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PRIVATE PLACEMENT
5 Months Ended
Jun. 30, 2021
PRIVATE PLACEMENT  
NOTE 4: PRIVATE PLACEMENT

NOTE 4: PRIVATE PLACEMENT

 

Simultaneously with the closing of Initial Public Offering, the Sponsor purchased an aggregate of 3,800,000 Placement Units (or 4,100,000 Placement Units if the underwriters’ over-allotment is exercised in full) at a price of $1.00 per Placement Unit for $3,800,000 in the aggregate. The Sponsor have agreed to purchase an additional aggregate amount of 300,000 Private Units, for $300,000 in the aggregate if the underwriters’ over-allotment is exercised in full. The proceeds from the sale of the Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. The Placement Units are identical to the Units sold in the Initial Public Offering, except for the placement warrants (“Placement Warrants”), as described in Note 5. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants and the rights underlying the Placement Units (“Private Rights”) will expire worthless.

 

On April 1, 2021, simultaneously with the sale and issuance of the Over-Allotment Units, the Company consummated the sale of an additional 101,621 Private Placement Warrants (the “Over-Allotment Private Placement Warrants” and, together with the Private Placement Warrants, the “Private Placements”, generating gross proceeds of $101,621. The Over-Allotment Private Placement Warrants were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transaction did not involve a public offering.