Exhibit 4.5



DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED



As of December 31, 2021,
Papaya Growth Opportunity Corp. I (“we,” “our,” “us” or the “Company”) did not have any
securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of March 28, 2022,
we have the following three classes of securities registered under Section 12 of the Exchange Act: (i) our units, consisting
of one share of Class A common stock (as defined below) and one-half of one redeemable warrant (as defined below), with each whole
warrant entitling the holder thereof to purchase one share of Class A common stock (the “units”), (ii) our Class A
common stock, $0.0001 par value per share (“Class A common stock”), and (iii) our public warrants, with each whole
warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).



Pursuant to our second amended
and restated certificate of incorporation, our authorized capital stock consists of 131,000,000 shares of common stock, consisting of
(i) 130,000,000 shares of Class A common stock, (ii) 20,000,000 shares of Class B common stock, $0.0001 par value
(“Class B common stock”), and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety
by reference to, our second amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is
incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”)
of which this Exhibit 4.5 is a part.



Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report.



Units



Each unit consists of one
share of Class A common stock and one-half of one redeemable warrant. Only whole warrants are exercisable. 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. Pursuant to the warrant agreement,
a warrantholder may exercise his, her or its warrants only for a whole number of shares of Class A common stock.



Class A Common Stock



Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. 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,
except as required by law. 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.



We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. Our sponsor, officers
and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect
to any founder shares and placement shares (along with Cantor Fitzgerald and Co. (“Cantor”) and J.V.B. Financial Group, LLC
on behalf of its Cohen & Company Capital Markets division (“CCM”) with respect to the placement shares) and any public
shares held by them in connection with the completion of 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 second 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), is 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.



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 in the Report.



Redeemable 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
described herein, at any time commencing on the later of April 19, 2023 or 30 days after the completion of our initial business
combination. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of Class A
common stock.



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 registered the shares
of Class A common stock issuable upon exercise of the warrants. In addition, we have agreed that we will use our commercially reasonable
efforts to maintain the effectiveness of the registration statement, and a current prospectus relating thereto, with the U.S. Securities
and Exchange Commission (the “SEC”) for the offer and sale of the Class A common stock issuable upon exercise of the
warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement
covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after
the closing of our initial business combination, warrantholders 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. If that exemption, or another exemption, is not
available, holders will not be able to exercise their warrants on a cashless basis.













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

| | • | in whole and not in part;
| | - | -------------------------



| | • | at a price of $0.01 per warrant;
| | - | --------------------------------



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



| | • | if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within
a 30-trading day period commencing once the warrants become exercisable and ending three business days before we send the notice of redemption
to the warrantholders.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



If and when the warrants become
redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is
not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.
We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those
states in which the warrants were offered by us in our initial public offering.



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



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 9.9% (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.



The warrants have certain
anti-dilution and adjustment rights upon certain events.



The warrants will be issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You
should review a copy of the warrant agreement, which was filed with the SEC on January 19, 2022 as an exhibit to our Current Report
on Form 8-K, 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 mistake, including to
conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in
this prospectus, or defective provision, but requires the approval by the holders of at least a majority 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 warrantholders 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.



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 of Class A common stock (with such issue
price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our 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, and the $18.00 per share redemption
trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued Price. No fractional shares will be issued upon the exercise of the warrants. If, upon the 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 warrantholders.



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
warrantholder.