Exhibit 4.5


 


DESCRIPTION OF SECURITIES


 


The following description of the securities
of Hamilton Lane Alliance Holdings I, Inc. (the "company," "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 250,000,000 shares of Class A Common Stock, $0.0001 par value, 25,000,000
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 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.


 


Additionally, the Units will automatically
separate into their component parts and will not be traded after completed of our Initial Business Combination.


 


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 as described below, holders of the Class
A Common Stock and holders of the Class B Common Stock 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. Each of our directors will serve for a term of two years. 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 are not 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 250,000,000 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
Nasdaq corporate governance requirements, we are not required to hold an annual meeting until 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 (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 the 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 tax obligations, 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 underwriter. Our
initial stockholders 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 SEC, and file tender offer documents with the SEC prior to completing
our initial business combination. Our amended and restated certificate of incorporation will require 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 the 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 have agreed to vote their founder shares
and any public shares purchased during or after the Initial Public Offering (including in open market and privately negotiated
transactions) in favor of our initial business combination. Additionally, each public stockholder may elect to redeem its public
shares irrespective of whether they vote for or against the proposed transaction (subject to the limitation described in the preceding
paragraph).


 


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 the 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 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 tax obligations
(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 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 the Initial Public Offering or 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. However, our
initial stockholders are entitled to liquidating distributions from the Trust Account with respect to any public shares they have
acquired after our Initial Public Offering 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 except that (i) the founder shares are subject to certain transfer restrictions, as
described in more detail below, (ii) our initial stockholders 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 the closing of the 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 the 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 have agreed pursuant to the letter
agreement to vote any founder shares held by them and any public shares purchased during or after the 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 this Form 10-K 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, 15% of the sum of (i) the total number of all shares of common stock
outstanding upon completion of the 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. Additionally, 1,803,922 founder shares (the “contingent founder shares”) are
not transferable, assignable or salable until (A) with respect to half of the contingent founder shares, if the last reported sale
price of our Class A Common Stock equals or exceeds $12.50 (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing one year after the closing of our initial business
combination until two years after the closing of our initial business combination, and (B) with respect to the remaining contingent
founder shares, if the last reported sale price of our Class A Common Stock equals or exceeds $15.00 (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
two years after the closing of our initial business combination until three years after the closing of our initial business combination.
Our Sponsor will forfeit the contingent founder shares for no consideration to the extent the $12.50 and $15.00 trading price thresholds
described in clauses A and B are not met during the specified periods.


 


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.


 






     


     


    

 


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 the 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 are not 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 are not registering the shares of Class
A Common Stock issuable upon exercise of the warrants at this time. However, 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; provided that if shares of our
Class A Common Stock are at the time of any exercise of a warrant not listed on a national securities exchange and, as such, do
not 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, but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. 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 of the last reported sale prices 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 who elect to exercise their warrants may do so 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 of a warrant 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.


 



	Redemption
                                  Date 	 	Fair
    Market Value of Class A Common Stock	 
	
 (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 some 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 the effective date of the Company’s
registration statement covering the Initial Public Offering. 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 or any person subject to aggregation with such person for the purposes of the “beneficial ownership” test
under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which
such person is or may be deemed to be a part), 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 the 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 4.5 forms 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 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
elsewhere in this Form 10-K) 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 the 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 being sold in the 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 of the last reported sale prices 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 $2,000,000 of such loans may be convertible
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. 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 for, among other limited exceptions,
transfers made to our officers and directors and other persons or entities affiliated with our Sponsor.


 


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 relating to the Initial Public Offering 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, who collectively beneficially own approximately 15% of our common stock, may 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 the 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 not previously released to us to pay our franchise and income tax obligations (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 Nasdaq, 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;





	 	•	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 the 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 tax obligations, 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 will provide 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 662/3% 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, its members and its other 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 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.


 


Our amended and restated certificate of incorporation
provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. 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. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.


 






     


     


    

 


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 will 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


 


Subsequent to the consummation of the Initial
Public Offering, 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.


 


Only holders of the founder shares vote to elect directors


 


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
are listed on Nasdaq under the symbols “HLAHU,” “HLAH” and “HLAHW,” respectively.