EX-4.2 3 ea179992ex4-2_ucommune.htm AMENDMENT TO WARRANTS DATED JUNE 7, 2023

Exhibit 4.2

 

UCOMMUNE INTERNATIONAL LTD

Floor 8, Tower D

No.2 Guang Hua Road

Chaoyang District, Beijing

People’s Republic of China, 100026

 

June 7, 2023

 

JAK Opportunities LLC

17 State Street, 2100

New York, New York 10004

 

Re: Warrants

 

Dear Sirs and Madams:

 

Reference is made to the Series A Warrant, Series B Warrant and Series C Warrant, each dated January 26, 2022 and amended on March 1, 2022, August 29, 2022, October 25, 2022 and January 24, 2023 (collectively, the “Warrants”), between Ucommune International Ltd and JAK Opportunities LLC (the “Holder”), as the holder named therein. Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Warrants.

 

Upon execution of this letter agreement:

 

1.For purposes of the Series B Warrant, the “Termination Date” shall be amended and restated to December 31, 2023; and, for avoidance of doubt, Footnote 2 of each Warrant shall be amended to change the “Termination Date” for Series B Warrant from the 12-month anniversary of the Effective Date to December 31, 2023.

 

2.Section 5(o) of each of the Warrants shall be amended and restated as follows:

 

“o) Floor for Exercise Price of the Warrant. Notwithstanding anything to the contrary in the Transaction Documents, the Exercise Price of the Warrant shall in no event be lower than $1.30 (the “Floor Price”). The Floor Price shall be proportionately decreased upon a stock split or share subdivision of Ordinary Shares, and shall be proportionately increased in the case of a reverse stock split or share combination of Ordinary Shares. The Company agrees that while the Warrant remains outstanding, it will not issue Ordinary Shares or Ordinary Share Equivalents at a price per share or with a conversion or exercise price per share, as applicable, that is below the Exercise Price of Warrant without the prior written consent of the Holder.”

 

For the avoidance of doubt, the Floor Price in Section 5(o) above have already been adjusted to reflect the share consolidation on April 22, 2022, in which every 20 ordinary shares with par value of US$0.0001 were consolidated into one ordinary share with par value of US$0.002.

 

Each of the Warrants and this letter agreement shall be read together and shall have the same effect as if each such Warrant and this letter agreement were contained in one document. Except as expressly modified by this letter agreement, the terms and obligations of the Warrants and the Transaction Documents remain unchanged and the Warrants and Transaction Documents shall continue in full force and effect.

 

This letter agreement shall be governed by, construed and enforced in accordance with, the laws of the State of New York, without regard to the conflict of laws principles thereof.

 

 

 

 

If you are in agreement with the foregoing, please have this letter agreement executed by your authorized representative and return a copy to the undersigned.

 

  Very Truly Yours,
     
  UCOMMUNE INTERNATIONAL LTD
     
  By: /s/ Xin Guan          
  Name: Xin Guan
  Title: CEO

 

Confirmed and Agreed to:  
     
JAK Opportunities LLC  
     
By: /s/ Antonio Ruiz-Gimenez            
Name:  Antonio Ruiz-Gimenez  
Title: Managing Member  

 

[Signature Page to Warrant Amendment]