Common use of Cancellation of Shares of Common Stock Clause in Contracts

Cancellation of Shares of Common Stock. In the event the Over-allotment Option is not exercised in full, the Company shall immediately cancel on the earlier of (i) the 46th day following the Effective Date or (ii) the date the Underwriters exercise the Over-allotment Option for less than the full number of Option Units (and notify the Company that they will not exercise the Over-allotment Option with respect to any other Option Units), a number of the shares of Common Stock held by the Insiders immediately prior to the Closing (up to an aggregate of 225,000 shares of Common Stock) such that immediately following the cancellation of such shares of Common Stock, the Insiders shall own a number of shares of Common Stock (not including shares of Common Stock issuable upon exercise of the Insider Warrants or any shares purchased by the Insiders in the offering contemplated hereby or in the public market after the offering contemplated hereby) equal to 20% of the outstanding shares of Common Stock of the Company immediately following the Closing.

Cancellation of Shares of Common Stock. In the event the Over-allotment Option is not exercised in full, the Company shall immediately cancel on the earlier of (i) the 46th day following the Effective Date or (ii) the date the Underwriters exercise the Over-allotment Option for less than the full number of Option Units (and notify the Company that they will not exercise the Over-allotment Option with respect to any other Option Units), a number of the shares of Common Stock held by the Insiders immediately prior to the Closing (up to an aggregate of 225,000 180,000 shares of Common Stock) such that immediately following the cancellation of such shares of Common Stock, the Insiders shall own a number of shares of Common Stock (not including shares of Common Stock issuable upon exercise of the Insider Warrants or any shares purchased by the Insiders in the offering contemplated hereby or in the public market after the offering contemplated hereby) equal to 20% of the outstanding shares of Common Stock of the Company immediately following the Closing.

Cancellation of Shares of Common Stock. In the event the Over-allotment Option is not exercised in full, the Company shall immediately cancel on the earlier of (i) the 46th day following the Effective Date or (ii) the date the Underwriters exercise the Over-allotment Option for less than the full number of Option Units (and notify the Company that they will not exercise the Over-allotment Option with respect to any other Option Units), a number of the shares of Common Stock held by the Insiders Sponsor immediately prior to the Closing (up to an aggregate of 225,000 1,687,500 shares of Common Stock) such that immediately following the cancellation of such shares of Common Stock, the Insiders Sponsor shall own a number of shares of Common Stock (not including shares of Common Stock issuable upon exercise of the Insider Placement Warrants and the Sponsor Warrants or any shares purchased by the Insiders Sponsor in the offering contemplated hereby or in the public market after the offering contemplated hereby) equal to 20% of the outstanding shares of Common Stock of the Company immediately following the Closing.

Cancellation of Shares of Common Stock. In the event the Over-allotment Option is not exercised in full, the Company shall immediately cancel on the earlier of (i) the 46th day following the Effective Date or (ii) the date the Underwriters exercise the Over-allotment Option for less than the full number of Option Units (and notify the Company that they will not exercise the Over-allotment Option with respect to any other Option Units), a number of the shares of Common Stock held by the Insiders immediately prior to the Closing (up to an aggregate of 225,000 41,250 shares of Common Stock) such that immediately following the cancellation of such shares of Common Stock, the Insiders shall own a number of shares of Common Stock (not including shares of Common Stock issuable upon exercise of the Insider Placement Warrants or any shares purchased by the Insiders in the offering contemplated hereby or in the public market after the offering contemplated hereby) equal to 20% of the outstanding shares of Common Stock of the Company immediately following the Closing.