Sponsor buys 250,000 units in Social Commerce Partners Corp (SCPQU)
Rhea-AI Filing Summary
Social Commerce Partners Corp reported an insider-related purchase of private units through its sponsor, Social Commerce Acquisition Partners, LLC. The sponsor bought 250,000 private units, each at $10.00, for an aggregate of $2,500,000. Each private unit consists of one Class A ordinary share and one-half of one warrant, resulting in 250,000 Class A shares and 125,000 warrants.
Each whole warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The warrants become exercisable 30 days after completion of the company’s initial business combination and expire five years after that business combination, or earlier upon redemption or liquidation. The Form 4 is filed by Chief Executive Officer Stuart Johnson as managing member of the sponsor, who has voting and dispositive power but disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
FAQ
What insider-related transaction did Social Commerce Partners Corp (SCPQU) report?
The company reported that its sponsor, Social Commerce Acquisition Partners, LLC, purchased 250,000 private units of Social Commerce Partners Corp in a private placement.
How much did the sponsor pay for the Social Commerce Partners Corp private units?
The sponsor purchased 250,000 private units at $10.00 per unit, for an aggregate purchase price of $2,500,000 under a Private Placement Units Purchase Agreement dated December 22, 2024.
What does each private unit of Social Commerce Partners Corp (SCPQU) include?
Each private unit consists of one Class A ordinary share and one-half of one warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share, subject to adjustment.
When do the warrants from the Social Commerce Partners Corp private units become exercisable and when do they expire?
The warrants included in the private units become exercisable 30 days after completion of the issuer's initial business combination and expire five years after that business combination, or earlier upon redemption or the issuer’s liquidation.
How many underlying securities are associated with this Social Commerce Partners Corp Form 4 filing?
The transaction reflects 250,000 Class A ordinary shares and 125,000 warrants to purchase Class A ordinary shares, held indirectly through the sponsor entity.
What is Chief Executive Officer Stuart Johnson’s role in this Social Commerce Partners Corp transaction?
Stuart Johnson, the company’s Chief Executive Officer and a director, is the managing member of the sponsor and has voting and dispositive power over the securities held by the sponsor. He disclaims beneficial ownership of those securities, except to the extent of his pecuniary interest.