Initial Business Combination definition
Examples of Initial Business Combination in a sentence
The Sponsor acknowledges that, pursuant to the Non-Redemption Agreements, the Prior Sponsor agreed to transfer an aggregate of 443,577 Class A Shares to the non-redemption investors upon the consummation of an Initial Business Combination in consideration for such investors agreeing not to redeem their shares in connection with a vote to amend the SPAC’s Organizational Documents.
From and after the Closing, Acquiror shall be responsible for all liabilities of the SPAC, including the orderly liquidation and dissolution of the SPAC if it is unable to consummate an Initial Business Combination.
If the unpaid invoices set forth on Exhibit B are not paid by Sponsor within 30 days of the consummation of the Initial Business Combination, the SPAC shall deliver the Irrevocable Instructions to Continental to cancel the Retained Shares.
The Sponsor shall also give Acquiror a POA to vote the Retained Shares in connection with an Initial Business Combination or extension of time to consummate such an Initial Business Combination.
Except as set forth on Schedule 5.7, there are no obligations for the SPAC to transfer any securities or pay anyone fees in connection with the consummation of an Initial Business Combination.