Cayman Islands
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6770
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98-1593937
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(State or other Jurisdiction of
Incorporation Or Organization)
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(Primary Standard Industrial
Classification Code Number)
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(I.R.S. Employer
Identification Number)
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Christian O. Nagler
Peter S. Seligson Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 |
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Frank Lopez
Jonathan Ko Paul Hastings LLP 200 Park Avenue New York, NY 10166 Tel: (212) 318-6800 |
Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging growth company
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☒
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Title of Each Class of Securities to be Registered
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Amount Being Registered
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Proposed
Maximum
Offering Price
Per Unit(1)
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Proposed
Maximum
Aggregate
Offering Price(1)(2)
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Amount of
Registration Fee
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Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant (2)
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23,000,000 Units
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$10.00
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$230,000,000
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$21,321
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Class A ordinary shares included as part of the units(3)
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23,000,000 Shares
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—
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—
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—(4)
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Redeemable warrants included as part of the units(3)
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11,500,000 Warrants
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—
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—
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—(4)
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Total
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$230,000,000
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$21,321
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(1)
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Estimated solely for the purpose of calculating the registration fee.
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(2)
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Includes 3,000,000 units, consisting of 3,000,000 Class A ordinary shares and 1,500,000 redeemable warrants, which may be issued upon exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.
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(3)
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Pursuant to Rule 416(a), there are also being registered an indeterminable number of additional securities as may be offered or issued to prevent dilution resulting from share sub-divisions, share dividends, or similar transactions.
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(4)
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No fee pursuant to Rule 457(g).
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Per Unit
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Total
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Public offering price
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$10.00
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$200,000,000
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Underwriting discounts and commissions(1)
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$0.55
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$11,000,000
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Proceeds, before expenses, to us
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$9.45
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$189,000,000
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(1)
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Includes $0.35 per unit, or $7,000,000 in the aggregate (or $8,050,000 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable to the underwriters for deferred underwriting commissions to be placed in a trust account located in the United States as described herein and released to the underwriters only upon the consummation of an initial business combination. See also “Underwriting” for a description of underwriting compensation payable to the underwriters.
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“amended and restated memorandum and articles of association” are to the amended and restated memorandum and articles of association that the company will adopt prior to the consummation of this offering;
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“Companies Act” are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time;
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“founder shares” are to our Class B ordinary shares initially issued to our sponsor in a private placement prior to this offering and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”);
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“initial shareholders” are to all of our shareholders immediately prior to the date of this prospectus, including all of our officers and directors to the extent they hold such shares;
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“LionTree” are to LionTree LLC, an affiliate of our sponsor;
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“LionTree Advisors” are to LionTree Advisors LLC, an affiliate of LionTree;
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“management” or our “management team” are to our executive officers and directors (including our director nominees that will become directors in connection with the consummation of this offering);
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“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;
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“private placement warrants” are to the warrants to be issued to our sponsor in a private placement simultaneously with the closing of this offering and upon conversion of working capital loans, if any;
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“public shares” are to our Class A ordinary shares sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market);
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“public shareholders” are to the holders of our public shares, including our sponsor and management team to the extent our sponsor and/or members of our management team purchase public shares, provided that our sponsor’s and each member of our management team’s status as a “public shareholder” will only exist with respect to such public shares;
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“sponsor” are to Infinite Sponsor, LLC, a Delaware limited liability company;
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“Thirty Five Ventures” are to Thirty Five Ventures LLC, an affiliate of our sponsor;
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“warrants” are to our redeemable warrants, which includes the public warrants as well as the private placement warrants to the extent that they are no longer held by the initial purchasers of the private placement warrants or their permitted transferees; and
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“we,” “us,” “our,” “company,” or “our company” are to Infinite Acquisition Corp., a Cayman Islands exempted company.
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Exclusive financial advisor to Isos Acquisition Corp on its SPAC merger with Bowlero, valuing the company at $2.6 billion
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Financial advisor to Kismet Acquisition Corp. on its combination with Nexters Global
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Financial advisor to Virgin Group’s VG Acquisition Corp. on its combination with 23andMe
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Financial advisor to PLAYSTUDIOS on its combination with Acies Acquisition Corp.
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Exclusive financial advisor to Hims & Hers on its combination with Oaktree Acquisition Corp.
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Sports: We watch, consume and participate in sports largely in the same ways we have for decades, and all that has really changed is the screen size. Few sectors can match that claim. Generational change and technology have long knocked on the door of sports transformation and are now breaking through. Personalized streaming, augmented reality, e-sports, sports betting, biometric access, omnichannel events blurring in-home and live experiences, AI-powered analytical tools and block-chain applications are just a few examples of more bespoke approaches to engaging and retaining consumers that seek a differentiated experience. We believe this is an exciting moment for this massive global industry and one that will lend itself to incredible acquisition opportunities.
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Health & Wellness: With the COVID-19 pandemic rapidly accelerating shifts towards telehealth in all categories, individuals have shown they want to be led by instructors, doctors, and subject matter experts on almost every choice they make, and they expect the same frictionless ease and connectivity they experience in other categories. Just as mobile devices and cloud computing technology have empowered on-demand transactions in sectors like video (Netflix), music (Spotify), transportation (Uber), sports betting (FanDuel, DraftKings), and insurance (Lemonade), mental health (Calm, Headspace), digital health (Peloton, Oura, Whoop- a Thirty Five and LionTree investment), and wellness (Noom) are the next industries to be completely digitized. The traditional healthcare vertical is poised for digital transformation as well, with growing levels of investment and maturation in the space, from the IPOs of Oscar Health (LionTree acted as co-manager and investor), GoodRx and Amwell, to the merger of Teladoc and Livongo, to the acquisition of hims & hers by the Oaktree Acquisition Corp SPAC in a go-public transaction (LionTree advised hims & hers management).
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Food Tech & Supply: Increased focus on personal health, animal welfare, and climate change have driven companies to harness technology to create more sustainable food products and production processes. Consumers want better options to achieve more sustainable consumption patterns, even if those alternatives are more expensive. Early pioneers such as Beyond Meat and Impossible Foods popularized plant-based meat substitutes. Companies like Seebo and Winnow have developed simple integration tools to help food manufacturers and restaurants control food waste along the manufacturing production line.
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E-Commerce: Tremendous energy and investment are devoted to how the intersection of retail, distribution and media might look in the future. Digital-first, direct-to-consumer platforms have flourished by focusing on a specific market segment, rethinking the consumer experience, and building community around their brand. Some examples include Warby Parker (eyewear), Harry’s (personal care), Chewy (pets), Thrive Market (organic grocery), Wayfair (home decor), and Kaval and Rent The Runway (beauty/fashion/apparel) and Gucci (Luxury).
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Crypto and Digital Assets: The recent acceleration of crypto and digital assets as frictionless tools for the consumer continues to gain tremendous momentum with the rise of platforms like Coinbase, Kraken, Chainalysis, BlockChain.com and BlockFi or security solutions for crypto assets, such as hardware wallet technologies developed by Ledger. These technologies make the internet ownable, providing new ways to reward and compensate creators for their work allowing unbound creativity, and driving toward the emergence of potentially massive new platforms to harness this democratization of scarcity. We have witnessed heightened demand for the ability to ‘purchase’ or ‘own’ pieces of art (SuperRare), content collectibles (Dapper Labs), game collectibles (Axie Infinity), real estate (Decentraland) and much more – all of which is uniquely enabled by the blockchain. Consumers have been empowered to invest directly in athletes’ performance (Sorare), artists (Beeple), and creators (Rally, Mirror), past or present. We believe these non-fungible tokens (NFTs) will enable greater liquidity for previously illiquid assets and reflect the nearly unimaginable scaling that the internet enables.
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We expect to complete a business combination with a target that is a technology-enabled platform pursuing disruption in the traditional worlds of sports, health & wellness, food, travel, lifestyle and culture (and beyond).
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We intend to pursue companies that can uniquely benefit from the extensive access, network and reach of our Management, Sponsors and Board.
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We intend to focus on companies that exhibit exceptional product-market fit, unique brands or intellectual property, strong barriers to entry and overall industry tailwinds.
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We intend to focus on businesses that can expand rapidly through both organic means and M&A, and both domestically and internationally.
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We intend to pursue companies with exceptional, talented management teams that strive to be great.
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We intend to focus on businesses with compelling financial profiles and opportunities to generate attractive returns on capital invested.
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We intend to pursue targets with the requisite scale and characteristics suitable for a transition to the public markets and one that can benefit from the guidance our Management, Sponsors and Board in developing and articulating the investment opportunity to public investors.
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one Class A ordinary share; and
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one-half of one redeemable warrant.
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1
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Assumes no exercise of the underwriters’ over-allotment option.
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2
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Founder shares are currently classified as Class B ordinary shares, which shares will automatically convert into Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof as described below adjacent to the caption “Founder shares conversion and anti-dilution rights” and in our amended and restated memorandum and articles of association. Such Class A ordinary shares delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business combination.
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3
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Includes 750,000 founder shares that are subject to forfeiture.
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4
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Includes 20,000,000 public shares and 5,000,000 founder shares, assuming 750,000 founder shares have been forfeited.
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30 days after the completion of our initial business combination; and
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twelve months from the closing of this offering; provided in each case that we have an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement, including as a result of a notice of redemption described below. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
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in whole and not in part;
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at a price of $0.01 per warrant;
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upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the “30-day redemption period”; and
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if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities — Warrants — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.
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prior to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors;
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the founder shares are subject to certain transfer restrictions, as described in more detail below;
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our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we have not consummated an initial business combination within 18 months from the closing of this offering (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame). If we seek shareholder approval, we will complete our initial business combination only if
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the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof as described below adjacent to the caption “Founder shares conversion and anti-dilution rights” and in our amended and restated memorandum and articles of association; and
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the founder shares are entitled to registration rights.
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the net proceeds of this offering and the sale of the private placement warrants not held in the trust account, which will be approximately $1,300,000 in working capital after the payment of approximately $700,000 in expenses relating to this offering; and
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any loans or additional investments from our sponsor or an affiliate of our sponsor or certain of our officers and directors, although they are under no obligation to advance funds to us in such circumstances, and provided any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business combination.
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conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and
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file proxy materials with the SEC.
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conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and
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file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
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repayment of up to an aggregate of $300,000 in loans made to us by our sponsor to cover offering- related and organizational expenses;
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reimbursement for office space, secretarial and administrative services provided to us by our sponsor or an affiliate of our sponsor, in the amount of $10,000 per month;
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payments to our sponsor for the allocable costs of employees of an affiliate of our sponsor;
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reimbursement of legal fees and expenses incurred by our sponsor, officers or directors in connection with our formation, the initial business combination and their services to us;
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payment of a consulting fee or other compensation and reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination and performing due diligence on suitable business combinations, including to LionTree Advisors, and other entities affiliated with LionTree;
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for providing financial consulting services, consisting of a review of deal structure and terms and related structuring advice in connection with this offering, the payment to LionTree Advisors of up to (i) $1,600,000 (or $1,840,000 if the underwriters’ over-allotment option is exercised in full), which will be payable upon the closing of this offering, and (ii) $2,800,000 (or $3,220,000 if the underwriters’ over-allotment option is exercised in full), which will be payable at the closing of our initial business combination;
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at the closing of our initial business combination, payment of a customary financial advisor fee, agent fee or consulting fee to LionTree Advisors, and other entities affiliated with LionTree in an amount that constitutes a market standard fee for comparable transactions; and
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repayment of loans which our sponsor or an affiliate of our sponsor or certain of our officers and directors have the right, but not the obligation, to extend to us pursuant to an interest free loan on substantially the same terms as our existing promissory note. Up to $1,500,000 of such loans, which we have agreed to incur and which are due upon the earlier of our liquidation or the consummation of our initial business combination, may be convertible into warrants of the post-business combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the private placement warrants.
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We are a recently incorporated company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.
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Past performance by our management team or their respective affiliates may not be indicative of future performance of an investment in us.
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Our shareholders may not be afforded an opportunity to vote on our proposed initial business combination, which means we may complete our initial business combination even though a majority of our shareholders do not support such a combination.
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Your only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash.
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If we seek shareholder approval of our initial business combination, our initial shareholders have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote.
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The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target.
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The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize our capital structure.
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The requirement that we consummate an initial business combination within 18 months after the closing of this offering may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.
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Our search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets.
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If we seek shareholder approval of our initial business combination, our sponsor, directors, executive officers, advisors and their affiliates may elect to purchase public shares or warrants, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares or public warrants.
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If a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for tendering its shares, such shares may not be redeemed.
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You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss.
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NYSE may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
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Our warrants are expected to be accounted for as a warrant liability and will be recorded at fair value upon issuance with changes in fair value each period reported in earnings, which may have an adverse effect on the market price of our Class A ordinary shares or may make it more difficult for us to consummate an initial business combination.
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Our independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.”
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September 30, 2021
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Actual
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As Adjusted(1)
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Balance Sheet Data:
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Total assets(2)
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$441,840
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$205,242,938
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Total liabilities(3)
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$498,902
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$7,000,000
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Value of Class A ordinary shares subject to possible redemption
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$—
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$204,000,000
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Shareholders' deficit
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$(57,062)
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$(5,757,062)
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(1)
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The “as adjusted” information gives effect to the sale of the units in this offering, the sale of the private placement warrants, repayment of up to an aggregate of $300,000 in loans made to us by our sponsor and the payment of the estimated expenses of this offering and assumes no exercise of the underwriters’ over-allotment option.
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(2)
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The “as adjusted” total assets includes the $204,000,000 held in the trust account for the benefit of our public shareholders, which amount, less deferred underwriting commissions, will be available to us only upon the completion of our initial business combination within 18 months from the closing of this offering. The underwriters will not be entitled to any interest accrued on the deferred underwriting discounts and commissions.
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(3)
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The “as adjusted” total liabilities amount includes $7,000,000 of deferred underwriting commissions, assuming the over-allotment option is not exercised.
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default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;
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acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
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our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;
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our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;
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our inability to pay dividends on our Class A ordinary shares;
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using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;
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limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
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increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and
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limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.
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solely dependent upon the performance of a single business, property or asset; or
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dependent upon the development or market acceptance of a single or limited number of products, processes or services.
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restrictions on the nature of our investments; and
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restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination. In addition, we may have imposed upon us burdensome requirements, including:
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registration as an investment company with the SEC;
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adoption of a specific form of corporate structure; and
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reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are currently not subject to.
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a limited availability of market quotations for our securities;
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reduced liquidity for our securities;
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a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;
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a limited amount of news and analyst coverage; and
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a decreased ability to issue additional securities or obtain additional financing in the future.
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may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares;
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may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded our Class A ordinary shares;
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could cause a change in control if a substantial number of Class A ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
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may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;
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may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and
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may not result in adjustment to the exercise price of our warrants.
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the history and prospects of companies whose principal business is the acquisition of other companies;
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prior offerings of those companies;
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our prospects for acquiring an operating business at attractive values;
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a review of debt-to-equity ratios in leveraged transactions;
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our capital structure;
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an assessment of our management and their experience in identifying operating companies;
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general conditions of the securities markets at the time of this offering; and
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other factors as were deemed relevant.
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we have a board that includes a majority of “independent directors,” as defined under the rules of NYSE;
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we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and
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we have a nominating and corporate governance committee of our board that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.
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costs and difficulties inherent in managing cross-border business operations;
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rules and regulations regarding currency redemption;
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complex corporate withholding taxes on individuals;
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laws governing the manner in which future business combinations may be effected;
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exchange listing and/or delisting requirements;
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tariffs and trade barriers;
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regulations related to customs and import/export matters;
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local or regional economic policies and market conditions;
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unexpected changes in regulatory requirements;
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longer payment cycles;
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tax issues, such as tax law changes and variations in tax laws as compared to the United States;
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currency fluctuations and exchange controls;
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rates of inflation;
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challenges in collecting accounts receivable;
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cultural and language differences;
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employment regulations;
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underdeveloped or unpredictable legal or regulatory systems;
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corruption;
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protection of intellectual property;
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social unrest, crime, strikes, riots and civil disturbances;
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regime changes and political upheaval;
|
•
|
terrorist attacks, natural disasters and wars; and
|
•
|
deterioration of political relations with the United States.
|
•
|
our ability to select an appropriate target business or businesses;
|
•
|
our ability to complete our initial business combination;
|
•
|
our expectations around the performance of a prospective target business or businesses;
|
•
|
our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;
|
•
|
our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination;
|
•
|
our potential ability to obtain additional financing to complete our initial business combination;
|
•
|
our pool of prospective target businesses;
|
•
|
our ability to consummate an initial business combination due to the uncertainty resulting from the recent COVID-19 pandemic;
|
•
|
the ability of our officers and directors to generate a number of potential business combination opportunities;
|
•
|
our public securities’ potential liquidity and trading;
|
•
|
the lack of a market for our securities;
|
•
|
the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;
|
•
|
the trust account not being subject to claims of third parties; or
|
•
|
our financial performance following this offering.
|
Gross proceeds
|
| |
Without Over-
allotment
Option
|
| |
Over-allotment
Option
Exercised
|
Gross proceeds from units offered to public(1)
|
| |
$200,000,000
|
| |
$230,000,000
|
Gross proceeds from private placement warrants offered in the private placement
|
| |
10,000,000
|
| |
11,200,000
|
Total gross proceeds
|
| |
$210,000,000
|
| |
$241,200,000
|
Estimated offering expenses(2)
|
| |
|
| |
|
Underwriting commissions (2.0% of gross proceeds from units offered to public, excluding deferred portion)(3)
|
| |
$4,000,000
|
| |
$4,600,000
|
Financial advisory fee(4)
|
| |
1,600,000
|
| |
1,840,000
|
Expense reimbursement(5)
|
| |
(1,600,000)
|
| |
(1,840,000)
|
Legal fees and expenses
|
| |
350,000
|
| |
350,000
|
Printing and engraving expenses
|
| |
40,000
|
| |
40,000
|
Accounting fees and expenses
|
| |
50,000
|
| |
50,000
|
SEC/FINRA Expenses
|
| |
56,321
|
| |
56,321
|
Travel and road show
|
| |
20,000
|
| |
20,000
|
NYSE listing and filing fees
|
| |
85,000
|
| |
85,000
|
Miscellaneous
|
| |
98,679
|
| |
98,679
|
Total estimated offering expenses (excluding underwriting commissions and financial advisory services fee)
|
| |
$700,000
|
| |
$700,000
|
Proceeds after estimated offering expenses
|
| |
$205,300,000
|
| |
$235,900,000
|
Held in trust account(3)
|
| |
$204,000,000
|
| |
$234,600,000
|
% of public offering size
|
| |
102%
|
| |
102%
|
Not held in trust account
|
| |
$1,300,000
|
| |
$1,300,000
|
|
| |
Amount
|
| |
% of Total
|
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination(8)
|
| |
$400,000
|
| |
30.7%
|
Legal and accounting fees related to regulatory reporting obligations
|
| |
160,000
|
| |
12.3%
|
Payment for office space, administrative and support services
|
| |
240,000
|
| |
18.5%
|
Director & Officer liability insurance premiums
|
| |
300,000
|
| |
23.1%
|
NYSE continued listing fees
|
| |
165,000
|
| |
12.7%
|
Working capital to cover miscellaneous expenses and reserves
|
| |
35,000
|
| |
2.7%
|
Total
|
| |
$1,300,000
|
| |
100.0%
|
(1)
|
Includes amounts payable to public shareholders who properly redeem their shares in connection with our successful completion of our initial business combination.
|
(2)
|
A portion of the offering expenses will be paid from the proceeds of loans from our sponsor of up to $300,000 as described in this prospectus. To date, we have borrowed approximately $220,000 under the promissory note with our sponsor. Any amounts that are borrowed will be repaid upon completion of this offering out of the offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) and not to be held in the trust account. In the event that offering expenses are less than as set forth in this table, any such amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as set forth in this table, we may fund such excess with funds not held in the trust account.
|
(3)
|
The underwriters have agreed to defer underwriting commissions of 3.5% of the gross proceeds of this offering. Upon and concurrently with the completion of our initial business combination, $7,000,000, which constitutes the underwriters’ deferred commissions (or $8,050,000 if the underwriters’ over-allotment option is exercised in full) will be paid to the underwriters from the funds held in the trust account. See “Underwriting.” The remaining funds, less amounts released to the trustee to pay redeeming shareholders, will be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriters will not be entitled to any interest accrued on the deferred underwriting discounts and commissions.
|
(4)
|
For financial advisory services provided by LionTree Advisors in connection with this offering, we have agreed to pay LionTree Advisors a fee of up to (i) $1,600,000 (or $1,840,000 if the underwriter’s over-allotment option is exercised in full), which will be payable upon the closing of this offering; and (ii) $2,800,000 (or $3,220,000 if the underwriters’ over-allotment option is exercised in full), which will be payable upon the closing of our initial business combination. We are solely responsible for these fees, but the underwriters have agreed to reimburse us for such fees. As a result, there is no additional offering expense related to the financial advisory fee.
|
(5)
|
Reflects an expense reimbursement from the underwriters of $1,600,000 (or $1,840,000 if the underwriters’ over-allotment option is exercised in full), which will be payable upon the closing of this offering. Upon and concurrently with the completion of our initial business combination, the underwriters have also agreed to reimburse us for $2,800,000 (or $3,220,000 if the underwriters’ over-allotment option is exercised in full).
|
(6)
|
These expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our initial business combination based upon the level of complexity of such business combination. In the event we identify a business combination target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses. The amount in the table above does not include interest available to us from the trust account. The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Assuming an interest rate of 0.5% per year, we estimate the interest earned on the trust account will be approximately $1,020,000 per year; however, we can provide no assurances regarding this amount.
|
(7)
|
Assumes no exercise of the underwriters’ over-allotment option.
|
(8)
|
Includes estimated amounts that may also be used in connection with our initial business combination to fund a “no shop” provision and commitment fees for financing.
|
|
| |
Without Over-
Allotment
|
| |
With Over-
Allotment
|
Public offering price
|
| |
$10.00
|
| |
$10.00
|
Net tangible book value before this offering
|
| |
$(0.09)
|
| |
$(0.09)
|
Decrease attributable to public shareholders
|
| |
$(1.06)
|
| |
$(1.09)
|
Pro forma net tangible book deficit after this offering and the sale of the private placement warrants
|
| |
$(1.15)
|
| |
$(1.18)
|
Dilution to public shareholders
|
| |
$11.15
|
| |
$11.18
|
Percentage of dilution to public shareholders
|
| |
111.5%
|
| |
111.8%
|
|
| |
Shares Purchased
|
| |
Total Consideration
|
| |
Average
Price Per
Share
|
||||||
|
| |
Number
|
| |
Percentage
|
| |
Amount
|
| |
Percentage
|
| ||
Class B Ordinary Shares(1)
|
| |
5,000,000
|
| |
20.0%
|
| |
$25,000
|
| |
0.01%
|
| |
$0.005
|
Public Shareholders
|
| |
20,000,000
|
| |
80.0%
|
| |
200,000,000
|
| |
99.99%
|
| |
$10.000
|
|
| |
25,000,000
|
| |
100.0%
|
| |
$200,025,000
|
| |
100.00%
|
| |
|
(1)
|
Assumes no exercise of the underwriters’ over-allotment option and the corresponding forfeiture of 750,000 Class B ordinary shares held by our sponsor.
|
|
| |
Without Over-allotment
|
| |
With Over-allotment
|
Numerator:
|
| |
|
| |
|
Net tangible book deficit before this offering
|
| |
$(495,907)
|
| |
$(495,907)
|
Net proceeds from this offering and sale of the private placement warrants(1)
|
| |
205,300,000
|
| |
235,900,000
|
Plus: Offering costs paid in advance, excluded from tangible book deficit before this offering
|
| |
438,845
|
| |
438,845
|
Less: Deferred underwriting commissions
|
| |
(7,000,000)
|
| |
(8,050,000)
|
Less: Proceeds held in trust subject to redemption(2)
|
| |
(204,000,000)
|
| |
(234,600,000)
|
|
| |
$(5,757,062)
|
| |
$(6,807,062)
|
Denominator:
|
| |
|
| |
|
Class B ordinary shares outstanding prior to this offering
|
| |
5,750,000
|
| |
5,750,000
|
Class B ordinary shares forfeited if over-allotment is not exercised
|
| |
(750,000)
|
| |
—
|
Class A ordinary shares included in the units offered
|
| |
20,000,000
|
| |
23,000,000
|
Less: Shares subject to redemption
|
| |
(20,000,000)
|
| |
(23,000,000)
|
|
| |
5,000,000
|
| |
5,750,000
|
(1)
|
Expenses applied against gross proceeds include offering expenses of $700,000 and underwriting commissions of $4,000,000 or $4,600,000 if the underwriters exercise their over-allotment option (excluding deferred underwriting fees). See “Use of Proceeds.”
|
(2)
|
If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of Class A ordinary shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See “Proposed Business— Effecting Our Initial Business Combination — Permitted Purchases and Other Transactions with Respect to Our Securities.”
|
|
| |
September 30, 2021
|
|||
|
| |
Actual
|
| |
As Adjusted(1)
|
Note payable to related party(2)
|
| |
$198,972
|
| |
$—
|
Deferred underwriting commissions
|
| |
—
|
| |
7,000,000
|
Class A ordinary shares subject to possible redemption, $0.0001 par value, 479,000,000 shares authorized; -0- and 20,000,000 shares issued and outstanding, actual and as adjusted, respectively(3)
|
| |
—
|
| |
204,000,000
|
Preference shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted
|
| |
—
|
| |
—
|
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized; 5,750,000 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively
|
| |
575
|
| |
500
|
Additional paid-in capital
|
| |
24,425
|
| |
—
|
Accumulated deficit(4)
|
| |
(82,062)
|
| |
(5,757,562)
|
Total shareholders' deficit
|
| |
$(57,062)
|
| |
$(5,757,062)
|
Total capitalization
|
| |
$141,910
|
| |
$205,242,938
|
(1)
|
Assumes no exercise of the underwriters’ over-allotment option and the corresponding forfeiture of 750,000 Class B ordinary shares held by our sponsor.
|
(2)
|
Our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. To date, we have borrowed approximately $220,000 under the promissory note with our sponsor.
|
(3)
|
All of the 20,000,000 Class A ordinary shares sold as part of the units in the offering contain a redemption feature which allows for the redemption of such public shares in connection with our liquidation, if there is a shareholder vote or tender offer in connection with our initial business combination and in connection with certain amendments to our amended and restated memorandum and articles of association. In accordance with the SEC and its guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Given that the 20,000,000 Class ordinary shares sold as part of the units in this offering will be issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A ordinary shares classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. Our Class A ordinary shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes immediately. The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).
|
(4)
|
As adjusted accumulated deficit includes the immediate accretion of the carry value of Class A ordinary shares subject to redemption value.
|
•
|
may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares;
|
•
|
may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded our Class A ordinary shares;
|
•
|
could cause a change in control if a substantial number of our Class A ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
|
•
|
may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;
|
•
|
may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and
|
•
|
may not result in adjustment to the exercise price of our warrants.
|
•
|
default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;
|
•
|
acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
|
•
|
our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;
|
•
|
our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;
|
•
|
our inability to pay dividends on our Class A ordinary shares;
|
•
|
using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;
|
•
|
limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
|
•
|
increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and
|
•
|
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.
|
•
|
staffing for financial, accounting and external reporting areas, including segregation of duties;
|
•
|
reconciliation of accounts;
|
•
|
proper recording of expenses and liabilities in the period to which they relate;
|
•
|
evidence of internal review and approval of accounting transactions;
|
•
|
documentation of processes, assumptions and conclusions underlying significant estimates; and
|
•
|
documentation of accounting policies and procedures.
|
•
|
Exclusive financial advisor to Isos Acquisition Corp on its SPAC merger with Bowlero, valuing the company at $2.6 billion
|
•
|
Financial advisor to Kismet Acquisition Corp. on its combination with Nexters Global
|
•
|
Financial advisor to Virgin Group’s VG Acquisition Corp. on its combination with 23andMe
|
•
|
Financial advisor to PLAYSTUDIOS on its combination with Acies Acquisition Corp.
|
•
|
Exclusive financial advisor to Hims & Hers on its combination with Oaktree Acquisition Corp.
|
•
|
Sports: We watch, consume and participate in sports largely in the same ways we have for decades, and all that has really changed is the screen size. Few sectors can match that claim. Generational change and technology have long knocked on the door of sports transformation and are now breaking through. Personalized streaming, augmented reality, e-sports, sports betting, biometric access, omnichannel events blurring in-home and live experiences, AI-powered analytical tools and block-chain applications are just a few examples of more bespoke approaches to engaging and retaining consumers that seek a differentiated experience. We believe this is an exciting moment for this massive global industry and one that will lend itself to incredible acquisition opportunities.
|
•
|
Health & Wellness: With the COVID-19 pandemic rapidly accelerating shifts towards telehealth in all categories, individuals have shown they want to be led by instructors, doctors, and subject matter experts on almost every choice they make, and they expect the same frictionless ease and connectivity they experience in other categories. Just as mobile devices and cloud computing technology have empowered on-demand transactions in sectors like video (Netflix), music (Spotify), transportation (Uber), sports betting (FanDuel, DraftKings), and insurance (Lemonade), mental health (Calm, Headspace), digital health (Peloton, Oura, Whoop- a Thirty Five and LionTree investment), and wellness (Noom) are the next industries to be completely digitized. The traditional healthcare vertical is poised for digital transformation as well, with growing levels of investment and maturation in the space, from the IPOs of Oscar Health (LionTree acted as co-manager and investor), GoodRx and Amwell, to the merger of Teladoc and Livongo, to the acquisition of hims & hers by the Oaktree Acquisition Corp SPAC in a go-public transaction (LionTree advised hims & hers management).
|
•
|
Food Tech & Supply: Increased focus on personal health, animal welfare, and climate change have driven companies to harness technology to create more sustainable food products and production processes. Consumers want better options to achieve more sustainable consumption patterns, even if those alternatives are more expensive. Early pioneers such as Beyond Meat and Impossible Foods popularized plant-based meat substitutes. Companies like Seebo and Winnow have developed simple integration tools to help food manufacturers and restaurants control food waste along the manufacturing production line.
|
•
|
E-Commerce: Tremendous energy and investment are devoted to how the intersection of retail, distribution and media might look in the future. Digital-first, direct-to-consumer platforms have flourished by focusing on a specific market segment, rethinking the consumer experience, and building community around their brand. Some examples include Warby Parker (eyewear), Harry’s (personal care), Chewy (pets), Thrive Market (organic grocery), Wayfair (home decor), and Kaval and Rent The Runway (beauty/fashion/apparel) and Gucci (Luxury).
|
•
|
Crypto and Digital Assets: The recent acceleration of crypto and digital assets as frictionless tools for the consumer continues to gain tremendous momentum with the rise of platforms like CoinBase, Kraken, Chainalysis, BlockChain.com and BlockFi or security solutions for crypto assets, such as hardware wallet technologies developed by Ledger. These technologies make the internet ownable, providing new ways to reward and compensate creators for their work allowing unbound creativity, and driving toward the emergence of potentially massive new platforms to harness this democratization of scarcity. We have witnessed heightened demand for the ability to ‘purchase’ or ‘own’ pieces of art (SuperRare), content collectibles (Dapper Labs), game collectibles (Axie Infinity), real estate (Decentraland) and much more – all of which is uniquely enabled by the blockchain. Consumers have been empowered to invest directly in athletes’ performance (Sorare), artists (Beeple), and creators (Rally, Mirror), past or present. We believe these non-fungible tokens (NFTs) will enable greater liquidity for previously illiquid assets and reflect the nearly unimaginable scaling that the internet enables.
|
•
|
We expect to complete a business combination with a target that is a technology-enabled platform pursuing disruption in the traditional worlds of sports, health & wellness, food, travel, lifestyle and culture (and beyond).
|
•
|
We intend to pursue companies that can uniquely benefit from the extensive access, network and reach of our Management, Sponsors and Board.
|
•
|
We intend to focus on companies that exhibit exceptional product-market fit, unique brands or intellectual property, strong barriers to entry and overall industry tailwinds.
|
•
|
We intend to focus on businesses that can expand rapidly through both organic means and M&A, and both domestically and internationally.
|
•
|
We intend to pursue companies with exceptional, talented management teams that strive to be great.
|
•
|
We intend to focus on businesses with compelling financial profiles and opportunities to generate attractive returns on capital invested.
|
•
|
We intend to pursue targets with the requisite scale and characteristics suitable for a transition to the public markets and one that can benefit from the guidance our Management, Sponsors and Board in developing and articulating the investment opportunity to public investors.
|
•
|
subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after our initial business combination; and
|
•
|
cause us to depend on the marketing and sale of a single product or limited number of products or services.
|
•
|
We issue ordinary shares that will be equal to or in excess of 20% of the number of our ordinary shares then-outstanding;
|
•
|
Any of our directors, officers or substantial security holder (as defined by the NYSE rules) has a 5% or greater interest, directly or indirectly, in the target business or assets to be acquired or otherwise and
|
•
|
The issuance or potential issuance of ordinary shares will result in our undergoing a change of control.
|
•
|
the timing of the transaction, including in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the company;
|
•
|
the expected cost of holding a shareholder vote;
|
•
|
the risk that the shareholders would fail to approve the proposed business combination;
|
•
|
other time and budget constraints of the company; and
|
•
|
additional legal complexities of a proposed business combination that would be time-consuming and burdensome to present to shareholders.
|
•
|
conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and
|
•
|
file proxy materials with the SEC.
|
•
|
conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and
|
•
|
file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
|
|
| |
Redemptions in
Connection with Our
Initial Business
Combination
|
| |
Other Permitted
Purchases of Public
Shares by Our
Affiliates
|
| |
Redemptions if We Fail to
Complete an Initial
Business Combination
|
Calculation of redemption price
|
| |
Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem
|
| |
If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, or their affiliates may pay
|
| |
If we have not consummated an initial business combination within 18 months from the closing of this offering, we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.20 per public share), including interest earned on the funds
|
|
| |
Redemptions in
Connection with Our
Initial Business
Combination
|
| |
Other Permitted
Purchases of Public
Shares by Our
Affiliates
|
| |
Redemptions if We Fail to
Complete an Initial
Business Combination
|
|
| |
their public shares for cash equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.20 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided by the number of the then- outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause our net tangible assets to be less than $5,000,001 and any limitations (including, but not limited, to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination.
|
| |
in these transactions. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will be required to comply with such rules.
|
| |
held in the trust account and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay liquidation and dissolution expenses) divided by the number of the then-outstanding public shares.
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|
| |
|
| |
|
| |
|
Impact to remaining shareholders
|
| |
The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of the deferred underwriting commissions and taxes payable.
|
| |
If the permitted purchases described above are made, there would be no impact to our remaining shareholders because the purchase price would not be paid by us.
|
| |
The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our sponsor, who will be our only remaining shareholder after such redemptions.
|
|
| |
Terms of Our Offering
|
| |
Terms Under a Rule 419 Offering
|
Escrow of offering proceeds
|
| |
$204,000,000 of the net proceeds of this offering and the sale of the private placement warrants will be deposited into a trust account located in the United States with Continental Stock Transfer & Trust Company acting as trustee.
|
| |
$170,100,000 of the offering proceeds, would be required to be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.
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|
| |
|
| |
|
Investment of net proceeds
|
| |
$204,000,000 of the net proceeds of this offering and the sale of the private placement warrants held in trust will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.
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| |
Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.
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| |
|
| |
|
Receipt of interest on escrowed funds
|
| |
Interest income (if any) on proceeds from the trust account to be paid to shareholders is reduced by (i) any income taxes paid or payable and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.
|
| |
Interest income on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.
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| |
|
| |
|
Limitation on fair value or net assets of target business
|
| |
The NYSE rules require that our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of signing the agreement to enter into the initial business combination. If our securities are not then listed on NYSE for whatever reason, we would no longer be required to meet the foregoing 80% of net asset test.
|
| |
The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.
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|
| |
|
| |
|
Trading of securities issued
|
| |
The units are expected to begin trading on or promptly after the date of this prospectus. The Class A ordinary shares and warrants comprising the units will begin separate trading on the 52nd day following the date of this prospectus
|
| |
No trading of the units or the underlying Class A ordinary shares and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
|
|
| |
Terms of Our Offering
|
| |
Terms Under a Rule 419 Offering
|
|
| |
unless the representative of the underwriters informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.
The units will automatically separate into their component parts and will not be traded after completion of our initial business combination.
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| |
|
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| |
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| |
|
Exercise of the warrants
|
| |
The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination and twelve months from the closing of this offering.
|
| |
The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.
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|
| |
|
| |
|
Election to remain an investor
|
| |
We will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange listing requirement to hold a shareholder vote. If we are not required by applicable law or stock exchange listing requirement and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer
|
| |
A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company’s registration statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45th business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.
|
|
| |
Terms of Our Offering
|
| |
Terms Under a Rule 419 Offering
|
|
| |
documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and articles of association will require that at least five days’ notice will be given of any such general meeting.
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| |
|
Business combination deadline
|
| |
If we have not consummated an initial business combination within 18 months from the closing of this offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 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 and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay liquidation and dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and
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If an acquisition has not been completed within 18 months after the effective date of the company’s registration statement, funds held in the trust or escrow account are returned to investors.
|
|
| |
Terms of Our Offering
|
| |
Terms Under a Rule 419 Offering
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dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
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|
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| |
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Release of funds
|
| |
Except for the withdrawal of interest income (if any) to pay our taxes, if any, none of the funds held in trust will be released from the trust account until the earliest of:
(i) the completion of our initial business combination,
(ii) the redemption of our public shares if we have not consummated an initial business combination within 18 months from the closing of this offering, subject to applicable law, and (iii) the redemption of our public shares properly submitted in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. |
| |
The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination within the allotted time
|
Name
|
| |
Age
|
| |
Position
|
Kevin Durant
|
| |
33
|
| |
Co-Chief Executive Officer and Director
|
Rich Kleiman
|
| |
44
|
| |
Co-Chief Executive Officer and Director
|
James Rosenstock
|
| |
49
|
| |
Chief Financial Officer
|
Alexander Michael
|
| |
42
|
| |
Chief Development Officer
|
Aryeh B. Bourkoff
|
| |
48
|
| |
Chairman
|
Anré Williams
|
| |
54
|
| |
Director Nominee
|
Sam Lessin
|
| |
37
|
| |
Director Nominee
|
Annastasia Skilakos (Seebohm)
|
| |
34
|
| |
Director Nominee
|
Stacey Bendet
|
| |
46
|
| |
Director Nominee
|
•
|
meeting with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting and control systems;
|
•
|
monitoring the independence of the independent registered public accounting firm;
|
•
|
verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;
|
•
|
inquiring and discussing with management our compliance with applicable laws and regulations;
|
•
|
pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including the fees and terms of the services to be performed;
|
•
|
appointing or replacing the independent registered public accounting firm;
|
•
|
determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution of disagreements between management and the independent registered public accounting firm regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;
|
•
|
establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies;
|
•
|
monitoring compliance on a quarterly basis with the terms of this offering and, if any noncompliance is identified, immediately taking all action necessary to rectify such noncompliance or otherwise causing compliance with the terms of this offering; and
|
•
|
reviewing and approving all payments made to our existing shareholders, executive officers or directors and their respective affiliates. Any payments made to members of our audit committee will be reviewed and approved by our board of directors, with the interested director or directors abstaining from such review and approval.
|
•
|
should have demonstrated notable or significant achievements in business, education or public service;
|
•
|
should possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and
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•
|
should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.
|
•
|
reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s and Chief Financial Officer’s, evaluating our Chief Executive Officer’s and Chief Financial Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer and Chief Financial Officer based on such evaluation;
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•
|
reviewing and approving the compensation of all of our other Section 16 executive officers;
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•
|
reviewing our executive compensation policies and plans;
|
•
|
implementing and administering our incentive compensation equity-based remuneration plans;
|
•
|
assisting management in complying with our proxy statement and annual report disclosure requirements;
|
•
|
approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;
|
•
|
producing a report on executive compensation to be included in our annual proxy statement; and
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•
|
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.
|
•
|
duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;
|
•
|
duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;
|
•
|
directors should not improperly fetter the exercise of future discretion;
|
•
|
duty to exercise powers fairly as between different sections of shareholders;
|
•
|
duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and
|
•
|
duty to exercise independent judgment.
|
Individual
|
| |
Entity
|
| |
Entity’s Business
|
| |
Affiliation
|
Kevin Durant
|
| |
Thirty Five Ventures LLC(1)
|
| |
Private Equity
|
| |
Co-Founder and Co-Chief Executive Officer
|
|
| |
Boardroom 35 LLC
|
| |
Media
|
| |
Co-Founder and Co Chief Executive Officer
|
Rich Kleiman
|
| |
Thirty Five Ventures LLC(1)
|
| |
Private Equity
|
| |
Co-Founder and Co-Chief Executive Officer
|
|
| |
Boardroom 35 LLC
|
| |
Media
|
| |
Co-Founder and Co Chief Executive Officer
|
Alexander Michael
|
| |
LionTree LLC(1)
|
| |
Investment and Merchant Banking
|
| |
Co-Head of LionTree Growth
|
Aryeh B. Bourkoff
|
| |
LionTree LLC(1)
|
| |
Investment and Merchant Banking
|
| |
Chairman, Founder and Chief Executive Officer
|
|
| |
Ocean Outdoor
|
| |
Advertising
|
| |
Chairman
|
|
| |
Kindred Media
|
| |
Digital Media, Content and Community Investment
|
| |
Chairman
|
Anré Williams
|
| |
American Express
|
| |
Financial Services
|
| |
Group President and member of Executive Committee
|
|
| |
Illinois Tool Works Inc.
|
| |
Manufacturing
|
| |
Director
|
Sam Lessin
|
| |
Slow Ventures
|
| |
Venture Capital
|
| |
General Partner
|
Annastasia Skilakos (Seebohm)
|
| |
Brilliant Minds Foundation
|
| |
Education
|
| |
Chief Executive Officer
|
Stacey Bendet
|
| |
Alice + Olivia
|
| |
Fashion
|
| |
Chief Executive Officer and Creative Director
|
(1)
|
Includes certain of its funds and other affiliates.
|
•
|
Our officers and directors are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations and our search for a business combination and their other businesses, on the other hand. We do not intend to have any full-time employees prior to the completion of our initial business combination. Each of our executive officers and directors is engaged in several other business endeavors for which he is entitled to substantial compensation and has substantial time commitments, and our executive officers and directors are not obligated to contribute any specific number of hours per week to our affairs.
|
•
|
Our sponsor subscribed for founder shares prior to the date of this prospectus and will purchase private placement warrants in a transaction that will close simultaneously with the closing of this offering. In November 2021, our sponsor transferred 25,000 founder shares to each of Anré Williams, Sam Lessin, Annastasia Skilakos (Seebohm) and Stancey Bendet. Such shares will not be subject to forfeiture in the event the underwriter’s over-allotment option is not exercised.
|
•
|
Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares.
|
•
|
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 and directors is included by a target business as a condition to any agreement with respect to our initial business combination.
|
•
|
LionTree Advisors is acting as our independent financial advisor as defined under FINRA Rule 5110(j)(9), to provide independent financial consulting services, consisting of a review of deal structure and terms and related structuring advice in connection with this offering, for which LionTree Advisors will receive a fee of up to $1,600,000 (or $1,840,000 if the underwriters’ over-allotment option is exercised in full), which will be payable upon the closing of this offering. In addition, LionTree Advisors will receive up to $2,800,000 (or $3,220,000 if the underwriters’ over-allotment option is exercised in full), which will be payable at the closing of our initial business combination. LionTree Advisors is engaged to represent our interests only and is independent of the underwriter. LionTree Advisors is not acting as an underwriter and will not sell or offer to sell any securities in this offering, nor will they identify or solicit potential investors in this offering. See “Underwriting.”
|
•
|
We may engage LionTree, LionTree Advisors or another affiliate of our sponsor, as a financial or other advisor or agent in connection with our initial business combination and may pay them a customary financial advisory fee, agent fee or consulting fee in an amount that constitutes a market standard fee for comparable transactions. See “Risk Factor—We may engage LionTree, LionTree Advisors or other affiliates of our sponsor, as our financial advisor or agent on our business combinations and other transactions. Any fee in connection with such engagement may be conditioned upon the completion of such transactions. This financial interest in the completion of such transactions may influence the advice such affiliate provides.”
|
•
|
each person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares;
|
•
|
each of our executive officers, directors and director nominees that beneficially owns ordinary shares; and
|
•
|
all our executive officers and directors as a group.
|
|
| |
Number of
Shares
Beneficially Owned(2)
|
| |
Approximate Percentage
of Issued and Outstanding Ordinary Shares
|
|||
Name and Address of Beneficial Owner(1)
|
| |
Before
Offering
|
| |
After
Offering
|
|||
Infinite Sponsor, LLC (our sponsor)
|
| |
5,650,000(3)(4)
|
| |
98.3%
|
| |
19.7%
|
Kevin Durant
|
| |
—(5)
|
| |
—(5)
|
| |
—(5)
|
Rich Kleiman
|
| |
—(5)
|
| |
—(5)
|
| |
—(5)
|
Alexander Michael
|
| |
—(5)
|
| |
—(5)
|
| |
—(5)
|
Aryeh B. Bourkoff
|
| |
—(5)
|
| |
—(5)
|
| |
—(5)
|
Anré Williams
|
| |
25,000(5)
|
| |
*(5)
|
| |
*(5)
|
Sam Lessin
|
| |
25,000(5)
|
| |
*(5)
|
| |
*(5)
|
Annastasia Skilakos (Seebohm)
|
| |
25,000(5)
|
| |
*(5)
|
| |
*(5)
|
Stacey Bendet
|
| |
25,000(5)
|
| |
*(5)
|
| |
*(5)
|
All officers, directors and director nominees as a group (eight individuals)
|
| |
100,000(5)
|
| |
1.7%(5)
|
| |
*(5)
|
*
|
Less than one percent.
|
(1)
|
Unless otherwise noted, the business address of each of our shareholders is 660 Madison Avenue, New York, New York 10065.
|
(2)
|
Interests shown consist solely of founder shares, classified as Class B ordinary shares. Such shares will automatically convert into Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof as described in the section entitled “Description of Securities.”
|
(3)
|
Infinite Sponsor, LLC, our sponsor, is the record holder of such shares. Our sponsor is governed by a board consisting of four managers. Each manager has one vote, and the approval of a majority of the managers is required to approve an action on behalf of our sponsor.
|
(4)
|
Includes up to 750,000 founder shares that will be surrendered to us for no consideration by our sponsor depending on the extent to which the underwriters’ over-allotment option is exercised.
|
(5)
|
Does not include any securities indirectly owned by this individual as a result of his ownership interest in our sponsor.
|
•
|
20,000,000 Class A ordinary shares underlying the units issued as part of this offering; and
|
•
|
5,000,000 Class B ordinary shares held by our sponsor.
|
•
|
the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member;
|
•
|
whether voting rights are attached to the share in issue;
|
•
|
the date on which the name of any person was entered on the register as a member; and
|
•
|
the date on which any person ceased to be a member.
|
•
|
in whole and not in part;
|
•
|
at a price of $0.01 per warrant;
|
•
|
upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and
|
•
|
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within a 30- trading day period ending three trading days before we send the notice of redemption to the warrant holders.
|
•
|
we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;
|
•
|
the shareholders have been fairly represented at the meeting in question;
|
•
|
the arrangement is such as a businessman would reasonably approve; and
|
•
|
the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.”
|
•
|
a company is acting, or proposing to act, illegally or beyond the scope of its authority;
|
•
|
the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or
|
•
|
those who control the company are perpetrating a “fraud on the minority.”
|
•
|
an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;
|
•
|
an exempted company’s register of members is not open to inspection;
|
•
|
an exempted company does not have to hold an annual general meeting;
|
•
|
an exempted company may issue shares with no par value;
|
•
|
an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);
|
•
|
an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
|
•
|
an exempted company may register as a limited duration company; and
|
•
|
an exempted company may register as a segregated portfolio company.
|
•
|
If we have not consummated an initial business combination within 18 months from the closing of this offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
|
•
|
Prior to or in connection with our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 18 months from the closing of this offering or (y) amend the foregoing provisions;
|
•
|
Although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from independent investment banking firm or another independent entity that commonly renders valuation opinions that such a business combination is fair to our company from a financial point of view;
|
•
|
If a shareholder vote on our initial business combination is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;
|
•
|
So long as our securities are then listed on NYSE, our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination;
|
•
|
If our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein;
|
•
|
We will not effectuate our initial business combination solely with another blank check company or a similar company with nominal operations; and
|
•
|
Our amended and restated memorandum and articles of association provide that unless we consent in writing to the selection of an alternative forum, the courts of the Cayman Islands shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with our amended and restated memorandum and articles of association or otherwise related in any way to each shareholder’s shareholding in us, including but not limited to (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of any fiduciary or other duty owed by any of our current or former director, officer or other employee to us or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Companies Act or our amended and restated
|
1.
|
where this is necessary for the performance of our rights and obligations under any purchase agreements;
|
2.
|
where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or
|
3.
|
where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.
|
•
|
1% of the total number of ordinary shares then-outstanding, which will equal 250,000 shares immediately after this offering (or 287,500 shares if the underwriters exercise their over- allotment option in full); or
|
•
|
the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.
|
•
|
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
|
•
|
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
|
•
|
the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and
|
•
|
at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
|
1.
|
That no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the company or its operations; and
|
2.
|
In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:
|
2.1
|
On or in respect of the shares, debentures or other obligations of the company; or
|
2.2
|
by way of the withholding in whole or part, of any relevant payment as defined in the Tax Concessions Act (As Revised).
|
•
|
our founders, sponsor, initial shareholders, officers or directors or holders of our Class B ordinary shares or private placement warrants;
|
•
|
banks, financial institutions or financial services entities;
|
•
|
broker-dealers;
|
•
|
taxpayers that are subject to the mark-to-market accounting rules;
|
•
|
tax-exempt entities;
|
•
|
S-corporations;
|
•
|
governments or agencies or instrumentalities thereof;
|
•
|
insurance companies;
|
•
|
regulated investment companies;
|
•
|
real estate investment trusts;
|
•
|
persons liable for alternative minimum tax;
|
•
|
controlled foreign corporations;
|
•
|
PFICs (as defined below);
|
•
|
expatriates or former long-term residents of the United States;
|
•
|
persons that actually or constructively own five percent or more of our shares, by vote or value;
|
•
|
persons that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services;
|
•
|
persons required to accelerate the recognition of any item of gross income with respect to Class A ordinary shares or warrants as a result of such income being recognized or an applicable financial statement;
|
•
|
persons that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction; or
|
•
|
U.S. Holders (as defined below) whose functional currency is not the U.S. dollar.
|
•
|
an individual who is a citizen or resident of the United States;
|
•
|
a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;
|
•
|
an estate whose income is subject to U.S. federal income tax regardless of its source; or
|
•
|
a trust, if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons (as defined in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.
|
•
|
the U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s holding period for the Class A ordinary shares or warrants;
|
•
|
the amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder’s holding period before the first day of our first taxable year in which we are a PFIC, will be taxed as ordinary income;
|
•
|
the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and
|
•
|
an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with respect to the tax attributable to each such other taxable year of the U.S. Holder.
|
•
|
a non-resident alien individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates);
|
•
|
a non-U.S. corporation; or
|
•
|
an estate or trust that is not a U.S. Holder; but generally does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you are urged to consult your tax advisor regarding the U.S. federal income tax consequences of the sale or other disposition of our securities.
|
Underwriters
|
| |
Number of Units
|
Credit Suisse Securities (USA) LLC
|
| |
|
Total
|
| |
20,000,000
|
|
| |
Paid by Infinite Acquisition Corp.
|
|||
|
| |
No Exercise
|
| |
Full Exercise
|
Per Unit(1)
|
| |
$0.55
|
| |
$0.55
|
Total(1)
|
| |
$11,000,000
|
| |
$12,650,000
|
(1)
|
Includes $0.35 per unit, or $7,000,000 in the aggregate (or $8,050,000 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable to the underwriters for deferred underwriting commissions to be placed in a trust account located in the United States as described herein and released to the underwriters only upon the consummation of an initial business combination.
|
•
|
Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
|
•
|
Over-allotment involves sales by the underwriters of units in excess of the number of units the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of units over-allotted by the underwriters is not greater than the number of units that they may purchase in
|
•
|
Syndicate covering transactions involve purchases of the units in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of units to close out the short position, the underwriters will consider, among other things, the price of units available for purchase in the open market as compared to the price at which they may purchase units through the over-allotment option. If the underwriters sell more units than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying units in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in this offering.
|
•
|
Penalty bids permit the representatives to reclaim a selling concession from a syndicate member when the units originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.
|
i.
|
to any legal entity which is a qualified investor as defined under the Prospectus Regulation;
|
ii.
|
to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or
|
iii.
|
in any other circumstances falling within Article 1(4) of the Prospectus Regulation,
|
i.
|
it is a qualified investor within the meaning of the Prospectus Regulation; and
|
ii.
|
in the case of any units acquired by it as a financial intermediary, as that term is used in Article 5 of the Prospectus Regulation, (i) the units acquired by it in the offering have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant State other than qualified investors, as that term is defined in the Prospectus Regulation, or have been acquired in other circumstances falling within the points (a) to (d) of Article 1(4) of the Prospectus Regulation and the prior consent of the Joint Global Coordinators has been given to the offer or resale; or (ii) where the units have been acquired by it on behalf of persons
|
i.
|
to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;
|
ii.
|
to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the Global Coordinators for any such offer; or
|
iii.
|
in any other circumstances falling within Section 86 of the FSMA, provided that no such offer of the units shall require the company and/or any Underwriters or any of their affiliates to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression an “offer to the public” in relation to the units in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any units to be offered so as to enable an investor to decide to purchase or subscribe for any units and the expression “UK Prospectus Regulation” means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
|
•
|
the purchaser is entitled under applicable provincial securities laws to purchase the units without the benefit of a prospectus qualified under those securities laws as it is an “accredited investor” as defined under National Instrument 45-106 — Prospectus Exemptions;
|
•
|
the purchaser is a “permitted client” as defined in National Instrument 31-103 — Registration Requirements, Exemptions and Ongoing Registrant Obligations;
|
•
|
where required by law, the purchaser is purchasing as principal and not as agent; and
|
•
|
the purchaser has reviewed the text above under Resale Restrictions.
|
|
| |
September 30, 2021
|
| |
April 9, 2021
|
|
| |
(unaudited)
|
| |
(audited)
|
Assets:
|
| |
|
| |
|
Current assets:
|
| |
|
| |
|
Prepaid expenses
|
| |
$2,995
|
| |
$—
|
Total current assets
|
| |
2,995
|
| |
—
|
Deferred offering costs associated with proposed public offering
|
| |
438,845
|
| |
92,858
|
Total assets
|
| |
$441,840
|
| |
$92,858
|
|
| |
|
| |
|
Liabilities and Shareholder's Equity (Deficit):
|
| |
|
| |
|
Current liabilities:
|
| |
|
| |
|
Accounts payable
|
| |
$1,250
|
| |
$—
|
Accrued expenses
|
| |
298,680
|
| |
74,809
|
Note payable — related party
|
| |
198,972
|
| |
—
|
Total current liabilities
|
| |
498,902
|
| |
74,809
|
|
| |
|
| |
|
Commitments and Contingencies
|
| |
|
| |
|
|
| |
|
| |
|
Shareholder's Equity (Deficit):
|
| |
|
| |
|
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| |
—
|
| |
—
|
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; none issued and outstanding
|
| |
—
|
| |
—
|
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding(1)
|
| |
575
|
| |
575
|
Additional paid-in capital
|
| |
24,425
|
| |
24,425
|
Accumulated deficit
|
| |
(82,062)
|
| |
(6,951)
|
Total shareholder's equity (deficit)
|
| |
(57,062)
|
| |
18,049
|
Total Liabilities and Shareholder's Equity (Deficit)
|
| |
$441,840
|
| |
$92,858
|
(1)
|
This number includes up to 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).
|
|
| |
For the period from March 29, 2021 (inception) through
|
|||
|
| |
September 30, 2021
|
| |
April 9, 2021
|
|
| |
(unaudited)
|
| |
(audited)
|
General and administrative expenses
|
| |
$82,062
|
| |
$6,951
|
Net loss
|
| |
$(82,062)
|
| |
$(6,951)
|
|
| |
|
| |
|
Weighted average ordinary shares outstanding, basic and diluted(1)
|
| |
5,000,000
|
| |
5,000,000
|
|
| |
|
| |
|
Basic and diluted net loss per ordinary share
|
| |
$(0.02)
|
| |
$(0.00)
|
(1)
|
This number excludes an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).
|
|
| |
Ordinary shares
|
| |
|
| |
|
| |
Total
Shareholder's
Equity
(Deficit)
|
|||||||||
|
| |
Class A
|
| |
Class B
|
| |
Additional
Paid-In
Capital
|
| |
Accumulated
Deficit
|
| ||||||||
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||
Balance - March 29, 2021 (inception)
|
| |
—
|
| |
$—
|
| |
—
|
| |
$—
|
| |
$—
|
| |
$—
|
| |
$—
|
Issuance of Class B ordinary shares to Sponsor(1)
|
| |
—
|
| |
—
|
| |
5,750,000
|
| |
575
|
| |
24,425
|
| |
—
|
| |
25,000
|
Net loss
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(6,951)
|
| |
(6,951)
|
Balance - April 9, 2021 (audited)
|
| |
—
|
| |
—
|
| |
5,750,000
|
| |
575
|
| |
24,425
|
| |
(6,951)
|
| |
18,049
|
Net loss
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(75,111)
|
| |
(75,111)
|
Balance - September 30, 2021 (unaudited)
|
| |
—
|
| |
$—
|
| |
5,750,000
|
| |
$575
|
| |
$24,425
|
| |
$(82,062)
|
| |
$(57,062)
|
(1)
|
This number includes up to 750,000 Class B ordinary shares subject to forfeiture if the over—allotment option is not exercised in full or in part by the underwriters (see Note 4).
|
|
| |
For the period from March 29, 2021 (inception) through
|
|||
|
| |
September 30, 2021
|
| |
April 9, 2021
|
|
| |
(unaudited)
|
| |
(audited)
|
Cash Flows from Operating Activities:
|
| |
|
| |
|
Net loss
|
| |
$(82,062)
|
| |
$(6,951)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| |
|
| |
|
General and administrative expenses paid by Sponsor under promissory note
|
| |
12,005
|
| |
—
|
Changes in operating assets and liabilities:
|
| |
|
| |
|
Accounts payable
|
| |
1,250
|
| |
—
|
Accrued expenses
|
| |
—
|
| |
6,951
|
Net cash used in operating activities
|
| |
(68,807)
|
| |
—
|
|
| |
|
| |
|
Cash Flows from Financing Activities:
|
| |
|
| |
|
Proceeds from note payable to related party
|
| |
183,972
|
| |
—
|
Deferred offering costs paid
|
| |
(115,165)
|
| |
—
|
Net cash provided by financing activities
|
| |
68,807
|
| |
—
|
|
| |
|
| |
|
Net increase in cash
|
| |
—
|
| |
—
|
|
| |
|
| |
|
Cash — beginning of the period
|
| |
—
|
| |
—
|
Cash — end of the period
|
| |
$—
|
| |
$—
|
|
| |
|
| |
|
Supplemental disclosure of noncash activities:
|
| |
|
| |
|
Deferred offering costs included in accrued expenses
|
| |
$298,680
|
| |
$67,858
|
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| |
$25,000
|
| |
$25,000
|
Prepaid expenses paid by Sponsor under promissory note
|
| |
$2,995
|
| |
$—
|
•
|
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
|
•
|
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
•
|
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
•
|
in whole and not in part;
|
•
|
at a price of $0.01 per warrant;
|
•
|
upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the 30-day redemption period; and
|
•
|
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
|
Item 13.
|
Other Expenses of Issuance and Distribution.
|
SEC expenses
|
| |
$21,321
|
FINRA expenses
|
| |
35,000
|
Accounting fees and expenses
|
| |
50,000
|
Printing and engraving expenses
|
| |
40,000
|
Travel and road show expenses
|
| |
20,000
|
Legal fees and expenses
|
| |
350,000
|
NYSE listing and filing fees
|
| |
85,000
|
Miscellaneous
|
| |
98,679
|
Total
|
| |
$700,000
|
Item 14.
|
Indemnification of Directors and Officers.
|
Item 15.
|
Recent Sales of Unregistered Securities.
|
Item 16.
|
Exhibits and Financial Statement Schedules.
|
(a)
|
The Exhibit Index is incorporated herein by reference.
|
Item 17.
|
Undertakings.
|
(i)
|
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
|
(ii)
|
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
|
(iii)
|
The undersigned registrant hereby undertakes that:
|
1.
|
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective
|
2.
|
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
3.
|
For the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
|
4.
|
For the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
|
(i)
|
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
|
(ii)
|
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by an undersigned registrant;
|
(iii)
|
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
|
(iv)
|
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
|
Exhibit No.
|
| |
Description
|
1.1
|
| |
Form of Underwriting Agreement.**
|
| |
Memorandum and Articles of Association.*
|
|
| |
Form of Amended and Restated Memorandum and Articles of Association.*
|
|
4.1
|
| |
Specimen Unit Certificate.**
|
4.2
|
| |
Specimen Class A Ordinary Share Certificate.**
|
| |
Specimen Warrant Certificate.*
|
|
| |
Form of Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant.*
|
|
5.1
|
| |
Opinion of Kirkland & Ellis LLP.**
|
| |
Opinion of Ogier, Cayman Islands legal counsel to the Registrant.*
|
|
10.1
|
| |
Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant.**
|
10.2
|
| |
Form of Registration and Shareholder Rights Agreement among the Registrant, the Sponsor and the Holders signatory thereto.**
|
10.3
|
| |
Form of Private Placement Warrants Purchase Agreement between the Registrant and the Sponsor.**
|
10.4
|
| |
Form of Indemnity Agreement.**
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10.5
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Form of Administrative Services Agreement between the Registrant and the Sponsor.**
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Promissory Note, dated as of April 9, 2021, between the Registrant and the Sponsor.*
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Securities Subscription Agreement, dated April 9, 2021, between the Registrant and the Sponsor.*
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10.8
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Form of Letter Agreement between the Registrant, the Sponsor and each director and executive officer of the Registrant.**
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10.9
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Form of Engagement Letter between the Registrant and LionTree Advisors LLC.**
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Consent of Marcum LLP.*
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23.2
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Consent of Kirkland & Ellis LLP (included on Exhibit 5.1).**
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Consent of Ogier (included on Exhibit 5.2).*
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Power of Attorney (included on signature page to the initial filing of this Registration Statement).*
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Consent of Anré Williams.*
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Consent of Sam Lessin.*
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Consent of Annastasia Skilakos (Seebohm).*
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Consent of Stacey Bendet.*
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*
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Filed herewith.
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**
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To be filed by amendment.
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INFINITE ACQUISITION CORP.
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By:
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/s/ Rich Kleiman
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Name: Rich Kleiman
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Title: Co-Chief Executive Officer
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Signature
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Title
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Date
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/s/ Kevin Durant
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Co-Chief Executive Officer
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November 2, 2021
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Kevin Durant
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/s/ Rich Kleiman
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Co-Chief Executive Officer
(Principal Executive Officer)
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November 2, 2021
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Rich Kleiman
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/s/ Aryeh B. Burkoff
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Chairman
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November 2, 2021
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Aryeh B. Burkoff
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/s/ James Rosenstock
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Chief Financial Officer
(Principal Accounting Officer and
Principal Financial Officer)
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November 2, 2021
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James Rosenstock
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By:
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/s/ Georg Krause Vilmar
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Name: Georg Krause Vilmar
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Title: Authorized Representative
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Exhibit 3.1
Dated 29 March 2021
Companies Act (Revised)
Company Limited by Shares
MEMORANDUM OF ASSOCIATION
OF
INFINITE ACQUISITION CORP.
Auth Code: D27622076377
www.verify.gov.ky
Companies Act (Revised)
Company Limited by Shares
Memorandum of Association
of
Infinite Acquisition Corp.
1 | The name of the Company is Infinite Acquisition Corp.. |
2 | The Company’s registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |
3 | The Company’s objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |
4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |
5 | Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely: |
(a) | the business of a bank or trust company without being licensed in that behalf under the Banks and Trust Companies Act (Revised); or |
(b) | insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent or broker without being licensed in that behalf under the Insurance Act (Revised);or |
(c) | the business of company management without being licensed in that behalf under the Companies Management Act (Revised). |
6 | The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |
7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member’s shares. |
1 | ||
Auth Code: J59684896805 | ||
www.verify.gov.ky |
8 | The share capital of the Company is US$50,000 divided into 479,000,000 Class A Ordinary Shares of US$0.0001 each, 20,000,000 Class B Ordinary Shares of US$0.0001 and 1,000,000 preference Shares of US$0.0001 each. There is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company’s articles of association, the Company has power to do any one or more of the following: |
(a) | to redeem or repurchase any of its shares; and |
(b) | to increase or reduce its capital; and |
(c) | to issue any part of its capital (whether original, redeemed, increased or reduced): |
(i) | with or without any preferential, deferred, qualified or special rights, privileges or conditions; or |
(ii) | subject to any limitations or restrictions |
and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or
(d) | to alter any of those rights, privileges, conditions, limitations or restrictions. |
9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
2 | ||
Auth Code: J59684896805 | ||
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We, the subscriber to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and I agree to take the number of shares in the capital of the Company shown opposite my name in the table below.
Dated the 29 March, 2021.
Name and address of Subscriber |
Number of shares taken
|
Signature | ||
Ogier Global Subscriber (Cayman) Limited 89 Nexus Way |
1 Class B Ordinary Share |
per: | ||
Camana Bay | Name: Fiona Barrie | |||
Grand Cayman, KY1-9009 | Authorised Signatory | |||
Cayman Islands | ||||
Witness to above signature | |||
Name: Angelisa Whittaker | |||
Ogier Global Subscriber (Cayman) | |||
Limited | |||
89 Nexus Way | |||
Camana Bay | |||
Grand Cayman, KY1-9009 | |||
Cayman Islands | |||
Occupation: Administrator | |||
3 | ||
Auth Code: J59684896805 | ||
www.verify.gov.ky |
Dated 29 March 2021 |
Companies Act (Revised)
Company Limited by Shares
ARTICLES OF ASSOCIATION OF
INFINITE ACQUISITION CORP.
Auth Code: J59684896805
www.verify.gov.ky
CONTENTS
1. | Definitions, interpretation and exclusion of Table A | 1 |
Definitions | 1 | |
Interpretation | 2 | |
Exclusion of Table A Articles | 3 | |
2 | Shares | 3 |
Power to issue Shares and options, with or without special rights | 3 | |
Power to issue fractions of a Share | 4 | |
Power to pay commissions and brokerage fees | 4 | |
Trusts not recognised | 4 | |
Power to vary class rights | 5 | |
Effect of new Share issue on existing class rights | 5 | |
Capital contributions without issue of further Shares | 5 | |
No bearer Shares or warrants | 6 | |
Treasury Shares | 6 | |
Rights attaching to Treasury Shares and related matters | 6 | |
3 | Share certificates | 7 |
Issue of share certificates | 7 | |
Renewal of lost or damaged share certificates | 7 | |
4 | Lien on Shares | 7 |
Nature and scope of lien | 7 | |
Company may sell Shares to satisfy lien | 8 | |
Authority to execute instrument of transfer | 8 | |
Consequences of sale of Shares to satisfy lien | 8 | |
Application of proceeds of sale | 9 | |
5 | Calls on Shares and forfeiture | 9 |
Power to make calls and effect of calls | 9 | |
Time when call made | 9 | |
Liability of joint holders | 10 | |
Interest on unpaid calls | 10 | |
Deemed calls | 10 | |
Power to accept early payment | 10 | |
Power to make different arrangements at time of issue of Shares | 10 | |
Notice of default | 10 | |
Forfeiture or surrender of Shares | 11 | |
Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 11 | |
Effect of forfeiture or surrender on former Member | 11 | |
Evidence of forfeiture or surrender | 12 | |
Sale of forfeited or surrendered Shares | 12 | |
6 | Transfer of Shares | 12 |
Form of transfer | 12 | |
Power to refuse registration | 12 | |
Notice of refusal to register | 12 |
Auth Code: J59684896805
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Power to suspend registration | 13 | |
Fee, if any, payable for registration | 13 | |
Company may retain instrument of transfer | 13 | |
7 | Transmission of Shares | 13 |
Persons entitled on death of a Member | 13 | |
Registration of transfer of a Share following death or bankruptcy | 13 | |
Indemnity | 14 | |
Rights of person entitled to a Share following death or bankruptcy | 14 | |
8 | Alteration of capital | 14 |
Increasing, consolidating, converting, dividing and cancelling share capital | 14 | |
Dealing with fractions resulting from consolidation of Shares | 15 | |
Reducing share capital | 15 | |
9 | Redemption and purchase of own Shares | 15 |
Power to issue redeemable Shares and to purchase own Shares | 15 | |
Power to pay for redemption or purchase in cash or in specie | 16 | |
Effect of redemption or purchase of a Share | 16 | |
10 | Repurchase of Subscriber Share | 16 |
11 | Meetings of Members | 16 |
Power to call meetings | 16 | |
Content of notice | 17 | |
Period of notice | 18 | |
Persons entitled to receive notice | 18 | |
Publication of notice on a website | 18 | |
Time a website notice is deemed to be given | 18 | |
Required duration of publication on a website | 19 | |
Accidental omission to give notice or non-receipt of notice | 19 | |
12 | Proceedings at meetings of Members | 19 |
Quorum | 19 | |
Lack of quorum | 19 | |
Use of technology | 20 | |
Chairman | 20 | |
Right of a director to attend and speak | 20 | |
Adjournment | 20 | |
Method of voting | 20 | |
Outcome of vote by show of hands | 21 | |
Withdrawal of demand for a poll | 21 | |
Taking of a poll | 21 | |
Chairman’s casting vote | 21 | |
Amendments to resolutions | 21 | |
Written resolutions | 22 | |
Sole-member company | 23 | |
13 | Voting rights of Members | 23 |
Right to vote | 23 |
Auth Code: J59684896805
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Rights of joint holders | 23 | |
Representation of corporate Members | 23 | |
Member with mental disorder | 24 | |
Objections to admissibility of votes | 24 | |
Form of proxy | 24 | |
How and when proxy is to be delivered | 25 | |
Voting by proxy | 26 | |
14 | Number of directors | 26 |
15 | Appointment, disqualification and removal of directors | 26 |
First directors | 26 | |
No age limit | 26 | |
Corporate directors | 26 | |
No shareholding qualification | 26 | |
Appointment of directors | 27 | |
Removal of directors | 27 | |
Resignation of directors | 27 | |
Termination of the office of director | 28 | |
16 | Alternate directors | 28 |
Appointment and removal | 28 | |
Notices | 29 | |
Rights of alternate director | 29 | |
Appointment ceases when the appointor ceases to be a director | 30 | |
Status of alternate director | 30 | |
Status of the director making the appointment | 30 | |
17 | Powers of directors | 30 |
Powers of directors | 30 | |
Appointments to office | 30 | |
Remuneration | 31 | |
Disclosure of information | 32 | |
18 | Delegation of powers | 32 |
Power to delegate any of the directors’ powers to a committee | 32 | |
Power to appoint an agent of the Company | 32 | |
Power to appoint an attorney or authorised signatory of the Company | 33 | |
Power to appoint a proxy | 33 | |
19 | Meetings of directors | 33 |
Regulation of directors’ meetings | 33 | |
Calling meetings | 33 | |
Notice of meetings | 33 | |
Period of notice | 34 | |
Use of technology | 34 | |
Place of meetings | 34 | |
Quorum | 34 | |
Voting | 34 |
Auth Code: J59684896805
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Validity | 34 | |
Recording of dissent | 34 | |
Written resolutions | 35 | |
Sole director’s minute | 35 | |
20 | Permissible directors’ interests and disclosure | 35 |
Permissible interests subject to disclosure | 35 | |
Notification of interests | 36 | |
Voting where a director is interested in a matter | 36 | |
21 | Minutes | 36 |
22 | Accounts and audit | 37 |
Accounting and other records | 37 | |
No automatic right of inspection | 37 | |
Sending of accounts and reports | 37 | |
Time of receipt if documents are published on a website | 37 | |
Validity despite accidental error in publication on website | 38 | |
When accounts are to be audited | 38 | |
23 | Financial year | 38 |
24 | Record dates | 38 |
25 | Dividends | 38 |
Declaration of dividends by Members | 38 | |
Payment of interim dividends and declaration of final dividends by directors | 39 | |
Apportionment of dividends | 39 | |
Right of set off | 40 | |
Power to pay other than in cash | 40 | |
How payments may be made | 40 | |
Dividends or other moneys not to bear interest in absence of special rights | 41 | |
Dividends unable to be paid or unclaimed | 41 | |
26 | Capitalisation of profits | 41 |
Capitalisation of profits or of any share premium account or capital redemption reserve | 41 | |
Applying an amount for the benefit of members | 42 | |
27 | Share premium account | 42 |
Directors to maintain share premium account | 42 | |
Debits to share premium account | 42 | |
28 | Seal | 42 |
Company seal | 42 | |
Duplicate seal | 42 | |
When and how seal is to be used | 43 | |
If no seal is adopted or used | 43 | |
Power to allow non-manual signatures and facsimile printing of seal | 43 | |
Validity of execution | 43 | |
29 | Indemnity | 44 |
Indemnity | 44 |
Auth Code: J59684896805
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Release | 44 | |
Insurance | 44 | |
30 | Notices | |
Form of notices | 45 | |
Electronic communications | 45 | |
Persons authorised to give notices | 45 | |
Delivery of written notices | 46 | |
Joint holders | 46 | |
Signatures | 46 | |
Evidence of transmission | 46 | |
Giving notice to a deceased or bankrupt Member | 46 | |
Date of giving notices | 47 | |
Saving provision | 47 | |
31 | Authentication of Electronic Records | 47 |
Application of Articles | 47 | |
Authentication of documents sent by Members by Electronic means | 47 | |
Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 48 | |
Manner of signing | 48 | |
Saving provision | 49 | |
32 | Transfer by way of continuation | 49 |
33 | Winding up | 49 |
Distribution of assets in specie | 49 | |
No obligation to accept liability | 50 | |
The directors are authorised to present a winding up petition | 50 | |
34 | Amendment of Memorandum and Articles | 50 |
Power to change name or amend Memorandum | 50 | |
Power to amend these Articles | 50 |
Auth Code: J59684896805
www.verify.gov.ky
Companies Act (Revised)
Company Limited by Shares
Articles of Association
of
Infinite Acquisition Corp.
1 | Definitions, interpretation and exclusion of Table A |
Definitions
1.1 | In these Articles, the following definitions apply: |
Articles means, as appropriate:
(a) | these Articles of Association as amended from time to time: or |
(b) | two or more particular Articles of these Articles; |
and Article refers to a particular Article of these Articles.
Business Day means a day other than a public holiday in the place where the Company’s registered office is located, a Saturday or a Sunday.
Clear Days, in relation to a period of notice, means that period excluding:
(a) | the day when the notice is given or deemed to be given; and |
(b) | the day for which it is given or on which it is to take effect. |
Company means the above-named company.
Default Rate means 10% (ten per cent) per annum.
Electronic has the meaning given to that term in the Electronic Transactions Act (Revised).
Electronic Record has the meaning given to that term in the Electronic Transactions Act (Revised).
Electronic Signature has the meaning given to that term in the Electronic Transactions Act (Revised).
Fully Paid and Paid Up:
1 | ||
Auth Code: J59684896805 | ||
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(a) | in relation to a Share with par value, means that the par value for that Share and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money or money’s worth; |
(b) | in relation to a Share without par value, means that the agreed issue price for that Share has been fully paid or credited as paid in money or money’s worth. |
Islands means the British Overseas Territory of the Cayman Islands.
Law means the Companies Act (Revised).
Member means any person or persons entered on the register of members from time to time as the holder of a Share.
Memorandum means the Memorandum of Association of the Company as amended from time to time.
Officer means a person appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator, but does not include the Secretary.
Ordinary Resolution means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote. The expression also includes a unanimous written resolution.
Secretary means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary.
Share means a share in the share capital of the Company; and the expression:
(a) | includes stock (except where a distinction between shares and stock is expressed or implied); and |
(b) | where the context permits, also includes a fraction of a share. |
Special Resolution has the meaning given to that term in the Law; and the expression includes a unanimous written resolution.
Treasury Shares means Shares of the Company held in treasury pursuant to the Law and Article 2.12.
Interpretation
1.2 | In the interpretation of these Articles, the following provisions apply unless the context otherwise requires: |
(a) | A reference in these Articles to a statute is a reference to a statute of the Islands as known by its short title, and includes: |
(i) | any statutory modification, amendment or re-enactment; and |
2 | ||
Auth Code: J59684896805 | ||
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(ii) | any subordinate legislation or regulations issued under that statute. |
Without limitation to the preceding sentence, a reference to a revised Law of the Cayman Islands is taken to be a reference to the revision of that Law in force from time to time as amended from time to time.
(b) | Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless there is ambiguity. |
(c) | If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the act, matter or thing must be done on the next Business Day. |
(d) | A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes the singular, and a reference to any gender also denotes the other genders. |
(e) | A reference to a person includes, as appropriate, a company, trust, partnership, joint venture, association, body corporate or government agency. |
(f) | Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect to that word or phrase has a corresponding meaning. |
(g) | All references to time are to be calculated by reference to time in the place where the Company’s registered office is located. |
(h) | The words written and in writing include all modes of representing or reproducing words in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record is expressed or implied. |
(i) | The words including, include and in particular or any similar expression are to be construed without limitation. |
Exclusion of Table A Articles
1.3 | The regulations contained in Table A in the First Schedule of the Law and any other regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the Company. |
2 | Shares |
Power to issue Shares and options, with or without special rights
2.1 | Subject to the provisions of the Law and the Articles about the redemption and purchase of the Company’s own Shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued Shares of the Company to such persons, at such times and on such terms and conditions as they may decide. No Share may be issued at a discount except in accordance with the provisions of the Law. |
3 | ||
Auth Code: J59684896805 | ||
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2.2 | Without limitation to the preceding Article, the directors may so deal with the unissued Shares of the Company: |
(a) | either at a premium or at par; |
(b) | with or without preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, return of capital or otherwise. |
Power to issue fractions of a Share
2.3 | Subject to the Law, the Company may issue fractions of a Share of any class. A fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares. |
Power to pay commissions and brokerage fees
2.4 | The Company may pay a commission to any person in consideration of that person: |
(a) | subscribing or agreeing to subscribe, whether absolutely or conditionally; or |
(b) | procuring or agreeing to procure subscriptions, whether absolute or conditional |
for any Shares in the Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one way and partly in another.
2.5 | The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage. |
Trusts not recognised
2.6 | Except as required by law: |
(a) | no person shall be recognised by the Company as holding any Share on any trust; and |
(b) | no person other than the Member shall be recognised by the Company as having any right in a Share. |
4 | ||
Auth Code: J59684896805 | ||
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Power to vary class rights
2.7 |
If the share capital is divided into different classes of Shares then, unless the terms on which a class of Shares was issued state otherwise, the rights attaching to a class
of Shares may only be varied if one of the following applies:
|
(a) | the Members holding two thirds of the issued Shares of that class consent in writing to the variation; or |
(b) | the variation is made with the sanction of a Special Resolution passed at a separate general meeting of the Members holding the issued Shares of that class. |
2.8 | For the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles relating to general meetings apply, mutatis mutandis, to every such separate meeting except that: |
(a) | the necessary quorum shall be one or more persons holding, or representing by proxy, not less than one third of the issued Shares of the class; and |
(b) | any Member holding issued Shares of the class, present in person or by proxy or, in the case of a corporate Member, by its duly authorised representative, may demand a poll. |
Effect of new Share issue on existing class rights
2.9 | Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking pari passu with the existing Shares of that class. |
Capital contributions without issue of further Shares
2.10 | With the consent of a Member, the directors may accept a voluntary contribution to the capital of the Company from that Member without issuing Shares in consideration for that contribution. In that event, the contribution shall be dealt with in the following manner: |
(a) | It shall be treated as if it were a share premium. |
(b) | Unless the Member agrees otherwise: |
(i) | if the Member holds Shares in a single class of Shares - it shall be credited to the share premium account for that class of Shares; |
(ii) | if the Member holds Shares of more than one class - it shall be credited rateably to the share premium accounts for those classes of Shares (in the proportion that the sum of the issue prices for each class of Shares that the Member holds bears to the total issue prices for all classes of Shares that the Member holds). |
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(c) | It shall be subject to the provisions of the Law and these Articles applicable to share premiums. |
No bearer Shares or warrants
2.11 | The Company shall not issue Shares or warrants to bearers. |
Treasury Shares
2.12 | Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Law shall be held as Treasury Shares and not treated as cancelled if: |
(a) | the directors so determine prior to the purchase, redemption or surrender of those shares; and |
(b) | the relevant provisions of the Memorandum and Articles and the Law are otherwise complied with. |
Rights attaching to Treasury Shares and related matters
2.13 | No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company’s assets (including any distribution of assets to members on a winding up) may be made to the Company in respect of a Treasury Share. |
2.14 | The Company shall be entered in the Register as the holder of the Treasury Shares. However: |
(a) | the Company shall not be treated as a member for any purpose and shall not exercise any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void; |
(b) | a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Law. |
2.15 | Nothing in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury Share shall be treated as Treasury Shares. |
2.16 | Treasury Shares may be disposed of by the Company in accordance with the Law and otherwise on such terms and conditions as the directors determine. |
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3 | Share certificates |
Issue of share certificates
3.1 | Upon being entered in the register of members as the holder of a Share, a Member shall be entitled: |
(a) | without payment, to one certificate for all the Shares of each class held by that Member (and, upon transferring a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and |
(b) | upon payment of such reasonable sum as the directors may determine for every certificate after the first, to several certificates each for one or more of that Member's Shares. |
3.2 | Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to which it relates and whether they are Fully Paid or partly paid up. A certificate may be executed under seal or executed in such other manner as the directors determine. |
3.3 | The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them. |
Renewal of lost or damaged share certificates
3.4 | If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any) as to: |
(a) | evidence; |
(b) | indemnity; |
(c) | payment of the expenses reasonably incurred by the Company in investigating the evidence; and |
(d) | payment of a reasonable fee, if any, for issuing a replacement share certificate |
as the directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.
4 | Lien on Shares |
Nature and scope of lien
4.1 | The Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered in the name of a Member (whether solely or jointly with others). The lien is for all moneys payable to the Company by the Member or the Member's estate: |
(a) | either alone or jointly with any other person, whether or not that other person is a Member; and |
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(b) | whether or not those moneys are presently payable. |
4.2 | At any time the directors may declare any Share to be wholly or partly exempt from the provisions of this Article. |
Company may sell Shares to satisfy lien
4.3 | The Company may sell any Shares over which it has a lien if all of the following conditions are met: |
(a) | the sum in respect of which the lien exists is presently payable; |
(b) | the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold; and |
(c) | that sum is not paid within 14 Clear Days after that notice is deemed to be given under these Articles. |
4.4 | The Shares may be sold in such manner as the directors determine. |
4.5 | To the maximum extent permitted by law, the directors shall incur no personal liability to the Member concerned in respect of the sale. |
Authority to execute instrument of transfer
4.6 | To give effect to a sale, the directors may authorise any person to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee of the Shares shall not be affected by any irregularity or invalidity in the proceedings in respect of the sale. |
Consequences of sale of Shares to satisfy lien
4.7 | On sale pursuant to the preceding Articles: |
(a) | the name of the Member concerned shall be removed from the register of members as the holder of those Shares; and |
(b) | that person shall deliver to the Company for cancellation the certificate for those Shares. |
Despite this, that person shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate. The directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.
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Application of proceeds of sale
4.8 | The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Shares have been sold: |
(a) | if no certificate for the Shares was issued, at the date of the sale; or |
(b) | if a certificate for the Shares was issued, upon surrender to the Company of that certificate for cancellation |
but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Shares before the sale.
5 | Calls on Shares and forfeiture |
Power to make calls and effect of calls
5.1 | Subject to the terms of allotment, the directors may make calls on the Members in respect of any moneys unpaid on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days’ notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required by the notice. |
5.2 | Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments in whole or in part. |
5.3 | A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member in respect of those Shares. |
Time when call made
5.4 | A call shall be deemed to have been made at the time when the resolution of the directors authorising the call was passed. |
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Liability of joint holders
5.5 | Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls in respect of the Share. |
Interest on unpaid calls
5.6 | If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid: |
(a) | at the rate fixed by the terms of allotment of the Share or in the notice of the call; or |
(b) | if no rate is fixed, at the Default Rate. |
The directors may waive payment of the interest wholly or in part.
Deemed calls
5.7 | Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had become due and payable by virtue of a call. |
Power to accept early payment
5.8 | The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held by him although no part of that amount has been called up. |
Power to make different arrangements at time of issue of Shares
5.9 | Subject to the terms of allotment, the directors may make arrangements on the issue of Shares to distinguish between Members in the amounts and times of payment of calls on their Shares. |
Notice of default
5.10 | If a call remains unpaid after it has become due and payable the directors may give to the person from whom it is due not less than 14 Clear Days' notice requiring payment of: |
(a) | the amount unpaid; |
(b) | any interest which may have accrued; |
(c) | any expenses which have been incurred by the Company due to that person's default. |
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5.11 | The notice shall state the following: |
(a) | the place where payment is to be made; and |
(b) | a warning that if the notice is not complied with the Shares in respect of which the call is made will be liable to be forfeited. |
Forfeiture or surrender of Shares
5.12 | If the notice under the preceding Article is not complied with, the directors may, before the payment required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include all dividends or other moneys payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the directors may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share in lieu of forfeiture. |
Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender
5.13 | A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine either to the former Member who held that Share or to any other person. The forfeiture or surrender may be cancelled on such terms as the directors think fit at any time before a sale, re-allotment or other disposition. Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the directors may authorise some person to execute an instrument of transfer of the Share to the transferee. |
Effect of forfeiture or surrender on former Member
5.14 | On forfeiture or surrender: |
(a) | the name of the Member concerned shall be removed from the register of members as the holder of those Shares and that person shall cease to be a Member in respect of those Shares; and |
(b) | that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited or surrendered Shares. |
5.15 | Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for all moneys which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together with: |
(a) | all expenses; and |
(b) | interest from the date of forfeiture or surrender until payment: |
(i) | at the rate of which interest was payable on those moneys before forfeiture; or |
(ii) | if no interest was so payable, at the Default Rate. |
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The directors, however, may waive payment wholly or in part.
Evidence of forfeiture or surrender
5.16 | A declaration, whether statutory or under oath, made by a director or the Secretary shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares: |
(a) | that the person making the declaration is a director or Secretary of the Company, and |
(b) | that the particular Shares have been forfeited or surrendered on a particular date. |
Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.
Sale of forfeited or surrendered Shares
5.17 | Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares. |
6 | Transfer of Shares |
Form of transfer
6.1 | Subject to the following Articles about the transfer of Shares, a Member may transfer Shares to another person by completing an instrument of transfer, in a common form or in a form approved by the directors, executed: |
(a) | where the Shares are Fully Paid, by or on behalf of that Member; and |
(b) | where the Shares are partly paid, by or on behalf of that Member and the transferee. |
Power to refuse registration
6.2 | The directors may refuse to register the transfer of a Share to any person. They may do so in their absolute discretion, without giving any reason for their refusal, and irrespective of whether the Share is Fully Paid or the Company has no lien over it. |
Notice of refusal to register
6.3 | If the directors refuse to register a transfer of a Share, they must send notice of their refusal to the existing Member within two months after the date on which the transfer was lodged with the Company. |
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Power to suspend registration
6.4 | The directors may suspend registration of the transfer of Shares at such times and for such periods, not exceeding 30 days in any calendar year, as they determine. |
Fee, if any, payable for registration
6.5 | If the directors so decide, the Company may charge a reasonable fee for the registration of any instrument of transfer or other document relating to the title to a Share. |
Company may retain instrument of transfer
6.6 | The Company shall be entitled to retain any instrument of transfer which is registered; but an instrument of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the refusal is given. |
7 | Transmission of Shares |
Persons entitled on death of a Member
7.1 | If a Member dies, the only persons recognised by the Company as having any title to the deceased Members’ interest are the following: |
(a) | where the deceased Member was a joint holder, the survivor or survivors; and |
(b) | where the deceased Member was a sole holder, that Member’s personal representative or representatives. |
7.2 | Nothing in these Articles shall release the deceased Member’s estate from any liability in respect of any Share, whether the deceased was a sole holder or a joint holder. |
Registration of transfer of a Share following death or bankruptcy
7.3 | A person becoming entitled to a Share in consequence of the death or bankruptcy of a |
Member may elect to do either of the following:
(a) | to become the holder of the Share; or |
(b) | to transfer the Share to another person. |
7.4 | That person must produce such evidence of his entitlement as the directors may properly require. |
7.5 | If the person elects to become the holder of the Share, he must give notice to the Company to that effect. For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer. |
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7.6 | If the person elects to transfer the Share to another person then: |
(a) | if the Share is Fully Paid, the transferor must execute an instrument of transfer; and |
(b) | if the Share is partly paid, the transferor and the transferee must execute an instrument of transfer. |
7.7 | All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the instrument of transfer. |
Indemnity
7.8 | A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify the Company and the directors against any loss or damage suffered by the Company or the directors as a result of that registration. |
Rights of person entitled to a Share following death or bankruptcy
7.9 | A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that class of Shares in the Company. |
8 | Alteration of capital |
Increasing, consolidating, converting, dividing and cancelling share capital
8.1 | To the fullest extent permitted by the Law, the Company may by Ordinary Resolution do any of the following and amend its Memorandum for that purpose: |
(a) | increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the attached rights, priorities and privileges set out in that Ordinary Resolution; |
(b) | consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares; |
(c) | convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any denomination; |
(d) | sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and |
(e) | cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish the number of Shares into which its capital is divided. |
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Dealing with fractions resulting from consolidation of Shares
8.2 | Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of a Share the directors may on behalf of those Members: |
(a) | sell the Shares representing the fractions for the best price reasonably obtainable to any person (including, subject to the provisions of the Law, the Company); and |
(b) | distribute the net proceeds in due proportion among those Members. |
For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee’s title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale.
Reducing share capital
8.3 | Subject to the Law and to any rights for the time being conferred on the Members holding a particular class of Shares, the Company may, by Special Resolution, reduce its share capital in any way. |
9 | Redemption and purchase of own Shares |
Power to issue redeemable Shares and to purchase own Shares
9.1 | Subject to the Law, and to any rights for the time being conferred on the Members holding a particular class of Shares, the Company may by its directors: |
(a) | issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member holding those redeemable Shares, on the terms and in the manner its directors determine before the issue of those Shares; |
(b) | with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of the Company on the terms and in the manner which the directors determine at the time of such variation; and |
(c) | purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in the manner which the directors determine at the time of such purchase. |
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The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Law, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.
Power to pay for redemption or purchase in cash or in specie
9.2 | When making a payment in respect of the redemption or purchase of Shares, the directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares, or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares. |
Effect of redemption or purchase of a Share
9.3 | Upon the date of redemption or purchase of a Share: |
(a) | the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than the right to receive: |
(i) | the price for the Share; and |
(ii) | any dividend declared in respect of the Share prior to the date of redemption or purchase; |
(b) | the Member’s name shall be removed from the register of members with respect to the Share; and |
(c) | the Share shall be cancelled or held as a Treasury Shares, as the directors may determine. |
For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due.
10 | Repurchase of Subscriber Share |
As soon as the directors determine that it is lawful for the Company to do so, the Company shall purchase from the subscriber to the Memorandum the one share agreed to be taken by such subscriber. Such share shall be repurchased for cash at its par value and the Company may make a payment out of capital in respect of such purchase price.
11 | Meetings of Members |
Power to call meetings
11.1 | The directors may call a general meeting at any time. |
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11.2 | If there are insufficient directors to constitute a quorum and the remaining directors are unable to agree on the appointment of additional directors, the directors must call a general meeting for the purpose of appointing additional directors. |
11.3 | The directors must also call a general meeting if requisitioned in the manner set out in the next two Articles. |
11.4 | The requisition must be in writing and given by one or more Members who together hold at least 10% of the rights to vote at such general meeting. |
11.5 | The requisition must also: |
(a) | specify the purpose of the meeting. |
(b) | be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners. |
(c) | be delivered in accordance with the notice provisions. |
11.6 | Should the directors fail to call a general meeting within 21 Clear Days from the date of receipt of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period. |
11.7 | Without limitation to the foregoing, if there are insufficient directors to constitute a quorum and the remaining directors are unable to agree on the appointment of additional directors, any one or more Members who together hold at least 10% of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified in the notice of meeting which shall include as an item of business the appointment of additional directors. |
11.8 | If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable expenses. |
Content of notice
11.9 | Notice of a general meeting shall specify each of the following: |
(a) | the place, the date and the hour of the meeting; |
(b) | if the meeting is to be held in two or more places, the technology that will be used to facilitate the meeting; |
(c) | subject to paragraph (d), the general nature of the business to be transacted; and |
(d) | if a resolution is proposed as a Special Resolution, the text of that resolution. |
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11.10 | In each notice there shall appear with reasonable prominence the following statements: |
(a) | that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend and vote instead of that Member; and |
(b) | that a proxyholder need not be a Member. |
Period of notice
11.11 | At least five Clear Days’ notice of a general meeting must be given to Members. But a meeting may be convened on shorter notice with the consent of the Member or Members who, individually or collectively, hold at least 90% of the voting rights of all those who have a right to vote at that meeting. |
Persons entitled to receive notice
11.12 | Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice shall be given to the following people: |
(a) | the Members; |
(b) | persons entitled to a Share in consequence of the death or bankruptcy of a Member; and |
(c) | the directors. |
Publication of notice on a website
11.13 | Subject to the Law, a notice of a general meeting may be published on a website providing the recipient is given separate notice of: |
(a) | the publication of the notice on the website; |
(b) | the place on the website where the notice may be accessed; |
(c) | how it may be accessed; and |
(d) | the place, date and time of the general meeting. |
11.14 | If a Member notifies the Company that he is unable for any reason to access the website, the Company must as soon as practicable give notice of the meeting to that Member by any other means permitted by these Articles. But this will not affect when that Member is deemed to have received notice of the meeting. |
Time a website notice is deemed to be given
11.15 | A website notice is deemed to be given when the Member is given notice of its publication. |
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Required duration of publication on a website
11.16 | Where the notice of meeting is published on a website, it shall continue to be published in the same place on that website from the date of the notification until the conclusion of the meeting to which the notice relates. |
Accidental omission to give notice or non-receipt of notice
11.17 | Proceedings at a meeting shall not be invalidated by the following: |
(a) | an accidental failure to give notice of the meeting to any person entitled to notice; or |
(b) | non-receipt of notice of the meeting by any person entitled to notice. |
11.18 | In addition, where a notice of meeting is published on a website, proceedings at the meeting shall not be invalidated merely because it is accidentally published: |
(a) | in a different place on the website; or |
(b) | for part only of the period from the date of the notification until the conclusion of the meeting to which the notice relates. |
12 | Proceedings at meetings of Members |
Quorum |
12.1 | Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum is present in person or by proxy. A quorum is as follows: |
(a) | if the Company has only one Member: that Member; |
(b) | if the Company has more than one Member: two Members. |
Lack of quorum
12.2 | If a quorum is not present within 15 minutes of the time appointed for the meeting, or if at any time during the meeting it becomes inquorate, then the following provisions apply: |
(a) | If the meeting was requisitioned by Members, it shall be cancelled. |
(b) | In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to such other time or place as is determined by the directors. If a quorum is not present within 15 minutes of the time appointed for the adjourned meeting, then the Members present in person or by proxy shall constitute a quorum. |
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Use of technology
12.3 | A person may participate in a general meeting through the medium of conference telephone, video or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other throughout the meeting. A person participating in this way is deemed to be present in person at the meeting. |
Chairman
12.4 | The chairman of a general meeting shall be the chairman of the board or such other director as the directors have nominated to chair board meetings in the absence of the chairman of the board. Absent any such person being present within 15 minutes of the time appointed for the meeting, the directors present shall elect one of their number to chair the meeting. |
12.5 | If no director is present within 15 minutes of the time appointed for the meeting, or if no director is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair the meeting. |
Right of a director to attend and speak
12.6 | Even if a director is not a Member, he shall be entitled to attend and speak at any general meeting and at any separate meeting of Members holding a particular class of Shares in the Company. |
Adjournment
12.7 | The chairman may at any time adjourn a meeting with the consent of the Members constituting a quorum. The chairman must adjourn the meeting if so directed by the meeting. No business, however, can be transacted at an adjourned meeting other than business which might properly have been transacted at the original meeting. |
12.8 | Should a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum or otherwise, Members shall be given at least seven Clear Days’ notice of the date, time and place of the adjourned meeting and the general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment. |
Method of voting
12.9 | A resolution put to the vote of the meeting shall be decided on a show of hands unless before, or on the declaration of the result of the show of hands, a poll is duly demanded. A poll may be demanded: |
(a) | by the chairman; or |
(b) | by any Member or Members present who, individually or collectively, hold at least 10% of the voting rights of all those who have a right to vote on the resolution. |
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Outcome of vote by show of hands
12.10 | Unless a poll is duly demanded, a declaration by the chairman as to the result of a resolution and an entry to that effect in the minutes of the meeting shall be conclusive evidence of the outcome of a show of hands without proof of the number or proportion of the votes recorded in favour of or against the resolution. |
Withdrawal of demand for a poll
12.11 | The demand for a poll may be withdrawn before the poll is taken, but only with the consent of the chairman. The chairman shall announce any such withdrawal to the meeting and, unless another person forthwith demands a poll, any earlier show of hands on that resolution shall be treated as the vote on that resolution; if there has been no earlier show of hands, then the resolution shall be put to the vote of the meeting. |
Taking of a poll
12.12 | A poll demanded on the question of adjournment shall be taken immediately. |
12.13 | A poll demanded on any other question shall be taken either immediately or at an adjourned meeting at such time and place as the chairman directs, not being more than 30 Clear Days after the poll was demanded. |
12.14 | The demand for a poll shall not prevent the meeting continuing to transact any business other than the question on which the poll was demanded. |
12.15 | A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held in more than place, the chairman may appoint scrutineers in more than place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur. |
Chairman’s casting vote
12.16 | If the votes on a resolution, whether on a show of hands or on a poll, are equal the chairman may if he wishes exercise a casting vote. |
Amendments to resolutions
12.17 | An Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution if: |
(a) | not less than 48 hours before the meeting is to take place (or such later time as the chairman of the meeting may determine), notice of the proposed amendment is given to the Company in writing by a Member entitled to vote at that meeting; and |
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(b) | the proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially alter the scope of the resolution. |
12.18 | A Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution, if: |
(a) | the chairman of the meeting proposes the amendment at the general meeting at which the resolution is to be proposed, and |
(b) | the amendment does not go beyond what the chairman considers is necessary to correct a grammatical or other non-substantive error in the resolution. |
12.19 | If the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a resolution is out of order, the chairman’s error does not invalidate the vote on that resolution. |
Written resolutions
12.20 | Members may pass a resolution in writing without holding a meeting if the following conditions are met: |
(a) | all Members entitled to vote are given notice of the resolution as if the same were being proposed at a meeting of Members; |
(b) | all Members entitled so to vote : |
(i) | sign a document; or |
(ii) | sign several documents in the like form each signed by one or more of those Members; and |
(c) | the signed document or documents is or are delivered to the Company, including, if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for that purpose. |
Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held.
12.21 | If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect accordingly. |
12.22 | The directors may determine the manner in which written resolutions shall be put to Members. In particular, they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis as on a poll. |
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Sole-member company
12.23 |
If the Company has only one Member, and the Member records in writing his decision on a question, that record shall constitute both the passing of a resolution and the minute of it.
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13 | Voting rights of Members |
Right to vote
13.1 | Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not been paid, all Members are entitled to vote at a general meeting, whether on a show of hands or on a poll, and all Members holding Shares of a particular class of Shares are entitled to vote at a meeting of the holders of that class of Shares. |
13.2 | Members may vote in person or by proxy. |
13.3 | On a show of hands, every Member shall have one vote. For the avoidance of doubt, an individual who represents two or more Members, including a Member in that individual’s own right, that individual shall be entitled to a separate vote for each Member. |
13.4 | On a poll a Member shall have one vote for each Share he holds, unless any Share carries special voting rights. |
13.5 | A fraction of a Share shall entitle its holder to an equivalent fraction of one vote. |
13.6 | No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in the same way. |
Rights of joint holders
13.7 | If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of members shall be accepted to the exclusion of the votes of the other joint holder. |
Representation of corporate Members
13.8 | Save where otherwise provided, a corporate Member must act by a duly authorised representative. |
13.9 | A corporate Member wishing to act by a duly authorised representative must identify that person to the Company by notice in writing. |
13.10 | The authorisation may be for any period of time, and must be delivered to the Company not less than two hours before the commencement of the meeting at which it is first used. |
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13.11 | The directors of the Company may require the production of any evidence which they consider necessary to determine the validity of the notice. |
13.12 | Where a duly authorised representative is present at a meeting that Member is deemed to be present in person; and the acts of the duly authorised representative are personal acts of that Member. |
13.13 | A corporate Member may revoke the appointment of a duly authorised representative at any time by notice to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before the directors of the Company had actual notice of the revocation. |
Member with mental disorder
13.14 | A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands or elsewhere) in matters concerning mental disorder may vote, whether on a show of hands or on a poll, by that Member’s receiver, curator bonis or other person authorised in that behalf appointed by that court. |
13.15 | For the purpose of the preceding Article, evidence to the satisfaction of the directors of the authority of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means. In default, the right to vote shall not be exercisable. |
Objections to admissibility of votes
13.16 | An objection to the validity of a person’s vote may only be raised at the meeting or at the adjourned meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be final and conclusive. |
Form of proxy
13.17 | An instrument appointing a proxy shall be in any common form or in any other form approved by the directors. |
13.18 | The instrument must be in writing and signed in one of the following ways: |
(a) | by the Member; or |
(b) | by the Member’s authorised attorney; or |
(c) | if the Member is a corporation or other body corporate, under seal or signed by an authorised officer, secretary or attorney. |
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If the directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.
13.19 | The directors may require the production of any evidence which they consider necessary to determine the validity of any appointment of a proxy. |
13.20 | A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance with the Article above about signing proxies; but such revocation will not affect the validity of any acts carried out by the proxy before the directors of the Company had actual notice of the revocation. |
How and when proxy is to be delivered
13.21 | Subject to the following Articles, the form of appointment of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by the directors) must be delivered so that it is received by the Company at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways: |
(a) | In the case of an instrument in writing, it must be left at or sent by post: |
(i) | to the registered office of the Company; or |
(ii) | to such other place within the Islands specified in the notice convening the meeting or in any form of appointment of proxy sent out by the Company in relation to the meeting. |
(b) | If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address for that purpose is specified: |
(i) | in the notice convening the meeting; or |
(ii) | in any form of appointment of a proxy sent out by the Company in relation to the meeting; or |
(iii) | in any invitation to appoint a proxy issued by the Company in relation to the meeting. |
13.22 | Where a poll is taken: |
(a) | if it is taken more than seven Clear Days after it is demanded, the form of appointment of a proxy and any accompanying authority (or an Electronic Record of the same) must be delivered as required under the preceding Article not less than 24 hours before the time appointed for the taking of the poll; |
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(b) | but if it to be taken within seven Clear Days after it was demanded, the form of appointment of a proxy and any accompanying authority (or an Electronic Record of the same) must be e delivered as required under the preceding Article not less than two hours before the time appointed for the taking of the poll. |
13.23 | If the form of appointment of proxy is not delivered on time, it is invalid. |
Voting by proxy
13.24 | A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless in respect of different Shares, shall be invalid. |
14 | Number of directors |
14.1 | Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and the maximum number shall be ten. There shall be no directors, however, until the first director is or the first directors are appointed by the subscriber or subscribers to the Memorandum. |
15 | Appointment, disqualification and removal of directors |
First directors
15.1 | The first directors shall be appointed in writing by the subscriber or subscribers to the Memorandum. |
No age limit
15.2 | There is no age limit for directors save that they must be aged at least 18 years. |
Corporate directors
15.3 | Unless prohibited by law, a body corporate may be a director. If a body corporate is a director, the Articles about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about directors’ meetings. |
No shareholding qualification
15.4 | Unless a shareholding qualification for directors is fixed by Ordinary Resolution, no director shall be required to own Shares as a condition of his appointment. |
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16.3 | A director may revoke his appointment of an alternate at any time. No revocation shall take effect until the director has given notice of the revocation to the other directors. Such notice must be given by either of the methods specified in Article 15.1. | |
16.4 | A notice of appointment or removal of an alternate director must also be given to the Company by any of the following methods: | |
(a) | by notice in writing in accordance with the notice provisions; | |
(b) | if the Company has a facsimile address for the time being, by sending by facsimile transmission to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company’s registered office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 31.7 applies), in which event notice shall be taken to be given on the date of an error-free transmission report from the sender’s fax machine; | |
(c) | if the Company has an email address for the time being, by emailing to that email address a scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company’s registered office a scanned copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 31.7 applies), in which event notice shall be taken to be given on the date of receipt by the Company or the Company’s registered office (as appropriate) in readable form; or | |
(d) | if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered in accordance with those provisions in writing. | |
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16.5 | All notices of meetings of directors shall continue to be given to the appointing director and not to the alternate. | |
Rights of alternate director | ||
16.6 | An alternate director shall be entitled to attend and vote at any board meeting or meeting of a committee of the directors at which the appointing director is not personally present, and generally to perform all the functions of the appointing director in his absence. | |
16.7 | For the avoidance of doubt: | |
(a) | if another director has been appointed an alternate director for one or more directors, he shall be entitled to a separate vote in his own right as a director and in right of each other director for whom he has been appointed an alternate; and | |
(b) | if a person other than a director has been appointed an alternate director for more than one director, he shall be entitled to a separate vote in right of each director for whom he has been appointed an alternate. |
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Written resolutions
19.12 | The directors may pass a resolution in writing without holding a meeting if all director sign a document or sign several documents in the like form each signed by one or more of those directors. |
19.13 | Despite the foregoing, a resolution in writing signed by a validly appointed alternate director or by a validly appointed proxy need not also be signed by the appointing director. But if a written resolution is signed personally by the appointing director, it need not also be signed by his alternate or proxy. |
19.14 | Such written resolution shall be as effective as if it had been passed at a meeting of the directors duly convened and held; and it shall be treated as having been passed on the day and at the time that the last director signs. |
Sole director’s minute
19.15 | Where a sole director signs a minute recording his decision on a question, that record shall constitute the passing of a resolution in those terms. |
20 | Permissible directors’ interests and disclosure |
Permissible interests subject to disclosure
20.1 | Save as expressly permitted by these Articles or as set out below, a director may not have a direct or indirect interest or duty which conflicts or may possibly conflict with the interests of the Company. |
20.2 | If, notwithstanding the prohibition in the preceding Article, a director discloses to his fellow directors the nature and extent of any material interest or duty in accordance with the next Article, he may: |
(a) | be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is or may otherwise be interested; |
(b) | be interested in another body corporate promoted by the Company or in which the Company is otherwise interested. In particular, the director may be a director, secretary or officer of, or employed by, or be a party to any transaction or arrangement with, or otherwise interested in, that other body corporate. |
20.3 | Such disclosure may be made at a meeting at a meeting of the board or otherwise (and, if otherwise, it must be made in writing). The director must disclose the nature and extent of his direct or indirect interest in or duty in relation to a transaction or arrangement or series of transactions or arrangements with the Company or in which the Company has any material interest. |
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20.4 | If a director has made disclosure in accordance with the preceding Article, then he shall not, by reason only of his office, be accountable to the Company for any benefit that he derives from any such transaction or arrangement or from any such office or employment of from any interest in any such body corporate, and no such transaction or arrangement shall be liable be avoided on the ground of any such interest or benefit. |
Notification of interests
20.5 | For the purposes of the preceding Articles: |
(a) | a general notice that a director gives to the other directors that he is to be regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that he has an interest in or duty in relation to any such transaction of the nature and extent so specified; and |
(b) | an interest of which a director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his. |
20.6 | A director shall not be treated as having an interest in a transaction or arrangement if he has no knowledge of that interest and it is unreasonable to expect the director to have that knowledge. |
Voting where a director is interested in a matter
20.7 | A director may vote at a meeting of directors on any resolution concerning a matter in which that director has an interest or duty, whether directly or indirectly, so long as that director discloses any material interest pursuant to these Articles. The director shall be counted towards a quorum of those present at the meeting. If the director votes on the resolution, his vote shall be counted. |
20.8 | Where proposals are under consideration concerning the appointment of two or more directors to offices or employment with the Company or any body corporate in which the Company is interested, the proposals may be divided and considered in relation to each director separately and each of the directors concerned shall be entitled to vote and be counted in the quorum in respect of each resolution except that concerning his or her own appointment. |
21 | Minutes |
21.1 | The Company shall cause minutes to be made in books kept for the purpose in accordance with the Law. |
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22 | Accounts and audit |
Accounting and other records
22.1 | The directors must ensure that proper accounting and other records are kept, and that accounts and associated reports are distributed in accordance with the requirements of the Law. |
No automatic right of inspection
22.2 | Members are only entitled to inspect the Company’s records if they are expressly entitled to do so by law, or by resolution made by the directors or passed by Ordinary Resolution. |
Sending of accounts and reports
22.3 | The Company’s accounts and associated directors’ report or auditor’s report that are required or permitted to be sent to any person pursuant to any law shall be treated as properly sent to that person if: |
(a) | they are sent to that person in accordance with the notice provisions: or |
(b) | they are published on a website providing that person is given separate notice of: |
(i) | the fact that publication of the documents has been published on the website; |
(ii) | the address of the website; and |
(iii) | the place on the website where the documents may be accessed; and |
(iv) | how they may be accessed. |
22.4 | If, for any reason, a person notifies the Company that he is unable to access the website, the Company must, as soon as practicable, send the documents to that person by any other means permitted by these Articles. This, however, will not affect when that person is taken to have received the documents under the next Article. |
Time of receipt if documents are published on a website
22.5 | Documents sent by being published on a website in accordance with the preceding two Articles are only treated as sent at least five Clear Days before the date of the meeting at which they are to be laid if: |
(a) | the documents are published on the website throughout a period beginning at least five Clear Days before the date of the meeting and ending with the conclusion of the meeting; and |
(b) | the person is given at least five Clear Days’ notice of the hearing. |
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Validity despite accidental error in publication on website
22.6 | If, for the purpose of a meeting, documents are sent by being published on a website in accordance with the preceding Articles, the proceedings at that meeting are not invalidated merely because: |
(a) | those documents are, by accident, published in a different place on the website to the place notified; or |
(b) | they are published for part only of the period from the date of notification until the conclusion of that meeting. |
When accounts are to be audited
22.7 | Unless the directors or the Members, by Ordinary Resolution, so resolve or unless the Law so requires, the Company’s accounts will not be audited. If the Members so resolve, the Company’s accounts shall be audited in the manner determined by Ordinary Resolution. Alternatively, if the directors so resolve, they shall be audited in the manner they determine. |
23 | Financial year |
Unless the directors otherwise specify, the financial year of the Company:
(a) | shall end on 31st December in the year of its incorporation and each following year; and |
(b) | shall begin when it was incorporated and on 1st January each following year. |
24 | Record dates |
Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for declaring or paying a dividend or making or issuing an allotment of Shares. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.
25 | Dividends |
Declaration of dividends by Members
25.1 | Subject to the provisions of the Law, the Company may by Ordinary Resolution declare dividends in accordance with the respective rights of the Members but no dividend shall exceed the amount recommended by the directors. |
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Payment of interim dividends and declaration of final dividends by directors
25.2 | The directors may pay interim dividends or declare final dividends in accordance with the respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such dividends may lawfully be paid. |
25.3 | Subject to the provisions of the Law, in relation to the distinction between interim dividends and final dividends, the following applies: |
(a) | Upon determination to pay a dividend or dividends described as interim by the directors in the dividend resolution, no debt shall be created by the declaration until such time as payment is made. |
(b) | Upon declaration of a dividend or dividends described as final by the directors in the dividend resolution, a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the resolution. |
If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.
25.4 | In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the following applies: |
(a) | If the share capital is divided into different classes, the directors may pay dividends on Shares which confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears. |
(b) | The directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment. |
(c) | If the directors act in good faith, they shall not incur any liability to the Members holding Shares conferring preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred rights. |
Apportionment of dividends
25.5 | Except as otherwise provided by the rights attached to Shares, all dividends shall be declared and paid according to the amounts paid up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately to the amount paid up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly. |
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Right of set off
25.6 | The directors may deduct from a dividend or any other amount payable to a person in respect of a Share any amount due by that person to the Company on a call or otherwise in relation to a Share. |
Power to pay other than in cash
25.7 | If the directors so determine, any resolution declaring a dividend may direct that it shall be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the directors may settle that difficulty in any way they consider appropriate. For example, they may do any one or more of the following: |
(a) | issue fractional Shares; |
(b) | fix the value of assets for distribution and make cash payments to some Members on the footing of the value so fixed in order to adjust the rights of Members; and |
(c) | vest some assets in trustees. |
How payments may be made
25.8 | A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways: |
(a) | if the Member holding that Share or other person entitled to that Share nominates a bank account for that purpose - by wire transfer to that bank account; or |
(b) | by cheque or warrant sent by post to the registered address of the Member holding that Share or other person entitled to that Share. |
25.9 | For the purpose of paragraph (a) of the preceding Article, the nomination may be in writing or in an Electronic Record and the bank account nominated may be the bank account of another person. For the purpose of paragraph (b) of the preceding Article, subject to any applicable law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge to the Company. |
25.10 | If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason of the death or bankruptcy of the registered holder (Joint Holders), a dividend (or other amount) payable on or in respect of that Share may be paid as follows: |
(a) | to the registered address of the Joint Holder of the Share who is named first on the register of members or to the registered address of the deceased or bankrupt holder, as the case may be; or |
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(b) | to the address or bank account of another person nominated by the Joint Holders, whether that nomination is in writing or in an Electronic Record. |
25.11 | Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect of that Share. |
Dividends or other moneys not to bear interest in absence of special rights
25.12 | Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company in respect of a Share shall bear interest. |
Dividends unable to be paid or unclaimed
25.13 | If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or both, the directors may pay it into a separate account in the Company’s name. If a dividend is paid into a separate account, the Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member. |
25.14 | A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain owing by, the Company. |
26 | Capitalisation of profits |
Capitalisation of profits or of any share premium account or capital redemption reserve
26.1 | The directors may resolve to capitalise: |
(a) | any part of the Company’s profits not required for paying any preferential dividend (whether or not those profits are available for distribution); or |
(b) | any sum standing to the credit of the Company’s share premium account or capital redemption reserve, if any. |
The amount resolved to be capitalised must be appropriated to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in either or both of the following ways:
(c) | by paying up the amounts unpaid on that Member’s Shares; |
(d) | by issuing Fully Paid Shares, debentures or other securities of the Company to that Member or as that Member directs. The directors may resolve that any Shares issued to the Member in respect of partly paid Shares (Original Shares) rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain partly paid. |
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Applying an amount for the benefit of members
26.2 | The amount capitalised must be applied to the benefit of Members in the proportions to which the Members would have been entitled to dividends if the amount capitalised had been distributed as a dividend. |
26.3 | Subject to the Law, if a fraction of a Share, a debenture, or other security is allocated to a Member, the directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction. |
27 | Share premium account |
Directors to maintain share premium account
27.1 | The directors shall establish a share premium account in accordance with the Law. They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed or such other amounts required by the Law. |
Debits to share premium account
27.2 | The following amounts shall be debited to any share premium account: |
(a) | on the redemption or purchase of a Share, the difference between the nominal value of that Share and the redemption or purchase price; and |
(b) | any other amount paid out of a share premium account as permitted by the Law. |
27.3 | Notwithstanding the preceding Article, on the redemption or purchase of a Share, the directors may pay the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted by the Law, out of capital. |
28 | Seal |
Company seal
28.1 | The Company may have a seal if the directors so determine. |
Duplicate seal
28.2 | Subject to the provisions of the Law, the Company may also have a duplicate seal or seals for use in any place or places outside the Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if the directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used. |
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When and how seal is to be used
28.3 |
A seal may only be used by the authority of the directors. Unless the directors otherwise determine, a document to which a seal is affixed must be signed in one
of the following ways:
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(a) | by a director (or his alternate) and the Secretary; or |
(b) | by a single director (or his alternate). |
If no seal is adopted or used
28.4 | If the directors do not adopt a seal, or a seal is not used, a document may be executed in the following manner: |
(a) | by a director (or his alternate) and the Secretary; or |
(b) | by a single director (or his alternate); or |
(c) | in any other manner permitted by the Law. |
Power to allow non-manual signatures and facsimile printing of seal
28.5 | The directors may determine that either or both of the following applies: |
(a) | that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method or system of reproduction; |
(b) | that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature. |
Validity of execution
28.6 | If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded as invalid merely because, at the date of the delivery, the Secretary, or the director, or other Officer or person who signed the document or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company. |
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29 | Indemnity |
Indemnity
29.1 | To the extent permitted by law, the Company shall indemnify each existing or former Secretary, director (including alternate director), and other Officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against: |
(a) | all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former Secretary or Officer in or about the conduct of the Company’s business or affairs or in the execution or discharge of the existing or former Secretary’s or Officer’s duties, powers, authorities or discretions and |
(b) | without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Islands or elsewhere. |
No such existing or former Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.
29.2 | To the extent permitted by law, the Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Secretary or Officer of the Company in respect of any matter identified in paragraph (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Secretary or that Officer for those legal costs. |
Release
29.3 | To the extent permitted by law, the Company may by Special Resolution release any existing or former director (including alternate director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office; but there may be no release from liability arising out of or in connection with that person’s own dishonesty. |
Insurance
29.4 | To the extent permitted by law, the Company may pay, or agree to pay, a premium in respect of a contract insuring each of the following persons against risks determined by the directors, other than liability arising out of that person’s own dishonesty: |
(a) | an existing or former director (including alternate director), Secretary or Officer or auditor of: |
(i) | the Company; |
(ii) | a company which is or was a subsidiary of the Company; |
(iii) | a company in which the Company has or had an interest (whether direct or indirect); and |
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(b) | a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred to in paragraph (a) is or was interested. |
30 | Notices |
Form of notices
30.1 | Save where these Articles provide otherwise, any notice to be given to or by any person pursuant to these Articles shall be: |
(a) | in writing signed by or on behalf of the giver in the manner set out below for written notices; or |
(b) | subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic Signature and authenticated in accordance with Articles about authentication of Electronic Records; or |
(c) | where these Articles expressly permit, by the Company by means of a website. |
Electronic communications
30.2 | Without limitation to Articles 16.1 to 16.4 inclusive (relating to the appointment and removal by directors of alternate directors) and to Articles 18.8 to 18.10 inclusive (relating to the appointment by directors of proxies), a notice may only be given to the Company in an Electronic Record if: |
(a) | the directors so resolve; |
(b) | the resolution states how an Electronic Record may be given and, if applicable, specifies an email address for the Company; and |
(c) | the terms of that resolution are notified to the Members for the time being and, if applicable, to those directors who were absent from the meeting at which the resolution was passed. |
If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.
30.3 | A notice may not be given by Electronic Record to a person other than the Company unless the recipient has notified the giver of an Electronic address to which notice may be sent. |
Persons authorised to give notices
30.4 | A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company or a Member by a director or company secretary of the Company or a Member. |
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Delivery of written notices
30.5 | Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient, or left at (as appropriate) the Member’s or director’s registered address or the Company’s registered office, or posted to that registered address or registered office. |
Joint holders
30.6 | Where Members are joint holders of a Share, all notices shall be given to the Member whose name first appears in the register of members. |
Signatures
30.7 | A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in such a way as to indicate its execution or adoption by the giver. |
30.8 | An Electronic Record may be signed by an Electronic Signature. |
Evidence of transmission
30.9 | A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver. |
30.10 | A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient. |
Giving notice to a deceased or bankrupt Member
30.11 | A notice may be given by the Company to the persons entitled to a Share in consequence of the death or bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address, if any, supplied for that purpose by the persons claiming to be so entitled. |
30.12 | Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred. |
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Date of giving notices
30.13 | A notice is given on the date identified in the following table. |
Saving provision
30.14 | None of the preceding notice provisions shall derogate from the Articles about the delivery of written resolutions of directors and written resolutions of Members. |
31 | Authentication of Electronic Records |
Application of Articles
31.1 | Without limitation to any other provision of these Articles, any notice, written resolution or other document under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a director or other Officer of the Company, shall be deemed to be authentic if either Article 31.2 or Article 31.4 applies. |
Authentication of documents sent by Members by Electronic means
31.2 | An Electronic Record of a notice, written resolution or other document sent by Electronic means by or on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied: |
(a) | the Member or each Member, as the case may be, signed the original document, and for this purpose Original Document includes several documents in like form signed by one or more of those Members; and |
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(b) | the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of, that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and |
(c) | Article 31.7 does not apply. |
31.3 | For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution, or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall be deemed to be the written resolution of that Member unless Article 31.7 applies. |
Authentication of document sent by the Secretary or Officers of the Company by Electronic means
31.4 | An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied: |
(a) | the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for this purpose Original Document includes several documents in like form signed by the Secretary or one or more of those Officers; and |
(b) | the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of, the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and |
(c) | Article 31.7 does not apply. |
This Article applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.
31.5 | For example, where a sole director signs a resolution and scans the resolution, or causes it to be scanned, as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall be deemed to be the written resolution of that director unless Article 31.7 applies. |
Manner of signing
31.6 | For the purposes of these Articles about the authentication of Electronic Records, a document will be taken to be signed if it is signed manually or in any other manner permitted by these Articles. |
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Saving provision
31.7 | A notice, written resolution or other document under these Articles will not be deemed to be authentic if the recipient, acting reasonably: |
(a) | believes that the signature of the signatory has been altered after the signatory had signed the original document; or |
(b) | believes that the original document, or the Electronic Record of it, was altered, without the approval of the signatory, after the signatory signed the original document; or |
(c) | otherwise doubts the authenticity of the Electronic Record of the document |
and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.
32 | Transfer by way of continuation |
32.1 | The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction outside: |
(a) | the Islands; or |
(b) | such other jurisdiction in which it is, for the time being, incorporated, registered or existing. |
32.2 | To give effect to any resolution made pursuant to the preceding Article, the directors may cause the following: |
(a) | an application be made to the Registrar of Companies to deregister the Company in the Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and |
(b) | all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company. |
33 | Winding up |
Distribution of assets in specie
33.1 | If the Company is wound up, the Members may, subject to these Articles and any other sanction required by the Law, pass a Special Resolution allowing the liquidator to do either or both of the following: |
(a) | to divide in specie among the Members the whole or any part of the assets of the Company and, for that purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members; |
(b) | to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to contribute to the winding up. |
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No obligation to accept liability
33.2 | No Member shall be compelled to accept any assets if an obligation attaches to them. |
The directors are authorised to present a winding up petition
33.3 | The directors have the authority to present a petition for the winding up of the Company to the Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting. |
34 | Amendment of Memorandum and Articles |
Power to change name or amend Memorandum
34.1 | Subject to the Law, the Company may, by Special Resolution: |
(a) | change its name; or |
(b) | change the provisions of its Memorandum with respect to its objects, powers or any other matter specified in the Memorandum. |
Power to amend these Articles
34.2 | Subject to the Law and as provided in these Articles, the Company may, by Special Resolution, amend these Articles in whole or in part. |
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Dated the 29 March , 2021.
Name and address of Subscriber | Signature | ||
Ogier Global Subscriber (Cayman)
Limited 89 Nexus Way |
per: |
||
Camana Bay
|
Name: Fiona Barrie |
||
Grand Cayman, KY1-9009 | Authorised Signatory | ||
Cayman Islands | |||
Witness to above signature | |||
Name: Angelisa Whittaker | |||
Ogier Global Subscriber (Cayman) Limited | |||
89 Nexus Way | |||
Camana Bay | |||
Grand Cayman, KY1-9009 | |||
Cayman Islands | |||
Occupation: Administrator |
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Dated
|
2021 |
Companies Act (Revised)
Company Limited by Shares
|
AMENDED & RESTATED
MEMORANDUM OF ASSOCIATION
OF
INFINITE ACQUISITION CORP.
|
Adopted by special resolution on [ ] 2021
|
1 |
The name of the Company is Infinite Acquisition Corp..
|
2 |
The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any
time decide.
|
3 |
The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.
|
4 |
The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of
full capacity irrespective of any question of corporate benefit.
|
5 |
Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:
|
|
(a) |
the business of a bank or trust company without being licensed in that behalf under the Banks and Trust Companies Act (Revised); or
|
|
(b) |
insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent or broker without being licensed in that behalf under the Insurance Act (Revised);or
|
|
(c) |
the business of company management without being licensed in that behalf under the Companies Management Act (Revised).
|
6 |
The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the
Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands.
|
7 |
The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares.
|
8 |
The share capital of the Company is US$50,000 divided into 479,000,000 Class A Ordinary Shares of US$0.0001 each, 20,000,000 Class B Ordinary Shares of US$0.0001 and 1,000,000 preference Shares of US$0.0001 each. There is no limit on
the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following:
|
|
(a) |
to redeem or repurchase any of its shares; and
|
|
(b) |
to increase or reduce its capital; and
|
|
(c) |
to issue any part of its capital (whether original, redeemed, increased or reduced):
|
|
(i) |
with or without any preferential, deferred, qualified or special rights, privileges or conditions; or
|
|
(ii) |
subject to any limitations or restrictions
|
|
(d) |
to alter any of those rights, privileges, conditions, limitations or restrictions.
|
9 |
The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.
|
AMENDED & RESTATED ARTICLES OF ASSOCIATION
|
1
|
Definitions, interpretation and exclusion of Table A
|
1
|
Definitions
|
1
|
|
Interpretation
|
4
|
|
Exclusion of Table A Articles
|
5
|
|
2
|
Commencement of Business
|
5
|
3
|
Shares
|
5
|
Power to issue Shares and options, with or without special rights
|
5
|
|
Power to issue fractions of a Share
|
6
|
|
Power to pay commissions and brokerage fees
|
6
|
|
Trusts not recognised
|
7
|
|
Power to vary class rights
|
7
|
|
Effect of new Share issue on existing class rights
|
7
|
|
Capital contributions without issue of further Shares
|
8
|
|
No bearer Shares or warrants
|
8
|
|
Treasury Shares
|
8
|
|
Rights attaching to Treasury Shares and related matters
|
8
|
|
4
|
Register of Members
|
9
|
5
|
Share certificates
|
9
|
Issue of share certificates
|
9
|
|
Renewal of lost or damaged share certificates
|
10
|
|
6
|
Lien on Shares
|
10
|
Nature and scope of lien
|
10
|
|
Company may sell Shares to satisfy lien
|
10
|
|
Authority to execute instrument of transfer
|
11
|
Consequences of sale of Shares to satisfy lien
|
11
|
|
Application of proceeds of sale
|
11
|
|
7
|
Calls on Shares and forfeiture
|
12
|
Power to make calls and effect of calls
|
12
|
|
Time when call made
|
12
|
|
Liability of joint holders
|
12
|
|
Interest on unpaid calls
|
12
|
|
Deemed calls
|
12
|
|
Power to accept early payment
|
13
|
|
Power to make different arrangements at time of issue of Shares
|
13
|
|
Notice of default
|
13
|
|
Forfeiture or surrender of Shares
|
13
|
|
Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender
|
14
|
|
Effect of forfeiture or surrender on former Member
|
14
|
|
Evidence of forfeiture or surrender
|
14
|
|
Sale of forfeited or surrendered Shares
|
15
|
|
8
|
Transfer of Shares
|
15
|
Form of transfer
|
15
|
|
Power to refuse registration
|
15
|
|
Power to suspend registration
|
15
|
|
Company may retain instrument of transfer
|
15
|
|
9
|
Transmission of Shares
|
15
|
Persons entitled on death of a Member
|
15
|
|
Registration of transfer of a Share following death or bankruptcy
|
16
|
|
Indemnity
|
16
|
|
Rights of person entitled to a Share following death or bankruptcy
|
16
|
10
|
Alteration of capital
|
17
|
Increasing, consolidating, converting, dividing and cancelling share capital
|
17
|
|
Dealing with fractions resulting from consolidation of Shares
|
17
|
|
Reducing share capital
|
18
|
|
11
|
Redemption and purchase of own Shares
|
18
|
Power to issue redeemable Shares and to purchase own Shares
|
18
|
|
Power to pay for redemption or purchase in cash or in specie
|
19
|
|
Effect of redemption or purchase of a Share
|
19
|
|
12
|
Class B Share Conversion
|
19
|
13
|
Meetings of Members
|
20
|
Power to call meetings
|
20
|
|
Content of notice
|
22
|
|
Period of notice
|
22
|
|
Persons entitled to receive notice
|
22
|
|
Publication of notice on a website
|
23
|
|
Time a website notice is deemed to be given
|
23
|
|
Required duration of publication on a website
|
23
|
|
Accidental omission to give notice or non-receipt of notice
|
23
|
|
14
|
Proceedings at meetings of Members
|
24
|
Quorum
|
24
|
|
Lack of quorum
|
24
|
|
Use of technology
|
24
|
|
Chairman
|
24
|
|
Right of a director to attend and speak
|
24
|
Adjournment
|
25
|
|
Method of voting
|
25
|
|
Taking of a poll
|
25
|
|
Chairman's casting vote
|
25
|
|
Amendments to resolutions
|
25
|
|
Written resolutions
|
26
|
|
Sole-member company
|
27
|
|
15
|
Voting rights of Members
|
27
|
Right to vote
|
27
|
|
Rights of joint holders
|
27
|
|
Representation of corporate Members
|
27
|
|
Member with mental disorder
|
28
|
|
Objections to admissibility of votes
|
28
|
|
Form of proxy
|
28
|
|
How and when proxy is to be delivered
|
29
|
|
Voting by proxy
|
30
|
|
16
|
Number of directors
|
30
|
17
|
Appointment, disqualification and removal of directors
|
30
|
No age limit
|
30
|
|
Corporate directors
|
30
|
|
|
||
No shareholding qualification
|
30
|
|
Appointment and removal of directors
|
31
|
|
Resignation of directors
|
32
|
|
Termination of the office of director | 32 |
Validity
|
39
|
|
Recording of dissent
|
39
|
|
Written resolutions
|
39
|
|
Sole director's minute
|
40
|
|
22
|
Permissible directors' interests and disclosure
|
40
|
Permissible interests subject to disclosure
|
40
|
|
Notification of interests
|
40
|
|
Voting where a director is interested in a matter
|
41
|
|
23
|
Minutes
|
41
|
24
|
Accounts and audit
|
41
|
Accounting and other records
|
41
|
|
No automatic right of inspection
|
41
|
|
Sending of accounts and reports
|
41
|
|
Time of receipt if documents are published on a website
|
42
|
|
Validity despite accidental error in publication on website
|
42
|
|
Audit
|
42
|
|
25
|
Financial year
|
43
|
26
|
Record dates
|
43
|
27
|
Dividends
|
44
|
Declaration of dividends by Members
|
44
|
|
Payment of interim dividends and declaration of final dividends by directors
|
44
|
|
Apportionment of dividends
|
45
|
|
Right of set off
|
45
|
|
Power to pay other than in cash
|
45
|
|
How payments may be made
|
45
|
Dividends or other moneys not to bear interest in absence of special rights
|
46
|
|
Dividends unable to be paid or unclaimed
|
46
|
|
28
|
Capitalisation of profits
|
46
|
Capitalisation of profits or of any share premium account or capital redemption reserve
|
46
|
|
Applying an amount for the benefit of members
|
47
|
|
29
|
Share premium account
|
47
|
Directors to maintain share premium account
|
47
|
|
Debits to share premium account
|
47
|
|
30
|
Seal
|
47
|
Company seal
|
47
|
|
Duplicate seal
|
48
|
|
When and how seal is to be used
|
48
|
|
If no seal is adopted or used
|
48
|
|
Power to allow non-manual signatures and facsimile printing of seal
|
48
|
|
Validity of execution
|
48
|
|
31
|
Indemnity
|
49
|
Indemnity
|
49
|
|
Release
|
49
|
|
Insurance
|
49
|
|
32
|
Notices
|
50
|
Form of notices
|
50
|
|
Electronic communications
|
50
|
|
Persons authorised to give notices
|
51
|
|
Delivery of written notices
|
51
|
|
Joint holders
|
51
|
Signatures
|
51
|
|
Evidence of transmission
|
51
|
|
Giving notice to a deceased or bankrupt Member
|
51
|
|
Date of giving notices
|
52
|
|
Saving provision
|
52
|
|
33
|
Authentication of Electronic Records
|
52
|
Application of Articles
|
52
|
|
Authentication of documents sent by Members by Electronic means
|
53
|
|
Authentication of document sent by the Secretary or Officers of the Company by Electronic means
|
53
|
|
Manner of signing
|
54
|
|
Saving provision
|
54
|
|
34
|
Transfer by way of continuation
|
54
|
35
|
Winding up
|
55
|
Distribution of assets in specie
|
55
|
|
No obligation to accept liability
|
55
|
|
The directors are authorised to present a winding up petition
|
55
|
|
36
|
Amendment of Memorandum and Articles
|
55
|
Power to change name or amend Memorandum
|
55
|
|
Power to amend these Articles
|
55
|
|
37
|
Mergers and Consolidations
|
55
|
38
|
Business Combination
|
56
|
39
|
Certain Tax Filings
|
60
|
40
|
Business Opportunities
|
60
|
41
|
Exclusive Jurisdiction and Forum
|
61
|
1 |
Definitions, interpretation and exclusion of Table A
|
1.1 |
In these Articles, the following definitions apply:
|
|
(a) |
these Articles of Association as amended from time to time: or
|
|
(b) |
two or more particular Articles of these Articles;
|
|
(a) |
the day when the notice is given or deemed to be given; and
|
|
(b) |
the day for which it is given or on which it is to take effect.
|
|
(a) |
in relation to a Share with par value, means that the par value for that Share and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth;
|
|
(b) |
in relation to a Share without par value, means that the agreed issue price for that Share has been fully paid or credited as paid in money or money's worth.
|
|
(a) |
includes stock (except where a distinction between shares and stock is expressed or implied); and
|
|
(b) |
where the context permits, also includes a fraction of a share.
|
1.2 |
In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:
|
|
(a) |
A reference in these Articles to a statute is a reference to a statute of the Islands as known by its short title, and includes:
|
|
(i) |
any statutory modification, amendment or re-enactment; and
|
|
(ii) |
any subordinate legislation or regulations issued under that statute.
|
|
(b) |
Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless there is ambiguity.
|
|
(c) |
If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the act, matter or thing must be done on the next Business Day.
|
|
(d) |
A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes the singular, and a reference to any gender also denotes the other genders.
|
|
(e) |
A reference to a person includes, as appropriate, a company, trust, partnership, joint venture, association, body corporate or government agency.
|
|
(f) |
Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect to that word or phrase has a corresponding meaning.
|
|
(g) |
All references to time are to be calculated by reference to time in the place where the Company's registered office is located.
|
|
(h) |
The words written and in writing include all modes of representing or reproducing words in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record is expressed or
implied.
|
|
(i) |
The words including, include and in particular or any similar expression are to be construed without limitation.
|
1.3 |
The regulations contained in Table A in the First Schedule of the Law and any other regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the Company.
|
2 |
Commencement of Business
|
2.1 |
The business of the Company may be commenced as soon after incorporation of the Company as the directors see fit.
|
2.2 |
The directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company, including the expenses of registration.
|
3 |
Shares
|
3.1 |
Subject to the provisions of the Law and these Articles and, where applicable, the rules of the Designated Stock Exchange and/or any competent regulatory authority, and without prejudice to any rights attached to any existing Shares, the
directors have general and unconditional authority to allot (with or without confirming rights of renunciation), issue, grant options over or otherwise deal with any unissued Shares of the Company to such persons, at such times and on such
terms and conditions as they may decide, save that the directors may not allot, issue, grant options over or otherwise deal with any unissued Shares to the extent that it may affect the ability of the Company to carry out a Class B Share
Conversion described at Article 12. No Share may be issued at a discount except in accordance with the provisions of the Law.
|
3.2 |
Without limitation to the preceding Article, the directors may so deal with the unissued Shares of the Company:
|
|
(a) |
either at a premium or at par;
|
|
(b) |
with or without preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, return of capital or otherwise.
|
3.3 |
The Company may issue rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the
Company at such times and on such terms and conditions as the directors may decide.
|
3.4 |
The Company may issue units of securities in the Company, which may be comprised of Shares, rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for,
purchase or receive any class of Shares or other securities in the Company, on such terms and conditions as the directors may decide. The securities comprising any such units which are issued pursuant to the IPO can only be traded separately
from one another on the 52nd day following the date of the prospectus relating to the IPO unless the managing Underwriters determines that an earlier date is acceptable, subject to the Company having filed a current report on Form 8-K
containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the IPO with the SEC and a press release announcing when such separate trading will begin. Prior to such date, the units can be traded, but the
securities comprising such units cannot be traded separately from one another.
|
3.5 |
Subject to the Law, the Company may issue fractions of a Share of any class. A fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations,
preferences, privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.
|
3.6 |
The Company may, in so far as the Law permits, pay a commission to any person in consideration of that person:
|
|
(a) |
subscribing or agreeing to subscribe, whether absolutely or conditionally; or
|
|
(b) |
procuring or agreeing to procure subscriptions, whether absolute or conditional
|
3.7 |
The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.
|
3.8 |
Except as required by Applicable Law:
|
|
(a) |
the Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any
other rights in respect of any Share other than an absolute right to the entirety thereof in the holder; and
|
|
(b) |
no person other than the Member shall be recognised by the Company as having any right in a Share.
|
3.9 |
If the share capital is divided into different classes of Shares then, unless the terms on which a class of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:
|
|
(a) |
the Members holding two thirds of the issued Shares of that class consent in writing to the variation; or
|
|
(b) |
the variation is made with the sanction of a Special Resolution passed at a separate general meeting of the Members holding the issued Shares of that class.
|
3.10 |
For the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles relating to general meetings apply, mutatis mutandis, to every such separate meeting except that:
|
|
(a) |
the necessary quorum shall be one or more persons holding, or representing by proxy, not less than one third of the issued Shares of the class; and
|
|
(b) |
any Member holding issued Shares of the class, present in person or by proxy or, in the case of a corporate Member, by its duly authorised representative, may demand a poll.
|
3.11 |
Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking pari passu with the
existing Shares of that class.
|
3.12 |
With the consent of a Member, the directors may accept a voluntary contribution to the capital of the Company from that Member without issuing Shares in consideration for that contribution. In that event, the contribution shall be dealt
with in the following manner:
|
|
(a) |
It shall be treated as if it were a share premium.
|
|
(b) |
Unless the Member agrees otherwise:
|
|
(i) |
if the Member holds Shares in a single class of Shares - it shall be credited to the share premium account for that class of Shares;
|
|
(ii) |
if the Member holds Shares of more than one class - it shall be credited rateably to the share premium accounts for those classes of Shares (in the proportion that the sum of the issue prices for each class of Shares that the Member holds
bears to the total issue prices for all classes of Shares that the Member holds).
|
|
(c) |
It shall be subject to the provisions of the Law and these Articles applicable to share premiums.
|
3.13 |
The Company shall not issue Shares or warrants to bearers.
|
3.14 |
Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Law shall be held as Treasury Shares and not treated as cancelled if:
|
|
(a) |
the directors so determine prior to the purchase, redemption or surrender of those shares; and
|
|
(b) |
the relevant provisions of the Memorandum and Articles and the Law are otherwise complied with.
|
3.15 |
No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's assets (including any distribution of assets to members on a winding up) may be made to the Company in respect of a Treasury
Share.
|
3.16 |
The Company shall be entered in the Register as the holder of the Treasury Shares. However:
|
|
(a) |
the Company shall not be treated as a member for any purpose and shall not exercise any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
|
|
(b) |
a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Law.
|
3.17 |
Nothing in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.
|
3.18 |
Treasury Shares may be disposed of by the Company in accordance with the Law and otherwise on such terms and conditions as the directors determine.
|
4 |
Register of Members
|
4.1 |
The Company shall maintain or cause to be maintained the Register of Members in accordance with the Law.
|
4.2 |
The directors may determine that the Company shall maintain one or more branch registers of Members in accordance with the Law. The directors may also determine which Register of Members shall constitute the principal register and which
shall constitute the branch register or registers, and to vary such determination from time to time.
|
5 |
Share certificates
|
5.1 |
Upon being entered in the Register of Members as the holder of a Share, a Member shall be entitled:
|
|
(a) |
without payment, to one certificate for all the Shares of each class held by that Member (and, upon transferring a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and
|
|
(b) |
upon payment of such reasonable sum as the directors may determine for every certificate after the first, to several certificates each for one or more of that Member's Shares.
|
5.2 |
Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to which it relates and whether they are Fully Paid or partly paid up. A certificate may be executed under seal or executed in such other
manner as the directors determine.
|
5.3 |
The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.
|
5.4 |
If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any) as to:
|
|
(a) |
evidence;
|
|
(b) |
indemnity;
|
|
(c) |
payment of the expenses reasonably incurred by the Company in investigating the evidence; and
|
|
(d) |
payment of a reasonable fee, if any, for issuing a replacement share certificate
|
6 |
Lien on Shares
|
6.1 |
The Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered in the name of a Member (whether solely or jointly with others). The lien is for all moneys payable to the Company by the Member or the
Member's estate:
|
|
(a) |
either alone or jointly with any other person, whether or not that other person is a Member; and
|
|
(b) |
whether or not those moneys are presently payable.
|
6.2 |
At any time the directors may declare any Share to be wholly or partly exempt from the provisions of this Article.
|
6.3 |
The Company may sell any Shares over which it has a lien if all of the following conditions are met:
|
|
(a) |
the sum in respect of which the lien exists is presently payable;
|
|
(b) |
the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be
sold; and
|
|
(c) |
that sum is not paid within 14 Clear Days after that notice is deemed to be given under these Articles.
|
6.4 |
The Shares may be sold in such manner as the directors determine.
|
6.5 |
To the maximum extent permitted by Applicable Law, the directors shall incur no personal liability to the Member concerned in respect of the sale.
|
6.6 |
To give effect to a sale, the directors may authorise any person to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee of the Shares shall not be
affected by any irregularity or invalidity in the proceedings in respect of the sale.
|
6.7 |
On sale pursuant to the preceding Articles:
|
|
(a) |
the name of the Member concerned shall be removed from the Register of Members as the holder of those Shares; and
|
|
(b) |
that person shall deliver to the Company for cancellation the certificate for those Shares.
|
6.8 |
The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Shares have been sold:
|
|
(a) |
if no certificate for the Shares was issued, at the date of the sale; or
|
|
(b) |
if a certificate for the Shares was issued, upon surrender to the Company of that certificate for cancellation
|
7 |
Calls on Shares and forfeiture
|
7.1 |
Subject to the terms of allotment, the directors may make calls on the Members in respect of any moneys unpaid on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14
Clear Days' notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required by the notice.
|
7.2 |
Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments in whole or in part.
|
7.3 |
A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer of the Shares in respect of which the call was made. A person shall not be liable for calls made after such person is no longer
registered as Member in respect of those Shares.
|
7.4 |
A call shall be deemed to have been made at the time when the resolution of the directors authorising the call was passed.
|
7.5 |
Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls in respect of the Share.
|
7.6 |
If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid:
|
|
(a) |
at the rate fixed by the terms of allotment of the Share or in the notice of the call; or
|
|
(b) |
if no rate is fixed, at the Default Rate.
|
7.7 |
Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.
|
7.8 |
The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held by him although no part of that amount has been called up.
|
7.9 |
Subject to the terms of allotment, the directors may make arrangements on the issue of Shares to distinguish between Members in the amounts and times of payment of calls on their Shares.
|
7.10 |
If a call remains unpaid after it has become due and payable the directors may give to the person from whom it is due not less than 14 Clear Days' notice requiring payment of:
|
|
(a) |
the amount unpaid;
|
|
(b) |
any interest which may have accrued; and
|
|
(c) |
any expenses which have been incurred by the Company due to that person's default.
|
7.11 |
The notice shall state the following:
|
|
(a) |
the place where payment is to be made; and
|
|
(b) |
a warning that if the notice is not complied with the Shares in respect of which the call is made will be liable to be forfeited.
|
7.12 |
If the notice under the preceding Article is not complied with, the directors may, before the payment required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other moneys payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the directors may determine that any Share the subject of that notice be accepted by the Company as
surrendered by the Member holding that Share in lieu of forfeiture.
|
7.13 |
The directors may accept the surrender for no consideration of any Fully Paid Share.
|
7.14 |
A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine either to the former Member who held that Share or to any other person. The forfeiture or
surrender may be cancelled on such terms as the directors think fit at any time before a sale, re-allotment or other disposition. Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person,
the directors may authorise some person to execute an instrument of transfer of the Share to the transferee.
|
7.15 |
On forfeiture or surrender:
|
|
(a) |
the name of the Member concerned shall be removed from the Register of Members as the holder of those Shares and that person shall cease to be a Member in respect of those Shares; and
|
|
(b) |
that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited or surrendered Shares.
|
7.16 |
Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for all moneys which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:
|
|
(a) |
all expenses; and
|
|
(b) |
interest from the date of forfeiture or surrender until payment:
|
|
(i) |
at the rate of which interest was payable on those moneys before forfeiture; or
|
|
(ii) |
if no interest was so payable, at the Default Rate.
|
7.17 |
A declaration, whether statutory or under oath, made by a director or the Secretary shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:
|
|
(a) |
that the person making the declaration is a director or Secretary of the Company, and
|
|
(b) |
that the particular Shares have been forfeited or surrendered on a particular date.
|
7.18 |
Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or
invalidity of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.
|
8 |
Transfer of Shares
|
8.1 |
Subject to the following Articles about the transfer of Shares, and provided that such transfer complies with applicable rules of the SEC and federal and state securities laws of the United States, a Member may transfer Shares to another
person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the directors, executed:
|
|
(a) |
where the Shares are Fully Paid, by or on behalf of that Member; and
|
|
(b) |
where the Shares are partly paid, by or on behalf of that Member and the transferee.
|
8.2 |
The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered into the Register of Members.
|
8.3 |
If the Shares in question were issued in conjunction with rights, options or warrants issued pursuant to Article 3.4 on terms that one cannot be transferred without the other, the directors shall refuse to register the transfer of any such
Share without evidence satisfactory to them of the like transfer of such option or warrant.
|
8.4 |
The directors may suspend registration of the transfer of Shares at such times and for such periods, not exceeding 30 days in any calendar year, as they determine.
|
8.5 |
The Company shall be entitled to retain any instrument of transfer which is registered; but an instrument of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.
|
9 |
Transmission of Shares
|
9.1 |
If a Member dies, the only persons recognised by the Company as having any title to the deceased Members' interest are the following:
|
|
(a) |
where the deceased Member was a joint holder, the survivor or survivors; and
|
|
(b) |
where the deceased Member was a sole holder, that Member's personal representative or representatives.
|
9.2 |
Nothing in these Articles shall release the deceased Member's estate from any liability in respect of any Share, whether the deceased was a sole holder or a joint holder.
|
9.3 |
A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect to do either of the following:
|
|
(a) |
to become the holder of the Share; or
|
|
(b) |
to transfer the Share to another person.
|
9.4 |
That person must produce such evidence of his entitlement as the directors may properly require.
|
9.5 |
If the person elects to become the holder of the Share, he must give notice to the Company to that effect. For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.
|
9.6 |
If the person elects to transfer the Share to another person then:
|
|
(a) |
if the Share is Fully Paid, the transferor must execute an instrument of transfer; and
|
|
(b) |
if the Share is partly paid, the transferor and the transferee must execute an instrument of transfer.
|
9.7 |
All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the instrument of transfer.
|
9.8 |
A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify the Company and the directors against any loss or damage suffered by the Company or the directors as a result of that registration.
|
9.9 |
A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the rights to which he would be entitled if he were registered as the holder of the Share. However, until he is registered as Member in
respect of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that class of Shares in the Company.
|
10 |
Alteration of capital
|
10.1 |
To the fullest extent permitted by the Law, the Company may by Ordinary Resolution do any of the following and amend its Memorandum for that purpose:
|
|
(a) |
increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the attached rights, priorities and privileges set out in that Ordinary Resolution;
|
|
(b) |
consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares;
|
|
(c) |
convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any denomination;
|
|
(d) |
sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share
shall be the same as it was in case of the Share from which the reduced Share is derived; and
|
|
(e) |
cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of
Shares without nominal par value, diminish the number of Shares into which its capital is divided.
|
10.2 |
Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of a Share the directors may on behalf of those Members:
|
|
(a) |
sell the Shares representing the fractions for the best price reasonably obtainable to any person (including, subject to the provisions of the Law, the Company); and
|
|
(b) |
distribute the net proceeds in due proportion among those Members.
|
10.3 |
Subject to the Law and to any rights for the time being conferred on the Members holding a particular class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.
|
11 |
Redemption and purchase of own Shares
|
11.1 |
Subject to the Law and Article 38, and to any rights for the time being conferred on the Members holding a particular class of Shares, and, where applicable, the rules of the Designated Stock Exchange and/or any competent regulatory
authority, the Company may by its directors:
|
|
(a) |
issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member holding those redeemable Shares, on the terms and in the manner its directors determine before the issue of those Shares;
|
|
(b) |
with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option
of the Company on the terms and in the manner which the directors determine at the time of such variation; and
|
|
(c) |
purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in the manner which the directors determine at the time of such purchase.
|
11.2 |
With respect to redeeming or repurchasing the Shares:
|
|
(a) |
Members who hold Public Shares are entitled to request the redemption of such Shares in the circumstances described in Article 38.3;
|
|
(b) |
Class B Shares held by the Sponsor shall be surrendered by the Sponsor on a pro rata basis for no consideration to the extent that the Over-Allotment Option is not exercised in full so that the Class B shares will represent 20% of the
Company’s issued Shares after the IPO; and
|
|
(c) |
Public Shares shall be repurchased by way of tender offer in the circumstances set out in Article 38.2(b).
|
11.3 |
When making a payment in respect of the redemption or purchase of Shares, the directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares, or
by the terms applying to those Shares in accordance with Article 11.1, or otherwise by agreement with the Member holding those Shares.
|
11.4 |
Upon the date of redemption or purchase of a Share:
|
|
(a) |
the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than the right to receive:
|
|
(i) |
the price for the Share; and
|
|
(ii) |
any dividend declared in respect of the Share prior to the date of redemption or purchase;
|
|
(b) |
the Member's name shall be removed from the Register of Members with respect to the Share; and
|
|
(c) |
the Share shall be cancelled or held as a Treasury Shares, as the directors may determine.
|
11.5 |
For the avoidance of doubt, redemptions and repurchases of Shares in the circumstances described in Articles 11.2(a), 11.2(b) and 11.2(c) above shall not require further approval of the Members.
|
12 |
Class B Share Conversion
|
12.1 |
Save and except for the conversion rights referred to in this Article 12 and as otherwise set out in these Articles, subject to Article 3.9, the rights attaching to all Shares shall rank pari passu in all respects, and the Class A Shares
and Class B Shares shall vote together as a single class on all matters.
|
12.2 |
On the first business day following the consummation of the Company’s initial Business Combination, the issued Class B Shares shall automatically be converted into such number of Class A Shares as is equal, in the aggregate, on an
as-converted basis, to 20% of the sum of:
|
|
(a) |
the total number of Class A Shares issued and outstanding upon completion of the IPO (including pursuant to the Over-Allotment Option, if applicable), plus
|
|
(b) |
the sum of (i) the total number of Class A Shares issued or deemed issued, or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the
consummation of the initial Business Combination, excluding any Class A Shares or equity-linked securities exercisable for or convertible into Class A Shares issued, deemed issued, or to be issued, to any seller in the initial Business
Combination and any private placement warrants issued to the Sponsor, members of the Company’s management team or their affiliates upon conversion of working capital loans, if any, minus (ii) the total number of Public Shares repurchased
pursuant to the IPO Redemption.
|
12.3 |
References in this Article to converted, conversion or exchange shall mean the compulsory redemption without notice
of Class B Shares of any Member and, on behalf of such Members, automatic application of such redemption proceeds in paying for such new Class A Shares into which the Class B Shares have been converted or exchanged at a price per Class B
Share necessary to give effect to a conversion or exchange calculated on the basis that the Class A Shares to be issued as part of the conversion or exchange will be issued at par. The Class A Shares to be issued on an exchange or conversion
shall be registered in the name of such Member or in such name as the Member may direct.
|
12.4 |
Notwithstanding anything to the contrary in this Article 12, in no event may any Class B Share convert into Class A Shares at a ratio that is less than one-for-one. Each Class B Share shall convert into its pro rata number of Class A
Shares as set forth in this Article 12. The pro rata share for each holder of Class B Shares will be determined as follows: Each Class B Share shall convert into such number of Class A Shares as is equal to the product of 1 multiplied by a
fraction, the numerator of which shall be the total number of Class A Shares into which all of the issued Class B Shares shall be converted pursuant to this Article and the denominator of which shall be the total number of issued Class B
Shares at the time of conversion.
|
12.5 |
The directors shall not allot or issue Class A Shares such that the number of authorised but unissued Class A Shares would at any time be insufficient to permit the conversion of all Class B Shares from time to time issued into Class A
Shares.
|
13 |
Meetings of Members
|
13.1 |
To the extent required by the Designated Stock Exchange, an annual general meeting of the Company shall be held no later than one year after the first financial year end occurring after the IPO, and shall be held in each year thereafter at
such time as determined by the directors and the Company may, but shall not (unless required by the Law or the rules and regulations of the Designated Stock Exchange) be obliged to, in each year hold any other general meeting.
|
13.2 |
The agenda of the annual general meeting shall be set by the directors and shall include the presentation of the Company’s annual accounts and the report of the directors (if any).
|
13.3 |
Annual general meetings shall be held in New York, USA or in such other places as the directors may determine.
|
13.4 |
All general meetings other than annual general meetings shall be called extraordinary general meetings and the Company shall specify the meeting as such in the notices calling it.
|
13.5 |
The directors may call a general meeting at any time.
|
13.6 |
If there are insufficient directors to constitute a quorum and the remaining directors are unable to agree on the appointment of additional directors, the directors must call a general meeting for the purpose of appointing additional
directors.
|
13.7 |
The directors must also call a general meeting if requisitioned in the manner set out in the next two Articles.
|
13.8 |
The requisition must be in writing and given by one or more Members who together hold at least 40% of the rights to vote at such general meeting.
|
13.9 |
The requisition must also:
|
|
(a) |
specify the purpose of the meeting.
|
|
(b) |
be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners.
|
|
(c) |
be delivered in accordance with the notice provisions.
|
13.10 |
Should the directors fail to call a general meeting within 21 Clear Days from the date of receipt of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.
|
13.11 |
Without limitation to the foregoing, if there are insufficient directors to constitute a quorum and the remaining directors are unable to agree on the appointment of additional directors, any one or more Members who together hold at least
40% of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified in the notice of meeting which shall include as an item of business the appointment of additional directors.
|
13.12 |
Members seeking to bring business before the annual general meeting or to nominate candidates for election as Directors at the annual general meeting must deliver notice to the principal executive offices of the Company not later than the
close of business on the 90th day nor earlier than the close of business on the 120th day prior to the scheduled date of the annual general meeting.
|
13.13 |
Notice of a general meeting shall specify each of the following:
|
|
(a) |
the place, the date and the hour of the meeting;
|
|
(b) |
if the meeting is to be held in two or more places, the technology that will be used to facilitate the meeting;
|
|
(c) |
subject to paragraph (d), the general nature of the business to be transacted; and
|
|
(d) |
if a resolution is proposed as a Special Resolution, the text of that resolution.
|
13.14 |
In each notice there shall appear with reasonable prominence the following statements:
|
|
(a) |
that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend and vote instead of that Member; and
|
|
(b) |
that a proxyholder need not be a Member.
|
13.15 |
At least five Clear Days' notice of a general meeting must be given to Members, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of
the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:
|
|
(a) |
in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and
|
|
(b) |
in the case of an extraordinary general meeting, by a majority in number of the Members having a right to attend and vote at the meeting, together holding not less than 95% in par value of the Shares giving that right.
|
13.16 |
Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice shall be given to the following people:
|
|
(a) |
the Members;
|
|
(b) |
persons entitled to a Share in consequence of the death or bankruptcy of a Member; and
|
|
(c) |
the directors.
|
13.17 |
Subject to the Law or the rules of the Designated Stock Exchange, a notice of a general meeting may be published on a website providing the recipient is given separate notice of:
|
|
(a) |
the publication of the notice on the website;
|
|
(b) |
the place on the website where the notice may be accessed;
|
|
(c) |
how it may be accessed; and
|
|
(d) |
the place, date and time of the general meeting.
|
13.18 |
If a Member notifies the Company that he is unable for any reason to access the website, the Company must as soon as practicable give notice of the meeting to that Member by any other means permitted by these Articles. This will not
affect when that Member is deemed to have received notice of the meeting.
|
13.19 |
A website notice is deemed to be given when the Member is given notice of its publication.
|
13.20 |
Where the notice of meeting is published on a website, it shall continue to be published in the same place on that website from the date of the notification until at least the conclusion of the meeting to which the notice relates.
|
13.21 |
Proceedings at a meeting shall not be invalidated by the following:
|
|
(a) |
an accidental failure to give notice of the meeting to any person entitled to notice; or
|
|
(b) |
non-receipt of notice of the meeting by any person entitled to notice.
|
13.22 |
In addition, where a notice of meeting is published on a website, proceedings at the meeting shall not be invalidated merely because it is accidentally published:
|
|
(a) |
in a different place on the website; or
|
|
(b) |
for part only of the period from the date of the notification until the conclusion of the meeting to which the notice relates.
|
14 |
Proceedings at meetings of Members
|
14.1 |
Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum is present in person or by proxy. One or more Members who together hold not less than one-third of the Shares entitled to vote at
such meeting being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum.
|
14.2 |
If a quorum is not present within 15 minutes of the time appointed for the meeting, or if at any time during the meeting it becomes inquorate, then the following provisions apply:
|
|
(a) |
If the meeting was requisitioned by Members, it shall be cancelled.
|
|
(b) |
In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to such other time or place as is determined by the directors. If a quorum is not present within 15 minutes of the time appointed for the
adjourned meeting, then the meeting shall be dissolved.
|
14.3 |
A person may participate in a general meeting through the medium of conference telephone, video or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting. A person participating in this way is deemed to be present in person at the meeting.
|
14.4 |
The chairman of a general meeting shall be the chairman of the board or such other director as the directors have nominated to chair board meetings in the absence of the chairman of the board. Absent any such person being present within
15 minutes of the time appointed for the meeting, the directors present shall elect one of their number to chair the meeting.
|
14.5 |
If no director is present within 15 minutes of the time appointed for the meeting, or if no director is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.
|
14.6 |
Even if a director is not a Member, he shall be entitled to attend and speak at any general meeting and at any separate meeting of Members holding a particular class of Shares in the Company.
|
14.7 |
The chairman may at any time adjourn a meeting. The chairman must adjourn the meeting if so directed by the meeting. No business, however, can be transacted at an adjourned meeting other than business which might properly have been
transacted at the original meeting.
|
14.8 |
Should a meeting be adjourned for more than twenty Clear Days, whether because of a lack of quorum or otherwise, Members shall be given at least five Clear Days' notice of the date, time and place of the adjourned meeting and the general
nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.
|
14.9 |
A resolution put to the vote of the meeting shall be decided on a poll.
|
14.10 |
A poll demanded on the question of adjournment shall be taken immediately.
|
14.11 |
A poll demanded on any other question shall be taken either immediately or at an adjourned meeting at such time and place as the chairman directs, not being more than 30 Clear Days after the poll was demanded.
|
14.12 |
The demand for a poll shall not prevent the meeting continuing to transact any business other than the question on which the poll was demanded.
|
14.13 |
A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held in
more than place, the chairman may appoint scrutineers in more than place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when
that can occur.
|
14.14 |
If the votes on a resolution are equal, the chairman may if he wishes exercise a casting vote.
|
14.15 |
An Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution if:
|
|
(a) |
not less than 48 hours before the meeting is to take place (or such later time as the chairman of the meeting may determine), notice of the proposed amendment is given to the Company in writing by a Member entitled to vote at that meeting;
and
|
|
(b) |
the proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially alter the scope of the resolution.
|
14.16 |
A Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution, if:
|
|
(a) |
the chairman of the meeting proposes the amendment at the general meeting at which the resolution is to be proposed, and
|
|
(b) |
the amendment does not go beyond what the chairman considers is necessary to correct a grammatical or other non-substantive error in the resolution.
|
14.17 |
If the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a resolution is out of order, the chairman's error does not invalidate the vote on that resolution.
|
14.18 |
Members may pass a resolution in writing without holding a meeting if the following conditions are met:
|
|
(a) |
all Members entitled so to vote are given notice of the resolution as if the same were being proposed at a meeting of Members;
|
|
(b) |
all Members entitled so to vote :
|
|
(i) |
sign a document; or
|
|
(ii) |
sign several documents in the like form each signed by one or more of those Members; and
|
|
(c) |
the signed document or documents is or are delivered to the Company, including, if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for that purpose.
|
14.19 |
If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect accordingly.
|
14.20 |
The directors may determine the manner in which written resolutions shall be put to Members. In particular, they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would
have been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many against the resolution or to be treated as abstentions. The result of any such written resolution
shall be determined on the same basis as on a poll.
|
14.21 |
If the Company has only one Member, and the Member records in writing his decision on a question, that record shall constitute both the passing of a resolution and the minute of it.
|
15 |
Voting rights of Members
|
15.1 |
Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares of a particular class of Shares are
entitled to vote at a meeting of the holders of that class of Shares.
|
15.2 |
Members may vote in person or by proxy.
|
15.3 |
Every Member shall have one vote for each Share he holds, unless any Share carries special voting rights.
|
15.4 |
A fraction of a Share shall entitle its holder to an equivalent fraction of one vote.
|
15.5 |
No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in the same way.
|
15.6 |
If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the Register of Members shall be
accepted to the exclusion of the votes of the other joint holder.
|
15.7 |
Save where otherwise provided, a corporate Member must act by a duly authorised representative.
|
15.8 |
A corporate Member wishing to act by a duly authorised representative must identify that person to the Company by notice in writing.
|
15.9 |
The authorisation may be for any period of time, and must be delivered to the Company not less than two hours before the commencement of the meeting at which it is first used.
|
15.10 |
The directors of the Company may require the production of any evidence which they consider necessary to determine the validity of the notice.
|
15.11 |
Where a duly authorised representative is present at a meeting that Member is deemed to be present in person; and the acts of the duly authorised representative are personal acts of that Member.
|
15.12 |
A corporate Member may revoke the appointment of a duly authorised representative at any time by notice to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative
before the directors of the Company had actual notice of the revocation.
|
15.13 |
If a clearing house (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that
the authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised
without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house (or its nominee(s)) as if such person was the registered holder of such Shares held by the clearing house (or its
nominee(s)).
|
15.14 |
A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's receiver, curator bonis or other person
authorised in that behalf appointed by that court.
|
15.15 |
For the purpose of the preceding Article, evidence to the satisfaction of the directors of the authority of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting
or the adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means. In default, the right to vote shall not be exercisable.
|
15.16 |
An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall
be final and conclusive.
|
15.17 |
An instrument appointing a proxy shall be in any common form or in any other form approved by the directors.
|
15.18 |
The instrument must be in writing and signed in one of the following ways:
|
|
(a) |
by the Member; or
|
|
(b) |
by the Member's authorised attorney; or
|
|
(c) |
if the Member is a corporation or other body corporate, under seal or signed by an authorised officer, secretary or attorney.
|
15.19 |
The directors may require the production of any evidence which they consider necessary to determine the validity of any appointment of a proxy.
|
15.20 |
A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance with the Article above about signing proxies; but such revocation will not affect the validity of any acts carried out by the
proxy before the directors of the Company had actual notice of the revocation.
|
15.21 |
Subject to the following Articles, the form of appointment of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by the directors) must be delivered so that
it is received by the Company not less than 48 hours before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the
following ways:
|
|
(a) |
In the case of an instrument in writing, it must be left at or sent by post:
|
|
(i) |
to the registered office of the Company; or
|
|
(ii) |
to such other place specified in the notice convening the meeting or in any form of appointment of proxy sent out by the Company in relation to the meeting.
|
|
(b) |
If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another
address for that purpose is specified:
|
|
(i) |
in the notice convening the meeting; or
|
|
(ii) |
in any form of appointment of a proxy sent out by the Company in relation to the meeting; or
|
|
(iii) |
in any invitation to appoint a proxy issued by the Company in relation to the meeting.
|
15.22 |
Where a poll is taken:
|
|
(a) |
if it is taken more than seven Clear Days after it is demanded, the form of appointment of a proxy and any accompanying authority (or an Electronic Record of the same) must be delivered as required under the preceding Article not less
than 24 hours before the time appointed for the taking of the poll;
|
|
(b) |
but if it to be taken within seven Clear Days after it was demanded, the form of appointment of a proxy and any accompanying authority (or an Electronic Record of the same) must be e delivered as required under the preceding Article
not less than two hours before the time appointed for the taking of the poll.
|
15.23 |
If the form of appointment of proxy is not delivered on time, it is invalid.
|
15.24 |
A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member
may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless in respect of different Shares, shall be invalid.
|
16 |
Number of directors
|
17 |
Appointment, disqualification and removal of directors
|
17.1 |
There is no age limit for directors save that they must be aged at least 18 years.
|
17.2 |
Unless prohibited by law, a body corporate may be a director. If a body corporate is a director, the Articles about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about directors'
meetings.
|
17.3 |
Unless a shareholding qualification for directors is fixed by Ordinary Resolution, no director shall be required to own Shares as a condition of his appointment.
|
17.4 |
The directors shall be divided into three classes: Class I, Class II and Class III. The number of directors in each class shall be as nearly equal as possible. Upon the adoption of the Articles, the existing directors shall by
resolution classify themselves as Class I, Class II or Class III directors. The Class I directors shall stand elected for a term expiring at the Company’s first annual general meeting, the Class II directors shall stand elected for a term
expiring at the Company’s second annual general meeting and the Class III directors shall stand elected for a term expiring at the Company’s third annual general meeting. Commencing at the Company’s first annual general meeting, and at
each annual general meeting thereafter, directors elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual general meeting after their election. All directors
shall hold office until the expiration of their respective terms of office and until their successors shall have been elected and qualified.
|
17.5 |
Prior to the closing of a Business Combination, the Company may by Ordinary Resolution of the holders of the Class B Shares appoint any person to be a director. For the avoidance of doubt, prior to the closing of a Business Combination
holders of Class A Shares shall have no right to vote on the appointment of any director.
|
17.6 |
After the closing of a Business Combination, the Company may by Ordinary Resolution appoint any person to be a director.
|
17.7 |
Article 17.5 may only be amended by a Special Resolution passed by holders representing at least two-thirds of the outstanding Class B Shares.
|
17.8 |
The Company may by Ordinary Resolution remove a director.
|
17.9 |
Without prejudice to the Company's power to appoint a person to be a director pursuant to these Articles, the directors shall have power at any time to appoint any person who is willing to act as a director, either to fill a vacancy or
as an additional director. A director elected to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of the full term of the director whose death, resignation or removal shall have
created such vacancy and until his successor shall have been elected and qualified.
|
17.10 |
Notwithstanding the other provisions of these Articles, in any case where, as a result of death, the Company has no directors and no shareholders, the personal representatives of the last shareholder to have died have the power, by
notice in writing to the Company, to appoint a person to be a director. For the purpose of this Article:
|
|
(a) |
where two or more shareholders die in circumstances rendering it uncertain who was the last to die, a younger shareholder is deemed to have survived an older shareholder;
|
|
(b) |
if the last shareholder died leaving a will which disposes of that shareholder’s shares in the Company (whether by way of specific gift, as part of the residuary estate, or otherwise):
|
|
(i) |
the expression personal representatives of the last shareholder means:
|
|
(A) |
until a grant of probate in respect of that will has been obtained from the Grand Court of the Cayman Islands, all of the executors named in that will who are living at the time the power of appointment under this Article is exercised;
and
|
|
(B) |
after such grant of probate has been obtained, only such of those executors who have proved that will;
|
|
(ii) |
without derogating from section 3(1) of the Succession Act (Revised), the executors named in that will may exercise the power of appointment under this Article without first obtaining a grant of probate.
|
17.11 |
A remaining director may appoint a director even though there is not a quorum of directors.
|
17.12 |
No appointment can cause the number of directors to exceed the maximum; and any such appointment shall be invalid.
|
17.13 |
For so long as Shares are listed on a Designated Stock Exchange, the directors shall include at least such number of Independent Directors as Applicable Law or the rules and regulations of the Designated Stock Exchange require, subject
to applicable phase-in rules of the Designated Stock Exchange.
|
17.14 |
A director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.
|
17.15 |
Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered to the Company.
|
17.16 |
A director's office shall be terminated forthwith if:
|
|
(a) |
he is prohibited by the law of the Islands from acting as a director; or
|
|
(b) |
he is made bankrupt or makes an arrangement or composition with his creditors generally; or
|
|
(c) |
in the opinion of a registered medical practitioner by whom he is being treated he becomes physically or mentally incapable of acting as a director; or
|
|
(d) |
he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
|
|
(e) |
without the consent of the other directors, he is absent from meetings of directors for a continuous period of six months; or
|
|
(f) |
all of the other directors (being not less than two in number) determine that he should be removed as a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in
accordance with the Articles or by a resolution in writing signed by all of the other directors.
|
18 |
Alternate directors
|
18.1 |
Any director may appoint any other person, including another director, to act in his place as an alternate director. No appointment shall take effect until the director has given notice of the appointment to the other directors. Such
notice must be given to each other director by either of the following methods:
|
|
(a) |
by notice in writing in accordance with the notice provisions;
|
|
(b) |
if the other director has an email address, by emailing to that address a scanned copy of the notice as a PDF attachment (the PDF version being deemed to be the notice unless Article 33.7 applies), in which event notice shall be taken
to be given on the date of receipt by the recipient in readable form. For the avoidance of doubt, the same email may be sent to the email address of more than one director (and to the email address of the Company pursuant to Article
18.4(c)).
|
18.2 |
Without limitation to the preceding Article, a director may appoint an alternate for a particular meeting by sending an email to his fellow directors informing them that they are to take such email as notice of such appointment for
such meeting. Such appointment shall be effective without the need for a signed notice of appointment or the giving of notice to the Company in accordance with Article 18.4.
|
18.3 |
A director may revoke his appointment of an alternate at any time. No revocation shall take effect until the director has given notice of the revocation to the other directors. Such notice must be given by either of the methods
specified in Article 18.1.
|
18.4 |
A notice of appointment or removal of an alternate director must also be given to the Company by any of the following methods:
|
|
(a) |
by notice in writing in accordance with the notice provisions;
|
|
(b) |
if the Company has a facsimile address for the time being, by sending by facsimile transmission to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's
registered office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 33.7 applies), in which event notice shall be taken to be given on the date of an error-free transmission report from the
sender’s fax machine;
|
|
(c) |
if the Company has an email address for the time being, by emailing to that email address a scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a
scanned copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 33.7 applies), in which event notice shall be taken to be given on the date of receipt by the Company or the
Company's registered office (as appropriate) in readable form; or
|
|
(d) |
if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered in accordance with those provisions in writing.
|
18.5 |
All notices of meetings of directors shall continue to be given to the appointing director and not to the alternate.
|
18.6 |
An alternate director shall be entitled to attend and vote at any board meeting or meeting of a committee of the directors at which the appointing director is not personally present, and generally to perform all the functions of the
appointing director in his absence.
|
18.7 |
For the avoidance of doubt:
|
|
(a) |
if another director has been appointed an alternate director for one or more directors, he shall be entitled to a separate vote in his own right as a director and in right of each other director for whom he has been appointed an
alternate; and
|
|
(b) |
if a person other than a director has been appointed an alternate director for more than one director, he shall be entitled to a separate vote in right of each director for whom he has been appointed an alternate.
|
18.8 |
An alternate director, however, is not entitled to receive any remuneration from the Company for services rendered as an alternate director.
|
18.9 |
An alternate director shall cease to be an alternate director if the director who appointed him ceases to be a director.
|
18.10 |
An alternate director shall carry out all functions of the director who made the appointment.
|
18.11 |
Save where otherwise expressed, an alternate director shall be treated as a director under these Articles.
|
18.12 |
An alternate director is not the agent of the director appointing him.
|
18.13 |
An alternate director is not entitled to any remuneration for acting as alternate director.
|
18.14 |
A director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.
|
19 |
Powers of directors
|
19.1 |
Subject to the provisions of the Law, the Memorandum and these Articles, the business of the Company shall be managed by the directors who may for that purpose exercise all the powers of the Company.
|
19.2 |
No prior act of the directors shall be invalidated by any subsequent alteration of the Memorandum or these Articles. However, to the extent allowed by the Law, following the consummation of the IPO Members may by Special Resolution
validate any prior or future act of the directors which would otherwise be in breach of their duties.
|
19.3 |
The directors may appoint a director:
|
|
(a) |
as chairman of the board of directors;
|
|
(b) |
as vice-chairman of the board of directors;
|
|
(c) |
as managing director;
|
|
(d) |
to any other executive office
|
19.4 |
The appointee must consent in writing to holding that office.
|
19.5 |
Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of directors.
|
19.6 |
If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select its own chairman; or the directors may nominate one of their number to act in place of the chairman should he ever not be available.
|
19.7 |
Subject to the provisions of the Law, the directors may also appoint any person, who need not be a director:
|
|
(a) |
as Secretary; and
|
|
(b) |
to any office that may be required (including, for the avoidance of doubt, one or more chief executive officers, presidents, a chief financial officer, a treasurer, vice-presidents, one or more assistant vice-presidents, one or more
assistant treasurers and one or more assistant secretaries),
|
19.8 |
The Secretary or Officer must consent in writing to holding that office.
|
19.9 |
A director, Secretary or other Officer of the Company may not hold the office, or perform the services, of Auditor.
|
19.10 |
The remuneration to be paid to the directors, if any, shall be such remuneration as the directors shall determine, provided that no cash remuneration shall be paid to any director prior to the consummation of a Business Combination.
The directors shall also, whether prior to or after the consummation of a Business Combination, be entitled to be paid all out of pocket expenses properly incurred by them in connection with activities on behalf of the Company, including
identifying and consummating a Business Combination.
|
19.11 |
Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or sickness benefits, whether to the director or to any other person connected to or related to him.
|
19.12 |
Unless his fellow directors determine otherwise, a director is not accountable to the Company for remuneration or other benefits received from any other company which is in the same group as the Company or which has common
shareholdings.
|
19.13 |
The directors may release or disclose to a third party any information regarding the affairs of the Company, including any information contained in the Register of Members relating to a Member, (and they may authorise any director,
Officer or other authorised agent of the Company to release or disclose to a third party any such information in his possession) if:
|
|
(a) |
the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction to which the Company is subject; or
|
|
(b) |
such disclosure is in compliance with the rules of any stock exchange upon which the Company's shares are listed; or
|
|
(c) |
such disclosure is in accordance with any contract entered into by the Company; or
|
|
(d) |
the directors are of the opinion such disclosure would assist or facilitate the Company’s operations.
|
20 |
Delegation of powers
|
20.1 |
The directors may delegate any of their powers to any committee consisting of one or more persons who need not be Members. Persons on the committee may include non-directors so long as the majority of those persons are directors.
|
20.2 |
The delegation may be collateral with, or to the exclusion of, the directors' own powers.
|
20.3 |
The delegation may be on such terms as the directors think fit, including provision for the committee itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the directors at will.
|
20.4 |
Unless otherwise permitted by the directors, a committee must follow the procedures prescribed for the taking of decisions by directors.
|
20.5 |
The directors may appoint any person, either generally or in respect of any specific matter, to be the agent of the Company with or without authority for that person to delegate all or any of that person's powers. The directors may
make that appointment:
|
|
(a) |
by causing the Company to enter into a power of attorney or agreement; or
|
|
(b) |
in any other manner they determine.
|
20.6 |
The directors may appoint any person, whether nominated directly or indirectly by the directors, to be the attorney or the authorised signatory of the Company. The appointment may be:
|
|
(a) |
for any purpose;
|
|
(b) |
with the powers, authorities and discretions;
|
|
(c) |
for the period; and
|
|
(d) |
subject to such conditions
|
20.7 |
Any power of attorney or other appointment may contain such provision for the protection and convenience for persons dealing with the attorney or authorised signatory as the directors think fit. Any power of attorney or other
appointment may also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.
|
20.8 |
Any director may appoint any other person, including another director, to represent him at any meeting of the directors. If a director appoints a proxy, then for all purposes the presence or vote of the proxy shall be deemed to be that
of the appointing director.
|
20.9 |
Articles 18.1 to 18.4 inclusive (relating to the appointment by directors of alternate directors) apply, mutatis mutandis, to the appointment of proxies by directors.
|
20.10 |
A proxy is an agent of the director appointing him and is not an officer of the Company.
|
21 |
Meetings of directors
|
21.1 |
Subject to the provisions of these Articles, the directors may regulate their proceedings as they think fit.
|
21.2 |
Any director may call a meeting of directors at any time. The Secretary, if any, must call a meeting of the directors if requested to do so by a director.
|
21.3 |
Every director shall be given notice of a meeting, although a director may waive retrospectively the requirement to be given notice. Notice may be oral. Attendance at a meeting without written objection shall be deemed to be a waiver
of such notice requirement.
|
21.4 |
At least five Clear Days’ notice of a meeting of directors must be given to directors. A meeting may be convened on shorter notice with the consent of all directors.
|
21.5 |
A director may participate in a meeting of directors through the medium of conference telephone, video or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each
other throughout the meeting.
|
21.6 |
A director participating in this way is deemed to be present in person at the meeting.
|
21.7 |
If all the directors participating in a meeting are not in the same place, they may decide that the meeting is to be treated as taking place wherever any of them is.
|
21.8 |
The quorum for the transaction of business at a meeting of directors shall be two unless the directors fix some other number or unless the Company has only one director.
|
21.9 |
A question which arises at a board meeting shall be decided by a majority of votes. If votes are equal the chairman may, if he wishes, exercise a casting vote.
|
21.10 |
Anything done at a meeting of directors is unaffected by the fact that it is later discovered that any person was not properly appointed, or had ceased to be a director, or was otherwise not entitled to vote.
|
21.11 |
A director present at a meeting of directors shall be presumed to have assented to any action taken at that meeting unless:
|
|
(a) |
his dissent is entered in the minutes of the meeting; or
|
|
(b) |
he has filed with the meeting before it is concluded signed dissent from that action; or
|
|
(c) |
he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.
|
21.12 |
The directors may pass a resolution in writing without holding a meeting if all directors sign a document or sign several documents in the like form each signed by one or more of those directors.
|
21.13 |
Despite the foregoing, a resolution in writing signed by a validly appointed alternate director or by a validly appointed proxy need not also be signed by the appointing director. If a written resolution is signed personally by the
appointing director, it need not also be signed by his alternate or proxy.
|
21.14 |
Such written resolution shall be as effective as if it had been passed at a meeting of the directors duly convened and held; and it shall be treated as having been passed on the day and at the time that the last director signs.
|
21.15 |
Where a sole director signs a minute recording his decision on a question, that record shall constitute the passing of a resolution in those terms.
|
22 |
Permissible directors' interests and disclosure
|
22.1 |
Save as expressly permitted by these Articles or as set out below, a director may not have a direct or indirect interest or duty which conflicts or may possibly conflict with the interests of the Company.
|
22.2 |
If, notwithstanding the prohibition in the preceding Article, a director discloses to his fellow directors the nature and extent of any material interest or duty in accordance with the next Article, he may:
|
|
(a) |
be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is or may otherwise be interested; or
|
|
(b) |
be interested in another body corporate promoted by the Company or in which the Company is otherwise interested. In particular, the director may be a director, secretary or officer of, or employed by, or be a party to any transaction
or arrangement with, or otherwise interested in, that other body corporate.
|
22.3 |
Such disclosure may be made at a meeting of the board or otherwise (and, if otherwise, it must be made in writing). The director must disclose the nature and extent of his direct or indirect interest in or duty in relation to a
transaction or arrangement or series of transactions or arrangements with the Company or in which the Company has any material interest.
|
22.4 |
If a director has made disclosure in accordance with the preceding Article, then he shall not, by reason only of his office, be accountable to the Company for any benefit that he derives from any such transaction or arrangement or from
any such office or employment or from any interest in any such body corporate, and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.
|
22.5 |
For the purposes of the preceding Articles:
|
|
(a) |
a general notice that a director gives to the other directors that he is to be regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of
persons is interested shall be deemed to be a disclosure that he has an interest in or duty in relation to any such transaction of the nature and extent so specified; and
|
|
(b) |
an interest of which a director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his.
|
22.6 |
A director may vote at a meeting of directors on any resolution concerning a matter in which that director has an interest or duty, whether directly or indirectly, so long as that director discloses any material interest pursuant to
these Articles. The director shall be counted towards a quorum of those present at the meeting. If the director votes on the resolution, his vote shall be counted.
|
22.7 |
Where proposals are under consideration concerning the appointment of two or more directors to offices or employment with the Company or any body corporate in which the Company is interested, the proposals may be divided and considered
in relation to each director separately and each of the directors concerned shall be entitled to vote and be counted in the quorum in respect of each resolution except that concerning his or her own appointment.
|
23 |
Minutes
|
24 |
Accounts and audit
|
24.1 |
The directors must ensure that proper accounting and other records are kept, and that accounts and associated reports are distributed in accordance with the requirements of the Law.
|
24.2 |
Members are only entitled to inspect the Company's records if they are expressly entitled to do so by law, or by resolution made by the directors or passed by Ordinary Resolution.
|
24.3 |
The Company's accounts and associated directors' report or auditor's report that are required or permitted to be sent to any person pursuant to any law shall be treated as properly sent to that person if:
|
|
(a) |
they are sent to that person in accordance with the notice provisions: or
|
|
(b) |
they are published on a website providing that person is given separate notice of:
|
|
(i) |
the fact that publication of the documents has been published on the website;
|
|
(ii) |
the address of the website; and
|
|
(iii) |
the place on the website where the documents may be accessed; and
|
|
(iv) |
how they may be accessed.
|
24.4 |
If, for any reason, a person notifies the Company that he is unable to access the website, the Company must, as soon as practicable, send the documents to that person by any other means permitted by these Articles. This, however, will
not affect when that person is taken to have received the documents under the next Article.
|
24.5 |
Documents sent by being published on a website in accordance with the preceding two Articles are only treated as sent at least five Clear Days before the date of the meeting at which they are to be laid if:
|
|
(a) |
the documents are published on the website throughout a period beginning at least five Clear Days before the date of the meeting and ending with the conclusion of the meeting; and
|
|
(b) |
the person is given at least five Clear Days' notice of the hearing.
|
24.6 |
If, for the purpose of a meeting, documents are sent by being published on a website in accordance with the preceding Articles, the proceedings at that meeting are not invalidated merely because:
|
|
(a) |
those documents are, by accident, published in a different place on the website to the place notified; or
|
|
(b) |
they are published for part only of the period from the date of notification until the conclusion of that meeting.
|
24.7 |
The directors may appoint an Auditor of the Company who shall hold office on such terms as the directors determine.
|
24.8 |
Without prejudice to the freedom of the directors to establish any other committee, if the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the Designated Stock
Exchange, the directors shall establish and maintain an Audit Committee as a committee of the directors and shall adopt a formal written Audit Committee charter and review and assess the adequacy of the formal written charter on an annual
basis. The composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the SEC and the Designated Stock Exchange. The Audit Committee shall meet at least once every financial quarter, or more
frequently as circumstances dictate.
|
24.9 |
If the Shares are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilise the Audit Committee for the review and
approval of potential conflicts of interest.
|
24.10 |
The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).
|
24.11 |
If the office of Auditor becomes vacant by resignation or death of the Auditor, or by his becoming incapable of acting by reason of illness or other disability at a time when his services are required, the directors shall fill the
vacancy and determine the remuneration of such Auditor.
|
24.12 |
Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the directors and officers of the Company such information and
explanation as may be necessary for the performance of the duties of the Auditor.
|
24.13 |
Auditors shall, if so required by the directors, make a report on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case of a company which is registered
with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at
any other time during their term of office, upon request of the directors or any general meeting of the Members.
|
25 |
Financial year
|
|
(a) |
shall end on 31st December in the year of its incorporation and each following year; and
|
|
(b) |
shall begin when it was incorporated and on 1st January each following year.
|
26 |
Record dates
|
|
(a) |
calling a general meeting;
|
|
(b) |
declaring or paying a dividend;
|
|
(c) |
making or issuing an allotment of Shares; or
|
|
(d) |
conducting any other business required pursuant to these Articles.
|
27 |
Dividends
|
27.1 |
Subject to the provisions of the Law, the Company may by Ordinary Resolution declare dividends in accordance with the respective rights of the Members but no dividend shall exceed the amount recommended by the directors.
|
27.2 |
The directors may pay interim dividends or declare final dividends in accordance with the respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such dividends
may lawfully be paid.
|
27.3 |
Subject to the provisions of the Law, in relation to the distinction between interim dividends and final dividends, the following applies:
|
|
(a) |
Upon determination to pay a dividend or dividends described as interim by the directors in the dividend resolution, no debt shall be created by the declaration until such time as payment is made.
|
|
(b) |
Upon declaration of a dividend or dividends described as final by the directors in the dividend resolution, a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable
in the resolution.
|
27.4 |
In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the following applies:
|
|
(a) |
If the share capital is divided into different classes, the directors may pay dividends on Shares which confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard
to dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears.
|
|
(b) |
The directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.
|
|
(c) |
If the directors act in good faith, they shall not incur any liability to the Members holding Shares conferring preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred
or non-preferred rights.
|
27.5 |
Except as otherwise provided by the rights attached to Shares, all dividends shall be declared and paid according to the amounts paid up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid
proportionately to the amount paid up on the Shares during the time or part of the time in respect of which the dividend is paid. If a Share is issued on terms providing that it shall rank for dividend as from a particular date, that
Share shall rank for dividend accordingly.
|
27.6 |
The directors may deduct from a dividend or any other amount payable to a person in respect of a Share any amount due by that person to the Company on a call or otherwise in relation to a Share.
|
27.7 |
If the directors so determine, any resolution declaring a dividend may direct that it shall be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the directors may settle
that difficulty in any way they consider appropriate. For example, they may do any one or more of the following:
|
|
(a) |
issue fractional Shares;
|
|
(b) |
fix the value of assets for distribution and make cash payments to some Members on the footing of the value so fixed in order to adjust the rights of Members; and
|
|
(c) |
vest some assets in trustees.
|
27.8 |
A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:
|
|
(a) |
if the Member holding that Share or other person entitled to that Share nominates a bank account for that purpose - by wire transfer to that bank account; or
|
|
(b) |
by cheque or warrant sent by post to the registered address of the Member holding that Share or other person entitled to that Share.
|
27.9 |
For the purpose of paragraph (a) of the preceding Article, the nomination may be in writing or in an Electronic Record and the bank account nominated may be the bank account of another person. For the purpose of paragraph (b) of the
preceding Article, subject to any applicable law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share or to his nominee, whether nominated in writing or in
an Electronic Record, and payment of the cheque or warrant shall be a good discharge to the Company.
|
27.10 |
If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason of the death or bankruptcy of the registered holder (Joint Holders), a dividend (or other amount) payable on or in respect of
that Share may be paid as follows:
|
|
(a) |
to the registered address of the Joint Holder of the Share who is named first on the Register of Members or to the registered address of the deceased or bankrupt holder, as the case may be; or
|
|
(b) |
to the address or bank account of another person nominated by the Joint Holders, whether that nomination is in writing or in an Electronic Record.
|
27.11 |
Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect of that Share.
|
27.12 |
Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company in respect of a Share shall bear interest.
|
27.13 |
If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or both, the directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.
|
27.14 |
A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain owing by, the Company.
|
28 |
Capitalisation of profits
|
28.1 |
The directors may resolve to capitalise:
|
|
(a) |
any part of the Company's profits not required for paying any preferential dividend (whether or not those profits are available for distribution); or
|
|
(b) |
any sum standing to the credit of the Company's share premium account or capital redemption reserve, if any.
|
|
(a) |
by paying up the amounts unpaid on that Member's Shares;
|
|
(b) |
by issuing Fully Paid Shares, debentures or other securities of the Company to that Member or as that Member directs. The directors may resolve that any Shares issued to the Member in respect of partly paid Shares (Original Shares)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain partly paid.
|
28.2 |
The amount capitalised must be applied to the benefit of Members in the proportions to which the Members would have been entitled to dividends if the amount capitalised had been distributed as a dividend.
|
28.3 |
Subject to the Law, if a fraction of a Share, a debenture, or other security is allocated to a Member, the directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.
|
29 |
Share premium account
|
29.1 |
The directors shall establish a share premium account in accordance with the Law. They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or
capital contributed or such other amounts required by the Law.
|
29.2 |
The following amounts shall be debited to any share premium account:
|
|
(a) |
on the redemption or purchase of a Share, the difference between the nominal value of that Share and the redemption or purchase price; and
|
|
(b) |
any other amount paid out of a share premium account as permitted by the Law.
|
29.3 |
Notwithstanding the preceding Article, on the redemption or purchase of a Share, the directors may pay the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as
permitted by the Law, out of capital.
|
30 |
Seal
|
30.1 |
The Company may have a seal if the directors so determine.
|
30.2 |
Subject to the provisions of the Law, the Company may also have a duplicate seal or seals for use in any place or places outside the Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.
|
30.3 |
A seal may only be used by the authority of the directors. Unless the directors otherwise determine, a document to which a seal is affixed must be signed in one of the following ways:
|
|
(a) |
by a director (or his alternate) and the Secretary; or
|
|
(b) |
by a single director (or his alternate).
|
30.4 |
If the directors do not adopt a seal, or a seal is not used, a document may be executed in the following manner:
|
|
(a) |
by a director (or his alternate) or any Officer to which authority has been delegated by resolution duly adopted by the directors; or
|
|
(b) |
by a single director (or his alternate); or
|
|
(c) |
in any other manner permitted by the Law.
|
30.5 |
The directors may determine that either or both of the following applies:
|
|
(a) |
that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method or system of reproduction;
|
|
(b) |
that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.
|
30.6 |
If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded as invalid merely because, at the date of the delivery, the Secretary, or the director, or other Officer or person who signed the
document or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.
|
31 |
Indemnity
|
31.1 |
To the extent permitted by Applicable Law, the Company shall indemnify each existing or former Secretary, director (including alternate director), and other Officer of the Company (including an investment adviser or an administrator or
liquidator) and their personal representatives against:
|
|
(a) |
all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former Secretary or Officer in or about the conduct of the Company's business or affairs or in the execution or
discharge of the existing or former Secretary's or Officer's duties, powers, authorities or discretions; and
|
|
(b) |
without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or
investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Islands or elsewhere.
|
31.2 |
To the extent permitted by Applicable Law, the Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Secretary or Officer of the
Company in respect of any matter identified in paragraph (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not
liable to indemnify the Secretary or that Officer for those legal costs.
|
31.3 |
To the extent permitted by Applicable Law, the Company may by Special Resolution release any existing or former director (including alternate director), Secretary or other Officer of the Company from liability for any loss or damage or
right to compensation which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office; but there may be no release from liability arising out of or in connection with
that person's own actual fraud, wilful default or wilful neglect.
|
31.4 |
To the extent permitted by Applicable Law, the Company may pay, or agree to pay, a premium in respect of a contract insuring each of the following persons against risks determined by the directors, other than liability arising out of
that person's own dishonesty:
|
|
(a) |
an existing or former director (including alternate director), Secretary or Officer or auditor of:
|
|
(i) |
the Company;
|
|
(ii) |
a company which is or was a subsidiary of the Company;
|
|
(iii) |
a company in which the Company has or had an interest (whether direct or indirect); and
|
|
(b) |
a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred to in paragraph (a) is or was interested.
|
32 |
Notices
|
32.1 |
Save where these Articles provide otherwise, any notice to be given to or by any person pursuant to these Articles shall be:
|
|
(a) |
in writing signed by or on behalf of the giver in the manner set out below for written notices; or
|
|
(b) |
subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic Signature and authenticated in accordance with Articles about authentication of Electronic Records; or
|
|
(c) |
where these Articles expressly permit, by the Company by means of a website.
|
32.2 |
Without limitation to Articles 18.1 to 18.4 inclusive (relating to the appointment and removal by directors of alternate directors) and to Articles 20.8 to 20.10 inclusive (relating to the appointment by directors of proxies), a notice
may only be given to the Company in an Electronic Record if:
|
|
(a) |
the directors so resolve;
|
|
(b) |
the resolution states how an Electronic Record may be given and, if applicable, specifies an email address for the Company; and
|
|
(c) |
the terms of that resolution are notified to the Members for the time being and, if applicable, to those directors who were absent from the meeting at which the resolution was passed.
|
32.3 |
A notice may not be given by Electronic Record to a person other than the Company unless the recipient has notified the giver of an Electronic address to which notice may be sent.
|
32.4 |
A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company or a Member by a director or company secretary of the Company or a Member.
|
32.5 |
Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient, or left at (as appropriate) the Member's or director's registered address or the Company's registered office, or posted to that
registered address or registered office.
|
32.6 |
Where Members are joint holders of a Share, all notices shall be given to the Member whose name first appears in the Register of Members.
|
32.7 |
A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in such a way as to indicate its execution or adoption by the giver.
|
32.8 |
An Electronic Record may be signed by an Electronic Signature.
|
32.9 |
A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.
|
32.10 |
A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the
recipient.
|
32.11 |
A notice may be given by the Company to the persons entitled to a Share in consequence of the death or bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member,
addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address, if any, supplied for that purpose by the persons claiming to be so entitled.
|
32.12 |
Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.
|
32.13 |
A notice is given on the date identified in the following table.
|
Method for giving notices
|
When taken to be given
|
||
Personally
|
At the time and date of delivery
|
||
By leaving it at the member's registered address
|
At the time and date it was left
|
||
If the recipient has an address within the Islands, by posting it by prepaid post to the street or postal address of that recipient
|
48 hours after it was posted
|
||
If the recipient has an address outside the Islands, by posting it by prepaid airmail to the street or postal address of that recipient
|
3 Clear Days after posting
|
||
By Electronic Record (other than publication on a website), to recipient's Electronic address
|
Within 24 hours after it was sent
|
||
By publication on a website
|
See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may be, are published on a website
|
32.14 |
None of the preceding notice provisions shall derogate from the Articles about the delivery of written resolutions of directors and written resolutions of Members.
|
33 |
Authentication of Electronic Records
|
33.1 |
Without limitation to any other provision of these Articles, any notice, written resolution or other document under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a director or other Officer of
the Company, shall be deemed to be authentic if either Article 33.2 or Article 33.4 applies.
|
33.2 |
An Electronic Record of a notice, written resolution or other document sent by Electronic means by or on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:
|
|
(a) |
the Member or each Member, as the case may be, signed the original document, and for this purpose Original Document includes several documents in like form signed by one or more of those Members; and
|
|
(b) |
the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of, that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and
|
|
(c) |
Article 33.7 does not apply.
|
33.3 |
For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution, or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the
facsimile copy shall be deemed to be the written resolution of that Member unless Article 33.7 applies.
|
33.4 |
An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:
|
|
(a) |
the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for this purpose Original Document includes several documents in like form signed by the Secretary or one or more of those Officers;
and
|
|
(b) |
the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of, the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and
|
|
(c) |
Article 33.7 does not apply.
|
33.5 |
For example, where a sole director signs a resolution and scans the resolution, or causes it to be scanned, as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF
version shall be deemed to be the written resolution of that director unless Article 33.7 applies.
|
33.6 |
For the purposes of these Articles about the authentication of Electronic Records, a document will be taken to be signed if it is signed manually or in any other manner permitted by these Articles.
|
33.7 |
A notice, written resolution or other document under these Articles will not be deemed to be authentic if the recipient, acting reasonably:
|
|
(a) |
believes that the signature of the signatory has been altered after the signatory had signed the original document; or
|
|
(b) |
believes that the original document, or the Electronic Record of it, was altered, without the approval of the signatory, after the signatory signed the original document; or
|
|
(c) |
otherwise doubts the authenticity of the Electronic Record of the document
|
34 |
Transfer by way of continuation
|
34.1 |
The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction outside:
|
|
(a) |
the Islands; or
|
|
(b) |
such other jurisdiction in which it is, for the time being, incorporated, registered or existing.
|
34.2 |
To give effect to any resolution made pursuant to the preceding Article, the directors may cause the following:
|
|
(a) |
an application be made to the Registrar of Companies to deregister the Company in the Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and
|
|
(b) |
all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.
|
35 |
Winding up
|
35.1 |
If the Company is wound up, the Members may, subject to these Articles and any other sanction required by the Law, pass a Special Resolution allowing the liquidator to do either or both of the following:
|
|
(a) |
to divide in specie among the Members the whole or any part of the assets of the Company and, for that purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of
Members;
|
|
(b) |
to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to contribute to the winding up.
|
35.2 |
No Member shall be compelled to accept any assets if an obligation attaches to them.
|
35.3 |
The directors have the authority to present a petition for the winding up of the Company to the Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.
|
36 |
Amendment of Memorandum and Articles
|
36.1 |
Subject to the Law, the Company may, by Special Resolution:
|
|
(a) |
change its name; or
|
|
(b) |
change the provisions of its Memorandum with respect to its objects, powers or any other matter specified in the Memorandum.
|
36.2 |
Subject to the Law and as provided in these Articles, the Company may, by Special Resolution, amend these Articles in whole or in part.
|
37 |
Mergers and Consolidations
|
38 |
Business Combination
|
38.1 |
Notwithstanding any other provision of the Articles, this Article 38 shall apply during the period commencing upon the adoption of the Articles and terminating upon the first to occur of the consummation of any Business Combination and
the distribution of the Trust Account pursuant to Article 38.10. In the event of a conflict between this Article 38 and any other Articles, the provisions of this Article 38 shall prevail and this Article may not be amended prior to the
consummation of a Business Combination without a Special Resolution.
|
38.2 |
Prior to the consummation of any Business Combination, the Company shall either:
|
|
(a) |
submit such Business Combination to its Members for approval; or
|
|
(b) |
provide Members with the opportunity to have their Shares repurchased by means of a tender offer (a Tender Offer) for a per-Share repurchase price payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, calculated as of two business days prior to the consummation of such Business Combination, including interest earned on the funds held in the Trust Account not previously released to the Company to
pay its income taxes, if any, divided by the number of then-outstanding Public Shares in issue, provided that the Company shall not repurchase Public Shares in an amount that would cause the Company’s net tangible assets to be less than
US$5,000,001.
|
38.3 |
If the Company initiates any Tender Offer in accordance with Rule 13e-4 and Regulation 14E of the Exchange Act in connection with a Business Combination, it shall file Tender Offer documents with the SEC prior to completing a Business
Combination which contain substantially the same financial and other information about such Business Combination and the redemption rights as is required under Regulation 14A of the Exchange Act.
|
38.4 |
If, alternatively, the Company holds a Member vote to approve a proposed Business Combination, the Company will conduct any compulsory redemption in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act
and not pursuant to the tender offer rules and file proxy materials with the SEC.
|
38.5 |
At a general meeting called for the purposes of approving a Business Combination pursuant to this Article, in the event that a majority of the Shares, represented in person or by proxy and entitled to vote thereon, voted at a
shareholder meeting are voted for the approval of such Business Combination, the Company shall be authorised to consummate such Business Combination.
|
38.6 |
Any Member holding Public Shares who is not a Founder, officer or director may, contemporaneously with any vote on a Business Combination, elect to have their Public Shares redeemed for cash (the IPO
Redemption), provided that no such Member acting together with any affiliate of his or any other person with whom he is acting in concert or as a partnership, syndicate, or other group for the purposes of acquiring, holding, or
disposing of Shares may exercise this redemption right with respect to more than 15% of the Public Shares without the Company’s prior consent, and provided further that any holder that holds Public Shares beneficially through a nominee
must identify itself to the Company in connection with any redemption election in order to validly redeem such Public Shares. In connection with any vote held to approve a proposed Business Combination, holders of Public Shares seeking to
exercise their redemption rights will be required to either tender their certificates (if any) to the Company’s transfer agent or to deliver their shares to the transfer agent electronically using The Depository Trust Company’s DWAC
(Deposit/Withdrawal At Custodian) System, at the holder’s option, in each case up to two business days prior to the initially scheduled vote on the proposal to approve a Business Combination. If so demanded, the Company shall pay any such
redeeming Member, regardless of whether he is voting for or against such proposed Business Combination or abstains from voting, a per-Share redemption price payable in cash, equal to the aggregate amount then on deposit in the Trust
Account calculated as of two business days prior to the consummation of a Business Combination, including interest earned on the Trust Account not previously released to the Company to pay its income taxes, if any, divided by the number
of then-outstanding Public Shares in issue (such redemption price being referred to herein as the Redemption Price), provided that the Company shall not repurchase Public Shares in an amount that
would cause the Company’s net tangible assets to be less than US$5,000,001.
|
38.7 |
The Redemption Price shall be paid promptly following the consummation of the relevant Business Combination. If the proposed Business Combination is not approved or completed for any reason then such redemptions shall be cancelled and
share certificates (if any) returned to the relevant Members as appropriate.
|
38.8 |
In the event that the Company does not consummate a Business Combination by eighteen months after the closing of the IPO, or such later time as the Members of the Company may approve in accordance with the Articles, the Company shall:
(i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes, if any (less up to US$100,000 of interest to pay dissolution
expenses), divided by the number of the then-outstanding Public Shares in issue, which redemption will completely extinguish public Members’ rights as Members (including the right to receive further liquidation distributions, if any); and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Members and the directors, liquidate and dissolve, subject in the case of sub-articles (ii) and (iii), to its
obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. If the Company shall wind up for any other reason prior to the consummation of a Business
Combination, the Company shall, as promptly as reasonably possible but not more than ten business days thereafter, follow the foregoing procedures set out in this Article 38.8 with respect to the liquidation of the Trust Account, subject
to its obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.
|
38.9 |
In the event that any amendment is made to these Articles:
|
|
(a) |
that would modify the substance or timing of the Company’s obligation to provide holders of Public Shares the right to:
|
|
(i) |
have their shares redeemed or repurchased in connection with a Business Combination pursuant to Articles 38.2(b) or 38.6; or
|
|
(ii) |
redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within eighteen months after the date of the closing of the IPO pursuant to Article 38.8; or
|
|
(b) |
with respect to any other provision relating to the rights of holders of Public Shares,
|
38.10 |
Except for the withdrawal of interest to pay income taxes, if any, none of the funds held in the Trust Account shall be released from the Trust Account:
|
|
(a) |
to the Company, until completion of any Business Combination; or
|
|
(b) |
to the Members holding Public Shares, until the earliest of:
|
|
(i) |
a repurchase of Shares by means of a Tender Offer pursuant to Article 38.2(b);
|
|
(ii) |
an IPO Redemption pursuant to Article 38.6;
|
|
(iii) |
a distribution of the Trust Account pursuant to Article 38.8; or
|
|
(iv) |
an Amendment Redemption pursuant to Article 38.9.
|
38.11 |
After the issue of Public Shares (including pursuant to the Over-allotment Option), and prior to the consummation of a Business Combination, the directors shall not issue additional Shares or any other securities that would entitle the
holders thereof to:
|
|
(a) |
receive funds from the Trust Account; or
|
|
(b) |
vote as a class with the Public Shares:
|
|
(i) |
on a Business Combination or on any other proposal presented to Members prior to or in connection with the completion of a Business Combination; or
|
|
(ii) |
to approve an amendment to these Articles to:
|
|
(A) |
extend the time the Company has to consummate a Business Combination beyond eighteen months from the closing of IPO; or
|
|
(B) |
amend the foregoing provisions of these Articles.
|
38.12 |
The Company must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in the Trust
Account and taxes payable on the interest earned on the Trust Account) at the time of the Company’s signing the agreement to enter into a Business Combination. An initial Business Combination must not be effectuated solely with another
blank cheque company or a similar company with nominal operations
|
38.13 |
The uninterested Independent Directors shall approve any transaction or transactions between the Company and any of the following parties:
|
|
(a) |
any Member owning an interest in the voting power of the Company that gives such Member a significant influence over the Company; and
|
|
(b) |
any director or officer of the Company and any affiliate or relative of such director or officer.
|
38.14 |
Any payment made to members of the Audit Committee (if one exists) shall require the review and approval of the directors, with any director interested in such payment abstaining from such review and approval.
|
38.15 |
A director may vote in respect of any Business Combination in which such director has a conflict of interest with respect to the evaluation of such Business Combination. Such director must disclose such interest or conflict to the
other directors.
|
38.16 |
The Audit Committee shall monitor compliance with the terms of the IPO and, if any non-compliance is identified, the Audit Committee shall be charged with the responsibility to take all action necessary to rectify such non-compliance
or otherwise cause compliance with the terms of the IPO.
|
38.17 |
The Company may enter into a Business Combination with a target business that is affiliated with the Sponsor, the directors or officers of the Company. In the event the Company seeks to complete the Business Combination with a target
that is affiliated with the Sponsor, executive officers or directors, the Company, or a committee of Independent Directors, will obtain an opinion from an independent investment banking firm or another independent valuation or accounting
firm that such a Business Combination or transaction is fair to the Company from a financial point of view.
|
38.18 |
Any Business Combination must be approved by the a majority of the Independent Directors.
|
39 |
Certain Tax Filings
|
39.1 |
Each Tax Filing Authorised Person and any such other person, acting alone, as any director shall designate from time to time, are authorised to file tax forms SS-4, W-8 BEN, W-8 IMY, W-9, 8832 and 2553 and such other similar tax forms
as are customary to file with any US state or federal governmental authorities or foreign governmental authorities in connection with the formation, activities and/or elections of the Company and such other tax forms as may be approved
from time to time by any director or officer of the Company. The Company further ratifies and approves any such filing made by any Tax Filing Authorised Person or such other person prior to the date of the Articles.
|
40 |
Business Opportunities
|
40.1 |
In recognition and anticipation of the facts that: (a) directors, managers, officers, members, partners, managing members, employees and/or agents of one or more members of the Investor Group (each of the foregoing, an “Investor Group
Related Person”) may serve as directors and/or officers of the Company; and (b) the Investor Group engages, and may continue to engage in the same or similar activities or related lines of business as those in which the Company, directly
or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage, the provisions under this heading “Business Opportunities” are set forth to
regulate and define the conduct of certain affairs of the Company as they may involve the Members and the Investor Group Related Persons, and the powers, rights, duties and liabilities of the Company and its officers, directors and
Members in connection therewith.
|
40.2 |
To the fullest extent permitted by Applicable Law, the Investor Group and the Investor Group Related Persons shall have no duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in
the same or similar business activities or lines of business as the Company. To the fullest extent permitted by Applicable Law, the Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to
participate in, any potential transaction or matter which may be a corporate opportunity for either the Investor Group or the Investor Group Related Persons, on the one hand, and the Company, on the other. Except to the extent expressly
assumed by contract, to the fullest extent permitted by Applicable Law, the Investor Group and the Investor Group Related Persons shall have no duty to communicate or offer any such corporate opportunity to the Company and shall not be
liable to the Company or its Members for breach of any fiduciary duty as a Member, director and/or officer of the Company solely by reason of the fact that such party pursues or acquires such corporate opportunity for itself, himself or
herself, directs such corporate opportunity to another person, or does not communicate information regarding such corporate opportunity to the Company, unless such opportunity is expressly offered to such Investor Group Related Person
solely in their capacity as an Officer or director of the Company and the opportunity is one the Company is permitted to complete on a reasonable basis.
|
40.3 |
Except as provided elsewhere in the Articles, the Company hereby renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate
opportunity for both the Company and the Investor Group, about which a director and/or officer of the Company who is also an Investor Group Related Person acquires knowledge.
|
40.4 |
To the extent a court might hold that the conduct of any activity related to a corporate opportunity that is renounced in this Article to be a breach of duty to the Company or its Members, the Company hereby waives, to the fullest
extent permitted by Applicable Law, any and all claims and causes of action that the Company may have for such activities. To the fullest extent permitted by Applicable Law, the provisions of this Article apply equally to activities
conducted in the future and that have been conducted in the past.
|
41 |
Exclusive Jurisdiction and Forum
|
41.1 |
Unless the Company consents in writing to the selection of an alternative forum, the courts of the Cayman Islands shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with the Memorandum, the
Articles or otherwise related in any way to each Member's shareholding in the Company, including but not limited to:
|
|
(a) |
any derivative action or proceeding brought on behalf of the Company;
|
|
(b) |
any action asserting a claim of breach of any fiduciary or other duty owed by any current or former director, Officer or other employee of the Company to the Company or the Members;
|
|
(c) |
any action asserting a claim arising pursuant to any provision of the Law, the Memorandum or the Articles; or
|
|
(d) |
any action asserting a claim against the Company governed by the "Internal Affairs Doctrine" (as such concept is recognised under the laws of the United States of America).
|
41.2 |
Each Member irrevocably submits to the exclusive jurisdiction of the courts of the Cayman Islands over all such claims or disputes.
|
41.3 |
Without prejudice to any other rights or remedies that the Company may have, each Member acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the Cayman Islands as exclusive
forum and that accordingly the Company shall be entitled, without proof of special damages, to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the selection of the courts
of the Cayman Islands as exclusive forum.
|
41.4 |
This Article 41 shall not apply to any action or suits brought to enforce any liability or duty created by the U.S. Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any claim for which the federal
district courts of the United States of America are, as a matter of the laws of the United States, the sole and exclusive forum for determination of such a claim.
|
INFINITE ACQUISITION CORP.
|
|||
By:
|
|||
Name:
|
|||
Title:
|
Authorized Signatory
|
CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
|
|||
as Warrant Agent
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|
|
|
(Signature) |
|
|
|
(Address) |
|
|
|
(Tax Identification Number) |
|
|
Signature Guaranteed: |
|
|
|
|
INFINITE ACQUISITION CORP
|
|
By:
|
||
|
Name: James Rosenstock
|
|
|
Title: Chief Financial Officer
|
CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, as
Warrant Agent
|
||
:
|
By
|
|
Name:
|
||
Title:
|
INFINITE ACQUISITION CORP.
|
||
By:
|
||
Name:
|
||
Title: Authorized Signatory
|
CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
as Warrant Agent
|
||
By:
|
||
Name:
|
||
Title:
|
Date: [ ], 20
|
||
(Signature)
|
||
(Address)
|
||
(Tax Identification Number)
|
||
|
||
Signature Guaranteed:
|
||
Infinite Acquisition Corp.
89 Nexus Way
Camana Bay
Grand Cayman, KY1-9009
Cayman Islands
|
D +1 345 815 1788
|
E angus.davison@ogier.com
|
|
|
|
Reference: 427668.00006 | |
2 November 2021
|
(a) |
up to 20,000,000 units (together, the Units), each Unit consisting of one Class A Ordinary Share of the Company with a par value of US$0.0001 each (the Ordinary
Shares) and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share (the Warrants);
|
(b) |
up to 3,000,000 Units (the Over-Allotment Units), which the several underwriters, for whom Credit Suisse Securities (USA) LLC acts as representative, will have a right to purchase from the Company
to cover over-allotments, if any;
|
(c) |
all Ordinary Shares and all Warrants issued as part of the Units and the Over-Allotment Units; and
|
(d) |
all Ordinary Shares that may be issued upon exercise of the Warrants included in the Units and the Over-Allotment Units.
|
Ogier
89 Nexus Way
Camana Bay
Grand Cayman, KY1-9009
Cayman Islands
T +1 345 949 9876
F +1 345 949 9877
ogier.com
|
A list of Partners may be inspected on our website
|
1 |
Documents examined
|
2 |
Assumptions
|
3 |
Opinions
|
|
(a) |
The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the
Registrar of Companies of the Cayman Islands (Registrar).
|
|
(b) |
The Company has all requisite power under its Memorandum and Articles of Association (as defined in Schedule 1) to issue the Ordinary Shares (including the issuance of the Ordinary Shares upon the exercise of the Warrants in accordance
with the Warrant Documents (as defined in Schedule 1)), to execute and deliver the Documents (as defined in Schedule 1) and to perform its obligations, and exercise its rights, under such documents.
|
(c)
|
The Company has taken all requisite corporate action to authorise:
|
(i)
|
the issue of the Ordinary Shares (including the issue of the Ordinary Shares upon the exercise of the Warrants in accordance with the Warrant Documents); and
|
|
(ii) |
the execution and delivery of the Documents and the performance of its obligations, and the exercise of its rights, under such documents.
|
|
(d) |
The Ordinary Shares to be offered and issued by the Company as contemplated by the Registration Statement (including the issuance of the Ordinary Shares upon the exercise of the Warrants in accordance with the Warrant Documents), when
issued by the Company upon:
|
|
(i) |
payment in full of the consideration as set out in the Registration Statement and in accordance with the terms set out in the Registration Statement (including the issuance of the Ordinary Shares upon the exercise of the Warrants in
accordance with the Warrant Documents) and in accordance with the Memorandum and Articles of Association; and
|
|
(ii) |
the entry of those Ordinary Shares as fully paid on the register of members of the Company,
|
4 |
Matters not covered
|
|
(a) |
as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of
references in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;
|
|
(b) |
except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or the validity, enforceability or effect of the documents reviewed (or as to how the commercial terms of such documents reflect the
intentions of the parties), the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the documents and
any other agreements into which the Company may have entered or any other documents; or
|
|
(c) |
as to whether the acceptance, execution or performance of the Company’s obligations under the documents reviewed by us will result in the breach of or infringe any other agreement, deed or document (other than the Company’s Memorandum and
Articles of Association) entered into by or binding on the Company.
|
5 |
Governing law of this opinion
|
5.1 |
This opinion is:
|
|
(a) |
governed by, and shall be construed in accordance with, the laws of the Cayman Islands;
|
|
(b) |
limited to the matters expressly stated in it; and
|
|
(c) |
confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this opinion.
|
5.2 |
Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that legislation as amended to, and as in force at, the date of this opinion.
|
6 |
Who can rely on this opinion
|
6.1 |
This opinion is given for your benefit in connection with the Company. With the exception of your professional advisers (acting only in that capacity), it may not be relied upon by any person, other than persons entitled to rely upon it
pursuant to the provisions of the Act, without our prior written consent.
|
6.2 |
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. We also consent to the reference to this firm in the Registration Statement under the heading “Legal Matters”.
|
1 |
The Certificate of Incorporation of the Company dated 29 March 2021 issued by the Registrar.
|
2 |
The memorandum of association of the Company filed with the Registrar on 29 March 2021 (the Memorandum).
|
3 |
The articles of association of the Company filed with the Registrar on 29 March 2021 (Articles of Association).
|
4 |
A Certificate of Good Standing dated 1 November 2021 (Good Standing
Certificate) issued by the Registrar in respect of the Company.
|
5 |
A certificate dated on the date hereof as to certain matters of fact signed by a director of the Company in the form annexed hereto (the Director’s Certificate), having attached to it a copy of written resolutions of the directors of the Company passed on 2
November 2021 (the Resolutions).
|
6 |
The Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on 2 November 2021 (Register of Writs).
|
7 |
The Registration Statement.
|
8 |
A draft of the form of the unit certificate representing the Units and the Over-Allotment Units (the Unit Certificates).
|
9 |
A draft specimen certificate for Ordinary Shares (the Share
Certificates).
|
10 |
A draft of the form of the warrant agreement and the warrant certificate constituting the Warrants (the Warrant Documents and, together with the Unit Certificates and the Share Certificates, the Documents).
|
1 |
All original documents examined by us are authentic and complete.
|
2 |
All copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals are authentic and complete.
|
3 |
All signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine.
|
4 |
Each of the Good Standing Certificate and the Director’s Certificate is accurate and complete as at the date of this opinion.
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5 |
Where any document has been provided to us in draft or undated form, such document has been executed by all parties in materially the form provided to us and, where we have been provided with successive drafts of the documents marked to
show changes from a previous draft, all such changes have been accurately marked.
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6 |
Each of the parties to the Documents other than the Company is duly incorporated, formed or organised (as applicable), validly existing and in good standing under all relevant laws.
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7 |
Each Document has been duly authorised, executed and unconditionally delivered by or on behalf of all parties to it in accordance with all applicable laws (other than, in the case of the Company, the laws of the Cayman Islands).
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8 |
In authorising the execution and delivery of the Documents by the Company, the exercise of its rights and performance of its obligations under the Documents, each of the directors of the Company has acted in good faith with a view to the
best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her.
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9 |
Each Document has been duly executed and unconditionally delivered by the Company in the manner authorised in the Board Resolutions.
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10 |
None of the opinions expressed herein will be adversely affected by the laws or public policies of any jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence:
|
|
(a) |
the laws or public policies of any jurisdiction other than the Cayman Islands will not adversely affect the capacity or authority of the Company; and
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|
(b) |
neither the execution or delivery of the Documents nor the exercise by any party of its rights or the performance of its obligations under the Documents contravene those laws or public policies.
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11 |
There are no agreements, documents or arrangements (other than the documents expressly referred to in this opinion as having been examined by us) that materially affect or modify the Documents or the transactions contemplated by them or
restrict the powers and authority of the Company in any way.
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12 |
None of the transactions contemplated by the Documents relate to any shares, voting rights or other rights (Relevant Interests) that are subject to a restrictions notice issued pursuant to the
Companies Act (Revised) (Companies Act) of the Cayman Islands (a Restrictions Notice).
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13 |
The Ordinary Shares shall be issued at an issue price in excess of the par value thereof.
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14 |
The draft amended and restated articles of association appended to the Registration Statement will be adopted by the Company in accordance with the Articles of Association prior to the date that any Ordinary Shares are issued by the
Company.
|
1 |
Under the Companies Act (Revised) of the Cayman Islands annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees
may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the
Cayman Islands.
|
2 |
In good standing means only that as of the date of the Good
Standing Certificate the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company’s good standing with respect to any filings or payment of fees,
or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act.
|
3 |
We are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Companies Act of the Cayman Islands and
English common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English authorities, circumstances in which a court would attribute personal liability to a shareholder are very
limited, and include: (a) such shareholder expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; (c) the company being incorporated by or at the behest of such shareholder for the
purpose of committing or furthering such shareholder’s fraud, or for a sham transaction otherwise carried out by such shareholder. In the absence of these circumstances, we are of the opinion that a Cayman Islands’ court would have no
grounds to set aside the limited liability of a shareholder.
|
4 |
In this opinion letter, the phrase “non-assessable” means, with respect to the Ordinary Shares in the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on
the Ordinary Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be
prepared to pierce or lift the corporate veil).
|
5 |
Our examination of the Register of Writs cannot conclusively reveal whether or not there is:
|
|
(a) |
any current or pending litigation in the Cayman Islands against the Company; or
|
|
(b) |
any application for the winding up or dissolution of the Company or the appointment of any liquidator or trustee in bankruptcy in respect of the Company or any of its assets,
|
Principal Amount: up to $300,000
(as set forth on the Schedule of Borrowings attached hereto)
|
Dated as of April 9, 2021
|
INFINITE ACQUISITION CORP.
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||
a Cayman Islands exempted company
|
||
By:
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/s/ Georg Krause Vilmar
|
|
Name: Georg Krause Vilmar
|
||
Title: Director
|
Date of Increase or Decrease
|
Amount of decrease in Principal Amount of this Promissory Note
|
Amount of increase in Principal Amount of this Promissory Note
|
Principal Amount of this Promissory Note following such decrease or increase
|
|||||||||||
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|
|
Very truly yours,
|
||
Infinite Acquisition Corp.
|
||
By:
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/s/ Georg Krause Vilmar
|
|
Name: Georg Krause Vilmar
|
||
Title: Director
|
Infinite Sponsor, LLC
|
||
By:
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/s/ Georg Krause Vilmar
|
|
Name: Georg Krause Vilmar
|
||
Title: Secretary
|
By: |
/s/ Anré Williams
|
|
Name: Anré Williams
|
By: | /s/ Sam Lessin |
|
Name: Sam Lessin
|
|
By: | /s/ Annastasia Skilakos (Seebohm) |
|
Name: Annastasia Skilakos (Seebohm) |
|
November 2, 2021
|
||
By:
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/s/ Stacey Bendet
|
|
Name: Stacey Bendet
|