Warrant Purchase Agreement between Arthur Spector and EarlyBirdCapital, Inc. for Millstream Acquisition Corporation

Contract Categories: Business Finance › Warrant Agreements
Summary

This agreement confirms that Arthur Spector will purchase up to 1,000,000 warrants of Millstream Acquisition Corporation through EarlyBirdCapital, Inc. at market prices not exceeding $0.65 per warrant. The purchase will occur during the ten-day period starting when the company's shares and warrants become separately tradeable after its IPO. Spector may designate an affiliate or another party to make the purchase, but he remains responsible for payment if they do not pay. The agreement outlines the process and timing for these warrant purchases.

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EX-10.10 9 a2113748zex-10_10.htm EXHIBIT 10.10

Exhibit 10.10

July    , 2003

EarlyBirdCapital, Inc.
600 Third Avenue
33rd Floor
New York, New York 10016

    Re:
    Millstream Acquisition Corporation

Gentlemen:

        This letter will confirm the agreement of the undersigned to purchase warrants ("Warrants") of Millstream Acquisition Corporation ("Company") included in the units ("Units") being sold in the Company's initial public offering ("IPO") upon the terms and conditions set forth herein. Each Unit is comprised of one share of Common Stock and two Warrants. The shares of Common Stock and Warrants will not be separately tradeable until 90 days after the effective date of the Company's IPO unless EarlyBirdCapital, Inc. ("EBC") informs the Company of its decision to allow earlier separate trading ("Separation Date").

        The undersigned agrees that this letter agreement constitutes an irrevocable order for EBC to purchase for his account during the ten-day period commencing on the Separation Date up to 1,000,000 Warrants at market prices not to exceed $0.65 per Warrant ("Maximum Warrant Purchase"). EBC agrees to fill such order in such amounts and at such times as it may determine, in its sole discretion, during the ten-day period commencing on the Separation Date. The undersigned may notify EBC that all or part of his Maximum Warrant Purchase will be made by an affiliate of the undersigned (or another person or entity introduced to EBC by the undersigned (a "Designee")) who (or which) has an account at EBC and, in such event, EBC will make such purchase on behalf of said affiliate or Designee; provided, however, that the undersigned hereby agrees to make payment of the purchase price of such purchase in the event that the affiliate or Designee fails to make such payment.

    Very truly yours,

 
 
 

 
 
Arthur Spector