Exhibit 10.3


 


THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND
MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.


 


PROMISSORY NOTE


 


	
        Principal Amount: $164.46

         
	Dated as of March 13th, 2018


M I Acquisitions, Inc., a Delaware corporation
(the “Maker”), promises to pay to the order of M SPAC Holdings II, LLC or its registered assigns or successors
in interest (the “Payee”) the principal sum of One Hundred Sixty Four Dollars and Forty Six Cents ($164.46)
in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be
made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee
may from time to time designate by written notice in accordance with the provisions of this Note.


 


		1.	Principal. The principal balance of this Promissory Note (this “Note”) shall be payable five (5)
business days after the date on which the Maker consummates and completes a business combination as outlined in the Company’s
final prospectus dated on September 13th, 2016 and filed on September 15th, 2016 (the “Prospectus”).



 


		2.	Interest. No interest shall accrue on the unpaid principal balance of this Note.



 


		3.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.



 


		4.	Events of Default. The following shall constitute an event of default (“Event of Default”):



 


		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days
following the date when due.



 


		(b)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization,
rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.



 






     


     


    

 


		(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of
its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days.



 


		5.	Remedies.



 


		(a)	Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.



 


		(b)	Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.



 


		6.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.



 


		7.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.



 






     


     


    

 


		8.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt
requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service
providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party
may designate by notice in accordance with this Section:



 


If to Maker:


 


M I Acquisitions, Inc.

40 Wall Street, 58th Floor

New York, NY 10005

Attn: Joshua Sason


 


If to Payee:


 


Magna Management LLC

40 Wall Street, 58th Floor

New York, NY 10005

Attn: Joshua Sason


 


Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected
on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery
service.


 


		9.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.



 


		10.	Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection
with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this
agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.



 


		11.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.



 


		12.	Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any amounts contained in the trust account (the “Trust Account”)
in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the proceeds
of the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described in greater detail
in the Prospectus, were placed,, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from
the trust account or any distribution therefrom for any reason whatsoever. If the Maker does not consummate a business combination
(as described in the Prospectus), this Note shall be repaid only from amounts remaining outside of the Trust Account, if any.



 






     


     


    

 


		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of the Maker and the Payee.



 


		14.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.



 


		15.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done
by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary
to give full effect to this Promissory Note.



 


IN WITNESS WHEREOF, Maker, intending to be legally bound hereby,
has caused this Note to be duly executed by its Chief Financial Officer the day and year first above written.


 





	 	M I ACQUISITIONS, INC.
	 	 
	 	By:	/s/ Marc Manuel	 
	 	 	Name: Marc Manuel
Title:   Chief Financial Officer