Sponsor of Silicon Valley Acquisition (SVAQU) forfeits 499,950 Class B shares
Rhea-AI Filing Summary
Silicon Valley Acquisition Sponsor LLC, the sponsor of Silicon Valley Acquisition Corp., forfeited 499,950 Class B ordinary shares to the company at no cost. This forfeiture was tied to the expiration of the remaining portion of the underwriters' over-allotment option described in the registration statement.
After this transaction, the sponsor is shown as holding 7,165,950 Class B ordinary shares. These Class B shares will automatically convert into Class A ordinary shares at the time of the company’s initial business combination, or earlier at the holder’s option, on a one-for-one basis subject to adjustments. Dan Nash, as managing member of the sponsor, may be deemed to beneficially own these securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class B ordinary shares | 499,950 | $0.00 | -- |
Footnotes (1)
- As described in the Issuer's registration statement on Form S-1 (File No. 333-290366) (the "Registration Statement") under the heading "Description of Securities", the Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments described therein and have no expiration date. 499,950 Class B ordinary shares were forfeited to the Issuer by Silicon Valley Acquisition Sponsor LLC (the "Sponsor") at no cost, in connection with the expiration of the remaining portion of the underwriters' over-allotment option as described in the Registration Statement. The Sponsor is the record holder of such securities. Dan Nash is the managing member of the Sponsor, and as such, has voting and investment discretion with respect to, and may be deemed to have beneficial ownership of, the securities held by the Sponsor. Mr. Nash disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.