Exhibit
4.5


 


DUNE
ACQUISITION CORPORATION


DESCRIPTION
OF SECURITIES


 


The
following summary of the material terms of the securities of Dune Acquisition Corporation, a Delaware corporation (“we,”
“us,” “our” or “the company”), is not intended to be a complete summary of the rights and
preferences of such securities and is subject to and qualified by reference to our amended and restated certificate of incorporation,
as may be amended, our bylaws and the warrant agreement, dated December 17, 2020, between the company and Continental Stock Transfer
& Trust Company (the “Warrant Agreement”), in each case incorporated by reference as exhibits to the company’s
Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”), and applicable Delaware law, including
the Delaware General Corporation Law, or DGCL. We urge you to read our amended and restated certificate of incorporation, as amended,
our bylaws and the Warrant Agreement in their entirety for a complete description of the rights and preferences of our securities.


 


Certain
Terms


 


		●	“founder
                                         shares” are to shares of Class B common stock initially purchased by our sponsor
                                         in a private placement prior to our initial public offering and the shares of Class A
                                         common stock that will be issued upon the automatic conversion of the shares of Class
                                         B common stock at the time of our initial business combination;



		●	“initial
                                         stockholders” are to holders of our founder shares prior to our initial public
                                         offering



		●	“management”
                                         or our “management team” are to our executive officers and directors;



		●	“directors”
                                         are to our current directors;



		●	“common
                                         stock” are to our Class A common stock and our Class B common stock;



		●	“public
                                         shares” are to shares of Class A common stock sold as part of the units in this
                                         our initial offering (whether they are purchased in such offering or thereafter in the
                                         open market);



		●	“public
                                         stockholders” are to the holders of our public shares, including our initial stockholders
                                         and management team to the extent our initial stockholders and/or members of our management
                                         team purchase public shares, provided that each initial stockholder’s and member
                                         of our management team’s status as a “public stockholder” will only
                                         exist with respect to such public shares;



		●	“private
                                         placement warrants” are to the warrants issued to certain of our sponsor in a private
                                         placement simultaneously with the closing of our initial public offering; and



		●	“sponsor”
                                         are to Dune Acquisition Holdings LLC, a Delaware limited liability company.



 


General


 


We
are a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses, which we refer to in this document as our initial
business combination, and our affairs are governed by our amended and restated certificate of incorporation, and the DGCL. Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 400,000,000 shares of common
stock, $0.0001 par value each, including 380,000,000 shares of Class A common stock and 20,000,000 shares of Class B common stock,
as well as 1,000,000 shares of preferred stock, $0.0001 par value each. The following description summarizes certain terms of
our capital stock as set out more particularly in our amended and restated certificate of incorporation. Because it is only a
summary, it may not contain all the information that is important to you.


 


Units


 


Each
unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the
holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to certain adjustments.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the shares of Company’s
Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. For example,
if a warrant holder holds one-half of one warrant to purchase a share of Class A common stock, such warrant will not be exercisable.
If a warrant holder holds two-halves of one warrant, such whole warrant will be exercisable for one share of Class A common
stock at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The
common stock and warrants comprising the units began to trade separately on February 19, 2021. Holders have the option to continue
to hold units or separate their units into the component securities.


 






     


     


    

 


Common
Stock


 


As
of March 26, 2021, there were 17,250,000 shares of Class A common stock, par value $0.0001, and 4,312,500 shares of Class B common
stock, $0.0001 par value, issued and outstanding.


 


Stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A
common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote
of our stockholders except as required by law. Unless specified in our amended and restated certificate of incorporation, or as
required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares
of common stock that are voted is required to approve any such matter voted on by our stockholders. Our board of directors is
divided into three classes, each of which will generally serve for a term of three years with only one class of directors being
elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders
of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled
to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.


 


Because
our amended and restated certificate of incorporation authorizes the issuance of up to 380,000,000 shares of Class A common
stock, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required
to increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders
vote on the business combination to the extent we seek stockholder approval in connection with our initial business combination.
Our board of directors is divided into three classes with only one class of directors being elected in each year and each class
(except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term.


 


In
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until no later than one
year after our first fiscal year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however,
required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws, unless
such election is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect
new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b)
of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation
of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court
of Chancery in accordance with Section 211(c) of the DGCL.


 


We
will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account calculated as of two business days prior to the consummation of our initial business combination, including interest
earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then
outstanding public shares, subject to the limitations described herein. The per share amount we will distribute to investors who
properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our
initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have
agreed to waive their redemption rights with respect to any founder shares and public shares they hold in connection with the
completion of our initial business combination. Unlike many special purpose acquisition companies that hold stockholder votes
and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of
public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder
vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant
to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC,
and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate
of incorporation requires these tender offer documents to contain substantially the same financial and other information about
our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder
approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons,
we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant
to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business
combination only if a majority of the shares of common stock voted are voted in favor of our initial business combination. However,
the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business combination even if a majority of our public
stockholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval
of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained.


 






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If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a
public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in
concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming
its shares with respect to Excess Shares, without our prior consent. However, we would not be restricting our stockholders’
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination,
and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business
combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 20% and, in order to dispose
such shares would be required to sell their shares in open market transactions, potentially at a loss.


 


If
we seek stockholder approval in connection with our initial business combination, our initial stockholders, sponsor, officers
and directors have agreed to vote any founder shares they hold and any public shares in favor of our initial business combination.
Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against
the proposed transaction.


 


Pursuant
to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination by June
22, 2022, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right
to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case
to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our initial
stockholders have entered into agreements with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to their founder shares if we fail to complete our initial business combination by June 22,
2022 or any extended period of time that we may have to consummate an initial business combination as a result of an amendment
to our amended and restated certificate of incorporation. However, if our initial stockholders or management team acquire public
shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail
to complete our initial business combination within the prescribed time period.


 


In
the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled
to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is
made for each class of shares, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders
with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit
in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our taxes, divided by the number of then outstanding public shares, upon the completion of our initial business combination, subject
to the limitations described herein.


 






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Founder
Shares


 


The
founder shares are designated as Class B common stock and, except as described below, are identical to the shares of Class A
common stock included in the units that were sold in our initial public offering, and holders of founder shares have the same
stockholder rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions,
as described in more detail below, (ii) our initial stockholders, sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares
and public shares they hold in connection with the completion of our initial business combination, (B) to waive their redemption
rights with respect to any founder shares and public shares they hold in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of
our public shares if we have not consummated an initial business combination by June 22, 2022 or with respect to any other material
provisions relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights
to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial
business combination by June 22, 2022 or any extended period of time that we may have to consummate an initial business combination
as a result of an amendment to our amended and restated certificate of incorporation, although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination
within such time period, and (iii) the founder shares are automatically convertible into Class A common stock concurrently
with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment
as described herein and in our amended and restated certificate of incorporation. If we submit our initial business combination
to our public stockholders for a vote, our initial stockholders have agreed to vote their founder shares and any public shares
purchased in favor of our initial business combination.


 


The
founder shares will automatically convert into shares of Class A common stock concurrently with or immediately following
the consummation of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends,
reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional
shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with our initial business
combination, the number of shares of Class A common stock issuable upon conversion of all founder shares will equal, in the
aggregate, on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion
(after giving effect to any redemptions of shares of Class A common stock by public stockholders), including the total number
of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business
combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible
into shares of Class A common stock issued, or to be issued, to any seller in the initial business combination and any private
placement warrants issued to our sponsor, officers or directors upon conversion of working capital loans, provided that such conversion
of founder shares will never occur on a less than one-for-one basis.


 


With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors
and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until
the earlier of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial
business combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, and (B) the date following the completion
of our initial business combination on which we complete a liquidation, merger, capital stock exchange or other similar transaction
that results in all of our stockholders having the right to exchange their Class A common stock for cash, securities or other
property.


 


Preferred
Stock


 


Our
amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred
stock may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if
any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors may, without stockholder
approval, issue shares of preferred stock with voting and other rights that could adversely affect the voting power and other
rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue
shares of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of
control of us or the removal of existing management. We have no preferred shares outstanding at the date hereof. Although we do
not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.


 






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Warrants


 


As
of March 26, 2021, there were 13,475,000 warrants outstanding exercisable for 13,475,000 shares of common stock, consisting
of 8,625,000 public stockholders’ warrants and 4,850,000 private warrants.


 


Public
Stockholders’ Warrants


 


Each
whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share,
subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our initial public
offering and 30 days after the completion of our initial business combination, provided in each case that we have an effective
registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the
warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless
basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant
may be exercised at a given time by a warrant holder. The warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.


 


We
will not be obligated to deliver any Class A common stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common
stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of
Class A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant
exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered
holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect
to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and
expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is
not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price
for the unit solely for the share of Class A common stock underlying such unit.


 


We
have agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of our initial
business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the
Securities Act, of the Class A common stock issuable upon exercise of the warrants. We will use our best efforts to cause
the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement
covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th)
business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective
registration statement and during any period when we will have failed to maintain an effective registration statement, exercise
warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.
Notwithstanding the above, if our Class A common stock are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the
Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required
to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register
or qualify the shares under applicable blue sky laws to the extent an exemption is not available.


 






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Redemption
of warrants for cash


 


Once
the warrants become exercisable, we may call the warrants for redemption for cash:


 


		●	in
whole and not in part;



 


		●	at
a price of $0.01 per warrant;



 


		●	upon
not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant
holder; and



 


		●	if,
and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities
for capital raising purposes in connection with the closing of our initial business combination as described elsewhere in this
prospectus) for any 20 trading days within a 30-trading day period ending three business days before we send to the notice of
redemption to the warrant holders.



 


If
and when the warrants become redeemable by us for cash, we may exercise our redemption right even if we are unable to register
or qualify the underlying securities for sale under all applicable state securities laws.


 


We
have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice
of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled
redemption date. However, the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted
for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class A
common stock and equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination as described elsewhere in this report) as well as the $11.50 warrant exercise price after the redemption notice
is issued.


 


Redemption
procedures and cashless exercise


 


If
we call the warrants for redemption as described above under “— Redemption of warrants for cash”, our management
will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.”
In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will
consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders
of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management
takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number
of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of Class A
common stock underlying the warrants, multiplied by the excess of the “fair market value” of our Class A common
stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value”
will mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option,
the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock
to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.
We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, the holders
of the private placement warrants and their permitted transferees would still be entitled to exercise their private placement
warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required
to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.


 






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A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by
the holder) of the Class A common stock outstanding immediately after giving effect to such exercise.


 


If
the number of outstanding shares of Class A common stock is increased by a share capitalization payable in shares of Class A
common stock, or by a split-up of common stock or other similar event, then, on the effective date of such share capitalization,
split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased
in proportion to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling
holders to purchase Class A common stock at a price less than the fair market value will be deemed a share capitalization
of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common
stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are
convertible into or exercisable for Class A common stock) and (ii) the quotient of (x) the price per share of Class A
common stock paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering
is for securities convertible into or exercisable for shares of Class A common stock, in determining the price payable for
Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of
Class A common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date
on which the Class A common stock trades on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.


 


In
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of Class A common stock on account of such Class A common stock (or other
securities into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends,
(c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed initial business
combination, or (d) in connection with the redemption of our public shares upon our failure to complete our initial business
combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event,
by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common
stock in respect of such event.


 


If
the number of outstanding shares of Class A common stock is decreased by a consolidation, combination, reverse share split
or reclassification of Class A common stock or other similar event, then, on the effective date of such consolidation, combination,
reverse share split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise
of each warrant will be decreased in proportion to such decrease in outstanding share of Class A common stock.


 


Whenever
the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above,
the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by
a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise
of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A
common stock so purchasable immediately thereafter.


 


In
addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising
purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less
than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith
by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking
into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance), (the
“Newly Issued Price”) (y) the aggregate gross proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation
of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A
common stock during the 20 trading day period starting on the trading day after the day on which we consummate our initial business
combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be
adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value
and the Newly Issued Price.


 






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In
case of any reclassification or reorganization of the outstanding Class A common stock (other than those described above
or that solely affects the par value of such Class A common stock), or in the case of any merger or consolidation of us with
or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not
result in any reclassification or reorganization of our outstanding Class A common stock), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety
in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive,
upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A common stock immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of Class A
common stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of Class A common stock in such a transaction is payable in the form of Class A common stock in the successor
entity


 


that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to
be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly
exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be
reduced as specified in the warrant agreement based on the Black-Scholes Warrant Value (as defined in the warrant agreement)
of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when
an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants
otherwise do not receive the full potential value of the warrants.


 


The
warrants have been issued in registered form under a warrant agreement between Continental Stock Transfer & Trust
Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent
of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require
the vote or written consent of the holders of at least 50% of the then outstanding public warrants, and, solely with respect to
any amendment to the terms of the private placement warrants, at least 50% of the then outstanding private placement warrants.
You should review a copy of the warrant agreement, which will be filed as an exhibit to this Report, for a complete description
of the terms and conditions applicable to the warrants.


 


The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied
by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to
us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common
stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A
common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by stockholders.


 


No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares
of Class A common stock to be issued to the warrant holder.


 


We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way
to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to
claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole
and exclusive forum.


 






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Private
Placement Warrants


 


The
private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants)
will not be transferable, assignable or salable until 30 days after the completion of our initial business combination, subject
to certain limited exceptions and they will not be redeemable by us so long as they are held by the initial stockholders or their
permitted transferees. The initial purchasers, or their permitted transferees, have the option to exercise the private placement
warrants on a cashless basis. Except as described in this section, the private placement warrants have terms and provisions that
are identical to those of the warrants sold as part of the units in our initial public offering. If the private placement warrants
are held by holders other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable
by us and exercisable by the holders on the same basis as the warrants included in the units that were sold in our initial public
offering.


 


If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
his, her or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the


 


warrants,
multiplied by the excess of the “fair market value” of our Class A common stock (defined below) over the exercise
price of the warrants by (y) the fair market value. The “fair market value” will mean the average closing price
of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice
of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a
cashless basis so long as they are held by the initial purchasers or their permitted transferees is because it is not known at
this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability
to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders
from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted
to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information.
Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of Class A common stock received
upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly
restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless
basis is appropriate.


 


In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of
our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000
of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the
option of the lender. Such warrants would be identical to the private placement warrants.


 


Our
initial stockholders have agreed not to transfer, assign or sell any of the private placement warrants (including the Class A
common stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our
initial business combination, except that, among other certain limited exceptions.


 


Dividends


 


We
have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of
a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any,
capital requirements and general financial condition subsequent to completion of a business combination. The payment of any cash
dividends subsequent to a business combination will be within the discretion of our board of directors at such time. If we incur
any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.


 






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Our
Transfer Agent and Warrant Agent


 


The
transfer agent for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company.
We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent,
its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional
misconduct of the indemnified person or entity. Continental Stock Transfer & Trust Company has agreed that it has no
right of set-off or any right, title, interest or claim of any kind to, or to any monies in, the trust account, and has irrevocably
waived any right, title, interest or claim of any kind to, or to any monies in, the trust account that it may have now or in the
future. Accordingly, any indemnification provided will only be able to be satisfied, or a claim will only be able to be pursued,
solely against us and our assets outside the trust account and not against the any monies in the trust account or interest earned
thereon.


 


Amended
and Restated Certificate of Incorporation


 


Our
amended and restated certificate of incorporation contains certain requirements and restrictions that will apply to us until the
completion of our initial business combination. These provisions cannot be amended without the approval of the holders of 65%
of our common stock. Specifically, our amended and restated certificate of incorporation provides, among other things, that:


 


		●	If
we are unable to complete our initial business combination by June 22, 2022, we will (i) cease all operations except for
the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem
the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to
provide for claims of creditors and in all cases subject to the requirements of other applicable law;



 


		●	Prior
to our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive
funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination
or (b) to approve an amendment to our amended and restated certificate of incorporation to (x) extend the time we have
to consummate a business combination beyond June 22, 2022 or (y) amend the foregoing provisions;



 


		●	Although
we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors
or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee
of independent directors, will obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation
or appraisal firm that such a business combination is fair to our company from a financial point of view;



 


		●	If
a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote
for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E
of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which
contain substantially the same financial and other information about our initial business combination and the redemption rights
as is required under Regulation 14A of the Exchange Act. Whether or not we maintain our registration under the Exchange Act or
our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one of the
two methods listed above;



 


		●	We
must complete one or more business combinations having an aggregate fair market value of at least 80% of the assets held in the
trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at
the time of the agreement to enter into the initial business combination;



 






    10


     


    

 


		●	If
our stockholders approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination by June 22, 2022,
or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination activity,
we will provide our public stockholders with the opportunity to redeem all or a portion of their Class A common stock upon
such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number
of then outstanding public shares, subject to the limitations described herein; and



 


		●	We
will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.



 


In
addition, our amended and restated certificate of incorporation provides that under no circumstances will we redeem our public
shares in an amount that would cause our net tangible assets to be less than $5,000,001.


 


Certain
Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws


 


We
are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware
corporations, under certain circumstances, from engaging in a “business combination” with:


 


		●	a
stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);



 


		●	an
affiliate of an interested stockholder; or



 


		●	an
associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.



 


A
“business combination” includes a merger or sale of more than 10% of our assets. However, the above provisions of
Section 203 do not apply if:


 


		●	our
board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date
of the transaction;



 


		●	after
the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned
at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of
common stock; or



 


		●	on
or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and authorized
at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding
voting stock not owned by the interested stockholder.



 


Our
amended and restated certificate of incorporation provides that our board of directors is classified into three classes of directors.
As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at
two or more annual meetings.


 


Our
authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could
be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee
benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult
or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.


 






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Exclusive
forum for certain lawsuits


 


Our
amended and restated certificate of incorporation requires, unless we consent in writing to the selection of an alternative forum,
that (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or other employee to us or our stockholders, (iii) any action asserting a claim
against us, our directors, officers or employees arising pursuant to any provision of the DGCL or our amended and restated certificate
of incorporation or bylaws, or (iv) any action asserting a claim against us, our directors, officers or employees governed
by the internal affairs doctrine may be brought only in the Court of Chancery in the State of Delaware, except any claim (A) as
to which the Court of Chancery of the State of Delaware determines that there is an indispensable party not subject to the jurisdiction
of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within
ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than
the Court of Chancery or (C) for which the Court of Chancery does not have subject matter jurisdiction, as to which the Court
of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action is brought
outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law
in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it
is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers,


 


although
our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.
Additionally, unless we consent in writing to the selection of an alternative forum, the federal courts shall be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act against us or any of our
directors, officers, other employees or agents. Section 22 of the Securities Act, however, created concurrent jurisdiction for
federal and state courts over all suits brought to enforce any duty or liability created by the Securities or the rules and regulations
thereunder. Accordingly, there is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar
choice of forum provisions in other companies’ charter documents has been challenged in legal proceedings. While the Delaware
courts have determined that such exclusive forum provisions are facially valid, a stockholder may nevertheless seek to bring a
claim in a venue other than those designated in the exclusive forum provisions, and there can be no assurance that such provisions
will be enforced by a court in those other jurisdictions. Any person or entity purchasing or otherwise acquiring any interest
in our securities shall be deemed to have notice of and consented to these provisions; however, we note that investors cannot
waive compliance with the federal securities laws and the rules and regulations thereunder.


 


Notwithstanding
the foregoing, our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply
to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange Act or the rules and regulations thereunder.


 


Special
meeting of stockholders


 


Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our
Chief Executive Officer or by our Chairman.


 


Advance
notice requirements for stockholder proposals and director nominations


 


Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates
for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be
timely, a stockholder’s notice will need to be received by the company secretary at our principal executive offices not
later than the close of business on the 90th day nor earlier than the opening of business on the 120th day prior to the anniversary
date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking
inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify certain
requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders from
bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.


 






    12


     


    

 


Action
by written consent


 


Any
action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting
of such stockholders and may not be effected by written consent of the stockholders other than with respect to our Class B
common stock.


 


Classified
Board of Directors


 


Our
board of directors will initially be divided into three classes, Class I, Class II and Class III, with members of each class serving
staggered three-year terms. Our amended and restated certificate of incorporation provides that the authorized number of directors
may be changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors
may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting
power of all then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together
as a single class. Any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors,
may be filled only by vote of a majority of our directors then in office.


 


Class B
Common Stock Consent Right


 


For
so long as any shares of Class B common stock remain outstanding, we may not, without the prior vote or written consent of
the holders of a majority of the shares of Class B common stock then outstanding, voting separately as a single class, amend,
alter or repeal any provision of our amended and restated certificate of incorporation, whether by merger, consolidation or otherwise,
if such amendment, alteration or repeal would alter or change the powers, preferences or relative, participating, optional or
other or special rights of the Class B common stock. Any action required or permitted to be taken at any meeting of the holders
of Class B common stock may be taken without a meeting, without prior notice and without a vote, if a consent or consents
in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B common stock having
not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares
of Class B common stock were present and voted.


 


Listing
of Securities


 


Our
units, common stock and warrants are listed on the Nasdaq Capital Market under the symbols “DUNEU,” “DUNE”
and “DUNEW,” respectively.


 


 


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