Exhibit 4.1


 


EXECUTION VERSION


 





RIGHTS AGREEMENT


 


This Rights Agreement (this
 “Agreement”) is made as of February 14th, 2022 between A SPAC I Acquisition Corp., a British Virgin Islands business company,
with offices at Level 39, Marina Bay Financial Centre, Tower 2, 10 Marina Boulevard, Singapore 018983 (the “Company”), and
Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street, 30th Floor, New York, New York
10004 (the “Rights Agent”).


 


WHEREAS, the Company has received
a firm commitment from Chardan Capital Markets, LLC (“Chardan”) to purchase up to an aggregate of 6,000,000 units, each unit
(“Unit”) comprised of one class A ordinary share of the Company, no par value (the “Ordinary Shares”), three-quarters
of one warrant (the “Public Warrants”) and one right to receive one-tenth of one Ordinary Share (a “Public Right”)
upon the happening of the triggering event described herein, and in connection therewith, will issue and deliver up to an aggregate of
6,900,000 Public Rights upon consummation of such public offering, 900,000 of which are attributable to the over-allotment option (“Public
Offering”);


 


WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333- 258184 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities,
the Public Rights and the Ordinary Shares issuable to the holders of the Public Rights;


 


WHEREAS, the Company desires
the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration,
transfer and exchange of the Rights;


 


WHEREAS, the Company desires
to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation
of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and


 


WHEREAS, all acts and things
have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on
behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.


 


NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:


 


1.                 
   Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for
the Company for the Rights, and the Rights Agent hereby accepts such appointment and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.


 


2.                 
Rights.


 


2.1              Form
of Right. Each Right shall be issued in registered or book entry form, as requested by the Company or the holder of a Right. Any
Rights issued in registered form shall be in substantially the form of Exhibit A hereto, the provisions of which are
incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Financial Officer
and shall bear a facsimile of the Company’s seal, if any. In the event the person whose facsimile signature has been placed
upon any Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is issued, it may
be issued with the same effect as if he or she had not ceased to be such at the date of issuance.


 






     


     


    

 


2.2             
Effect of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a registered
Right shall be invalid and of no effect and may not be exchanged for Ordinary Shares.


 


2.3             
Registration.


 


2.3.1       
Right Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original
issuance and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Rights Agent by the Company.


 


2.3.2       
Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights
Agent may deem and treat the person in whose name such Right shall be registered upon the Right Register (“registered holder”)
as the absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing
on the Right Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for
all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.


 


2.4             
Detachability of Rights. The securities comprising the Units, including the Rights, will not be separately transferable
until the ninetiteth (90th) business day after the date hereof unless Chardan informs the Company and the Rights Agent of its decision
to allow earlier separate trading, but in no event will separate trading of the securities comprising the Units begin until (i) the Company
files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds
of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment
option is exercised on the date hereof, and (ii) the Company files a Current Report on Form 8-K announcing when such separate trading
shall begin.


 


3.                 
Terms and Exchange of Rights.


 


3.1             
Rights. Each Right shall entitle the holder thereof to receive one-twentieth of one Ordinary Share upon the happening
of the Exchange Event (described below). No additional consideration shall be paid by a holder of Rights in order to receive his, her
or its Ordinary Shares upon the Exchange Event as the purchase price for such Ordinary Shares has been included in the purchase price
for the Units. In no event will the Company be required to net cash settle the Rights or issue fractional Ordinary Shares. The provisions
of this Section 3.1 may not be modified, amended or deleted without the prior written consent of Chardan.


 






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3.2             
 Exchange Event. The Exchange Event shall be the Company’s consummation of an initial Business Combination
(as defined in the Company’s Amended and Restated Memorandum and Articles of Association).


 


3.3             
Exchange of Rights.


 


3.3.1       
Issuance of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct
holders of the Rights to return their Rights Certificates to the Rights Agent. If the Company is not the surviving entity in a Business
Combination, the holder of Rights must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate, the Rights
Agent shall issue to the registered holder of such Right(s) a certificate or certificates for the number of full Ordinary Shares to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing, or any
provision contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The Company
shall not issue fractional shares upon exchange of Rights. At the time of the Exchange Event, the Company will instruct the Rights Agent
to round down to the nearest whole Ordinary Share or otherwise inform it how fractional shares will be addressed in accordance with British
Virgin Islands law.


 


3.3.2       
Valid Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.


 


3.3.3       
Date of Issuance. Each person in whose name any such certificate for Ordinary Shares is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of
such certificate.


 


3.3.4       
Company Not Surviving Following Exchange Event. If the Exchange Event results in the Company not continuing as a
publicly held reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration
as the holders of the Ordinary Shares will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant
to Section 3.1 above.


 


3.4             
Duration of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended
and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the Rights shall expire and shall be
worthless.


 


4.                 
Transfer and Exchange of Rights.


 


4.1             
Registration of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right
upon the Right Register, upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied
by appropriate instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be
issued and the old Right shall be cancelled by the Rights Agent. The Rights so canceled shall be delivered by the Rights Agent to the
Company from time to time upon request.


 






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4.2             
 Procedure for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request
for exchange or transfer, and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered
holder of the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right
surrendered for transfer bears a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange therefor
until the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Rights must also bear a restrictive legend.


 


4.3             
Fractional Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which
will result in the issuance of a Right Certificate for a fraction of a Right.


 


4.4             
Service Charges. There shall be a reasonable service charge paid to the Rights Agent for any exchange or registration
of transfer of Rights.


 


4.5             
Right Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.


 


5.                 
Other Provisions Relating to Rights of Holders of Rights.


 


5.1             
No Rights as Shareholder. Until exchange of a Right for Ordinary Shares as provided for herein, a Right does not
entitle the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to
receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in
respect of the meetings of shareholders or the election of directors of the Company or any other matter.


 


5.2             
Lost, Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company
and the Rights Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of
a mutilated Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen,
mutilated, or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.


 


5.3             
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized
but unissued Ordinary Shares that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.


 


6.                 
Concerning the Rights Agent and Other Matters.


 


6.1              Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Rights Agent in respect of the issuance or delivery of Ordinary Shares upon the exchange of Rights, but the Company shall not be
obligated to pay any transfer taxes in respect of the Rights or such shares.


 






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6.2             
Resignation, Consolidation, or Merger of Rights Agent.


 


6.2.1       
Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its
duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in
writing a successor Rights Agent in place of the RightsAgent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall,
with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost. Any successor
Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Rights Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent hereunder; and upon
request of any successor Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Rights Agent all such authority, powers, rights, immunities, duties,
and obligations.


 


6.2.2       
Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give
notice thereof to the predecessor Rights Agent and the transfer agent for the Ordinary Shares not later than the effective date of any
such appointment.


 


6.2.3       
Merger or Consolidation of Rights Agent. Any corporation into which the Right Agent may be merged or with which it
may be consolidated or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be
the successor Rights Agent under this Agreement without any further act.


 


6.3             
Fees and Expenses of Rights Agent.


 


6.3.1       
Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights
Agent hereunder and will reimburse the Rightst Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the
execution of its duties hereunder.


 


6.3.2        Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the
carrying out or performing of the provisions of this Agreement.


 






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6.4             
Liability of Rights Agent.


 


6.4.1       
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent.
The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
Agreement.


 


6.4.2        Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as a result of the Rights
Agent’s gross negligence, willful misconduct, or bad faith.


 


6.4.3       
Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with
respect to the validity or execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by
the Company of any covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or
any Right or as to whether any Ordinary Shares will, when issued, be valid and fully paid and nonassessable.


 


6.5              Acceptance
of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth.


 


6.6              Waiver.
The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the
date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.


 


7.                 
Miscellaneous Provisions.


 


7.1             
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights
Agent shall bind and inure to the benefit of their respective successors and assigns.


 






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7.2              Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or
private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Company with the Rights Agent), as follows:


 


A SPAC I Acquisition Corp.

Level 39, Marina Bay Financial Centre

Tower 2

10 Marina Boulevard

Singapore 018983

Attn: Claudius Tsang


 


Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently given
when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as follows:


 


Continental Stock Transfer & Trust Company


1 State Street, 30th Floor


New York, NY 10004


Attn: George Dalton


 


and


 


Loeb & Loeb LLP


35 Park Avenue


New York, New York 10154


Attn: Giovanni Caruso, Esq.


 


and


 


Chardan Capital Markets, LLC


17 State Street


21st Floor


New York, New York 10004


Attn: George Kaufman


 


and


 


Hunter Taubman Fischer & Li LLC


48 Wall Street, Suite 1100


New York, New York 10005


Attn: Lou Taubman


 


7.3              Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of
or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.


 






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7.4             
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from
any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the
parties hereto and the registered holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, Chardan, any right,
remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Chardan
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and
Chardan with respect to Sections 3.1, 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights.


 


7.5             
Examination of this Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Rights Agent in the Borough of Manhattan, State of New York, for inspection by the registered holder of any Right. The Rights Agent
may require any such holder to submit his, her or its Right for inspection by it.


 


7.6             
Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same
instrument.


 


7.7             
Effect of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall
not affect the interpretation thereof.


 


7.8             
Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for
the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the registered holders in any material respect. All other modifications
or amendments shall require the written consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions
of this Section 7.8 may not be modified, amended or deleted without the prior written consent of Chardan.


 


7.9              Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as
similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties hereto as of the day and year first above written.


 


	 	A SPAC I ACQUISITION CORP.
	 	 
	 	By:	/s/ Claudius Tsang
	 	 	Name:  Claudius Tsang
	 	 	Title:    Chief Executive Officer and Chief Financial Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Ana Gois
	 	 	Name: Ana Gois
	 	 	Title: Vice President 


 


[Signature Page to Rights Agreement between A SPAC I Acquisition Corp.
and Continental Stock Transfer & Trust Company]


 






     


     


    




 


EXHIBIT A

Form of Right