Common use of SPAC Common Stock Clause in Contracts

SPAC Common Stock. At the Arrangement Effective Time, concurrently with the Arrangement and conditioned on the consummation of the Arrangement and the other Transactions and without any action on the part of either party hereto or the holders of SPAC Capital Stock, each share of SPAC Common Stock shall automatically convert into SPAC Class A Common Stock in accordance with the SPAC Charter Upon Conversion. Each share of SPAC Class A Common Stock that is issued and outstanding immediately prior to the Arrangement Effective Time shall remain issued and outstanding in accordance with the terms of the New SPAC Governing Documents.