SPAC Units. Immediately prior to the SPAC Merger Effective Time, each SPAC Unit issued and outstanding immediately prior to the SPAC Merger Effective Time, that has not been forfeited in accordance with the Sponsor Support Agreement, shall be automatically detached and the holder thereof shall be deemed to hold one SPAC Class A Ordinary Share and one SPAC Right in accordance with the terms of the applicable SPAC Unit (the “Unit Separation”). The underlying SPAC Class A Ordinary Shares and SPAC Right held or deemed to be held following the Unit Separation shall be converted in accordance with the applicable terms of this Section 2.9.
Appears in 3 contracts
Sources: Business Combination Agreement (Mountain Lake Acquisition Corp.), Business Combination Agreement (Mountain Lake Acquisition Corp.), Business Combination Agreement (Mountain Lake Acquisition Corp.)