Exhibit 10.7


 





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


 


PROMISSORY NOTE


 


	Principal Amount: $460,000	Dated as of October 25, 2019


 


Tottenham Acquisition
I Limited, a British Virgin Islands company (the “Maker”), promises to pay to the order of Norwich Investment
Limited or its registered assigns or successors in interest (the “Payee”) the principal sum of Four Hundred
and Sixty Thousand U.S. Dollars ($460,000) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of
this Note.


 


		1.	Principal. The principal balance of this Promissory Note (this “Note”)
shall be payable promptly after the date on which the Maker consummates an initial business combination (a “Business Combination”)
with a target business (as described in its initial public offering prospectus dated August 1, 2018 (the “Prospectus”)).
In the event that a Business Combination does not close prior to May 6, 2020, this Note shall be deemed to be terminated and no
amounts will thereafter be due from Maker to Payee under the terms hereof. The principal balance may not be prepaid without the
consent of the Payee.



 


		2.	Conversion Rights. The Payee has the right, but not the obligation, to convert this Note,
in whole or in part, into private units (the “Units”) of the Maker, as described in the Prospectus, by providing
the Maker with written notice of its intention to convert this note at least one business day prior to the closing of a Business
Combination. The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by
dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $10.00.



 


		(a)	Fractional Shares. No fractional Units will be issued upon conversion of this Note. In lieu
of any fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted
principal balance of this note that would otherwise be converted into such fractional share.



 


		(b)	Effect of Conversion. If the Maker timely receives notice of the Payee’s intention
to convert this note at least one business day prior to the closing of a Business Combination, this Note shall be deemed to be
converted on the date the Business Combination closes. At its expense, the Maker will, as soon as practicable after receiving this
Note for cancellation after the closing of a Business Combination (assuming receipt of timely notice of conversion), issue and
deliver to Payee, at Payee’s address set forth on the signature page hereto or such other address requested by Payee, a certificate
or certificates for the number of Units to which Payee is entitled upon such conversion (bearing such legends as are customary
pursuant to applicable state and federal securities laws), including a check payable to Payee for any cash amounts payable as a
result of any fractional shares as described herein.



 


 


 


 






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



 


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



 


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



 


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



 


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



 


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



 


		6.	Remedies.



 


		(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written
notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all
other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.



 


		(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal
balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.



 


 


 


 






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



 


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



 


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



 


If to Maker:




Tottenham Acquisition I Limited


Unit B, 11F


On Hing Building


1-9 On Hing Terrance


Central, Hong Kong


Attn: Jason Ma


 


If to Payee:


 


Norwich Investment Limited

Tottenham Acquisition I Limited


Unit B, 11F


On Hing Building


1-9 On Hing Terrance


Central, Hong Kong

Attn: Jason Wong


 


 


 


 






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


 


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



 


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



 


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



 


		13.	Trust Waiver. Payee has read the Prospectus and understands that Maker has established the
trust account described in the Prospectus, initially in an amount of $180.0 million for the benefit of the public stockholders
and the underwriters of Maker’s initial public offering (the “Underwriters”) and that, except for certain exceptions
described in the Prospectus, Maker may disburse monies from the trust account only: (i) to the public stockholders in the event
of the conversion of their shares or the liquidation of Maker; or (ii) to Maker and the Underwriters after consummation of a Business
Combination.



 


Notwithstanding
anything herein to the contrary, Payee hereby agrees that it does not have any right, title, interest or claim of any kind in or
to any monies in the trust account (the “Claim”) and hereby waives any Claim it may have in the future as a
result of, or arising out of, any negotiations, contracts or agreements with Maker and will not seek recourse against the trust
account for any reason whatsoever.


 


		14.	The Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any amounts contained in the trust account in which the proceeds of the initial public offering (the “IPO”)
conducted by the Maker and the proceeds of the sale of securities in a private placement to occur prior to the effectiveness of
the IPO, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange
Commission in connection with the IPO, will be placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim from the trust account or any distribution therefrom for any reason whatsoever.



 


 


 


 






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



 


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



 


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



 


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


 


TOTTENHAM ACQUISITION I LIMITED


 


 


By: /s/Jason Ma                                                         


Name: Jason Ma


Title: Chief Executive Officer


 


 


 


Accepted and Agreed:


 


Norwich Investment Limited


 


 


By: /s/Jason Wong                                                         


Name: Jason Wong


Title: Director






 


 


 


 






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