Evolution Metals & Technologies Corp. officer details 2.23M-share indirect stake
Rhea-AI Filing Summary
Evolution Metals & Technologies Corp. insider Christopher Clower filed an initial statement of beneficial ownership as an officer serving as CFO and Chief Operating Officer. The filing reports indirect beneficial ownership of 2,227,417 shares of common stock, held through Welsbach Acquisition Holdings LLC, identified as the Sponsor.
The explanation states this amount represents 1,931,922 Founder Shares initially held by the Sponsor, reduced by 91,764 Founder Shares transferred to certain officers, directors, and advisors, plus 352,054 shares underlying private units purchased by the Sponsor, and 35,205 shares underlying the conversion of private rights that automatically convert at business combination closing. The Founder Shares are described as identical to public stock except they do not have redemption rights. Mr. Clower may be deemed to share beneficial ownership through his role as a managing member of the Sponsor but disclaims ownership beyond his pecuniary interest.
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FAQ
What did Evolution Metals & Technologies Corp. disclose about Christopher Clower’s shareholdings?
The company disclosed that officer Christopher Clower, who serves as CFO and Chief Operating Officer, has indirect beneficial ownership of 2,227,417 shares of common stock through Welsbach Acquisition Holdings LLC, the Sponsor.
How many Evolution Metals & Technologies common shares are indirectly held through the Sponsor?
Welsbach Acquisition Holdings LLC, identified as the Sponsor, is the record holder of 2,227,417 shares of common stock reported as indirectly beneficially owned by Christopher Clower.
What is the breakdown of the 2,227,417 Evolution Metals & Technologies shares reported?
The 2,227,417 shares consist of 1,931,922 Founder Shares initially held by the Sponsor, minus 91,764 Founder Shares transferred to certain officers, directors, and advisors, plus 352,054 shares underlying private units, and 35,205 shares underlying the conversion of private rights.
How are Founder Shares different from public stock at Evolution Metals & Technologies Corp.?
The filing states that the Founder Shares are identical to the public stock in all respects, except that the Founder Shares do not have Redemption Rights.
Does Christopher Clower claim full beneficial ownership of the Sponsor’s shares?
No. While Christopher Clower may be deemed to have shared beneficial ownership of the shares held by the Sponsor due to his role as a managing member, he disclaims beneficial ownership of the common stock held by the Sponsor other than to the extent of his pecuniary interest in such shares.
What is Christopher Clower’s relationship to Welsbach Acquisition Holdings LLC?
Welsbach Acquisition Holdings LLC is identified as the Sponsor and record holder of the reported securities. Christopher Clower is described as one of the managing members of the Sponsor, alongside Daniel Mamadou.