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This is how analysts actually work on SpacDesk: scan the live signals on a deal, then drop into the exact SEC filing line each one was pulled from — with the structured meaning, source, and confidence beside it.
The Forfeiture Escrow Shares will be held in escrow for five years after the Closing (such period, the "Escrow Period"), at which time, if not earned and released to the Rumble Shareholders in accordance with the terms of the Business Combination Agreement, such Forfeiture Escrow Shares will be released to the Combined Entity for cancellation. The Forfeiture Escrow Shares will be earned and released to the Rumble Shareholders upon the closing price of the Class A Common Stock equaling or exceeding targets of $15.00 and $17.50, respectively (with 50% released at each target, or if the latter target is reached first, 100%) for a period of 20 trading days during any 30 trading-day period during the Escrow Period (the "Earnout Terms").
50% of such Sponsor Earnout Shares becoming vested and no longer subject to forfeiture in the event the last reported sale price of Class A Common Stock exceeds $15.00 per share (adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), for any 20 trading days within any 30 trading-day period commencing on the Closing and expiring five (5) years after the Closing, and the other 50% of such Sponsor Earnout Shares becoming vested with a $17.50 earnout target, rather than a $15.00 earnout target, but otherwise on the same terms.
For illustrative purposes, based on funds in the Trust Account of approximately $300.3 million on June 30, 2022, the estimated per share redemption price would have been approximately $10.01. CF VI public stockholders are not required to affirmatively vote for or against the Business Combination in order to redeem their shares of CF VI Class A Common Stock for cash.
CF&Co., an affiliate of CF VI, is entitled to a business combination marketing fee of $10,500,000 upon the consummation of CF VI's initial business combination, which is being held in the Trust Account until the consummation of CF VI's initial business combination. Such amount will not be adjusted to account for redemptions of CF VI Public Shares.
In February 2021, we closed the IPO for the sale of an aggregate of 30,000,000 CF VI Units at a price of $10.00 per CF VI Unit, each CF VI Unit consisting of one share of CF VI Class A Common Stock and one-fourth of a CF VI Public Warrant, each whole CF VI Public Warrant permitting the holders thereof to purchase one share of CF VI Class A Common Stock for $11.50 per share, yielding gross proceeds of $300,000,000.
"Founder Shares" means the 7,500,000 shares of CF VI Class B Common Stock owned by the Sponsor and the two independent directors of CF VI that own shares of CF VI Class B Common Stock (including any shares of Class A Common Stock issued upon conversion of such shares).
Class C Common Stock to be issued to Mr. Pavlovski at Closing, 85% of the voting power of the Combined Entity on a fully-diluted basis.
At least 95% of the shares of Common Stock issued to Rumble Shareholders will be subject to a 12-month lock-up and the shares of Class A Common Stock held by the Sponsor immediately upon Closing (other than 1,500,000 of the Forward Purchase Shares and the PIPE Shares purchased by the Sponsor) will be subject to a 12-month lock-up (in each case subject to early release as described herein).
"Lock-Up Period" shall mean from the date hereof and ending on the earlier of (A) the one (1) year anniversary of the date of the Closing, (B) the date on which the closing price of the shares of Common Stock on the stock exchange on which the shares of Common Stock is listed equals or exceeds $15.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing.
"Sponsor" means CFAC Holdings VI, LLC, a Delaware limited liability company. "Sponsor Related Parties" means the Sponsor, and certain officers and employees of Cantor and its affiliates (and family members of such persons) who are participating in the PIPE Investment.
Submit a request in writing that we redeem your CF VI Public Shares for cash to Continental Stock Transfer & Trust Company, our transfer agent.
WithumSmith+Brown, PC, our independent registered public accounting firm, and the underwriters of the IPO, did not execute agreements with us waiving such claims to the monies held in the Trust Account.
If CF VI is unable to complete the Business Combination or another initial business combination transaction by February 23, 2023 (or a later date approved by CF VI Stockholders pursuant to the CF VI Charter), CF VI will be required to dissolve and liquidate the Trust Account by returning the then remaining funds in such account to its public stockholders in accordance with the CF VI Charter, subject to payment of CF VI's tax obligations and up to $100,000 of dissolution expenses.
- Trigger
- $15.00
- Release
- 50% of Forfeiture Escrow Shares
- Measurement
- 20 of 30 trading days
- Beneficiary
- Rumble shareholders
- Source filing
- 0001213900-22-045888
- Confidence
- Reported
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