Founder Share definition
Examples of Founder Share in a sentence
On March 22, 2021, the Company issued a dividend of 0.2 Founder Shares for every issued and outstanding Founder Share resulting in the Sponsor holding 5,187,500 Founder Shares.
The Company, the holders of the Founder Share and the holders of the EBC Founder Shares have entered into a registration rights agreement (“Registration Rights Agreement”) substantially in the form annexed as an exhibit to the Registration Statement, whereby such parties will be entitled to certain registration rights with respect to their securities, as set forth in such Registration Rights Agreement and described more fully in the Registration Statement.
The Parties intend that the Founder Share Conversion will be treated as a tax-free recapitalization under Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended.
Following the Founder Share Conversion, all Class B Shares held by the Purchaser shall be cancelled and cease to be outstanding.
Immediately prior to the closing of Subscriber’s purchase of the Founder Shares contemplated by Section 1(d) hereof, the SPAC shall repurchase from the Sponsor a number of Founder Shares equal to the number of Founder Shares to be purchased by Subscriber at a repurchase price per Founder Share equal to the purchase price paid by the Sponsor (or an affiliate of the Sponsor) to initially purchase such repurchased Founder Shares.