</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Transfer Restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: inline-block; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Natural persons and<br/>entities subject to<br/>transfer restrictions</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="text-align: center; font-family: "Times New Roman"; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Exceptions to transfer restrictions </div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clauses (a) through (j), collectively “permitted transfers”); provided, however, that in the case of 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 agreement.</div></div></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"><div style="display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Private Placement Warrants and Underlying Shares</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">No Transfer until 30 days after the completion of our initial business combination.</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our sponsor, officers, directors, other initial shareholders and CCM</div></div></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"> </div></td> <td style="vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Same as above (other than clause (g) with respect to the inclusion of CCM).</div></div></div></td></tr></table> Agreement not to (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidation with respect to or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash orotherwise, or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (each of the foregoing, a “Transfer”), until the earlier of (A) 180 days after the completion of our initial business combination; and (B) subsequent to our initial business combination, the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Our sponsor, officers and directors Restrictions are not applicable to transfers (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 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 an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) distributions from our sponsor to its members, partners or stockholders pursuant to our sponsor’s limited liability company agreement; (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) (such transactions described inclauses (a) through (j), collectively “permitted transfers”); provided, however, that in the case of 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 agreement. No Transfer until 30 days after the completion of our initial business combination. Our sponsor, officers, directors, other initial shareholders and CCM Same as above (other than clause (g) with respect to the inclusion of CCM). <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="width: 38%;"><div style="text-indent: -2%; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 2%; line-height: normal;"><span style="display:inline;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Conflicts of Interest: </span></span></div></td> <td><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="display:inline;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="-sec-ix-hidden:hidden171921631;display:inline;">Each of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to at least one other entity pursuant to which such officer or director is or will be required to present a business combination opportunity to</span> </span></span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 0%; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands law. In addition, our sponsor, Pilgrim Global and/or our officers and/or our directors may sponsor or form other SPACs similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. As a result, our sponsor, Pilgrim Global and/or officers and directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other SPAC with which they may become involved. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination target. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business combination because (A) the other entities to which our officers and directors currently owe fiduciary duties or contractual obligations are either (i) not themselves in the business of engaging in business combinations or (ii) though in the business of engaging in business combinations, have already entered into a binding agreement with a target company and (B) we expect that our company will generally have priority over any other SPACs subsequently formed by our sponsor, Pilgrim Global and/or officers or directors with respect to acquisition opportunities until we complete our initial business combination or enter into a contractual agreement that would restrict our ability to engage in material discussions regarding a potential initial business combination. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our officers and our directors may have interests that differ from you in connection with the business combination, including the fact that they will lose their entire investment in us if our initial business combination is not completed, except to the extent they entitle the holders thereof to receive liquidating distributions from assets outside the trust account, and accordingly, 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 and in negotiating or accepting the terms of the transaction because of their financial interest in completing an initial business combination within the completion window. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, the personal and financial interests of our directors and officers may influence their motivation in timely identifying and pursuing an initial business combination or completing our initial business combination and in negotiating or accepting the terms of the transaction. For example, our directors and officers may prioritize a prospective initial business combination with a shorter timeline to completion over another acquisition target which may be more difficult or time-intensive to consummate. Consequently, our </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 0%; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest, which could negatively impact the timing for a business combination. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;">In addition to the above, our officers and directors are not required to commit any specified amount of time to our affairs, and, accordingly, may have conflicts of interest in allocating management time among various business activities, including selecting a business combination target and monitoring the related due diligence. See “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors — Risks Relating to our Management Team — Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination.</div></div>” </div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, our sponsor and management team 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 or an earlier redemption in connection with the commencement of the procedures to consummate the initial business combination if we determine it is desirable to facilitate the completion of the initial business combination. Further, our sponsor and management team will agree to waive their redemption rights with respect to any founder shares held by them if we are unable to complete our initial business combination within the completion window. If we do not complete our initial business combination within the completion window, 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 may expire worthless, except to the extent they entitle the holders thereof to receive liquidating distributions from assets outside the trust account. With certain limited exceptions, the founder shares will not be transferable, assignable or salable until 180 days after the completion of our initial business combination. With certain limited exceptions, the private placement warrants (including the Class A ordinary shares underlying the private placement warrants), will not be transferable, assignable or salable until 30 days after the completion of our initial business combination. Since our sponsor and certain of our officers and directors will directly or indirectly own founder shares and private placement warrants following this offering, our officers and directors 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 and in negotiating or accepting the terms of the transaction because of their financial interest in completing an initial business combination within the completion window. Our sponsor paid a nominal aggregate purchase price of $25,000 for the founder </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 0%; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares, or approximately $0.002 per share. Accordingly, our sponsor and those members of our management team who directly or indirectly own founder shares 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. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 38%;"><div style="display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons 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 and in negotiating or accepting the terms of the transaction 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, Pilgrim Global and/or officers or directors, or completing an initial business combination through a joint venture or other form of shared ownership with our sponsor, Pilgrim Global and/or officers or directors; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination and in negotiating or accepting the terms of the transaction 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. In the event we seek to complete an initial business combination with a target that is affiliated (as defined in our amended and restated memorandum and articles of association) with our sponsor, Pilgrim Global and/or officers or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking firm which is a member of FINRA or another independent entity that commonly renders valuation opinions stating that the consideration to be paid by us in such an initial business combination is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context. </div></div></div></td></tr></table> As a result, our sponsor, Pilgrim Global and/or officers and directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other SPAC with which they may become involved. As a result, our sponsor, Pilgrim Global and/or officers and directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other SPAC with which they may become involved. If we seek shareholder approval of our initial business combination, our sponsor and management team will agree to vote in favor of such initial business combination, regardless of how our public shareholders vote. true 10 10 0 0 7.21 0.09 2.79 9.91 -11147 -11147 301200000 301200000 17743 17743 -12000000 0 -274700 -274700 0 -300000000 288931896 931896 11600000 11600000 -1500000 -1500000 30000000 30000000 0 -30000000 40100000 10100000 <div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Redemption Rights for Public Shareholders upon Completion of Our Initial Business Combination </div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: "Times New Roman"; text-align: justify;">We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares in connection with the completion of our initial business combination at a <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">per-share</span> price, payable in cash, equal to the aggregate amount then on deposit in t<span style="letter-spacing: 0px; top: 0px;display:inline;">he trust account calculated as of two business days prior to the consummation of the initial business combination, including interest earned on the funds held </span>in the trust account </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and not previously released to us for permitted withdrawals, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to public shareholders who properly redeem their public shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our sponsor and management team will enter into a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to their founder shares and any public shares they may hold in connection with the completion of our initial business combination or an earlier redemption in connection with the commencement of the procedures to consummate the initial business combination if we determine it is desirable to facilitate the completion of the initial business combination. </div></div></div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: "Times New Roman"; text-align: justify;">Our proposed initial business combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash consideration we would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all Class A ordinary shares submitted for redemption will be returned to the holders thereof. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into following consummation of this offering, in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements. </div> true If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United States corporations.