Exhibit 4.5


 


DESCRIPTION OF SECURITIES


 


The following descriptions of securities of Pine Island Acquisition
Corporation (the “company,” “Pine Island,” “we” or “us”) is a summary and does not purport
to be complete. It is subject to and qualified in its entirety by reference to the company’s amended and restated certificate of
incorporation, bylaws and the company’s warrant agreement with Continental Stock Transfer & Trust Company, as warrant agent
(the “warrant agreement”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which
this Exhibit 4.5 is a part. We encourage you to read such documents for additional information.


 


Pursuant to our amended and restated certificate of incorporation,
our authorized capital stock consists of 200,000,000 shares of Class A common stock, $0.0001 par value, 20,000,000 shares of Class B common
stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value.


 


Units


 


Each unit has an offering price of $10.00 and consists of one share
of Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share
of our Class A common stock at a price of $11.50 per share, subject to adjustment. 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 that only a whole warrant may be exercised
at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade.


 


Common Stock


 


Common stockholders of record are entitled to one vote for each share
held on all matters to be voted on by stockholders. Other than with regard to our directors prior to our initial business combination
as described below under the heading, “Founder Shares,” holders of the Class A common stock and holders of the Class B common
stock will vote together as a single class on all matters submitted to a vote of our stockholders, including any vote in connection with
our initial business combination, except as required by law. Unless specified in our amended and restated certificate of incorporation
or bylaws, 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. Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be
entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination,
holders of a majority of our founder shares may remove a member of the board of directors for any reason.


 


Because our amended and restated certificate of incorporation authorizes
the issuance of up to only 200,000,000 shares of Class A common stock, if we were to enter into an initial business combination, we may
(depending on the terms of such an initial 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 stockholder vote on the initial business combination to the extent we seek stockholder
approval in connection with our initial business combination.


 


In accordance with the NYSE corporate governance requirements, we
are not required to hold an annual meeting until no later than one full year after our first fiscal year end following our listing
on the NYSE. 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 (i) the completion of our initial business combination or (ii) a stockholder vote to approve
an amendment to our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to allow
redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the closing of our initial public offering or (B) with respect to any other provision relating
to stockholders’ rights or pre-initial business combination activity. Such redemptions, if any, will be made at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the event triggering
the right to redeem, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise
and income 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, 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 any public shares held by them in connection
with the completion of our initial business combination, or a stockholder vote to approve an amendment to our amended and restated certificate
of incorporation, as described above. Unlike many blank check 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 reasons, we will, pursuant to our amended and restated certificate of incorporation,
conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“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 the 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 reasons, we will, like many blank check 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 outstanding shares of common
stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person
or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares
of capital stock of the company entitled to vote at such meeting.


 


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 business combination. For purposes of
seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our
initial business combination once a quorum is obtained. We intend to give approximately 30 days (but not less than 10 days nor more than
60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination.
These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate
our initial business combination.


 


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 more than an aggregate of 15% of the
shares of common stock sold in our initial public offering, which we refer to as the Excess Shares. 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 the initial business combination. And, as a result, such stockholders will continue to hold that number
of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions,
potentially at a loss.


 






     


     


    

 


If we seek stockholder approval in connection with our initial business
combination, pursuant to the letter agreement, our initial stockholders, officers and directors have agreed to vote their founder shares
and any public shares purchased during or after our initial public offering (including in open market and privately negotiated transactions)
in favor of our initial business combination.


 


Pursuant to our amended and restated certificate of incorporation,
if we do not complete our initial business combination within 24 months from the closing of our initial public offering or during any
extended time that we have to consummate a business combination beyond 24 months as a result of a stockholder vote to amend our amended
and restated certificate of incorporation (“Extension Period”), 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 subject to lawfully available funds
therefor, 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 franchise and income
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), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, 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, officers and directors
have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from
the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within 24 months
from the closing of our initial public offering or during any Extension Period. However, if our initial stockholders acquire public shares
in or after our initial public offering, 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 an initial 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 stock, 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 stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share
of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination, subject to the
limitations described herein.


 


Founder Shares


 


The founder shares are identical to the shares of Class A common
stock, 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, 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 any public shares held by them in connection with the completion of our initial business combination, (B)
to waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to
approve an amendment to our amended and restated certificate of incorporation (x) to modify the substance or timing of our
obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do
not complete our initial business combination within 24 months from our initial public offering or during any Extension Period or
(y) with respect to any other provision 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 held by them if we fail
to complete our initial business combination within 24 months from the closing of our initial public offering or during any
Extension Period, 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, (iii) the founder shares are
shares of our Class B common stock that will automatically convert into shares of our Class A common stock at the time of our
initial business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to
adjustment as described herein, and (iv) are entitled to registration rights. If we submit our initial business combination to our
public stockholders for a vote, our initial stockholders, officers and directors have agreed pursuant to the letter agreement to
vote any founder shares held by them and any public shares purchased during or after our initial public offering (including in open
market and privately negotiated transactions) in favor of our initial business combination.


 






     


     


    

 


The shares of Class B common stock will automatically convert into
shares of Class A common stock at the time 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 excess of the amounts
offered in connection with our initial public offering and related to the closing of the initial business combination, the ratio at which
shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of
the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so
that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate,
on an as-converted basis, 20% of the sum of (i) the total number of all shares of common stock outstanding upon completion of our initial
public offering, plus (ii) all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with
the initial business combination (excluding any shares of Class A common stock or equity-linked securities issued, or to be issued, to
any seller in the initial business combination, and any private placement-equivalent warrants issued to our sponsor or its affiliates
upon conversion of loans made to us). We cannot determine at this time whether a majority of the holders of our Class B common stock at
the time of any future issuance would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but
not limited to) the following: (i) closing conditions which are part of the agreement for our initial business combination; (ii) negotiation
with Class A stockholders on structuring an initial business combination; or (iii) negotiation with parties providing financing which
would trigger the anti-dilution provisions of the Class B common stock If such adjustment is not waived, the issuance would not reduce
the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common
stock. If such adjustment is waived, the issuance would reduce the percentage ownership of holders of both classes of our common stock.
Holders of founder shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common
stock, subject to adjustment as provided above, at any time. Securities could be “deemed issued” for purposes of the conversion
rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities.


 


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 (B) subsequent to our initial business combination, (x) if the last reported sale price of our Class A common stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, 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, or (y) the date on which we complete
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having
the right to exchange their shares of common stock for cash, securities or other property.


 


Prior to our initial business combination, only holders of our founder
shares will have the right to vote on the election of directors. Holders of our public shares will not be entitled to vote on the election
of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason. These provisions of our amended and restated certificate of incorporation
may only be amended by a resolution passed by a majority of our Class B common stock. With respect to any other matter submitted to a
vote of our stockholders, including any vote in connection with our initial business combination, except as required by law, holders of
our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one
vote.


 






     


     


    

 


Preferred Stock


 





Our amended and restated certificate of incorporation 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 is able to, without stockholder
approval, issue 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 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 stock 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.


 


Redeemable Warrants


 


Public Stockholders’ Warrants


 


Each whole warrant entitles the registered holder to purchase one share
of our 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 or 30 days after the completion of our initial business combination. 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
that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. 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 shares of 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 of 1933, as amended (the “Securities Act”) with respect to the shares of 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 shares of Class A common stock upon
exercise of a warrant unless 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
15 business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the
SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants. We will use our commercially
reasonable efforts to cause such registration statement to become effective within 60 business days after the closing of our initial business
combination and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed,
as specified in 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 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. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class
A common stock equal to the lesser of (A) 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 over the exercise
price of the warrants by (y) the fair market value and (B) 0.361 per whole warrant. The “fair market value” as used in this
paragraph shall mean the average last reported sale price of the Class A common stock for the ten trading days ending on the third trading
day prior to the date on which the notice of exercise is received by the warrant agent. If that exemption, or another exemption, is not
available, holders will not be able to exercise their warrants on a cashless basis.


 






     


     


    

 





Redemption of warrants when the price per share of Class A common
stock equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except as described
herein with respect to the private placement warrants):


 


		•	in whole and not in part;



 


		•	at a price of $0.01 per warrant;



 


		•	upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and



 


		•	if, and only if, the last reported sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending
three trading days before we send the notice of redemption to the warrant holders (which we refer to as the “Reference Value”)
equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of
a warrant as described under the heading “-Redeemable Warrants-Public Stockholders’ Warrants-Anti-Dilution Adjustments”).



 


We will not redeem the warrants as described above unless a registration
statement under the Securities Act covering the issuance of the Class A common stock issuable upon exercise of the warrants is then effective
and a current prospectus relating to those Class A common stock is available throughout the 30-day redemption period. If and when the
warrants become redeemable by us, 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. Any such exercise would not be done on a “cashless” basis
and would require the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the price of the
Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Stockholders’ Warrants-Anti-Dilution
Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.


 


Redemption of warrants when the price per share of Class A common
stock equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding warrants:


 


		•	in whole and not in part;



 


		•	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise
their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based
on the redemption date and the “fair market value” of our Class A common stock (as defined below in the immediately following
paragraph) except as otherwise described below;



 


		•	if, and only if, the Reference Value (as defined above under the heading “-Redeemable Warrants-Public Stockholders’ Warrants-Redemption
of warrants when the price per share of Class A common stock equals or exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted
for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Redeemable
Warrants-Public Stockholders’ Warrants-Anti-Dilution Adjustments”); and



 


		•	if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or
the exercise price of a warrant as described under the heading “ -Redeemable Warrants-Public Stockholders’ Warrants-Anti-dilution
Adjustments”), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding
public warrants, as described above.



 


Beginning on the date the notice of redemption is given until the
warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below
represent the number of shares of Class A common stock that a warrant holder will receive upon such cashless exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common
stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for
$0.10 per warrant), determined for these purposes based on the volume-weighted average price of our Class A common stock as reported
during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and
the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the
table below. We will provide our warrant holders with the final fair market value no later than one business day after the
ten-trading day period described above ends.


 






     


     


    

 


Pursuant to the warrant agreement, references above to Class A common
stock shall include a security other than Class A common stock into which the Class A common stock have been converted or exchanged for
in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted
when determining the number of Class A common stock to be issued upon exercise of the warrants if we are not the surviving entity following
our initial business combination.


 


The share prices set forth in the column headings of the table below
will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is
adjusted as set forth under the heading “-Anti-dilution Adjustments” below. If the number of shares issuable upon exercise
of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment,
multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which
is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted
by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant
immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so
adjusted. If the exercise price is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “-Anti-dilution
Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction,
the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “ -Anti-dilution
Adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under
the heading “- Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted
share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.


 


	 	 	Fair Market Value of Class A Common Stock	 
	Redemption Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(period to expiration of warrants)	 	<10.00	 	 	 	11.00	 	 	 	12.00	 	 	 	13.00	 	 	 	14.00	 	 	 	15.00	 	 	 	16.00	 	 	 	17.00	 	 	>18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	-	 	 	 	-	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 



 






     


     


    

 


The exact fair market value and redemption date may not be set forth
in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption
dates in the table, the number of shares of Class A common stock to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption
dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted average price of our Class A
common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders
of warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in
connection with this redemption feature, exercise their warrants for 0.277 shares of Class A common stock for each whole warrant. For
an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average
price of our Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption
is sent to the holders of warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders
may choose to, in connection with this redemption feature, exercise their warrants for 0.298 shares of Class A common stock for each whole
warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361
shares of Class A common stock per whole warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are
out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this
redemption feature, since they will not be exercisable for any Class A common stock.


 


This redemption feature differs from the typical warrant
redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash
(other than the private placement warrants) when the trading price for the Class A common stock exceeds $18.00 per share for a
specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the
Class A common stock are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A common
stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to
redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “-Redemption of
warrants when the price per share of Class A common stock equals or exceeds $18.00.” Holders choosing to exercise their
warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants
based on an option pricing model with a fixed volatility input as of November 16, 2020. This redemption right provides us with an
additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as
the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable
redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a
redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner
when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to
the warrant holders.


 






     


     


    

 


As stated above, we can redeem the warrants when the shares of Class
A common stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty
with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants
on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the shares of Class A common stock are
trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer shares of Class
A common stock than they would have received if they had chosen to wait to exercise their warrants for shares of Class A common stock
if and when such shares of Class A common stock were trading at a price higher than the exercise price of $11.50.


 


No fractional shares of Class A common stock will be issued upon exercise.
If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number
of the number of shares of Class A common stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable
for a security other than Class A common stock pursuant to the warrant agreement (for instance, if we are not the surviving company in
our initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for
a security other than Class A common stock, the Company (or surviving company) will use its commercially reasonable efforts to register
under the Securities Act the security issuable upon the exercise of the warrants.


 


Redemption Procedures. 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% (or such other amount as a holder may specify) of the shares of Class
A common stock outstanding immediately after giving effect to such exercise.


 


Anti-dilution Adjustments. If the number of outstanding shares
of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class
A common stock or other similar event, then, on the effective date of such stock dividend, 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 Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of Class A common stock
at a price less than the historical fair market value (as defined below) will be deemed a stock dividend 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) one minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the historical
fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for 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 conversion or exercise and (ii) “historical fair market value” means
the volume weighted average price of Class A common stock as reported during the ten trading day period ending on the trading day prior
to the first date on which the shares of Class A common stock trade 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 shares of Class A common stock (or other shares of our capital stock into which the warrants are
convertible), other than (a) as described above, (b) certain ordinary cash dividends (initially defined as up to $0.50 per share in
a 365 day period), (c) to satisfy the redemption rights of the holders of Class A common stock in connection with the completion of
our initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection with a
stockholder vote to approve an amendment to our amended and restated certificate of incorporation (A) to modify the substance or
timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the closing of our initial public offering or
(B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, or (e)
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 our Class A common stock is
decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other similar
event, then, on the effective date of such consolidation, combination, reverse stock 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
shares 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 a Newly
Issued Price of less than $9.20 per share (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 sponsor or its affiliates, without taking into account any founder shares held
by our sponsor or such affiliates, as applicable, prior to such issuance), (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 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, the $18.00 per share redemption trigger price described above under “-Redemption of warrants when the price
per share of Class A common stock equals or exceeds $18.00” and “-Redemption of warrants when the price per share of Class
A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market
Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “-Redemption of warrants
when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to
the higher of the Market Value and the Newly Issued Price.


 


In case of any reclassification or reorganization of the
outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such shares of
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 shares of 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 shares of our Class A common stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the kind and amount of shares of 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 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 in order to
determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of
the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the
event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price for an
instrument is available.


 






     


     


    

 


The warrants are issued in registered form under the warrant agreement.
You should review a copy of the warrant agreement, which is incorporated by reference as an exhibit to the Annual Report on Form 10-K
of which this exhibit is a part, for a complete description of the terms and conditions applicable to the warrants. 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, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely
affects the interests of the registered holders of public 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 Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock.
After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) 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 of shares of Class A common stock to be issued to the warrant holder.


 


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 (except, among other limited exceptions, to our officers and directors and other persons or entities
affiliated with our sponsor) and they will not be redeemable by us (except as described above under “Description of Securities-Redeemable
Warrants-Public Stockholders’ Warrants-Redemption of warrants when the price per share of Class A common stock equals or exceeds
$10.00”) so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the
option to exercise the private placement warrants on a cashless basis. Except as described below, 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, including as
to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than the sponsor or
its 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 sold in our initial public offering.


 


Except as described above under “-Public
Stockholders’ Warrants-Redemption of warrants when the price per share of Class A common stock equals or exceeds
$10.00,” if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise
price by surrendering the 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 over the exercise price of the warrants by (y) the fair market value. The
“fair market value” shall mean the average last reported sale price of the Class A common stock for the ten trading days
ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the
notice of redemption is sent to the holders of warrants, as applicable. The reason that we have agreed that these warrants will be
exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known at
this time whether they will be affiliated with us following an initial 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 sell the shares of Class A common stock issuable upon
exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. 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 converted into warrants at a price of $1.50 per warrant at
the option of the lender. Such warrants would be identical to the private placement warrants, including as to exercise price, exercisability
and exercise period. Except for the foregoing, the terms of such working capital loans by our sponsor or its affiliates, or our officers
and directors, if any, have not been determined and no written agreements exist with respect to such loans.


 


Our sponsor has 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, among other limited exceptions, to our officers and directors and
other persons or entities affiliated with our sponsor.


 


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 an initial 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 conditions subsequent to completion
of an initial business combination. The payment of any cash dividends subsequent to an initial 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.


 


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, willful misconduct or bad faith of the indemnified person or entity.


 


Our 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. Our initial stockholders will participate in any vote to amend
our amended and restated certificate of incorporation and will have the discretion to vote in any manner they choose. Specifically, our
amended and restated certificate of incorporation provides, among other things, that:


 


		•	If we do not complete our initial business combination within 24 months from the closing of our initial public offering or
                                                                   during any Extension Period, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
                                                                   possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of 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 franchise and income 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), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject
                                                                   to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each
case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law;



 






     


     


    

 


		•	Prior to or in connection with our initial business combination, we may not issue additional shares of capital stock that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote on our initial business combination;



 


		•	Although we do not intend to enter into an initial business combination with a target business that is affiliated with our sponsor,
directors or 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 or an independent accounting firm that such an initial 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 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 our Exchange Act or our listing on the NYSE, we will provide our
public stockholders with the opportunity to redeem their public shares by one of the two methods listed above;



 


		•	Our initial business combination will be approved by a majority of our independent directors;



 


		•	So long as we obtain and maintain a listing for our securities on the NYSE, the NYSE rules require that we must complete our initial
business combination with one or more businesses that together have an aggregate fair market value of at least 80% of the net assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable) at the time of our signing a definitive agreement
in connection with our initial business combination;



 


		•	If our stockholders approve an amendment to our amended and restated certificate of incorporation (i) to modify the substance or timing
of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we
do not complete our initial business combination within 24 months from the closing of our initial public offering or (ii) with respect
to any other provision relating to stockholders’ rights or pre-business combination activity, we will provide our public stockholders
with the opportunity to redeem all or a portion of their shares of 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 franchise and income taxes, divided by the number of then outstanding public shares;
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 upon consummation of our initial business combination and after payment of deferred underwriting commissions.


 


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


 


We have opted out of Section 203 of the DGCL. However, our amended
and restated certificate of incorporation contains similar provisions providing that we may not engage in certain “business combinations”
with any “interested stockholder” for a three-year period following the time that the stockholder became an interested stockholder,
unless:


 


		•	prior to such time, our board of directors approved either the business combination or the transaction which resulted in the stockholder
becoming an interested stockholder;



 


		•	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or



 






     


     


    

 





		•	at or subsequent to that time, the business combination is approved by our board of directors and by the affirmative vote of holders
of at least 66-2/3% of the outstanding voting stock that is not owned by the interested stockholder.



 


Generally, a “business combination” includes a merger,
asset or stock sale or certain other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions,
an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within
the previous three years owned, 15% or more of our voting stock.


 


Under certain circumstances, this provision will make it more difficult
for a person who would be an “interested stockholder” to effect various business combinations with a corporation for a three-year
period. This provision may encourage companies interested in acquiring our company to negotiate in advance with our board of directors
because the stockholder approval requirement would be avoided if our board of directors approves either the business combination or the
transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing
changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be
in their best interests.


 


Our amended and restated certificate of incorporation provides that
the sponsor and its affiliates, any of its respective direct or indirect transferees who hold at least 15% of our outstanding common stock
after such transfer and any group as to which such persons are party to, do not constitute “interested stockholders” for purposes
of this provision.


 


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.


 


Exclusive forum for certain lawsuits


 


Our amended and restated certificate of incorporation requires, to
the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for
breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware, except any action
(A) as to which the Court of Chancery in 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,
(C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any action created by the Exchange Act or any other
claim for which the federal courts have exclusive 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. Unless we consent in writing to the
selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for any action arising
under the Securities Act. 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.


 


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 either our Chief Executive Officer or our Chairman.


 






     


     


    

 





Advance notice requirements for stockholder proposals and director
nominations


 


Our bylaws provide for advance notice procedures
with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at
the direction of our board of directors or a committee of our board of directors. In order for any matter to be “properly brought”
before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally,
to be timely, a stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120
days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our bylaws also specify requirements
as to the form and content of a stockholder’s notice. Our bylaws allow the chairman of the meeting at a meeting of the stockholders
to adopt rules and regulations for the conduct of meetings, which may have the effect of precluding the conduct of certain business at
a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from
conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain
control of us.


 


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 is 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. However, prior to our
initial business combination, only holders of our founder shares will have the right to vote on the election of directors. Holders of
our public shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of
an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason.


 


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, Class A common stock and warrants on the NYSE under
the symbols “PIPP.U,” “PIPP” and “PIPP WS,” respectively.