Exhibit 4.7


 


RIGHTS AGREEMENT


 


This Rights Agreement
(this “Agreement”) is made as of [__________], 2015 between Jensyn Acquisition Corp., a Delaware corporation, with
offices at 800 West Main Street, Suite 204, Freehold, New Jersey 07728 (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004
(the “Right Agent”).


 


WHEREAS, the Company
has received a firm commitment from Chardan Capital Markets, LLC (“CCM”) to purchase up to an aggregate of 5,750,000
units, each unit (“Unit”) comprised of one share of the Company’s common stock, par value $.0001 per share (“Common
Stock”), one right to receive one-tenth of one share of Common Stock (a “Public Right”) upon the happening of
the triggering event described herein and one warrant to purchase one-half of one share of Common Stock (a “Warrant”),
and in connection therewith, will issue and deliver up to an aggregate of 5,750,000 Public Rights upon consummation of such public
offering (“Public Offering”);


 


WHEREAS, simultaneously
with the consummation of the Public Offering, the Company will issue and deliver up to an aggregate of 238,400 rights underlying
private units (the “Private Rights”);


 


WHEREAS, in connection
with the Public Offering, the Company will issue and deliver up to 300,000 rights (underlying unit purchase options) to CCM or
its designees (“CCM Rights”);


 


WHEREAS, subsequent
to the Public Offering, the Company may issue and deliver up to 20,000 rights underlying units it may issue in satisfaction of
certain working capital loans (the “WCL Rights” and, together with the Public Rights, the Private Rights and the CCM
Rights, the “Rights”);


 


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


 


WHEREAS, the Company
desires the Right Agent to act on behalf of the Company, and the Right 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 Right 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 Right 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 Right Agent. The Company hereby appoints the Right Agent to act as agent
for the Company for the Rights, and the Right 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 form only, 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 Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall
bear a facsimile of the Company’s seal. 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 Right Agent pursuant to
this Agreement, a Right shall be invalid and of no effect and may not be exchanged for shares of Common Stock.



 


		2.3.	Registration.



 


		2.3.1.	Right Register. The Right 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 Right 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 Right Agent by the Company.



 


		2.3.2.	Registered Holder. Prior to due presentment for registration of transfer of any Right, the
Company and the Right 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 Right Agent), for
the purpose of the exchange thereof, and for all other purposes, and neither the Company nor the Right 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 ninetieth (90th) day after the date hereof unless CCM informs the Company 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 issues a press release and 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-tenth of one share of
Common Stock upon the happening of an Exchange Event (described below). No additional consideration shall be paid by a holder of
Rights in order to receive his, her or its shares of Common Stock upon an Exchange Event as the purchase price for such shares
of Common Stock has been included in the purchase price for the Units. In no event will the Company be required to net cash settle
the Rights.



 


		3.2.	Exchange Event. An Exchange Event shall occur upon the Company’s consummation of an
initial Business Combination (as defined in the Company’s Amended and Restated Certificate of Incorporation).



 


		3.3.	Exchange of Rights.



 


		3.3.1.	Issuance of Certificates. As soon as practicable upon the occurrence of an Exchange Event,
the Company shall direct holders of the Rights to return their Rights Certificates to the Right Agent. Upon receipt of a valid
Rights Certificate, the Company shall issue to the registered holder of such Right(s) a certificate or certificates for the number
of full shares of Common Stock 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 an Exchange Event, the Company will either
instruct the Right Agent to round up to the nearest whole share of Common Stock or otherwise inform it how fractional shares will
be addressed in accordance with Section 155 of the Delaware General Corporation Law.


 




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		3.3.2.	Valid Issuance. All shares of Common Stock 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 Common Stock 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. Upon an Exchange Event in which the Company
does not continue as the publicly held reporting entity, the definitive agreement will provide for the holders of Rights to receive
the same per share consideration the holders of the Common Stock will receive in such transaction, 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 18 months from the closing
of the Public Offering, or 24 months from the closing of the Public Offering if the Company has entered into a letter of intent
or definitive agreement with a target business for a Business Combination within 18 months from the closing of the Public Offering
and such Business Combination has not yet been consummated within such 18-month period, the Rights shall expire and shall be worthless.



 


		4.	Transfer and Exchange of Rights.



 


		4.1.	Registration of Transfer. The Right 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 Right Agent. The Rights so cancelled
shall be delivered by the Right Agent to the Company from time to time upon request.



 


		4.2.	Procedure for Surrender of Rights. Rights may be surrendered to the Right Agent, together
with a written request for exchange or transfer, and thereupon the Right 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 Right Agent shall not cancel such
Right and issue new Rights in exchange therefor until the Right 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 Right 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. No service charge shall be made for any exchange or registration of transfer
of Rights.



 


		4.5.	Right Execution and Countersignature. The Right 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 Right Agent, will supply the Right 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 shares of Common Stock 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.



 




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		5.2.	Lost, Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or
destroyed, the Company and the Right 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 Common Stock. The Company shall at all times reserve and keep available a
number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exchange of all outstanding
Rights issued pursuant to this Agreement.



 


		6.	Concerning the Right 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 Right Agent in respect of the issuance or delivery of shares of Common Stock 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.



 


		6.2.	Resignation, Consolidation, or Merger of Right Agent.



 


		6.2.1.	Appointment of Successor Right Agent. The Right 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 Right Agent in place of the Right Agent. 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 Right 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 Right Agent at the Company’s cost. Any successor Right 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 Right Agent shall be
vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Right Agent with like effect
as if originally named as Right Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or
appropriate, the predecessor Right Agent shall execute and deliver, at the expense of the Company, an instrument transferring to
such successor Right Agent all the authority, powers, and rights of such predecessor Right Agent hereunder; and upon request of
any successor Right 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 Right Agent all such authority, powers, rights, immunities, duties,
and obligations.



 


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



 


		6.2.3.	Merger or Consolidation of Right 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 Right Agent
shall be a party shall be the successor Right Agent under this Agreement without any further act.



 


		6.3.	Fees and Expenses of Right Agent.



 


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



 




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		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 Right Agent for the carrying out or performing of the provisions of this Agreement.



 


		6.4.	Liability of Right Agent.



 


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



 


		6.4.3.	Exclusions. The Right 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 Common Stock
to be issued pursuant to this Agreement or any Right or as to whether any Common Stock will, when issued, be valid and fully paid
and nonassessable.



 


		6.5.	Acceptance of Agency. The Right 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 Right 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 Right 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 Right Agent shall bind and inure to the benefit of their respective successors and assigns.



 


		7.2.	Notices. Any notice, statement or demand authorized by this Agreement to be given or made
by the Right 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 Right Agent), as follows:



 


Jensyn Acquisition Corp.


800 West Main Street, Suite 204


Freehold, New Jersey 07728


Attn: Jeffrey J. Raymond


 




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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 Right 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 Right Agent
with the Company), as follows:


 


Continental Stock Transfer & Trust Company


17 Battery Place


New York, New York 10004


Attn: Compliance Department


 


with a copy in each case to:


 


[to be supplied]


 


Attn:


 


and


 


Loeb & Loeb LLP


35 Park Avenue


New York, New York 10154


Attn: Giovanni Caruso.


 


and


 


Chardan Capital Markets, LLC


17 State Street, Suite 1600


New York, New York 10004


Attn: George Kaufman, Director Investment
Banking


 


		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.



 


		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, CCM, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. CCM 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 CCM 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.



 




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		7.5.	Examination of this Agreement. A copy of this Agreement shall be available at all reasonable
times at the office of the Right Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered
holder of any Right. The Right 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. 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 CCM.



 


		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.


 


	 	Jensyn Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name: Jeffrey J. Raymond
	 	 	Title: President, Chief Executive Officer and Director
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name: [__________]
	 	 	Title: [__________]


 


[Signature page to Rights Agreement between
Jensyn Acquisition Corp. and Continental Stock Transfer & Trust Company]


 




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