Purchase Option Clause Example from Business Contracts

Purchase Option. THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of Chardan Capital Markets, LLC (the "Holder"), as registered owner of this Unit Purchase Option (this "Purchase Option"), to Aquaron Acquisition Corp. (the "Company"), Holder is entitled, at any time or from time to time upon the consummation by the Company of a Business Combination (the "Commencement Date"), until, at or before 5:00 p.m., New York City local time, on the earlier of the five year anniversary of the effec...tive date of the Registration Statement (as defined below) and the day immediately prior to the day on which the Company and all of its successors have been dissolved, but not thereafter (the "Expiration Date"), as described in the Company's registration statement (the "Registration Statement") pursuant to which Units (as defined below) are offered for sale to the public in the Company's initial public offering (the "Offering"), to subscribe for, purchase and receive, in whole or in part, up to Ninety Thousand (90,000) units ("Units") of the Company (or up to 103,500 if the over-allotment is exercised in full), each Unit consisting of one (1) share of one common stock, par value $0.0001 per share, of the Company ("Share(s)") and one (1) right to receive one-fifth (1/5) of a Share upon the consummation of a Business Combination ("Right(s)"). Each Right has the same terms as the rights included in the units being registered for sale to the public by way of the Registration Statement ("Public Rights"). Notwithstanding anything to the contrary, the original Holder of this Purchase Option agrees that it will not be permitted to exercise this Purchase Option after the five-year anniversary of the commencement of sales of the Offering. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Option. This Purchase Option is initially exercisable at $11.50 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and Shares and Rights) to be received upon such exercise, shall be adjusted as therein specified. The term "Exercise Price" shall mean the initial exercise price or the adjusted exercise price, depending on the context. View More