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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 23, 2024
CACTUS ACQUISITION CORP. 1 LIMITED
(Exact Name of Registrant as Specified in its Charter)
Cayman Islands |
|
001-40981 |
|
N/A |
(State or other jurisdiction |
|
(Commission File Number) |
|
(I.R.S. Employer |
of incorporation) |
|
|
|
Identification No.) |
4B Cedar Brook Drive |
|
|
Cranbury, New Jersey |
|
08512 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(609) 495-2222
Registrant’s telephone number, including
area code
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Units, each consisting of one Class A ordinary share and one-half redeemable warrant |
|
CCTSU |
|
The Nasdaq Stock Market LLC |
Class A ordinary shares, par value $0.0001 per share |
|
CCTS |
|
The Nasdaq Stock Market LLC |
Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
CCTSW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive
Agreement
Sponsor Alliance
On February 9, 2024, Cactus
Acquisition Corp. 1 Limited (the “Company”) entered into a sponsor securities purchase agreement (the “Purchase
Agreement”) with the Company’s sponsor, Cactus Healthcare Management, L.P. (the
“Sponsor”) and EVGI Limited (the “Purchaser”),
pursuant to which, on February 23, 2024, the Sponsor transferred to the Purchaser (a) an aggregate of 2,530,000 founders’ shares
(“Founders’ Shares”), consisting of 2,529,999 Class A ordinary shares, par value $0.0001 of the Company (“Class
A ordinary shares”) and one Class B ordinary share, par value $0.0001, of the Company (“Class B ordinary share”),
and (b) 3,893,334 private placement warrants (“Private Warrants”) that had been purchased by the Sponsor concurrently
with the Company’s initial public offering in November 2021 (the “IPO”) (collectively, the “Transferred
Securities”). The Transferred Securities collectively constituted 80% of the securities of the Company owned by the Sponsor
prior to the transaction. The Sponsor has retained 632,501 Founders’ Shares and 973,333 Private Warrants. The transfer of Founders’
Shares and Private Warrants to the Purchaser pursuant to the Purchase Agreement is referred to as the “Transfer.” The
Transfer, all agreements executed in connection with the Transfer (including the transactions contemplated therein) and the Management
Change (as defined below) are referred to as the “Sponsor Alliance.”
In connection with the
Sponsor Alliance, the Company, the Sponsor and the Purchaser entered into a joinder agreement (the “Registration Rights Joinder
Agreement”) to the registration rights agreement, dated November 2, 2021, by and among the Company, the Sponsor and any other
holders of the Company’s securities who become party thereto from time to time (the “Registration Rights Agreement”)
whereby (i) the Sponsor assigned its rights under the Registration Rights Agreement with respect to the Transferred Securities to the
Purchaser, and (ii) the Purchaser became party to the Registration Rights Agreement. Also in connection with the Transfer, the Company
waived the transfer restrictions applicable to the Transferred Securities under the letter agreement, dated October 28, 2021 (the “Letter
Agreement”), by and among the Company, the Sponsor and the original officers and directors of the Company, in order to allow
for the Transfer by the Sponsor to the Purchaser of the Founders’ Shares and Private Warrants (the “Letter Agreement Waiver”).
In addition, in connection with the closing of the Transfer, the Company obtained a waiver from the representatives of the underwriters
of the Company’s IPO, with respect to the underwriters’ respective entitlement to the payment of any deferred underwriting
commissions under the terms of the Underwriting Agreement, dated October 28, 2021, by and between the Company and the underwriters of
the IPO (the “Deferred Underwriting Fee Waiver”).
As part of the closing
of the Sponsor Alliance on February 23, 2024, the Company introduced a change in management (the “Management Change”)
and the board of directors of the Company (“Board”) as follows: (i) Ofer Gonen resigned as Chief Executive Officer,
effective upon the closing; (ii) Stephen T. Wills tendered his resignation as Chief Financial Officer, effective upon the closing; and
(iii) Nachum (Homi) Shamir, Chairman of the Board, and Dr. Hadar Ron, a director, resigned as members of the Board, effective upon the
closing. Also effective as of the closing on February 23, 2024, Emmanuel Meyer, Joep Thomassen and Huiyan Geng (collectively, the “New
Directors”) were appointed to the Board by the Purchaser, as the holder of the sole outstanding Class B ordinary share. In addition,
each of Dr. David Sidransky, Dr. David J. Shulkin and Mr. Gonen has tendered his resignation as a director, to be effective upon the expiration
of all applicable waiting periods under Section 14(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and Rule 14f-1 thereunder. They are expected to be replaced on the Board at that time by designees of the Purchaser.
On February 23, 2024, the parties completed the
closing of the Sponsor Alliance after all closing conditions were met, including but not limited to: (i) the surrender by the Sponsor
to the Company for cancelation of the promissory notes issued by the Company to the Sponsor, consisting of promissory notes (x) dated
March 16, 2022, in a principal amount of $450,000, (y) dated November 8, 2023, in a principal amount of $120,000, and (z) dated January
30, 2023, in a principal amount of $330,000, as evidenced by a note termination agreement, dated February 15, 2024, by and between the
Company and the Sponsor (the “Note Termination Agreement”); (ii) the Company’s having obtained the Deferred Underwriting
Fee Waiver; and (iii) the termination of the Administrative Support Services Agreement, dated as of May 21, 2021, by and between the Company
and the Sponsor (the “Administrative Services Agreement Termination”).
The foregoing descriptions
of the Purchase Agreement, the Registration Rights Joinder Agreement, the Letter Agreement Waiver, the Deferred Underwriting Fee Waiver,
the Note Termination Agreement and the Administrative Services Agreement Termination do not purport to be complete, and are qualified
in their entirety by reference to the full text of the applicable documents, which are incorporated by reference herein and filed herewith
as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5 and 10.6, respectively.
Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.
Resignation of Officers and Directors
On February 23, 2024,
effective immediately upon the closing of the Transfer, the following officers submitted the resignation of their respective offices:
Ofer Gonen as Chief Executive Officer, and Stephen T. Wills as Chief Financial Officer.
Also on February 23,
2024, each of Nachum (Homi) Shamir, Chairman of the Board, and Dr. Hadar Ron, a director, resigned as members of the Board, effective
upon the closing of the Transfer. Each such resigning Board member informed the Company that he or she was resigning from his or her role
to pursue other opportunities. There were no disagreements between the Company and any such resigning director on any matter related to
the Company’s operations, policies or practices.
Appointment of New Directors
On February 20, 2024,
effective immediately upon the closing of the Transfer, each of the New Directors was appointed to the Board by the Purchaser, as the
holder of the sole outstanding Class B ordinary share. The New Directors are expected to serve on the following committees of the Board:
Emmanuel Meyer: audit
committee and compensation committee
Huiyan Geng: audit committee
Joep Thomassen: compensation
committee
As with all current directors of the Company, the
New Directors, as well, will not be party to or participate in any material compensatory plan, contract or arrangement (whether or not
written) of the Company. Furthermore, none of the New Directors has had a direct or indirect material interest in any transaction with
the Company since the beginning of 2023, or in any currently proposed transaction, that is required
to be disclosed under Item 404(a) of Regulation S-K of the U.S Securities and Exchange Commission.
Biographical information concerning the New Directors
is provided below:
Emmanuel Meyer has over 20 years
of experience in infrastructure investment and project management. He is currently Managing Director of PowerTree, an independent power
producer in the renewable energy industry. He assisted VivoPower Plc, Magnetar Solar and Conergy AG in M&A transactions and debt capital
solutions, with a focus on energy and infrastructure investments in Latin America, Europe and the Middle East. He has also overseen the
build-up of the American-backed renewable energy development company. Dr. Meyer earned an MSc in Finance from Bocconi University, Milan.
Helen Geng has over 10 years of experience in senior
accounting roles. Ms. Geng serves as Finance Director of PowerTree. Prior to joining PowerTree, she was the head of European Project Finance
in ReneSola Ltd., managing financial activities across the UK and solar farm projects. Prior to ReneSola Ltd., she worked as financial
controller at the Ivis Group, overseeing the financial activities across the UK, Malaysia and China. Ms. Geng holds a Masters in Science
with a Major in Accounting from the Leeds Beckett University in the U.K. and is an accredited certified accountant.
Joep Thomassen has
over 20 years of experience in managing team growth and internationalization. He currently serves as Technical Director at PowerTree.
Prior to joining PowerTree, Mr. Thomassen was with Leclanché, where he led the Distributed Power Generation business. Before that,
he worked at Nedap, NXP and Philips and gained exposure to the semiconductors and energy systems markets. Mr. Thomassen holds a BSc in
Computer Sciences from the College of Advanced Technology (HTS) in Ontario, Canada.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits:
Exhibit No. |
|
Description |
10.1 |
|
Sponsor Securities Purchase Agreement, dated February 9, 2024, by and among the Company, the Sponsor and Purchaser |
|
|
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10.2 |
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Notice of Assignment of Rights Under, and Joinder, dated February 15, 2024, by and among the Company, the Sponsor and the Purchaser, with respect to the Registration Rights Agreement, dated November 2, 2021 |
|
|
10.3 |
|
Waiver, dated February 15, 2024, granted by the Company to the Sponsor under the Letter Agreement dated October 28, 2021 |
|
|
|
10.4 |
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Deferred Underwriting Fee Waiver granted by underwriter of the Company’s initial public offering |
|
|
10.5 |
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Note Termination Agreement, dated February 15, 2024, by and between the Company and the Sponsor |
|
|
|
10.6 |
|
Termination of Administrative Support Services Agreement, dated February 15, 2024, by and between the Company and the Sponsor |
|
|
104 |
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CACTUS ACQUISITION
CORP. 1 LIMITED |
|
|
|
By: |
/s/ Stephen T. Wills |
|
Name: |
Stephen T. Wills |
|
Title: |
Chief Financial Officer |
|
Date: February 23, 2024
3
Exhibit 10.1
SPONSOR SECURITIES PURCHASE AGREEMENT
This Sponsor Securities Purchase
Agreement (this “Agreement”), dated as of February 9, 2024 is entered into between EVGI Limited (the “Buyer”),
Cactus Acquisition Corp. 1 Ltd., a Cayman Islands exempted company and a special purpose acquisition company (the “SPAC”),
and Cactus Healthcare Management LP, a Delaware limited partnership (the “Sponsor”).
RECITALS
WHEREAS, the SPAC, a
Cayman Islands exempted company incorporated on April 19, 2021, consummated an initial public offering of its units (“IPO”)
on November 2, 2021, generating gross proceeds of $126,500,000;
WHEREAS, the Class A
ordinary shares (“Class A Ordinary Shares”), warrants and units of the SPAC are listed on The Nasdaq Stock Market LLC
(“Nasdaq”) under the trading symbols “CCTS”, “CCTSW” and “CCTSU” respectively;
WHEREAS, Sponsor is
the sponsor of the SPAC, and as of the date hereof, holds (a) 4,866,667 private placement warrants to purchase Class A Ordinary Share
of the SPAC (the “Private Placement Warrants”), (b) 3,162,499 Class A Ordinary Shares (excluding Assigned Interests,
as defined below) (which are founders shares that were converted from Class B Ordinary Shares (as defined below) and are subject
to certain transfer restrictions and reduced economic rights relative to publicly-held Class A Ordinary Shares, as disclosed in the SPAC’s
SEC Filings (as defined below)) (the “Sponsor Class A Ordinary Shares”), and (c) one (1) Class B ordinary
share, par value $0.0001 per share (the “Class B Ordinary Share”);
WHEREAS, at an extraordinary
general meeting of the shareholders of the SPAC held on November 2, 2023 (the “Extraordinary Meeting”), the shareholders
approved an amendment to the amended and restated memorandum and articles of association of the SPAC (the “Charter”)
extending the date by which the SPAC must complete its initial business combination (the “Termination Date”) from November
2, 2023 (the “Existing Termination Date”) to November 2, 2024 (the “Amended Termination Date”),
or such earlier date as determined by the SPAC’s board of directors (the “Board”);
WHEREAS, the SPAC received a written notice
(the “Notice of Delisting”) from the Nasdaq Listing Qualifications Department of Nasdaq on September 8, 2023 indicating
that the SPAC is not in compliance with Nasdaq Listing Rule 5450(a)(2), which requires the SPAC to maintain at least 400 total holders
for continued listing on the Nasdaq Global Market (the “Minimum Total Holders Rule”);
WHEREAS, the SPAC has submitted a plan to
regain compliance with the Minimum Total Holders Rule. Nasdaq has accepted the SPAC’s plan, and in doing so Nasdaq granted the SPAC
an extension until March 6, 2024 to evidence compliance with the Minimum Total Holders Rule;
WHEREAS, an economic
interest in approximately 115,000 Sponsor Class A Ordinary Shares in connection with the SPAC's April 2023 shareholder meeting, plus up
to 184,900 Sponsor Class A Ordinary Shares in connection with the SPAC's November 2023 shareholder meeting, assuming that the SPAC's existence
continues for the full 12 months following the November 2023 shareholder meeting (or 15,416 Sponsor Class A Ordinary Shares per month
in connection with the November 2023 shareholder meeting), have been assigned to certain shareholders by the Sponsor in connection with
such shareholders entering into certain non-redemption agreements, with such economic interest vesting upon a consummation of a business
combination (the “Assigned Interests”); and
WHEREAS, Sponsor wishes
to sell to Buyer, and Buyer wishes to purchase from Sponsor, the Transferred Securities (as defined below), subject to the terms and conditions
set forth herein.
NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
PURCHASE AND SALE
Section 1.01 Purchase
and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined herein), Sponsor shall sell, assign,
convey and deliver to Buyer, and Buyer shall purchase and accept from Sponsor, all of Sponsor’s right, title, and interest in and
to (a) 2,529,999 Sponsor Class A Ordinary Shares, (b) 1 Class B Ordinary Share and (c) 3,893,334 Private Placement Warrants, which collectively
represents 80% of the securities of the SPAC owned by the Sponsor (the “Transferred Securities”), for the consideration
specified in Section 1.02. Such Transferred Securities shall be free and clear of any mortgage, pledge, lien, charge, security interest,
claim, or other encumbrance (“Encumbrance”) at the Closing. The remaining 20% of the securities of the SPAC owned by
the Sponsor will continue to be held by the Sponsor. The Sponsor agrees not to sell, transfer, or otherwise dispose of any or all of its
remaining 20% of the securities of the SPAC held by it to any third party in a privately-negotiated or off-market transaction, other than
the transfer of the Assigned Interests (as previously agreed by the Sponsor), a pro rata transfer to each of the partners in the Sponsor,
or any other transfer that is in accordance with applicable transfer restrictions under the letter agreement, dated October 28, 2021,
entered into by the Sponsor and the SPAC’s officers and directors with the SPAC (the “Letter Agreement”), without
first offering the Buyer the opportunity to purchase such interest on the same terms. The Buyer shall have fourteen (14) days from receipt
of written notice from the Sponsor detailing the terms of the proposed transfer to exercise this right of first refusal. For the sake
of clarity, the foregoing right of first refusal shall not apply to a market sale of securities of the SPAC by the Sponsor following the
completion of a business combination by the SPAC and the lapse of the restrictions on transfer under the Letter Agreement.
Section 1.02 Purchase
Price. The aggregate purchase price for the Transferred Securities, payable at the Closing in accordance with Section 1.04, shall
be an amount in cash equal to $1.00 (the “Closing Purchase Price”).
Section 1.03 Use of
Name. Sponsor is not conveying ownership rights or granting Buyer or any Affiliate of Buyer a license to use any of the trade
names, trademarks, service marks, logos or domain names of the Sponsor or any of its Affiliates (including the name “Cactus”
or any trade name, trademark, service mark, logo or domain name incorporating the name “Cactus”). Buyer and SPAC agree that
upon the earlier of (i) the closing of the Business Combination or (ii) the liquidation of the SPAC, neither SPAC nor Buyer
shall use, or permit any Affiliate thereof to use, in any manner the names or marks of Sponsor; provided that Sponsor acknowledges that
Buyer shall not be obligated to change or modify the name of SPAC prior to the closing of the Business Combination.
Section 1.04 Closing. Subject
to the satisfaction or waiver of the conditions set forth in ARTICLE IV, the transfer of the Transferred Securities contemplated by this
Agreement (the “Closing”) shall take place remotely on the first business day following the satisfaction of the conditions
to Closing set forth herein, or on such other date as may be fixed for Closing in writing by the parties to this Agreement (the “Closing
Date”).
Section 1.05 SPAC
Management
(a) On
or prior to the Closing Date, SPAC’s officers shall execute and deliver to Buyer resignation letters, which letters shall take effect
on the Closing Date. Upon the Closing, SPAC shall take such actions as necessary to effectuate the removal of SPAC’s existing officers
and replacement with the persons designated by Buyer.
(b) On
or prior to the Closing Date, SPAC’s directors shall execute and deliver to SPAC resignation letters, so that (i) effective as of
the Closing, each of Nachum (Homi) Shamir and Dr. Hadar Ron shall resign and be replaced by two replacement directors, as well as one
additional new director, each designated by Buyer and appointed by the remaining directors, as of the Closing (the “New Directors”),
and (ii) effective following the Closing, following the expiration of any applicable waiting periods under Section 14(f) of the Exchange
Act and Rule 14f-1 thereunder, the other remaining current directors of SPAC from prior to the Closing (i.e., Ofer Gonen, Dr. David Sidransky
and Dr. David Shulkin) shall resign and be replaced by two or more individuals who are designated by Buyer and appointed by the New Directors
to the SPAC’s board of directors and committees thereof. .
(c) Effective
as of the Closing, the SPAC will use commercially reasonable efforts to appoint new signatories selected by the Buyer to the SPAC’s
bank account(s) or have the bank accounts closed and the funds (if any) in such bank accounts transferred to an account designated by
Buyer. Pending the effectiveness of the appointment or designation, the existing signatories shall act solely in accordance with written
instructions provided by the Buyer.
(d) Insider
Letter. At the Closing, the Buyer and SPAC shall enter into a joinder to the letter agreement entered into by the Sponsor with SPAC upon
the closing of the IPO (the “Insider Letter”).
Section 1.06 Other
Covenants of Buyer, SPAC and Sponsor
(a) Waiver
of Deferred Underwriting Fees. On or prior to the Closing Date, SPAC shall deliver to Buyer a full and unconditional waiver by Moelis
& Company LLC and Oppenheimer & CO. Inc (the “Underwriters”) of the deferred underwriting fees which would
be owed to the Underwriters upon consummation of a Business Combination pursuant to that certain Underwriting Agreement, dated as of October
28, 2021, between SPAC and the Underwriters (the “Underwriting Agreement”).
(b) Delivery
of Records. On the Closing Date, SPAC shall deliver to Buyer all (if any) of SPAC’s organizational documents, minute and stock
record books and the corporate seal, books of account, general, financial, tax and personnel records, invoices, shipping records, supplier
lists, correspondence and other documents, records and files and computer software and programs to a location designated by Buyer. Sponsor
shall not retain copies of the foregoing, except for archiving and legal recordkeeping purposes in accordance with prior practice or as
required by law.
(c) Post-Closing
Invoices. If the Sponsor shall receive any invoice addressed to the SPAC following the Closing and for a period of three months thereafter,
the Sponsor shall give notice of such receipt to Buyer within ten (10) days thereafter.
(d) Registration
Rights. The Buyer and SPAC shall cause the post-Business Combination company to ensure that the securities of the SPAC held
by the Sponsor receive the same registration and other rights and contain the same lockup and other restrictions as the Transferred Securities
purchased by the Buyer hereunder.
(e) Form
10-K. SPAC shall prepare the SPAC’s Form 10-K for the period ended December 31, 2023 (the “2023 Annual Report
Form 10-K”) and provide the Buyer with a draft as promptly as practicable, but in no event later than February 22, 2024.
Buyer shall be responsible for the legal and accounting fees related to the preparation of the initial
draft of the 2023 Annual Report Form 10-K, as included in the Covered Expenses.
Section
1.07 Indemnification by SPAC All rights to exculpation or indemnification for acts or omissions occurring through the date hereof
now existing in favor of any of the officers and directors of SPAC prior to the consummation of the Business Combination as provided in
the Memorandum and Articles of Association will survive the execution of this Agreement and the Closing and will continue in full force
and effect in accordance with their terms and will not be amended by SPAC to eliminate or reduce such rights except to the extent required
by law. To the extent that the officers or directors of the SPAC obtain any additional indemnification protection in the Business Combination
Agreement or any ancillary agreement related thereto, all former officers and directors of the SPAC shall be included in such provisions
and shall receive identical indemnification protection.
Section 1.08 Buyer Liability
for Expenses. The Covered Expenses (as defined below) shall be the responsibility of the Buyer after the Closing. Without derogating
from the foregoing, all liabilities incurred by SPAC following the Closing shall be borne by Buyer.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF SPONSOR OR SPAC
Sponsor or SPAC (as applicable)
represents and warrants to Buyer that the statements contained in this Article II are true and correct as of the date hereof. For
purposes of this Article II, “Sponsor’s knowledge,” “knowledge of Sponsor,” and any similar phrases
shall mean the actual or constructive knowledge of Sponsor.
Section 2.01 Organization
and Authority; Enforceability. The Sponsor is an entity duly organized, validly existing, and in good standing with its state
or jurisdiction of formation. Sponsor has full power and authority to enter into this Agreement and the documents to be delivered hereunder,
to carry out its obligations hereunder, and to consummate the transactions contemplated hereby. The execution, delivery, and performance
by Sponsor of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby
and thereby have been duly authorized by all requisite action on the part of Sponsor. This Agreement and the documents to be delivered
hereunder have been duly executed and delivered by Sponsor, and, assuming due authorization, execution, and delivery by Buyer, this Agreement
and the documents to be delivered hereunder constitute legal, valid, and binding obligations of Sponsor, enforceable against Sponsor in
accordance with their respective terms.
Section 2.02 Accrued
Expenses. SPAC represents that Schedule I lists the accrued expenses of the SPAC (the “Covered Expenses”)
that will be the responsibility of the Buyer after the Closing. For the avoidance of doubt, the Buyer shall not be liable, responsible
or otherwise obligated to pay any expenses or obligations of the SPAC which were incurred prior to the Closing Date other than the Covered
Expenses.
Section 2.03 Covered
Expenses. SPAC represents that as of the Closing Date, there will be no less than $0 cash in the SPAC’s working capital
account (inclusive of pre-paid assets) of the SPAC, excluding the amount of any Covered Expenses, which are to be assumed by the Buyer
in accordance with Section 2.02.
Section 2.04 Legal
Proceedings. Each of SPAC and Sponsor represents that (in the case of Sponsor, to its knowledge) as of the date hereof, there
is no claim, action, suit, proceeding, or governmental investigation or exchange inquiry (collectively, “Action”) against
SPAC or Sponsor of any nature pending or, to each of SPAC's and Sponsor’s knowledge, threatened against SPAC or Sponsor that challenges
or seeks to prevent, enjoin, or otherwise delay or have an adverse effect on the transactions contemplated by this Agreement, or seeks
any monetary compensation from SPAC or Sponsor. To each of SPAC’s and Sponsor’s knowledge, no event has occurred or circumstances
exist, except for the transfer of the Transferred Securities to the Sponsor and sale of the Transferred Securities contemplated herein,
that may give rise to, or serve as a basis for, any such Action.
Section 2.05 No Conflicts.
SPAC represents that the execution, delivery, and performance by it of this Agreement and the documents to be delivered hereunder, and
the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the any organizational
documents of Sponsor; (b) violate or conflict with any rule, statute, or law of Nasdaq, the SEC or any other ordinance, rule,
or regulation applicable to the SPAC; or (c) result in any violation, conflict with, or constitute a default under SPAC’s organizational
documents.
Section 2.06 Consents
and Approvals. SPAC represents that it has obtained all consents, approvals, waivers, or authorizations required to be obtained
by it (if any) from any person or entity (including any governmental authority) in connection with the execution, delivery, and performance
by it of this Agreement and the consummation of the transactions contemplated hereby, including approval of SPAC’s board of directors.
Section 2.07 Ownership of Transferred
Securities.
(a) As of the date hereof
and at the Closing, Sponsor is and will be the sole legal, beneficial, record, and equitable owner of the Transferred Securities, free
and clear of all Encumbrances (other than any encumbrances that may exist as a result of applicable securities laws).
(b) The Transferred Securities
owned by the Sponsor were not issued in violation of the organizational documents of SPAC or Sponsor or any other agreement, arrangement,
or commitment to which Sponsor is a party and are not in violation of any preemptive or similar rights of any Person. “Person”
means an individual, corporation, partnership, joint venture, limited liability company or, governmental authority, unincorporated organization,
trust, association, or other entity.
(c) Other than the organizational
documents of Sponsor and the SPAC, and as disclosed in the SPAC’s SEC filings, there are no voting trusts, proxies, or other agreements
or understandings in effect with respect to the voting or transfer of any of the Transferred Securities.
Section 2.08 SEC Filings. SPAC
hereby represents that except for the Annual Report 2023 Form 10-K, as of the date hereof, it has filed or furnished, as applicable, all
registration statements, forms, reports and other documents required to be filed by it with the SEC since April 1, 2021. All such registration
statements, forms, reports and other documents are referred to herein as the “SPAC’s SEC Filings.” To the knowledge
of SPAC, the SPAC’s SEC Filings do not contain any material misrepresentation or omit to state any material fact. Buyer shall be
responsible for submitting any filing required after the date hereof, including filings in connection with entry into this Agreement and
the Schedule 14F reporting the Change in Control of the SPAC’s Board of Directors, if required.
Section 2.09 Brokers. SPAC
and the Sponsor represents that no broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission
in connection with the sale of the Transferred Securities contemplated herein based upon arrangements made by or on behalf of Sponsor.
Section 2.10 Taxes. To
the SPAC’s knowledge, (a) all tax returns (including information returns) required to be filed on or before the Closing Date
by the SPAC have been timely filed, (b) all such tax returns are true, complete and correct in all respects, (c) all taxes due
and owing by the SPAC (whether or not shown on any tax return) have been timely paid, (d) all deficiencies asserted, or assessments
made, against the SPAC as a result of any examinations by any taxing authority have been fully paid, and (e) there are no pending
or threatened actions by any taxing authority.
Section 2.11 Liabilities.
SPAC hereby represents that Schedule 2.11 hereto contains a true and correct list of all outstanding invoices,
loans, accounts payable, accrued expenses and other liabilities (collectively, “Liabilities”) of SPAC as of
the Closing Date, and there are no other Liabilities of SPAC as of the Closing Date other than the Liabilities set forth on Schedule 2.11.
SPAC further represents that the service providers listed on Schedule 2.11 have waived all amounts outstanding and owing
to them in excess of the amounts listed on Schedule 2.11, and SPAC has provided such waivers to Buyer. Prior to
the Closing, SPAC shall take all actions to ensure that SPAC has satisfied, discharged or paid all Liabilities other than the Liabilities
listed on Schedule 2.11 (which, for the avoidance of doubt, will be paid by SPAC using the proceeds from
the Business Combination).
Section 2.12 Trust
Waiver. SPAC hereby represents that other than as disclosed in the SPAC’s SEC Filings or as set forth on Schedule
2.12, as of the date hereof, SPAC does not have any outstanding material contracts, agreements, binding arrangements, bonds, notes,
indentures, mortgages, debt instruments, purchase order, licenses leases and other, instruments or obligations of any kind (including
any amendments and other modifications thereto) with any vendors, service providers, prospective target businesses or other entities with
which SPAC does business (except its independent registered public accounting firm) which do not include a waiver by such counterparties
of any right, title, interest or claim of any kind in or to any monies held in the Trust Account (as defined below).
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF BUYER
Buyer represents and warrants
to Sponsor that the statements contained in this ARTICLE III are true and correct as of the date hereof. For purposes of this ARTICLE III,
“Buyer's knowledge,” “knowledge of Buyer” and any similar phrases shall mean the actual or constructive knowledge
of any director or officer of Buyer.
Section 3.01 Organization
and Authority of Buyer; Enforceability. Buyer is duly organized, validly existing, and in good standing with the state of its
formation. Buyer has full power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its
obligations hereunder, and to consummate the transactions contemplated hereby. The execution, delivery, and performance by Buyer of this
Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized
by all requisite action on the part of Buyer. This Agreement and the documents to be delivered hereunder have been duly executed and delivered
by Buyer, and, assuming due authorization, execution, and delivery by Sponsor, this Agreement and the documents to be delivered hereunder
constitute legal, valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.
Section 3.02 No Conflicts;
Consents. The execution, delivery, and performance by Buyer of this Agreement and the documents to be delivered hereunder, and
the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the organizational documents
of Buyer; or (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule, or regulation applicable to
Buyer. No consent, approval, waiver, or authorization is required to be obtained by Buyer from any Person or entity (including any governmental
authority) in connection with the execution, delivery, and performance by Buyer of this Agreement and the consummation of the transactions
contemplated hereby.
Section 3.03 Investment
Purpose. Buyer is acquiring the Transferred Securities solely for its own account for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Transferred Securities are not registered
under the Securities Act of 1933, as amended, or registered under any state securities laws, and that the Transferred Securities may not
be transferred or sold except pursuant to the registration provisions of the Securities Act of 1933, as amended, or pursuant to an applicable
exemption therefrom and subject to state securities laws and regulations, as applicable.
Section 3.04 Brokers. No
broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.
Section 3.05 Legal
Proceedings. There is no Action of any nature pending or, to Buyer's knowledge, threatened against or by Buyer that challenges
or seeks to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances
exist that may give rise to, or serve as a basis for, any such Action.
Section 3.06 No Further
Representations of Sponsor. Buyer understands and acknowledges that it is receiving the Transferred Securities on an “as is”
basis, and that other than as explicitly represented by the Sponsor herein, the Sponsor is not providing any representations or warranties
regarding, and other than with respect to the representations and warranties provided by the Sponsor, will not have any liability with
respect to, the Transferred Securities or the SPAC.
Section 3.07 No Sanctions.
Buyer represents and warrants that Buyer is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked
Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), or in any Executive
Order issued by the President of the United States and administered by OFAC, or a person or entity prohibited by any OFAC sanctions program
or a person or entity whose property and interests in property subject to U.S. jurisdiction are otherwise blocked under any U.S. laws,
Executive orders or regulations, (ii) a person or entity listed on the Sectoral Sanctions Identifications (“SSI”) List
maintained by OFAC or otherwise determined by OFAC to be subject to one or more of the Directives issued under Executive Order 13662 of
March 20, 2014, or on any other of the OFAC Consolidated Sanctions Lists, (iii) an entity owned, directly or indirectly, individually
or in the aggregate, 50 percent or more by one or more persons described in subsections (i) or (ii), (iv) a person or entity named on
the U.S. Department of Commerce, Bureau of Industry and Security Denied Persons List, Entity List, or Unverified List (“BIS Lists”)
(collectively, (i) through (iv), a “Restricted Person”), or (v) a non-U.S. shell bank or providing banking services
indirectly to a non-U.S. shell bank. Buyer agrees to provide law enforcement agencies, if requested thereby, such records as required
by applicable law, provided that Buyer is permitted to do so under applicable law. Buyer represents that it maintains policies and
procedures reasonably designed for the screening of its investors against the OFAC and BIS sanctions programs, including for Restricted
Persons, and otherwise to ensure compliance with all applicable sanctions and embargo laws, statutes, and regulations. Buyer further
represents and warrants that it maintains policies and procedures reasonably designed to ensure that the funds held by Buyer and to be
used to purchase the Transferred Securities were legally derived.
ARTICLE IV
CLOSING CONDITIONS
Section 4.01 Conditions to the Obligations of the Buyer. The obligations of Buyer to consummate the transactions contemplated by
this Agreement are subject to the satisfaction (or waiver by Buyer) on or prior to the Closing of each of the following conditions:
(a) The representations
and warranties of Sponsor and the SPAC set forth in ARTICLE II of this Agreement shall be true and correct in all material respects
when made and shall be true and correct in all material respects at and as of the Closing Date with the same effect as though made at
and as of such date (except those representations and warranties that address matters only as of a specified date, which shall be true
and correct in all respects as of that specified date).
(b) SPAC and
Sponsor shall have performed, satisfied and complied in all material respects with all covenants and agreements contained in this Agreement.
(c) SPAC shall
have delivered an executed waiver, in a form attached hereto as Exhibit A, that the Underwriters have waived the deferred
underwriting fee pursuant to the Underwriting Agreement.
(d) Sponsor and
SPAC shall have executed and delivered to SPAC’s transfer agent instructions (and, if requested by such transfer agent, any legal
opinions) for transfer of the Transferred Securities to Buyer.
(e) [Reserved]
(f) SPAC shall
have delivered to Buyer the resignation of each officer and director of SPAC on the terms as set forth in Section 1.05 of
this Agreement.
(g) Sponsor shall
have obtained all requisite consents necessary for the consummation of the transactions contemplated by this Agreement.
(h) Sponsor shall
have delivered to Buyer an Ordinary Resolution appointing the New Directors to the board of directors of the SPAC, effective as of the
Closing.
(i) SPAC shall have
delivered to Buyer evidence of the termination of the Administrative Support Services Agreement, dated as of May 21, 2021, by and between
SPAC and Sponsor, effective as of the Closing Date, executed by Sponsor and SPAC.
(j) Buyer shall enter
into a joinder to the Registration Rights Agreement, dated November 2, 2021, by and between SPAC and Sponsor (the “Registration
Rights Agreement”), and pursuant to such joinder, will receive the same rights and benefits with respect to the Transferred
Securities as the Sponsor has with respect to the securities of the SPAC held by the Sponsor immediately prior to the Closing Date.
(k) The Class A Ordinary
Shares, warrants and units of SPAC remain listed on Nasdaq.
(l) The SPAC
shall have appointed new signatories to its bank accounts or shall have closed such bank accounts and transferred the funds therein (if
any) to an account established by Buyer.
(m) The SPAC shall
have delivered to Buyer a good standing certificate (or similar documents applicable for such jurisdiction) certified as of a date no
earlier than five days prior to the Closing Date from the proper governmental authority of SPAC’s jurisdiction of organization.
(n) SPAC shall have
delivered to Buyer evidence of Sponsor’s surrender to SPAC, for cancelation, of that certain Promissory Note, dated March 16, 2022,
in a principal amount of $450,000, that certain Promissory Note, dated November 8, 2023, in a principal amount of $120,000, and that certain
Promissory Note, dated January 30, 2023, in a principal amount of $330,000.
(o) Buyer shall have
delivered to Sponsor and SPAC a copy of the joinder to the Insider Letter, duly executed by the Buyer.
Section 4.02 Conditions
to the Obligations of the Sponsor. The obligations of Sponsor to consummate the transactions contemplated by this Agreement are subject
to the satisfaction (or waiver by Sponsor) on or prior to the Closing of each of the following conditions:
(a) The representations
and warranties of Buyer set forth in ARTICLE III of this Agreement shall be true and correct in all material respects when made
and shall be true and correct in all material respects at and as of the Closing Date with the same effect as though made at and as of
such date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct
in all respects as of that specified date).
(b) Buyer shall
have performed, satisfied and complied in all material respects with all covenants and agreements contained in this Agreement.
(c) Buyer shall
have paid the Closing Purchase Price to Sponsor.
ARTICLE V
POST-CLOSING ACTION
Section 5.01 Regaining
Nasdaq Compliance. Following the Closing, the Sponsor shall cooperate with the SPAC and the Buyer as reasonably necessary to obtain
written confirmation from Nasdaq indicating that the SPAC is in compliance with Nasdaq Listing Rule 5450(a)(2), which requires the SPAC
to maintain at least 400 total holders for continued listing on the Nasdaq Global Market. As described on Schedule I (Covered Expenses),
the banking and/or broker fees required to so regain compliance shall be borne by the Buyer, and Sponsor shall not bear any monetary liability
related to the SPAC’s regaining compliance with the foregoing Nasdaq Listing Rule or obtaining the foregoing confirmation from Nasdaq.
SPAC shall provide to Buyer any correspondence of SPAC and/or its counsel with Nasdaq concerning the previous deficiency of SPAC concerning
Nasdaq Listing Rule 5450(b)(2)(A) (the MVLS Rule), which SPAC confirms has already been cured by SPAC.
ARTICLE VI
INDEMNIFICATION; EXCULPATION; RELEASE
Section 6.01 Survival
of Representations and Covenants. All representations, warranties, covenants, and agreements contained herein and all related
rights to indemnification shall survive the Closing for a period of eighteen (18) months.
Section 6.02 Indemnification
By Sponsor. Subject to the other terms and conditions of this ARTICLE VI, Sponsor shall defend, indemnify, and hold harmless
Buyer, its Affiliates and their respective shareholders, members, directors, managers, officers and employees from and against all claims,
judgments, damages, liabilities, settlements, losses, costs, and expenses, including reasonable attorneys' fees and disbursements (collectively,
a “Loss”), arising from or relating to any breach of any of the representations or warranties of Sponsor (solely, and
not with respect to any representations or warranties of SPAC) contained in Sections 2.01 (Organization and Authority; Enforceability)
and 2.07 (Ownership of Transferred Securities) of this Agreement (provided, however, that the liability of the Sponsor under this provision
shall only cover any Losses (if any), in the aggregate, in excess of US $50,000, and Sponsor shall not have any liability for the initial
US $50,000 of Losses incurred by Buyer, its Affiliates and their respective shareholders, members, directors, managers, officers and employees
under this provision), and, provided further, that the maximum aggregate liability of Sponsor for any Losses with respect to the matters
set forth in this Section 6.02 shall be equal to the lower of (i) the aggregate amount of expenses incurred by Buyer in operating the
SPAC until the earlier of the consummation of Business Combination or the lapse of the survival period specified in Section 6.01, and
(ii) $200,000.
Section 6.03 Indemnification
as Exclusive Remedy. Except in the case of fraud or wilful misconduct, the sole recourse and exclusive remedy of the Buyer against
the Sponsor, for any breaches or alleged breaches of any representations, warranties, covenants and agreements contained in this Agreement,
any agreement, or instrument contemplated hereby, any document relating hereto or thereto contained in any Schedules or Exhibits to this
Agreement, or otherwise arising from the transactions contemplated hereby or the operations of the SPAC prior to the Closing, shall be
to assert a claim for indemnification under the indemnification provisions of Section 6.02 of this Agreement. In furtherance of the foregoing,
the Buyer and each of its respective Affiliates or representatives hereby waives, from and after the Closing, to the fullest extent permitted
under applicable law, any and all rights, claims, and causes of action it may have against the Sponsor, its Affiliates or any of their
representatives relating to the subject matter of this Agreement, other than its indemnification rights pursuant to Section 6.02 of this
Agreement.
For purposes of this Agreement,
“Affiliate” of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with, such Person.
Without prejudice to the first
paragraph of this Section 6.03 above, , in no event shall the Sponsor or SPAC be liable to the Buyer, its Affiliates, and their respective
shareholders, members, directors, managers, officers, and employees for consequential, indirect, incidental, special, exemplary, punitive
or enhanced damages, lost profits or diminution of value arising out of, relating to or in connection with any breach of this Agreement,
regardless of whether such damages were foreseeable, whether or not such person was advised of the possibility of such damages, and the
legal or equitable theory (contract, tort or otherwise) upon which the claim is based.
Section 6.04 Indemnification
By Buyer. Subject to the other terms and conditions of this ARTICLE VI, Buyer shall defend, indemnify, and hold harmless
Sponsor, its Affiliates, and their respective shareholders, members, directors, managers, officers, and employees from and against all
Losses arising from or relating to:
(a) all Loss
arising from or relating to any breach of any of the representations or warranties of Buyer contained in this Agreement or any document
delivered in connection herewith; or
(b) any Loss
arising from or relating to any negligence, willful misconduct or fraud of Buyer or any breach or non-fulfillment of any covenant, agreement,
or obligation to be performed by Buyer pursuant to this Agreement;
Notwithstanding any other
provision of this Agreement, in no event shall the Buyer be liable to the Sponsor, its Affiliates, and their respective shareholders,
members, directors, managers, officers, and employees for consequential, indirect, incidental, special, exemplary, punitive or enhanced
damages, lost profits or diminution of value arising out of, relating to or in connection with any breach of this Agreement, regardless
of whether such damages were foreseeable, whether or not such person was advised of the possibility of such damages, and the legal or
equitable theory (contract, tort or otherwise) upon which the claim is based.
ARTICLE VII
TERMINATION
Section 7.01 Termination. This Agreement
may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as follows:
| (a) | by mutual written consent of the Parties; |
| (b) | automatically if the Closing shall not have occurred by February 15, 2024 (the “Outside Date”); |
| (c) | by written notice by Buyer if any of the conditions to the Closing set forth in Section 4.01 or by the Sponsor if any of the
conditions to the Closing set forth in Section 4.02 have not been satisfied or waived; or |
| (d) | by written notice by Buyer to the Sponsor if there has been a material breach by the Sponsor of any of its representations, warranties,
covenants or agreements contained in this Agreement, and the material breach or inaccuracy is incapable of being cured or is not cured
within the earlier of (i) twenty days after written notice of such breach or inaccuracy is provided to Buyer or (ii) the Outside Date. |
ARTICLE VII
MISCELLANEOUS
Section 7.01 Expenses. All
costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring
such costs and expenses, unless as otherwise specified herein.
Section 7.02 Further
Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute
and deliver such additional documents, instruments, conveyances, and assurances and take such further actions as may be reasonably required
to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.
Section 7.03 Notices. All
notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed to have
been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by
a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document (with
confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal
business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a
party as shall be specified in a notice given in accordance with this Section 7.03):
If to Buyer: |
Evergreen Investment Partners AG |
|
E-mail: emmanuel.meyer@evinpa.ch
Attention: Emmauel Meyer |
|
|
If to Sponsor: |
Stephen T.Wills
Cactus Acquisition Corp. 1 Ltd
Email:
swills@palatin.com |
Section 7.04 Headings. The
headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.
Section 7.05 Severability. If
any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon a determination that any term or other provision is invalid, illegal, or unenforceable, the parties hereto shall negotiate
in good faith to modify the Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable
manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.
Section 7.06 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party,
which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its obligations
hereunder.
Section 7.07 No Third-Party
Beneficiaries. Except as provided in ARTICLE VI, this Agreement is for the sole benefit of the parties hereto and their
respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person
any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.
Section 7.08 Amendment
and Modification. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party
hereto.
Section 7.09 Waiver. No waiver
by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving.
No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified
by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to
exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed as
a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power, or privilege.
Section 7.10 Governing
Law. This Agreement shall be governed by the laws of the State of New York, without regard to conflict of laws principles.
Section 7.11 Submission
to Jurisdiction. Each Party (i) irrevocably submits to the exclusive jurisdiction of the state and federal courts located in
the Borough of Manhattan, New York, New York (collectively, the “Courts”), for purposes of any action, suit or other proceeding
arising out of this Agreement; and (ii) agrees not to raise any objection at any time to the laying or maintaining of the venue of any
such action, suit or proceeding in any of the Courts, irrevocably waives any claim that such action, suit or other proceeding has been
brought in an inconvenient forum and further irrevocably waives the right to object, with respect to such action, suit or other proceeding,
that such Court does not have any jurisdiction over such Party. Any Party may serve any process required by such Courts by way of notice.
Section 7.12 WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
Section 7.13 Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the
same agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic transmission shall be deemed
to have the same legal effect as delivery of an original signed copy of this Agreement.
Section 7.14 Waiver
against Trust. Sponsor hereby agrees, on behalf of itself and its Affiliates, that, notwithstanding anything to the contrary
in this Agreement, neither Sponsor nor any of its Affiliates do now or shall at any time hereafter have any right, title, interest or
claim of any kind in or to any monies in the trust account of SPAC containing the proceeds of its initial public offering and the concurrent
private placement for the benefit of the public shareholders of SPAC (the “Trust
Account”) or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom), regardless
of whether such claim arises as a result of, in connection with or relating in any way to, this Agreement or any proposed or actual business
relationship between Buyer, SPAC or their respective Affiliates, on the one hand, and Sponsor or its Affiliates, on the other hand, or
any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (collectively,
the “Released Claims”). Sponsor on behalf of itself and its Affiliates hereby irrevocably waives any Released Claims
that Sponsor or any of its Affiliates may have against the Trust Account (including any distributions therefrom) now or in the future
and will not seek recourse against the Trust Account (including any distributions therefrom) for any reason whatsoever (including for
an alleged breach of this Agreement or any other agreement with Buyer, SPAC or their respective Affiliates). Sponsor agrees and acknowledges
that such irrevocable waiver is material to this Agreement and specifically relied upon by Buyer and its Affiliates to induce Buyer to
enter into this Agreement, and Sponsor further intends and understands such waiver to be valid, binding and enforceable against Sponsor
and each of its Affiliates under applicable law. Notwithstanding the foregoing, (i) nothing herein shall serve to limit or prohibit
the right of Sponsor or any of its equity holders to pursue a claim against SPAC for legal relief against assets of SPAC or its successor
held outside the Trust Account, for specific performance or other equitable relief pursuant to the terms hereof, (ii) nothing herein
shall serve to limit or prohibit any claims that Sponsor or any of its equity holders may have in the future against SPAC’s assets
or funds that are not held in the Trust Account of SPAC or its successor (including any funds that have been released to SPAC or its successor
from the Trust Account and any assets that have been purchased or acquired with such funds) and (iii) nothing herein shall be deemed
to limit the right, title, interest or claim of Sponsor, its equity holders or any of its Affiliates to any monies held in the Trust Account
by virtue of its record or beneficial ownership of SPAC’s Class A Ordinary Shares (for the avoidance of doubt, other than the
Sponsor Class A Ordinary Shares, which were converted from Class B Ordinary Shares and which have no right, title, interest or claim of
any kind in or to any monies in the Trust Account), pursuant to a validly exercised redemption right with respect to any such Class A
Ordinary Shares.
Section 7.15 Entire
Agreement. This Agreement, together with all related exhibits and schedules, constitutes the sole and entire agreement of the
parties to this Agreement with respect to the subject matter contained herein and therein, and supersedes all prior and contemporaneous
understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.
[signature page follows]
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed as of the date first written above.
|
BUYER |
|
|
|
EVGI Limited |
|
|
|
By: |
/s/ Emmanuel Meyer |
|
Name: |
Emmanuel Meyer |
|
Title: |
Managing Director |
|
|
|
SPONSOR |
|
|
|
Cactus Healthcare Management LP |
|
|
|
By: Cactus Healthcare Management LLC, its sole General Partner |
|
|
|
By: |
/s/ Stephen T. Wills |
|
Name: |
Stephen T. Wills |
|
Title: |
Secretary |
|
|
|
SPAC |
|
|
|
Cactus Acquisition Corp. 1 Ltd. |
|
|
|
By: |
/s/ Ofer Gonen |
|
Name: |
Ofer Gonen |
|
Title: |
CEO |
Schedule I
Covered Expenses
Schedule 2.11
Liabilities
Schedule 2.12
Trust Waiver
Exhibit A
Waiver by Underwriters of Deferred Underwriting
Fee
16
Exhibit 10.2
February 15, 2024
To:
Cactus Acquisition Corp. 1 Limited (the “Company”)
4B Cedar Brook Drive
Cranbury, NJ 085412
Attention: Ofer Gonen, Chief Executive Officer
Re: Notice of Assignment of Rights Under, and
Joinder to, Registration Rights Agreement
Dear Sir:
The undersigned, Cactus Healthcare
Management LP, a Delaware limited partnership (the “Sponsor”), hereby notifies the Company, pursuant to Section 5.1
of that certain Registration Rights Agreement, dated as of November 2, 2021 by and among the Company, the Sponsor and any other person
or entity who thereafter becomes a party thereto pursuant to Section 5.2
thereof (the “Registration Rights Agreement”), that the Sponsor is selling to EVGI Limited (the “Buyer”),
concurrently herewith, pursuant to a Sponsor Securities Purchase Agreement, dated as of February 9, 2024, by and among the Company, the
Sponsor, and the Buyer (the “SPA”), the following securities (collectively, the “Transferred Securities”),
for which the Sponsor possesses registration rights under the Registration Rights Agreement:
| (i) | 2,529,999 Class A ordinary share, par value $0.0001 per share (the “Founder Class A Ordinary Shares”); |
| (ii) | one (1) Class B ordinary share, par value $0.0001, of the Company (the “Founder Class B Ordinary
Share”), and |
| (iii) | 3,893,334 private warrants purchased by the Sponsor in a private placement that occurred concurrently with
the Company’s initial public offering (the “Private Placement Warrants”). |
In connection with the transfer
by the Sponsor to the Buyer of the Transferred Securities in accordance with the SPA, the undersigned Sponsor hereby notifies the Company,
in accordance with Section 5.2.5 of the Registration Rights Agreement, that the Sponsor is assigning to the Buyer, all of the Sponsor’s
rights, duties and obligations under the Registration Rights Agreement with respect to the Transferred Securities.
The undersigned Buyer hereby
irrevocably becomes a party to the Registration Rights Agreement and consents to, and agrees to be bound by, in accordance with Section
5.2 of the Registration Rights Agreement, all of the terms, covenants and provisions of the Registration Rights Agreement as a Holder
thereunder.
The undersigned Buyer further
irrevocably agrees and acknowledges that: (i) upon execution and delivery of this Notice of Assignment of Rights Under, and Joinder to,
Registration Rights Agreement, the undersigned shall be deemed a Holder for all intents and purposes under the Registration Rights Agreement,
and shall fully benefit from all of the rights, and shall be fully bound by all of the obligations, of a Holder thereunder; and (ii) all
of the Transferred Securities to be held by the Buyer shall be subject to all of the rights, preferences, privileges, and restrictions
set forth in the Registration Rights Agreement and the Company’s amended and restated memorandum and articles of association.
The undersigned Buyer’s
execution of this Notice of Assignment of Rights Under, and Joinder to Registration Rights Agreement shall constitute, for all intents
and purposes, its execution of the Registration Rights Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the
undersigned have caused this Notice of Assignment of Rights Under, and Joinder to, Registration Rights Agreement to be signed as of the
date written above.
Sponsor:
Cactus Healthcare Management LP
By: |
Cactus Healthcare Management LLC, |
|
|
its sole General Partner |
By: |
/s/ Stephen T. Wills |
|
|
Name: |
Stephen T. Wills |
|
|
Title: |
Secretary |
|
Buyer: |
|
|
|
EVGI Limited |
|
|
|
|
By: |
/s/ Emannuel Meyer |
|
|
Name: |
Emmanuel Meyer |
|
|
Title: |
Managing Director |
|
Accepted and agreed: |
|
|
|
Company: |
|
|
|
Cactus Acquisition Corp. 1 Limited |
|
|
|
By: |
/s/ Ofer Gonen |
|
Name: |
Ofer Gonen |
|
Title: |
Chief Executive Officer |
|
[Signature Page to Notice
of Assignment of Rights Under, and Joinder to, Registration Rights Agreement, dated February __, 2024]
Exhibit 10.3
February 15, 2024
To:
Cactus Healthcare Management LP
4B Cedar Brook Drive
Cranbury, NJ 085412
Attention: Stephen T. Wills, Secretary of Managing
Member
Re: Waiver of Transfer Restrictions Under Insider
Letter Agreement
Dear Sir:
Reference is made to that certain
letter agreement, dated October 28, 2021, by and among Cactus Acquisition Corp. 1 Limited, a Cayman Islands exempted company (the “Company”),
Cactus Healthcare Management LP, a Delaware limited partnership (the “Sponsor”), and the officers and directors of
the Company (the “Letter Agreement”).
The undersigned Company has
been informed by the Sponsor that the Sponsor seeks to sell to EVGI Limited (the “Purchaser”), pursuant to a sponsor
securities purchase agreement, dated February 9, 2024 (the “Purchase Agreement”), (a) an aggregate of 2,530,000 founders’
shares (“Founders’ Shares”), consisting of 2,529,999 Class A ordinary shares, par value $0.0001 of the Company
(“Class A ordinary shares”) and one Class B ordinary share, par value $0.0001, of the Company (“Class B ordinary
share”), and (b) 3,893,334 private placement warrants (“Private Warrants”) that had been purchased by the
Sponsor concurrently with the Company’s initial public offering in November 2021 (the “IPO”) (collectively, the
“Transferred Securities”). The Transferred Securities collectively constitute 80% of the securities of the Company
owned by the Sponsor currently.
Given the Company’s interest
in effecting a value-enhancing initial business combination for all of its shareholders, which the Company believes will be furthered
by the transactions under the Purchase Agreement, the Company hereby waives, with respect to the transfer by the Sponsor to the Purchaser
of the Transferred Securities pursuant to the Purchase Agreement, the restrictions on transfer of (i) the Founders’ Shares under
Section 6(a) of the Letter Agreement, and (ii) the Private Warrants under Section 6(b) of the Letter Agreement. As a result of the foregoing
waiver, the transfer of the Transferred Securities pursuant to the Purchase Agreement shall be deemed a transfer to a “Permitted
Transferee” under Section 6(c) of the Letter Agreement. Any future transfer of the Transferred Securities by the Purchaser shall
be subject to the transfer restrictions under Sections 6(a) and 6(b) of the Letter Agreement.
Except as explicitly waived
hereby, the Letter Agreement shall remain in full force and effect in accordance with its terms.
[Signature Page Follows]
IN WITNESS WHEREOF, the
undersigned Company has provided this waiver under the foregoing letter agreement as of the date written above.
Company:
Cactus Acquisition Corp. 1 Limited
By: |
/s/ Ofer Gonen |
|
Name: |
Ofer Gonen |
|
Title: |
Chief Executive Officer |
|
Acknowledged and agreed:
Sponsor:
Cactus Healthcare Management LP
By: |
Cactus Healthcare Management LLC, |
|
|
its sole General Partner |
|
By: |
/s/ Stephen T. Wills |
|
|
Name: |
Stephen T. Wills |
|
|
Title: |
Secretary |
|
[Signature Page to Waiver,
dated February 15, 2024, of Transfer Restrictions Under Letter Agreement dated October 28 , 2021]
Exhibit 10.4
![](https://www.sec.gov/Archives/edgar/data/1865861/000121390024016279/ex10-4_001.jpg)
|
Oppenheimer & Co. Inc. |
|
85 Broad Street 23rd Floor |
|
New York, NY 10004 |
Member of All Principal Exchanges
January 29, 2024
CONFIDENTIAL
Cactus Acquisition Corp. 1 Limited
4B Cedar Brook
Drive
Cranbury, NJ 08512
Attention:
Stephen T. Wills
Chief Financial Officer
Dear Mr. Wills:
Oppenheimer & Co. Inc. (“Oppenheimer”)
hereby waives the deferred underwriting fee payable upon a business combination of Cactus Acquisition Corp. 1 Limited with a target. For
the avoidance of doubt, Oppenheimer does not waive any other rights, including without limitation, any indemnity set forth in the underwriting
agreement.
|
Very truly yours,
OPPENHEIMER & CO. INC. |
|
|
|
By: |
/s/ Michael Margolis, R.Ph. |
|
Name: |
Michael Margolis, R.Ph. |
|
Title: |
Senior Managing Director,
Co-Head Healthcare IB |
January 16th,
2024
CONFIDENTIAL
Cactus Acquisition Corp. 1 Limited
4B Cedar Brook Drive
Cranbury, NJ 08512
Attention:
Stephen T. Wills
Chief Financial Officer
Dear Mr. Wills:
Moelis & Company LLC (“Moelis”) hereby
waives the deferred underwriting fee payable upon a business combination of Cactus Acquisition Corp. 1 Limited with a target. For the
avoidance of doubt, Moelis does not waive any other rights, including without limitation, any indemnity set forth in the underwriting
agreement.
|
Very truly yours, |
|
|
|
MOELIS & COMPANY LLC |
|
|
|
By: |
/s/ Steven Halperin |
|
Name: |
Steven Halperin |
|
Title: |
Managing Director |
Exhibit 10.5
Note TERMINATION
Agreement
This NOTE TERMINATION AGREEMENT (this “Agreement”)
is entered into as of February 15, 2024 (the “Agreement Date”), by and between Cactus Acquisition Corp. 1 Limited,
a Cayman Islands exempted company and a special purpose acquisition company (this “Maker”) and Cactus Healthcare
Management LP (the “Payee”).
RECITALS
A. The
Maker has issued certain convertible promissory notes to the Payee, consisting of the following: (i) Promissory Note, dated March 16,
2022, in a principal amount of $450,000; (ii) Promissory Note, dated November 8, 2023, in a principal amount of $120,000; (iii) Promissory
Note, dated January 30, 2023, in a principal amount of $330,000 (collectively, the “Notes”), each of which represents
Maker’s obligation to repay Payee for funds lent by the Payee to the Maker or funds paid by the Payee on behalf of the Maker.
B. Pursuant
to Section 4.01(n) of that certain Sponsor Securities Purchase Agreement, dated as of February 9, 2024 (the “SPA”),
by and among the Maker, the Payee and EVGI Limited (the “Buyer”), it is a condition to the Buyer’s obligation
to consummate the transactions contemplated under the SPA for the Maker to deliver to the Buyer evidence of Payee’s surrender of
the Notes, for cancellation, to the Maker.
C. The
Payee has an economic interest in consummating the transactions under the SPA and is therefore willing to enter into this Agreement to
terminate the Maker’s obligations to the Payee, and all of Payee’s rights, under the Notes.
D. Any
capitalized terms used herein and not otherwise defined shall have the respective meanings assigned thereto under the Notes.
NOW, THEREFORE, in consideration of the agreements
contained in the SPA and herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:
1. Cancellation
of Notes. The Payee agrees with the Maker that the Notes are hereby terminated, and are null and void, including all obligations of
the Maker and rights of the Payee thereunder, including, without limitation, (i) the obligation of the Payee under the first paragraph
and Section 1 thereof to repay the unpaid principal balance of the Notes on the Maturity Date (or earlier, in the case of an Event of
Default thereunder), and (ii) the right of the Payee under Section 1 thereof to instead convert, on the Maturity Date, any unpaid principal
amounts outstanding thereunder into warrants to purchase Class A ordinary shares, par value $0.0001 of Maker, at a conversion price of
$1.50 per warrant.
2. Surrender
of Notes. To the extent that Payee holds signed copies of the Notes, it agrees to immediately surrender them to the Maker for cancellation,
and to otherwise indicate on the Notes that the obligations represented thereby are null and void, as may be requested by Maker or Buyer.
3. Representations,
Warranties and Agreements of Payee. The Payee hereby represents and warrants as follows:
3.1 Ownership
of Notes. As of the Agreement Date, the Payee is the sole owner of the Notes. No person or entity who is not a signatory to this Agreement
has a beneficial interest in or a right to acquire any of the Notes, other than any indirect rights and interests of persons that own
interests in the Payee or in the limited liability company that serves as general partner of the Payee under the limited partnership agreement
of Payee or operating agreement of Payee’s sole general partner, whose interests were legally extinguished when the Payee and its
sole general partner consented to the Payee’s entry into the SPA and all agreements and ancillary documents required thereunder,
including this Agreement. The Notes are not subject to any encumbrances (other than any restrictions under securities or other applicable
laws).
3.2 Power,
Authorization and Validity. Payee has all requisite power and authority to enter into this Agreement, and to perform its obligations
under this Agreement. The execution and delivery of this Agreement by Payee and the cancellation of the Notes pursuant hereto have been
duly authorized by all necessary action on the part of Payee. This Agreement has been duly executed and delivered by Payee and constitutes
a valid and binding obligation of Payee, enforceable against Payee in accordance with its terms, subject only to the effect, if any, of
(a) applicable bankruptcy and other similar laws affecting the rights of creditors generally and (b) rules of law governing specific performance,
injunctive relief and other equitable remedies.
3.3 Additional
Documents. Payee shall execute and deliver any additional documents necessary or reasonably requested by Maker to carry out the purpose
and intent of this Agreement. Without limiting the generality or effect of the foregoing or any other obligation of Payee hereunder, Payee
hereby authorizes Maker to deliver a copy of this Agreement to the Buyer.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have caused
this Note Termination Agreement to be executed as of the date first above written.
|
PAYEE: |
|
|
|
|
Cactus Healthcare Management LP |
|
|
|
|
By: Cactus Healthcare Management LLC, its sole General Partner |
|
|
|
|
By: |
/s/ Stephen T. Wills |
|
Name: |
Stephen T. Wills |
|
Title: |
Secretary |
|
MAKER: |
|
|
|
Cactus Acquisition
Corp 1 Limited |
|
|
|
|
By: |
/s/
Ofer Gonen |
|
Name: |
Ofer Gonen |
|
Title: |
Chief Executive Officer |
Exhibit 10.6
February 15, 2024
To:
Cactus Acquisition Corp. 1 Limited
4B Cedar Brook Drive
Cranbury, NJ 085412
Attention: Ofer Gonen, Chief Executive Officer
Re: Termination of Administrative Support
Services Agreement
Pursuant to Section 4.01(i) of
that certain Sponsor Securities Purchase Agreement, dated as of February 9, 2024, by and among Cactus Acquisition Corp. 1 Limited (the
“Company”), Cactus Healthcare Management LP (the “Sponsor”), and EVGI Limited (the “Buyer”)
(the “SPA”), the Sponsor and the Company hereby terminate that certain Administrative Support Services Agreement, dated
as of May 21, 2021, by and between the Sponsor and the Company (the “Support Agreement”), effective as of the Closing
under the SPA (the “Termination Time”).
Following the Termination Time,
the Support Agreement shall be of no further force or effect, such that any and all undertakings, rights, obligations, entitlements and/or
provisions included therein and/or arising thereunder shall terminate, expire and become of no further force and effect.
Notwithstanding the above, the
termination of the Support Agreement shall not affect or diminish any of provisions of the Support Agreement that were in place prior
to the Termination Time (subject, however, to any agreements among the parties in the SPA that govern whether Sponsor is entitled to amounts
due under the Support Agreement prior to the Termination Time), and shall not impact the waiver by the Sponsor of its recourse against
the Trust Account (as defined in the Support Agreement), which waiver shall continue in full force and effect past the Termination Time.
Sincerely,
Cactus Healthcare Management LP
By: |
Cactus Healthcare Management LLC, |
|
|
its sole General Partner |
By: |
/s/ Stephen T. Wills |
|
|
Name: |
Stephen T. Wills |
|
|
Title: |
Secretary |
|
Accepted and agreed: |
|
|
|
Cactus Acquisition Corp. 1 Limited |
|
|
|
By: |
/s/ Ofer Gonen |
|
Name: |
Ofer Gonen |
|
Title: |
Chief Executive Officer |
|
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|
Entity Registrant Name |
CACTUS ACQUISITION CORP. 1 LIMITED
|
Entity Central Index Key |
0001865861
|
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|
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Units, each consisting of one Class A ordinary share and one-half redeemable warrant |
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|
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CCTSU
|
Security Exchange Name |
NASDAQ
|
Class A ordinary shares, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A ordinary shares, par value $0.0001 per share
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CCTS
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Security Exchange Name |
NASDAQ
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