Exhibit 4.7


 


DESCRIPTION OF THE REGISTRANT’S
SECURITIES


REGISTERED PURUSANT TO SECTION 12 OF
THE SECURITIES


EXCHANGE ACT OF 1934, AS AMENDED


 


As of June 30, 2020,
East Stone Acquisition Corporation  (“we,” “our,” “us” or the “company”) had
four class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
its units, ordinary shares, warrants and rights. We are authorized to issue an unlimited number of both ordinary shares of no par
value and preferred shares of no par value. The following description summarizes certain terms of our shares as set out more particularly
in our memorandum and articles of association.


 


Units


 


Each unit consists of
one ordinary share, one right and one redeemable warrant. Each right entitles the holder to receive one-tenth (1/10) ordinary
share. Each warrant entitles the holder to purchase one-half (1/2) ordinary share exercisable at $11.50 per full share, subject
to adjustment.


 


Ordinary Shares


 


Under the British Virgin
Islands Business Companies Act, 2004 (the “Companies Act”), the ordinary shares are deemed to be issued when the name
of the shareholder is entered in our register of members. Our register of members are maintained by our transfer agent Continental
Stock Transfer & Trust Company, which has entered the name of Cede & Co. in our register of members as nominee for each
of the public shareholders. If (a) information that is required to be entered in the register of members is omitted from the register
or is inaccurately entered in the register, or (b) there is unreasonable delay in entering information in the register, a shareholder
of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands Courts
for an order that the register be rectified, and the court may either refuse the application or order the rectification of the
register, and may direct the company to pay all costs of the application and any damages the applicant may have sustained.


 


At any general meeting
on a show of hands every ordinary shareholder who is present in person (or, in the case of a shareholder being a corporation, by
its duly authorized representative) or by proxy will have one vote for each share held on all matters to be voted on by shareholders.
Voting at any meeting of the ordinary shareholders is by show of hands unless a poll is demanded. A poll may be demanded by shareholders
present in person or by proxy if the shareholder disputes the outcome of the vote on a proposed resolution and the chairman shall
cause a poll to be taken. Prior to the consummation of our initial business combination, the rights attaching to ordinary shares
(including those provisions designed to provide certain rights and protections to our ordinary shareholders) may only be amended
by a resolution of persons holding 65% (or 50% if approved in connection with our initial business combination) of our outstanding
ordinary shares attending and voting on such amendment. Other provisions of our memorandum and articles of association may be amended
prior to the consummation of our initial business combination if approved by a majority of the votes of shareholders attending
and voting on such amendment or by resolution of the directors. Following the consummation of, or in connection with, our initial
business combination, the rights and obligations attaching to our ordinary shares and other provisions of our memorandum and articles
of association may be amended if approved by a majority of the votes of shareholders attending and voting on such amendment or
by resolution of the directors. Our board of directors is divided into two classes, each of which generally serve for a term of
two years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election
of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all
of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.


 






     


     


    

 


Our memorandum and articles
of association requires us to provide our public shareholders with the opportunity to redeem their shares upon the consummation
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, including interest (net of taxes payable), divided by the number of then outstanding public shares, subject
to the limitations described herein and any limitations (including but not limited to cash requirements) agreed to in connection
with the negotiation of terms of a proposed business combination. The amount in the trust account is initially anticipated to be
$10.00 per share, subject to increase of up to an additional approximately $0.20 per share in the event that our sponsor elects
to extend the period of time to consummate a business combination, as described in more detail in this prospectus. The per-share amount
we will distribute to investors who properly redeem their shares will not be reduced by certain business combination marketing
fees we will pay to the underwriters in our initial public offering if we complete a business combination. Our initial shareholders
have agreed to waive their redemption rights with respect to their founder shares, private shares and public shares in connection
with the consummation of our initial business combination. We intend to obtain shareholder approval in connection with our initial
business combination. If we so decide, 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 shareholder approval, we will consummate
our initial business combination only if a majority of the votes of ordinary shareholders who being so entitled attend and vote
at the general meeting are voted in favor of the business combination. However, the participation of our sponsor, officers, directors
or their affiliates in privately-negotiated transactions (as described in this prospectus), if any, could result in the approval
of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against
such business combination. For purposes of seeking approval of the majority of our outstanding ordinary shares, 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 held, at which a vote shall
be taken to approve our initial business combination.


 


If we seek shareholder
approval in connection with our initial business combination, our initial shareholders have agreed to vote their founder shares,
private shares and any public shares purchased during or after the offering in favor of our initial business combination. Each
public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.


 


Notwithstanding the
foregoing, if a shareholder vote is not required for business or other legal reasons, we will, pursuant to our memorandum and articles
of association, offer to redeem our public shares pursuant to the tender offer rules of the SEC, and file tender offer documents
with the SEC prior to consummating our initial business combination. Our memorandum and articles of association requires these
tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC’s proxy rules.


 


Pursuant to our memorandum
and articles of association, if we are unable to consummate our initial business combination by May 24, 2021 (or up to November
24, 2021 if we extend the period of time to consummate a business combination, as described in more detail in this prospectus),
we will, as promptly as reasonably possible but not more than five business days thereafter, distribute the aggregate amount then
on deposit in the trust account (net of taxes payable and less up to $50,000 of interest to pay liquidation expenses), pro rata
to our public shareholders by way of redemption and cease all operations except for the purposes of winding up of our affairs.
This redemption of public shareholders from the trust account will be effected as required by and by function of our memorandum
and articles of association and prior to any formal voluntary liquidation of the company. Our initial shareholders have agreed
to waive their right to receive liquidating distributions with respect to their founder shares and private shares if we fail to
consummate our initial business combination by May 24, 2021 (or up to November 24, 2021 if we extend the period of time to consummate
a business combination, as described in more detail in this prospectus). However, if our initial or any of our officers, directors
or affiliates acquire public shares in or after our initial public offering, they are entitled to receive liquidating distributions
with respect to such public shares if we fail to consummate our initial business combination within the required time period.


 


Our shareholders are
entitled to receive ratable dividends when, as and if declared by the board of directors out of legally available funds. In the
event of a liquidation or winding up of the company after our initial business combination, our shareholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for
each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders
with the redemption rights set forth above.


 






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Rights


 


Each holder of a right
will receive one-tenth (1/10) of one ordinary share upon consummation of our initial business combination, even if the holder
of such right redeemed all ordinary shares held by him, her or it in connection with the initial business combination or an amendment
to our memorandum and articles of association with respect to our pre-business combination activities. No additional consideration
will be required to be paid by a holder of rights in order to receive his, her or its additional ordinary shares upon consummation
of an initial business combination as the consideration related thereto has been included in the unit purchase price paid for by
investors in our initial public offering. The shares issuable upon exchange of the rights will be freely tradable (except to the
extent held by affiliates of ours).


 


If we enter into a definitive
agreement for a business combination in which we will not be the surviving entity, the definitive agreement will provide for the
holders of rights to receive the same per share consideration the holders of the ordinary share will receive in the transaction
on an as-converted into ordinary share basis, and each holder of a right will be required to affirmatively convert his, her
or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration) upon
consummation of the business combination. More specifically, the right holder will be required to indicate his, her or its election
to convert the rights into underlying shares as well as to return the original rights certificates to us.


 


If we are unable to
complete an initial business combination within the required time period and we liquidate the funds held in the trust account,
holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from
our assets held outside of the trust account with respect to such rights, and the rights will expire worthless.


 


As soon as practicable
upon the consummation of our initial business combination, we will direct registered holders of the rights to return their rights
to our rights agent. Upon receipt of the rights, the rights agent will issue to the registered holder of such right(s) the number
of full ordinary shares to which he, she or it is entitled. We will notify registered holders of the rights to deliver their rights
to the rights agent promptly upon consummation of such business combination and have been informed by the rights agent that the
process of exchanging their rights for ordinary shares should take no more than a matter of days. The foregoing exchange of rights
is solely ministerial in nature and is not intended to provide us with any means of avoiding our obligation to issue the shares
underlying the rights upon consummation of our initial business combination. Other than confirming that the rights delivered by
a registered holder are valid, we will have no ability to avoid delivery of the shares underlying the rights. Nevertheless, there
are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of an initial business
combination. Additionally, in no event will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.


 


Although a company incorporated
in the British Virgin Islands may issue fractional shares, we will not issue any fractional shares upon conversions of the rights.
In the event that any holder would otherwise be entitled to any fractional share upon exchange of his, her or its rights, we will
reserve the option, to the fullest extent permitted by the Memorandum and Articles of Association and the applicable law, to deal
with any such fractional entitlement at the relevant time as we see fit, which would include the rounding down of any entitlement
to receive ordinary shares to the nearest whole share (and in effect extinguishing any fractional entitlement), or the holder being
entitled to hold any remaining fractional entitlement (without any share being issued) and to aggregate the same with any future
fractional entitlement to receive shares in the company until the holder is entitled to receive a whole number. Any rounding down
and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the holder of the relevant
rights, such that value received on exchange of the rights may be considered less than the value that the holder would otherwise
expect to receive. All holders of rights shall be treated in the same manner with respect to the issuance of shares upon conversions
of the rights.


 


Redeemable Warrants


 


Each warrant entitles
the holder thereof to purchase one-half (1/2) of one ordinary share at a price of $11.50 per full share, subject to adjustment
as described below, at any time commencing on the later of the completion of an initial business combination and 12 months
from the date of this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole
number of shares.


 


However, no public warrants
will be exercisable for cash unless we have an effective and current registration statement covering the issuance of the ordinary
shares issuable upon exercise of the warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing,
if a registration statement covering the issuance of the ordinary shares issuable upon exercise of the public warrants is not effective
within 90 days from 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 shall have failed to maintain an effective registration statement, exercise
warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from
registration is not available, holders will not be able to exercise their warrants on a cashless basis. The warrants will expire
five years from the closing of our initial business combination at 5:00 p.m., New York City time or earlier redemption.


 






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If (x) we issue additional
ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.50 per ordinary share (with such issue price or effective
issue price to be determined in good faith by our board of directors), (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,
and (z) the volume weighted average trading price of our ordinary shares during the 20 trading day period starting on the trading
day prior to the day on which we consummate our initial business combination (such price, the “Market Price”) is below
$9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market 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 Market Price.


 


We may call the warrants
for redemption (excluding the private warrants, and any outstanding representative’s warrants, and any warrants underlying
units issued to our sponsor, initial shareholders, officers, directors or their affiliates in payment of working capital loans
made to us), in whole and not in part, at a price of $0.01 per warrant:


 


		●	at any time while the warrants are exercisable,



 


		●	upon not less than 30 days’ prior written notice
of redemption to each warrant holder,



 


		●	if, and only if, the reported last sale price of the
ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations),
for any 20 trading days within a 30 trading day period ending on the third trading business day prior to the notice of redemption
to warrant holders, and



 


		●	if, and only if, there is a current registration statement
in effect with respect to the issuance of the ordinary shares underlying such warrants at the time of redemption and for the entire
30-day trading period referred to above and continuing each day thereafter until the date of redemption.



 


The right to exercise
will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption
date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant
upon surrender of such warrant.


 


The redemption criteria
for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial
exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price
so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.


 


If and when the warrants
become redeemable by us, we may not exercise our redemption right if the issuance of ordinary shares 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 ordinary shares 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 all holders that wish to exercise warrants to
do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for
that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares 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
ordinary shares 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. Whether we will exercise our option to require all holders to exercise their warrants on a “cashless
basis” will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called
for redemption, our cash needs at such time and concerns regarding dilutive share issuances.


 






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The warrants have been
issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of the holders of a majority
of the then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.


 


The exercise price and
number of ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including in the event
of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants
will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.


 


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


 


Except as described
above, no public warrants will be exercisable and we will not be obligated to issue ordinary shares unless at the time a holder
seeks to exercise such warrant, a prospectus relating to the ordinary shares issuable upon exercise of the warrants is current
and the ordinary shares have been registered or qualified or deemed to be exempt under the securities laws of the state of residence
of the holder of the warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions
and to maintain a current prospectus relating to the ordinary shares issuable upon exercise of the warrants until the expiration
of the warrants. However, we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating
to the ordinary shares issuable upon exercise of the warrants, holders will be unable to exercise their warrants and we will not
be required to settle any such warrant exercise. If the prospectus relating to the ordinary shares issuable upon the exercise of
the warrants is not current or if the ordinary shares is not qualified or exempt from qualification in the jurisdictions in which
the holders of the warrants reside, we will not be required to net cash settle or cash settle the warrant exercise, the warrants
may have no value, the market for the warrants may be limited and the warrants may expire worthless.


 


Warrant holders may
elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to
exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess
of 9.8% of the ordinary shares outstanding.


 


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


 


Pre-Emption Rights


 


There are no pre-emption rights
applicable to the issuance of new shares under our memorandum and articles of association.


 


Variation of Rights of Shares


 


As permitted by the
Companies Act and our memorandum of association, we may vary the rights attached to any class of shares only with: (i) in the case
of the ordinary shares prior to our initial business combination, the consent of not less than 65% (or 50% if for the purposes
of approving, or in connection with, the consummation of our initial business combination) of the votes who are in attendance and
vote at a meeting, or (ii) in the case of the preferred shares, 50% of the votes of shareholders who being so entitled attend and
vote at a meeting of such shares, except, in each case where a greater majority is required under our memorandum and articles of
association or the Companies Act, provided that that for these purposes the creation, designation or issue of preferred shares
with rights and privileges ranking in priority to an existing class of shares is deemed not to be a variation of the rights of
such existing class and may in accordance with our memorandum and articles of association be effected by resolution of directors
without shareholder approval.


 





 


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