# EDGAR Filing Document

**Accession Number:** 0002059729
**File Stem:** 0001213900-25-064851
**Filing Date:** 2025-7
**Character Count:** 1244826
**Document Hash:** 9c04df394cf2a0047347b08bd20bed7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-064851.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0001213900-25-064851

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Timber Road Acquisition Corp
- **CENTRAL INDEX KEY:** 0002059729
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286508
- **FILM NUMBER:** 251128728

**BUSINESS ADDRESS:**
- **STREET 1:** 265 SUNRISE HIGHWAY, STE 1515
- **CITY:** ROCKVILLE CENTRE
- **STATE:** NY
- **ZIP:** 11570
- **BUSINESS PHONE:** 516-216-9923

**MAIL ADDRESS:**
- **STREET 1:** 265 SUNRISE HIGHWAY, STE 1515
- **CITY:** ROCKVILLE CENTRE
- **STATE:** NY
- **ZIP:** 11570

#### As filed with the U.S. Securities and Exchange Commission on July 16 , 2025.

#### Registration No. 333-286508

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549

#### ___________________________________

#### Amendment No. 2 <br>to<br>FORM S-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933

#### ___________________________________

#### Timber Road Acquisition Corp.<br> (Exact Name of Registrant as Specified in its Charter)

#### __________________________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **6770** | **N/A** |
|  (State or Other Jurisdiction of <br>Incorporation or Organization) | (Primary Standard Industrial <br>Classification Code Number) | (IRS Employer <br>Identification Number) |

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**265 Sunrise Hwy, Suite 1515<br>Rockville Centre, New York 11570<br>Telephone: (516) 216**-9923 (Address, including Zip Code, and Telephone Number, including Area Code, of Registrant's Principal Executive Offices)

#### Timber Road Acquisition Corp.<br>265 Sunrise Hwy, Suite 1515

#### Rockville Centre, New York 11570<br>Telephone: (516) 216-9923<br> (Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)

#### __________________________________

#### Copies to:

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| | | |
|:---|:---|:---|
|  **Constantine Karides<br>Lynwood E. Reinhardt<br>Katherine E. Geddes<br>Reed Smith LLP<br>599 Lexington Ave**<br> **New York, NY 10022<br>(212) 521-5400** | **George Weston**<br> **Christopher Hall**<br> **Harney Westwood & <br>Riegels (Cayman) LLP**<br> **3**<sup>rd</sup> **Floor, Harbour Place**<br> **103 South Church Street**<br> **Grand Cayman**<br> **(345) 949**-8599 | **Mitchell S. Nussbaum<br>Alexandria Kane<br>Loeb & Loeb LLP<br>345 Park Avenue<br>New York, New York 10154<br>(212) 407**-4000 |

---

#### __________________________________
**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

<u> Large accelerated filer </u>   <u> ☐ </u>   <u> Accelerated filer </u>   <u> ☐ </u> <br> <u> Non-accelerated filer </u>   <u> ☒ </u>   <u> Smaller reporting company </u>   <u> ☒ </u> <br>         <u> Emerging growth company </u>   <u> ☒ </u>

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information contained in this preliminary prospectus is not complete and may be changed. No securities may be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED JULY 16, 2025**

**PRELIMINARY PROSPECTUS**

#### $200,000,000

#### Timber Road Acquisition Corp.

#### 20,000,000 Units

#### ____________________________________________________________
Timber Road Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

While we may pursue an initial business combination target in any industry or geographic location, we intend to capitalize on the ability of our management team to identify, acquire and operate a business or businesses that can benefit from our management team's established global relationships, sector expertise on the real estate and consumer industry, and active management and operating experience. Our focus will be on identifying a target business with a management team who has demonstrated clear operating expertise over the past two years, with a focus on growing revenues, while operating with demonstrated control over operating costs and preservation of cash.

Of the proceeds we receive from this offering and the sale of the private placement units described in this prospectus, $200,000,000, or $230,000,000 if the underwriters' over-allotment option is exercised in full ($10.00 per unit), will be deposited into a U.S.-based trust account maintained with Continental Stock Transfer & Trust Company acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our franchise and income taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) our completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. The proceeds deposited in the trust account may become subject to the claims of our creditors, if any, which may have priority over the claims of our public shareholders.

This is an initial public offering of our securities. Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination, as described in more detail below, which we refer to throughout this prospectus as the "public rights." Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. We will not issue fractional Class A ordinary shares. As a result, you must hold rights in multiples of eight in order to receive shares for all of your rights upon closing of an initial business combination. We have also granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any.

We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial business combination, all or a portion of their Class A ordinary shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account described below calculated as of two business days prior to the completion of our initial business combination, including interest, divided by the number of then issued and outstanding Class A ordinary shares that were sold as part of the units in this offering, which we refer to collectively as our public shares, subject to the limitations described herein. Except for franchise taxes and income taxes, the proceeds placed in the trust account and the interest earned thereon shall not be used to pay for possible excise tax or any other fees or taxes that may be levied on the Company pursuant to any current, pending or future rules or laws, including without limitation any excise tax due under the Inflation Reduction Act of 2022 ("IRA") on any redemptions or share buybacks by the Company. If we have not completed our initial business combination within 18 months from the closing of this offering (and unless we seek an amendment to our amended and restated memorandum and articles of association to extend the period of time we have to complete an initial business combination beyond 18 months,

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of which there is no limit on the number of extensions or the duration of each individual extension), we will redeem 100% of the public shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to applicable law and as further described herein.

Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including all shares held by those shareholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination.

Our sponsor, Timber Road Sponsor LLC, a Delaware limited liability company, and Roth Capital Partners, LLC, representative of the underwriters (which we refer to as "Roth" or the "representative" throughout this prospectus), have agreed to purchase an aggregate of 550,000 private placement units (or 610,000 private placement units if the underwriters' over-allotment option is exercised in full) at a price of $10.00 per unit, for an aggregate purchase price of $5,500,000 (or $6,100,000 if the underwriters' over-allotment option is exercised in full) as follows: our sponsor has agreed to purchase an aggregate of 350,000 private placement units for an aggregate purchase price of $3,500,000 (or 380,000 private placement units for an aggregate purchase price of $3,800,000 if the underwriters' over-allotment option in exercised in full) and Roth has agreed to purchase an aggregate of 200,000 private placement units for an aggregate purchase price of $2,000,000 (or 230,000 private placement units for an aggregate purchase price of $2,300,000 if the underwriters' over-allotment option is exercised in full). We refer collectively to these units throughout this prospectus as the "private placement units." Each private placement unit consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination, as described in more detail below, which we refer to throughout this prospectus as the "private placement rights." Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination.

Our sponsor and our officers and directors own an aggregate of 5,750,000 of our Class B ordinary shares (up to 750,000 of which are subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised), which were acquired for $25,000, or approximately $0.004 per share. The Class B ordinary shares will automatically convert into Class A ordinary shares in connection with our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment as provided herein. The Class A ordinary shares issuable in connection with the conversion of the Class B ordinary shares may result in material dilution to our public shareholders due to the anti-dilution rights of our Class B ordinary shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. In the case that additional Class A ordinary shares, or equity-linked securities (as described herein), are issued or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, approximately 20% of the sum of (i) all Class A ordinary shares issued and outstanding upon the completion of this offering, plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with our initial business combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the business combination, and less (iii) any redemptions of Class A ordinary shares by public shareholders in connection with our initial business combination. Prior to our initial business combination, holders of the Class B ordinary shares will have the right to vote to appoint all of our directors and may remove members of the board of directors for any reason. Holders of our public shares will not have the right to vote to appoint any directors to our board of directors prior to our initial business combination. On any other matter submitted to a vote of our shareholders, holders of the Class B ordinary shares and holders of the Class A ordinary shares will vote together as a single class, except as required by law. We refer collectively to these Class B ordinary shares throughout this prospectus as the "founder shares." **See "Summary — Sponsor Information", "Summary — The Offering — Founder shares", "Summary — The** 

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**Offering — Transfer restrictions on founder shares", "Summary — The Offering — Founder shares conversion and anti**-dilution **rights", "Summary — The Offering — Appointment and removal of directors; Voting Rights", "Risk Factors — Risks Relating to our Management Team — The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination", "— Risks Relating to our Securities — We may issue additional Class A ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one**-to-one **in connection with our initial business combination as a result of the anti**-dilution **provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks", "— The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary shares at such time is substantially less than $10.00 per share", "Summary — Dilution"** and **"Dilution."**

One accredited investor, which we refer to as the "non-managing sponsor investor" throughout this prospectus, has purchased an aggregate of 3,000,000 Class A units of the sponsor (the "Sponsor Class A units") for a purchase price of approximately $1.17 per Sponsor Class A unit ($3,500,000 in the aggregate, including if the underwriters' over-allotment option is exercised in full). Each Sponsor Class A unit reflects an indirect interest in one founder share, or the proceeds thereof, held by the sponsor.

The sponsor only issued the 3,000,000 Sponsor Class A units to the non-managing sponsor investor and did not grant the non-managing sponsor investor any shareholder or other rights in addition to those afforded to our other public shareholders. The non-managing sponsor investor does not have the right to control the sponsor or vote or dispose of any securities held by the sponsor, including the founder shares held by and the private placement units to be purchased by the sponsor.

The non-managing sponsor investor has not expressed to us an interest in purchasing any of the units in this offering and neither us nor the representative have had discussions with the non-managing sponsor investor regarding any purchases of units in this offering. The non-managing sponsor investor's purchase of the Sponsor Class A units was not contingent upon the participation in this offering. We do not expect any potential purchases of units by the non-managing sponsor investor to negatively impact the post-offering trading volume, volatility and liquidity of our securities or our ability to meet Nasdaq listing eligibility requirements.

In addition, the underwriters have full discretion to allocate the units to investors and may determine not to sell any units to the non-managing sponsor investor, and in no case would the non-managing sponsor investor be sold more than 9.9% of the units to be sold in this offering. The underwriters would receive the same upfront discounts and commissions and deferred underwriting commissions on units purchased by the non managing sponsor investor, if any, as it will on the other units sold to the public in this offering.

If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders.

As more fully discussed in "**Management — Conflicts of Interest**," certain of our officers and directors presently have, and any of them in the future may have, additional fiduciary, contractual or other obligations or duties to one or more other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entities. The low price that our sponsor, executive officers and directors (directly or indirectly) paid for the founder shares creates an incentive whereby our officers and directors could potentially make a substantial profit even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. If we are unable to complete our initial business combination within 18 months, or by such earlier liquidation date as our board of directors may approve, the founder shares and private placement units may expire worthless, except to the extent they receive liquidating distributions from assets outside the trust account,

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which could create an incentive for our sponsor, executive officers and directors to complete a transaction even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination. Additionally, commencing on the date on which our securities are first listed on The Nasdaq Global Market ("Nasdaq"), we will pay our sponsor or its affiliate a total of $10,000 per month for office space, utilities and shared personnel support services. **See "Summary — The Offering — Sponsor Information" for more information.** The non-managing sponsor investor in our sponsor will share in any appreciation of the founder shares if we successfully complete a business combination. Accordingly, the non-managing sponsor investor's interest in the founder shares owned by them indirectly through its Class A Sponsor units may provide it with both an incentive to vote any public shares they own in favor of a business combination and a substantial profit on such interests, even if the business combination is with a target that ultimately declines in value. Upon consummation of this offering, we will repay up to $300,000 in loans made to us by our sponsor to cover offering-related and organizational expenses. In order to finance transaction costs in connection with an intended initial business combination, our sponsor or one of its affiliates has committed to loan us funds as may be required to a maximum of $1,500,000 to fund our additional working capital requirements and transaction costs. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of funds held outside the trust account. Up to $1,500,000 of such loans may be convertible into units at the time of the business combination at a price of $10.00 per unit at the option of the lender. Additionally, we may pay finder's fees, consulting fees or success fees to our sponsor, director or officers, or their respective affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination. In addition, we may reimburse our sponsor for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination. **See the sections titled "Summary — The Offering — Sponsor Information," "Summary — The Offering — Conflicts of Interest", "Risk Factors — Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post**-Business **Combination Risks — Since our sponsor, non**-managing **sponsor investor, officers and directors, and any other holder of our founder shares will lose their entire investment in us if our initial business combination is not completed (other than with respect to any public shares they may acquire during or after this offering), and because our sponsor, officers and directors and any other holder of our founder shares directly or indirectly may profit substantially from a business combination as a result of their ownership of founder shares even under circumstances where our public shareholders would experience losses in connection with their investment, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination, including in connection with the shareholder vote in respect thereto" and "Management — Conflicts of Interest" for more information.**

Prior to this offering, there has been no public market for our units, Class A ordinary shares or public rights. We have applied to list our units on Nasdaq under the symbol "TMRDU" on or promptly after the date of this prospectus. We cannot guarantee that our securities will be approved for listing on Nasdaq. The Class A ordinary shares and public rights constituting the units will begin separate trading on the 52<sup>nd</sup> day following the date of this prospectus (or, if such date is not a business day, the following business day) unless Roth informs us of its decision to allow earlier separate trading, subject to our filing a Current Report on Form 8-K with the Securities and Exchange Commission (the "SEC") containing an audited balance sheet of the company reflecting our receipt of the gross proceeds of this offering and issuing a press release announcing when such separate trading will begin. Once the securities constituting the units begin separate trading, we expect that the Class A ordinary shares and rights will be listed on Nasdaq under the symbols "TMRD" and "TMRDR," respectively.

**We are an "emerging growth company" and "smaller reporting company" under applicable federal securities laws and will be subject to reduced public company reporting requirements. Investing in our securities involves a high degree of risk. See "Risk Factors" beginning on page 40. Investors will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for our securities.**

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**We are responsible for the information contained in this prospectus. We have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus. We and the underwriter take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the units offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.**

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| | | |
|:---|:---|:---|
|  | **Per Unit** | **Total** |
|  Public offering price | $10.00 | $200000000 |
|  Underwriting discounts and commissions<sup>(1)(2)</sup> | $0.20 | $4000000 |
|  Proceeds, before expenses, to us | $9.80 | $196000000 |

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(1) Includes $0.20 per unit, or $4,000,000 in the aggregate, payable to the underwriters upon the closing of this offering.

(2) The table does not include certain other fees and expenses payable (or securities issuable) to the underwriters in connection with this offering. The underwriters will receive compensation in addition to the underwriting discount, including a cash fee upon the consummation of our initial business combination in an amount equal to up to 4.5% of the gross proceeds of this offering pursuant to a Business Combination Marketing Agreement. See "Underwriting" for a description of compensation and other items of value payable to the underwriters.

Because our sponsor acquired the founder shares at a nominal price, our public shareholders will incur an immediate and substantial dilution upon the closing of this offering, assuming no value is ascribed to the rights included in the units. Further, the Class A ordinary shares issuable in connection with the conversion of the founder shares may result in material dilution to our public shareholders due to the anti-dilution rights of our founder shares that may result in an issuance of Class A ordinary shares on a greater than one-for-one basis upon conversion. If we raise additional funds through equity or convertible debt issuances, our public shareholders may also suffer significant dilution. This dilution would increase to the extent that the anti-dilution provision of the founder shares results in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the founder shares at the time of our initial business combination. The compensation to be paid to the sponsor, Class A ordinary shares issuable in connection with the conversion of the founder shares, and securities to be issued to the sponsor in the private placement, including the exchange of the private placement rights, may result in a material dilution of our public shareholders' equity interests. Our sponsor acquired 5,750,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.004 per share. Up to 750,000 founder shares are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised. Upon the consummation of our initial business combination, these founder shares will automatically convert into Class A ordinary shares on a one-for-one basis (subject to adjustment as described herein), for which no additional consideration will be paid by the sponsor. In addition, in connection with the private placement, the sponsor (or its permitted transferees) will purchase 350,000 private placement units (or 380,000 private placement units if the underwriters' over-allotment option is exercised in full) for a purchase price of $10.00 per unit, for an aggregate purchase price of $3,500,000 (or $3,800,000 if the underwriters' over-allotment option is exercised in full). Each private placement unit consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. If we increase or decrease the size of the offering, we will effect a capitalization, share repurchase, redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The issuance of Class A ordinary shares to the sponsor upon conversion of founder shares, and any shares issued upon exercise or conversion of private placement securities, will be at lower effective prices than the price paid by public investors in this offering and, therefore, may result in material dilution to the equity interests of purchasers in this offering. **See the section titled "*Risk Factors — Risks Relating to our Management Team — The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination", "— Risks Relating to our Securities — We may issue additional Class A ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one***-to-one ***in connection with our initial business combination as a result of the anti***-dilution ***provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks*", "*— The value of the***

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***founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary shares at such time is substantially less than $10.00 per share*", "*Summary — Dilution" and "Dilution.*"**

The following table illustrates the difference between the public offering price per unit and our net tangible book value per share (NTBV), as adjusted to give effect to this offering and assuming the redemption of our public shares at varying levels and the exercise in full and no exercise of the over-allotment option. **See section entitled "Dilution" for more information**.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  **Offering Price of <br>$10.00 per Unit** | **Offering Price of <br>$10.00 per Unit** | **25% of Maximum <br>Redemption** | **25% of Maximum <br>Redemption** | **50% of Maximum <br>Redemption** | **50% of Maximum <br>Redemption** | **75% of Maximum <br>Redemption** | **75% of Maximum <br>Redemption** | **Maximum <br>Redemption** | **Maximum <br>Redemption** |
|  **NTBV** | **NTBV** | **NTBV** | **Difference <br>between <br>NTBV and <br>Offering <br>Price** | **NTBV** | **Difference <br>between <br>NTBV and <br>Offering <br>Price** | **NTBV** | **Difference <br>between <br>NTBV and <br>Offering <br>Price** | **NTBV** | **Difference <br>between <br>NTBV and <br>Offering <br>Price** |
|  | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* |
|  $ | 7.87 | $7.35 | $2.65 | $6.50 | $3.50 | $4.84 | $5.16 | $0.17 | $9.83 |
|  | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* |
|  $ | 7.86 | $7.34 | $2.66 | $6.49 | $3.51 | $4.82 | $5.18 | $0.15 | $9.85 |

---

Our sponsor and members of our management team will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Additionally, each of our officers and directors presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entities. As a result, there may be actual or potential material conflicts of interest between our sponsor and its affiliates on one hand, and purchasers in this offering on the other. **See the sections titled "Proposed Business — Sourcing of Potential Business Combination Targets", "Summary — The Offering — Conflicts of Interest" and "Management — Conflicts of Interest" for more information.**

The underwriters are offering the units for sale on a firm commitment basis. Delivery of the units will be made on or about , 2025.

#### ________________________________________________________________
*Book*-Running *Manager*

**Roth Capital Partners**

The date of this prospectus is , 2025

------

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [SUMMARY](#T18) | 1 |
|  [THE OFFERING](#T17) | 14 |
|  [SUMMARY FINANCIAL DATA](#T16) | 38 |
|  [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY](#T9955) | 39 |
|  [RISK FACTORS](#T9966) | 40 |
|  [USE OF PROCEEDS](#T15) | 77 |
|  [DIVIDEND POLICY](#T14) | 81 |
|  [DILUTION](#T13) | 82 |
|  [CAPITALIZATION](#T12) | 84 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T11) | 85 |
|  [PROPOSED BUSINESS](#T10) | 91 |
|  [MANAGEMENT](#T9) | 121 |
|  [PRINCIPAL SHAREHOLDERS](#T8) | 131 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#T7) | 134 |
|  [DESCRIPTION OF SECURITIES](#T6) | 137 |
|  [TAXATION](#T5) | 152 |
|  [UNDERWRITING](#T9977) | 161 |
|  [LEGAL MATTERS](#T4) | 171 |
|  [EXPERTS](#T3) | 171 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T2) | 171 |
|  [INDEX TO FINANCIAL STATEMENTS](#T1) | F-1 |

---

#### Trademarks
This prospectus contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the <sup>®</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

i

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#### SUMMARY
*This summary only highlights the more detailed information appearing elsewhere in this prospectus. You should read this entire prospectus carefully, including the information under "Risk Factors" and our financial statements and the related notes included elsewhere in this prospectus, before investing.*

*Timber Road Acquisition Corp. is a newly incorporated blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While we may pursue an initial business combination target in any industry or geographic location, we intend to focus our search for a target business by concentrating our efforts in identifying high*-quality *businesses with a focus on the real estate industry.*

*Unless otherwise expressly stated or the context otherwise requires, information in this prospectus assumes that the underwriter will not exercise its overallotment option.*

#### Definitions
Unless otherwise stated in this prospectus or the context otherwise requires, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "amended and restated memorandum and articles of association" are to our amended and restated memorandum and articles of association to be in effect upon completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "board" are to the board of directors of the Company (including our director nominees who will become directors in connection with the consummation of this offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Companies Act" are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "directors" are to our current directors named in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "equity-linked securities" are to any of our securities that are convertible into or exchangeable or exercisable for our Class A ordinary shares, except as may be otherwise expressly stated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FINRA" are to the Financial Industry Regulatory Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "founder shares" are to our 5,750,000 Class B ordinary shares, up to 750,000 of which are subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised, initially purchased by our sponsor in a private placement prior to this offering and, unless otherwise expressly stated or context otherwise requires, our Class A ordinary shares that will be issued upon the conversion thereof as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "initial shareholders" are to our sponsor and the other holders of our founder shares prior to this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "letter agreement" are to the letter agreement among us, our sponsor and our directors and officers, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "management" or our "management team" are to our directors and officers (unless otherwise expressly stated or the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Marketing Fee" are to the cash fee due to Roth and/or its designees upon closing of an initial business combination under the Business Combination Marketing Agreement equal to $9,000,000 (or up to $10,350,000 if the underwriters' over-allotment option is exercised in full) based on this $200 million proposed offering. If an initial business combination is not consummated for any reason, no Marketing Fee shall be due or payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "non-managing sponsor investor" means one (1) accredited investor that has purchased 3,000,000 Sponsor Class A units at approximately $1.17 per Sponsor Class A Unit ($3,500,000 in the aggregate, whether or not the underwriters' over-allotment option is exercised in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Nasdaq" is to the Nasdaq Global Market;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ordinary shares" are to our Class A ordinary shares and our Class B ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "private placement rights" are to the rights issued as part of the private placement units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "private placement shares" are to the Class A ordinary shares issued as part of the private placement units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "private placement units" are to the units issued to our sponsor and Roth and/or its designees in a private placement simultaneously with the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "public rights" are to our rights sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "public shareholders" are to the holders of our public shares, including our initial shareholders and members of our management team to the extent they purchase public shares, provided that each initial shareholder's and member of our management team's status as a "public shareholder" shall only exist with respect to such public shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "public shares" are to our Class A ordinary shares sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "rights" are to (a) our rights sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market) and (b) any private placement rights or rights issued as part of units issued upon conversion of working capital loans that are transferred to third parties that are not initial shareholders or permitted transferees following the consummation of our initial business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Roth" is to Roth Capital Partners, LLC, the book-runner of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "sponsor" is to Timber Road Acquisition Sponsor LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Sponsor Class A units" is to the Class A units of the sponsor, with each representing an indirect interest in one (1) founder share held by the sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "the Exchange Act" is to the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "the Jobs Act" is to the Jumpstart Our Business Startups Act of 2012;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "the Sarbanes-Oxley Act" is to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "the Securities Act" is to the Securities Act of 1933; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Timber Road Acquisition Corp.," the "company," "our," "we," or "us" are to Timber Road Acquisition Corp., a Cayman Islands exempted company.

Each unit consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. As a result, you must hold rights in multiples of eight in order to receive shares for all of your rights upon closing of an initial business combination.

*All references in this prospectus to shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands law. All references to the conversion of our Class B ordinary shares shall take effect as a redemption of such Class B ordinary shares and issuance of the corresponding Class A ordinary shares as a matter of Cayman Islands law. Any share dividends described in this prospectus shall take effect as share capitalizations as a matter of Cayman Islands law. Unless we tell you otherwise, the information in this prospectus assumes that the underwriter will not exercise its over*-allotment *option and assumes the forfeiture by our sponsor of an aggregate of 750,000 founder shares.*

#### Overview
We are a blank check company, newly incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any target business, and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business regarding a transaction with our company. We may pursue an initial business combination in any industry or geographical location.

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#### Our Management Team and Board

#### Management Team
Our management team is led by our Chief Executive Officer, Patrick Fisher and our Chief Financial Officer, Paul Rachmuth.

**Patrick Fisher** has served as our Chief Executive Officer and Director since March 17, 2025. Mr. Fisher has over two decades of experience in commercial real estate capital markets, having closed over $20 billion in commercial real estate financings throughout his career. Since March 2020, Mr. Fisher has operated as a licensed New York State real estate broker at Timber Road Capital, focusing on commercial real estate debt financing and capital market advisory closing over $400 million of commercial real estate debt over the past five years. Mr. Fisher was Head of Capital Markets at Transformco Properties from October 2022 to September 2023 and at Soho Properties from February 2021 to September 2022. Prior to moving to the principal side, Mr. Fisher held senior commercial real estate capital markets roles at several investment banking firms. From July 2018 to February 2021, he was a Managing Director at StormHarbour Securities and previously held senior commercial real estate roles at Bank of America, Lehman Brothers and Deutsche Bank. Mr. Fisher received a B.S. in Finance from Lehigh University. We believe that Mr. Fisher is qualified to serve on our Board due to his proven track record of structuring and closing complex transactions and his management experience across various financial institutions and investment firms.

**Paul Rachmuth** has served as our Chief Financial Officer and Director since March 17, 2025. Mr. Rachmuth brings over 20 years of legal and advising experience, specializing in reverse mergers, PIPE transactions and public offerings across various industries. Mr. Rachmuth has represented several public companies and has acted as counsel to companies in the consumer products and technology sectors. Since 2012, Mr. Rachmuth has operated his own legal practice focusing on corporate transactions and securities matters. Prior to starting his own practice, Mr. Rachmuth was a partner and practice group leader of the Corporate Restructuring Group at Gersten Save, LLP from 2008 to 2012. Mr. Rachmuth received a B.B.A. in Human Resources Management from Baruch School of Business in New York, a J.D. from Brooklyn Law School, and an L.L.M. in Bankruptcy Law from St. John's School of Law. We believe that Mr. Rachmuth is qualified to serve on our Board due to his extensive legal experience in corporate transactions and securities matters, his deep understanding of public companies, and his ability to navigate complex regulatory environments. Mr. Rachmuth has notified us that he intends to resign from our Board of Directors immediately prior to the effectiveness of the Registration Statement. Mr. Rachmuth will continue to serve as our Chief Financial Officer following the registration. Following Mr. Rachmuth's resignation from our Board of Directors, our Board of Directors will be comprised of a majority of independent directors (as defined under Rule 5605(a)(2)) as required by Nasdaq Rule 56506(b)(1).

#### Our Board
In addition to Mr. Fisher and Mr. Rachmuth, upon completion of our initial public offering, the other members of our Board will be as follows:

**Barrie Clapham** will serve as a director and Chairman of the Board upon completion of our initial public offering. Mr. Clapham is a serial entrepreneur with nearly five decades of experience across multiple industries. In 1982, Mr. Clapham founded Credential Holdings Limited, growing it into a major property group in the United Kingdom where he served as its Chief Executive Officer until April 2014. In August 2006, Mr. Clapham founded Produce Investments, listing it publicly in 2010 (LON:PIL) before selling it in 2018. Produce Investments became the United Kingdom's largest potato suppliers and one of the world's leading daffodil producers. Mr. Clapham serves as Chairman of London and Scottish Investments Ltd, where he co-founded Regional REIT (LON:RGL), a commercial real estate firm with a market capitalization exceeding £600 million when he exited in 2019. More recently, Mr. Clapham played a key role at Stewart Enterprises Holdings Inc. ("STEI"), serving as Chairman since June 2022 and Interim Chief Executive Officer from June 2023 to date. STEI secured a license with the Hard Rock International for manufacture and sale of alcoholic beverages across hotels. Mr. Clapham holds a bachelor's degree in economics from the University of Strathclyde and a law degree from the University of Glasgow. We believe that Mr. Clapham is qualified to serve on our Board of Directors due to his extensive entrepreneurial experience, his proven leadership in building and scaling businesses across multiple industries, and his deep expertise in corporate governance and strategic growth initiatives.

**Josh Halpern** will serve as an independent director upon completion of our initial public offering. Mr. Halpern is a seasoned executive in the alcohol and beverage industry and since 2021 has served as Chief Executive Officer of each of Big Chicken, a fast casual restaurant chain in the U.S. known for its chicken sandwiches and Beer Park, a

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restaurant and entertainment venue located on the Las Vegas strip. At Big Chicken, Mr. Halpern oversees domestic and international expansion through working with restaurant operators and investors. At Beer Park, Mr. Halpern leads growth initiatives for the Las Vegas Strip venue, known for its gourmet stadium food, extensive beer selection, and interactive games. Previously, Mr. Halpern was Chief Sales Officer at FIFCO USA, an American brewing company based in Rochester, New York, where he led a 300-person team, grew the company's EBITDA, and expanded brands like Seagram's Escapes, Labatt, and Genesee. Mr. Halpern held leadership roles at Anheuser-Busch InBev, managing the $7.3 billion Small Format business, driving revenue and market share growth across convenience stores, liquor stores, and military channels. He also led the On-Premises channel, overseeing national sales for restaurants and concessions. In 2021, Mr. Halpern founded Sweat Capital LLC, an advisory firm that helps start-up food and beverage companies build out their commercial strategy and route to market. Since January 2024, Mr. Halpern has served on the board of USA Archery, the national governing body for the sport of archery in the United States. Mr. Halpern received his B.S. from Cornell University and MBA from Babson College. We believe that Mr. Halpern is qualified to serve on our Board due to his extensive experience in the food and beverage industry, his proven track record driving businesses growth, and his leadership experience in managing operations across industries.

**Craig Delasin** will serve as an independent director upon completion of our initial public offering. Mr. Delasin brings 38 years of experience in shopping center and mixed-use development, with expertise in both the landlord and tenant sides of the business. Since 2014, Mr. Delasin has served as the Chief Executive Officer of Urban Retail Properties, a commercial real estate investment and operating company since 2013. Prior to his appointment as CEO, Mr. Delasin held several key leadership roles at Urban Retail Properties, LLC, including Chief Operating Officer, President of Leasing, and Director of New Business Development, where he led efforts to identify and secure new business opportunities domestically and internationally. Throughout his career, Mr. Delasin has played a pivotal role in leasing, development, and investment initiatives. In 2007, he established Urban Retail Asia, LLC, expanding the company's footprint into China. In 2005, he co-managed the acquisition of Manhattan Town Center in Manhattan, Kansas, which was later sold to UrbanCal, LLC in 2008. Mr. Delasin holds a B.S. in Finance from the University of Wyoming and is an active member of the International Council of Shopping Centers (ICSC). We believe that Mr. Delasin is qualified to serve on our Board due to his extensive industry experience in commercial real estate, and proven ability to drive strategic growth for businesses.

**Stephan Butler** will serve as an independent director upon completion of our initial public offering. Mr. Butler is an experienced strategic advisor and seasoned executive with a diverse background spanning real estate development, finance, management consulting, public policy, and emerging technologies. Mr. Butler is currently advising the development of the Mandarin Oriental Residences in Boca Raton. Prior to, from January 2019 through March 2025, Butler was the Head of Development and Construction at Soho Properties, a Manhattan-based, privately held real estate development and investment firm, where he oversaw the development and construction of nearly $1 billion of real estate in Manhattan. From November 2011 through January of 2019, Butler served as EVP, Head of Development at Kingsbridge National Ice Center, a $400 million real estate development. In his role at Kingsbridge National Ice Center, Butler oversaw the acquisition, entitlement, and development stages of entertainment projects in New York City, representing a comprehensive value nearing $400 million. Stephan Butler has also held leadership and advisory positions at the following organizations: Deutsche Bank, where he was Manager of Special Projects for the Global CEO of DeAM and REEF from March 2010 through November of 2012; The Stegla Group where he was Senior Project Executive in 2008 and 2009; and the Office of US Senator Mary Landrieu where he was a Special Advisor and Science and Technology Fellow from 2006 to 2008. Mr. Butler received his B.S. in Civil Engineering from the New Jersey Institute of Technology, Master of Engineering from Cooper Union, and MBA from Columbia Business School. We believe that Mr. Butler is qualified to serve on our Board due to his extensive experience in real estate industry and his leadership experience in managing operations across industries.

**Business Strategy**

Our business strategy is centered around the following concepts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Creative Transaction Sourcing.** We are committed to identifying unique and innovative approaches to sourcing potential transactions. Leveraging our management team's extensive network, we aim to tap into a wide array of opportunities, ensuring a diverse and robust pipeline of business combination prospects. We intend to have a proactive and thematic sourcing strategy that will concentrate our efforts on companies where our management team's leadership experience, relationships and expertise can serve as catalysts for transformation. We intend to accelerate the growth and performance of any target company through strategic and operational improvements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Leveraging Management Expertise.** We believe the collective experience and expertise of our management team will serve as an effective tool in consummating an initial business combination. Our management team members have held significant roles in various industries, including capital markets, real estate and the food and beverage sectors, and have demonstrated their ability to lead and grow successful businesses. We believe that certain of these industries (or subsets of these industries) are expected to have significant growth potential over the next several years based on various industry reports. We believe our management team's wealth of knowledge will be instrumental in evaluating and enhancing the value of a target business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Scale to Source Quality Targets.** We believe we are positioned to identify and acquire a high-quality target due to our broad knowledge and insight, including access to extensive client networks and business relationships cultivated by senior leaders around the world. We intend to have a proactive and thematic sourcing strategy that will concentrate our efforts on companies where our management team's leadership experience, relationships and expertise in capital markets, real estate, and food and beverage industries can serve as catalysts for transformation. We intend to accelerate the growth and performance of any target company through strategic and operational improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial Market Insights.** We believe our management team's understanding of financial markets; financing options and overall corporate strategy will position us to make an informed decision on the attractiveness of target businesses. We intend to utilize the knowledge of our management team to further support a target business in navigating complex financial landscapes. By utilizing our management team's industry experience and relationships with key players in the financial sector, we believe we will be able to identify optimal financing structures and strategies to support the growth and success of a target business. Additionally, real estate management constitutes a major segment of the global economy. In 2023, MSCI estimated the value of the global professionally managed real estate market at $13.2 trillion, accounting for approximately 12% of global GDP. This underscores the scale and significance of the industry, presenting substantial opportunities for strategic investment and growth.

#### Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Experienced Leadership.** Our management team brings decades of experience in operations management, risk management, executive leadership, and capital markets experience. Their leadership in various strategic roles underscores their ability to drive growth and optimize workflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proven Track Record.** We believe the prior accomplishments of members of our management team in various sectors, including capital markets, real estate, and the food and beverage sectors provide us with a solid foundation to evaluate and enhance the value of potential target businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extensive Network.** Our management team members have cultivated a broad network of industry contacts, venture capital investors, private equity sponsors, and members of the lending community. This network is expected to yield a diverse array of business combination opportunities, enhancing our ability to source and execute high-potential transactions. These relationships are pivotal in accessing proprietary deal flow and securing favorable terms for our acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Strategic Market Insights.** We believe our management team's understanding of financial markets, financing options and corporate strategy positions us to make informed and strategic decisions. By leveraging their market insights, we believe we will be able to identify optimal financing structures and strategies to support the growth and success of a target business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operational Expertise.** We believe the operational expertise of our management team, demonstrated through roles in leading organizations and successful ventures, equips us to provide substantial support to target businesses. Our management team's ability to implement strategic and operational improvements is expected to be instrumental in driving growth and enhancing the performance of a target business. We believe the combined experience of our management team with public and private companies will allow them to offer valuable guidance and oversight.

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#### Acquisition Criteria
We plan to focus our search on companies that have many or all of the following characteristics, although we may decide to enter into a business combination with a target that falls outside of these categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Target Business Size.** We will seek to invest in one or more businesses, determined in the sole discretion of our officers and board of directors, according to reasonably accepted valuation standards and methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Competitive Position.** We intend to invest in one or more businesses that have a leading, growing or unique niche market position in their respective sectors. We will analyze the strengths and weaknesses of target businesses relative to their competitors. We will seek to invest in one or more businesses that demonstrate advantages when compared to their competitors, including a talented management team, defensible proprietary technology, strong adoption rates, and relevant domain expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capable Management Team.** We will seek to invest in one or more businesses that have experienced management teams or those that provide a platform for us to assemble an effective and capable management team. We will focus on management teams with a track record of driving revenue growth and creating value for their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Benefit from Being a Public Company.** We intend to seek out one or more businesses that will benefit from being publicly listed and can effectively utilize broader access to capital and the public profile to grow and accelerate shareholder value creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Substantial opportunity for growth following a business combination.** Favorable sector and market dynamics including large unmet demand, which may drive organic growth with additional opportunities for add-on acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Initial enterprise value.** We will seek to acquire one or more companies with enterprise value of between $400 million – $2 billion with readiness to grow.

The criteria listed above are not an exhaustive list. The above guidelines are meant to guide management in acquisition searches and compare qualities of considered businesses. However, we may choose to engage a target business that does not meet these criteria or guidelines.

Following the completion of this offering, we expect that our management team will engage with their networks to articulate our initial business combination criteria and initiate a disciplined and thorough process of pursuing and evaluating prospective target businesses.

#### Our Acquisition Process
In evaluating a prospective target business, we expect to conduct a thorough due diligence review, which is expected to encompass, among other things, meetings with incumbent management and employees, document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will be made available to us. We will also utilize our operational and capital planning experience.

We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors or officers, or making the acquisition through a joint venture or other form of shared ownership with our sponsor, directors or officers. In the event we seek to complete an initial business combination with a target that is affiliated with our sponsor, directors or officers, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm or another independent valuation or appraisal firm that regularly renders fairness opinions that such an initial business combination is fair to our company and shareholders from a financial point of view. We are not required to obtain such an opinion in any other context.

Members of our management team and sponsor group may directly or indirectly own our ordinary shares, rights and/or private placement units following this offering, and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.

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We have not selected any specific business combination target but intend to target businesses with enterprise values that are greater than what we could acquire with the net proceeds of this offering and the sale of the private placement units. Our officers and directors have neither individually identified nor considered a target business for our initial business combination. Certain of our officers and directors are from time to time made aware of potential business opportunities, one or more of which we may desire to pursue, for a business combination, but we have not (nor has anyone on our behalf) contacted any prospective target business or had any discussions, formal or otherwise, with any business combination target. Additionally, we have not, nor has anyone on our behalf, taken any measure, directly or indirectly, to identify or locate any suitable acquisition candidate for us, nor have we engaged or retained any agent or other representative to identify or locate any such acquisition candidate.

Certain of our officers and directors presently have, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to those entities. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity, subject to his or her fiduciary duties under applicable law. We expect that if an opportunity is presented to one of our officers or directors in his or her capacity as an officer or director of one of those other entities, such opportunity would be presented to such other entity and not to us. For more information on the entities to which our officers and directors currently have fiduciary or contractual obligations, please refer to "*Management — Conflicts of Interest*." However, because the entities to which our executive officers and directors owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations, we do not believe that the fiduciary duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination.

#### Initial Business Combination
Nasdaq listing rules require that our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the trust account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust). We refer to this as the 80% fair market value test. If our board of directors is not able to independently determine the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria. We do not currently intend to purchase multiple businesses in unrelated industries in conjunction with our initial business combination, although there is no assurance that will be the case. In addition, pursuant to Nasdaq listing rules, our initial business combination must be approved by a majority of our independent directors.

We anticipate structuring our initial business combination so that the post-transaction company in which our public shareholders own shares will own or acquire 100% of the issued and outstanding equity interests or assets of the target business or businesses. We may, however, structure our initial business combination such that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in our initial business combination transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the issued and outstanding capital stock, shares or other equity securities of a target business or issue a substantial number of new shares to third-parties in connection with financing our initial business combination. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% fair market value test. If our initial business combination involves more than one target business, the 80% fair market value test will be based on the aggregate value of all of the target businesses. Notwithstanding the foregoing, if we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.

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We do not believe we will need to raise additional funds following this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may (i) issue additional securities to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share or at a price which approximates the per-share amounts in our trust account at such time, or (ii) incur debt in connection with our initial business combination. If we raise additional funds through equity or convertible debt issuances, our public shareholders may also suffer significant dilution and these securities could have rights that rank senior to our public shares. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to our equity securities and could contain covenants that restrict our operations. Further, due to the anti-dilution rights of our founder shares, our public shareholders may incur material dilution. In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering and the sale of the private placement units, and, as a result, if the cash portion of the purchase price exceeds the amount available from the trust account, net of amounts needed to satisfy redemptions by public shareholders, we may be required to seek additional financing to complete such proposed initial business combination. We may also obtain financing prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to any forward purchase agreements, backstop or similar agreements we may enter into following the consummation of this offering or otherwise. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, we will be subject to the rules and regulations promulgated under the Exchange Act. We have no current intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the consummation of our initial business combination.

#### Sponsor Information
Our sponsor is a Delaware limited liability company, which was formed to invest in our company. Although our sponsor is permitted to undertake any activities permitted under the Delaware Limited Liability Company Act and other applicable law, our sponsor's business is focused on investing in our company. Paul Rachmuth is the managing member and holds voting and investment discretion with respect to the ordinary shares held of record by the sponsor. As of the date of this prospectus, other than Paul Rachmuth, Patrick Fisher and the non-managing sponsor investor, no other person has a direct or indirect material interest in our sponsor. The non-managing sponsor investor has purchased Sponsor Class A units, reflecting indirect interests in an aggregate of 3,000,000 of the founder shares held by the sponsor. Other than the sponsor managers and our management team, none of the other members of our sponsor will participate in our company's activities.

Without the prior written consent of Roth, our sponsor may not surrender or forfeit, transfer or exchange our founder shares, private placement units, private placement rights, private placement shares or any of our other securities, including for no consideration, as well as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities. In addition, the members of our sponsor could, with the permission of the sponsor's managing member, under certain circumstances permitted in the letter agreement, transfer their membership interests in the sponsor, thereby transferring control of our sponsor to a third party.

In May 2025, our sponsor transferred 20,000 founder shares to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors.

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The following table sets forth the payments to be received by our sponsor and its affiliates from us prior to or in connection with the completion of our initial business combination and the securities issued and to be issued by us to our sponsor or its affiliates:

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| | | |
|:---|:---|:---|
|  **Entity/Individual** | **Amount of Compensation to be Received or <br>Securities Issued or to be Issued** | **Consideration Paid or <br>to be Paid** |
|  Timber Road Sponsor LLC | $10,000 per month | Office space, administrative and shared personnel support services |
|  | 5,750,000 Class B Ordinary Shares<sup>(1)</sup> | $25000 |
|  | 350,000 Placement Units to be purchased simultaneously with the closing of this offering | $3500000 |
|  | Up to $300,000 | Repayment of loans made to us to cover offering related and organizational expenses |
|  | Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination | Services in connection with identifying, investigating and completing an initial business combination |
|  Timber Road Sponsor LLC | Anti-dilution protection upon conversion into Class A ordinary shares at a greater than one-to-one ratio | Issuance of the Class A ordinary shares issuable in connection with the conversion of the founder shares on a greater than one-to-one basis upon conversion |
|  Timber Road Sponsor LLC, our officers, directors or advisors, or our or their affiliates | Finder's fees, advisory fees, consulting fees or success fees | Any services in order to effectuate the completion of our initial business combination, which, if made prior to the completion of our initial business combination, will be paid from funds held outside the trust account |

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(1) On March 18, 2025, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering and formation costs in exchange for an aggregate of 5,750,000 Class B ordinary shares, par value $0.0001 per share.

Because our sponsor acquired the founder shares at a nominal price, our public shareholders will incur immediate and substantial dilution upon the closing of this offering, assuming no value is ascribed to the rights included in the units. Further, the Class A ordinary shares issuable in connection with the conversion of the founder shares may result in material dilution to our public shareholders due to the anti-dilution rights of our founder shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. *See the sections titled "Risk Factors — Risks Relating to our Management Team — The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination" and "Dilution."*

The founder shares will automatically convert into Class A ordinary shares in connection with the consummation of our initial business combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related to or in connection with the closing of the initial business combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, approximately 20% of the sum of (i) of the aggregate of our issued and outstanding founder shares, placement shares and public shares after this offering and the private placement, plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination and any private placement-equivalent units issued to our sponsor or any of its affiliates or to our officers or directors upon conversion of working capital loans) less (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial business combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis. The compensation to be paid to the sponsor, Class A ordinary shares issuable

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in connection with the conversion of the founder shares, and securities to be issued to the sponsor in the private placement, including the exchange of the private placement rights, may result in a material dilution of our public shareholders' equity interests. Our sponsor acquired 5,750,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.004 per share. Up to 750,000 founder shares are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised. These shares will convert into Class A ordinary shares for no additional consideration upon the consummation of our initial business combination. In addition, in connection with the private placement, the sponsor (or its affiliates) will purchase 350,000 private placement units (or 380,000 private placement units if the underwriters' over-allotment option is exercised in full) at a price of $10.00 per unit, for an aggregate purchase price of $3,500,000 (or $3,800,000 if the underwriters' over-allotment option is exercised in full. Each private placement unit consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. If we increase or decrease the size of the offering, we will effect a capitalization, share repurchase, redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The issuance of Class A ordinary shares to the sponsor upon conversion of founder shares, and any shares issued upon exercise or conversion of private placement securities, will be at lower effective prices than the price paid by public investors in this offering and, therefore, may result in material dilution to the equity interests of purchasers in this offering.

In addition, in order to facilitate our initial business combination, without the prior written consent of Roth, our sponsor may not surrender or forfeit, transfer or exchange our founder shares, private placement units, private placement rights, private placement shares or any of our other securities, including for no consideration, as well as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities.

If we raise additional funds through equity or convertible debt issuances, our public shareholders may also suffer significant dilution. This dilution would increase to the extent that the anti-dilution provision of the founder shares results in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the founder shares at the time of our initial business combination. In addition, the exchange of the private placement rights and the conversion of working capital loans would further increase the dilution to our public shareholders.

Pursuant to the lock-up agreement and a letter agreement to be entered with us, each of our sponsor, directors and officers has agreed to restrictions on its ability to transfer, assign, or sell the founder shares and placement units, as summarized in the table below:

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| | | | |
|:---|:---|:---|:---|
|  **Subject <br>Securities** | **Expiration Date** | **Natural Persons and <br>Entities Subject to <br>Restrictions** | **Exceptions to Transfer Restrictions** |
|  Founder Shares | *Letter Agreement:* <br> The earlier of (A) one year after the completion of our initial business combination; and (B) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.  | *Letter Agreement:* <br> Timber Road Sponsor LLC <br> Patrick Fisher<br> Paul Rachmuth<br> Barrie Clapham<br> Josh Halpern<br> Craig Delasin<br> Stephan Butler<br> *Lock*-Up *Agreement:*<br> Timber Road Sponsor LLC<br> Patrick Fisher<br> Paul Rachmuth | *Letter Agreement:* <br> Transfers permitted (a) to (1) the Sponsor's members, (2) the directors or officers of us, the Sponsor, the Sponsor's members or Roth and/or its designees, (3) any affiliates or family members of the directors or officers of us, the Sponsor, the Sponsor's members or Roth, (4) any members or partners of the Sponsor, the Sponsor's members, Roth or their respective affiliates, or any affiliates of the Sponsor, the Sponsor's members, Roth, or any employees of such affiliates; (b) in the case of an individual, as a gift to such person's immediate family or to a trust, the beneficiary of which is a member of such person's immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic |

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| | | | |
|:---|:---|:---|:---|
|  **Subject <br>Securities** | **Expiration Date** | **Natural Persons and <br>Entities Subject to <br>Restrictions** | **Exceptions to Transfer Restrictions** |
|  | *Lock*-Up *Agreement:* <br> For a period of 180 days from the date of this prospectus, sponsor, directors, and officers and/or any of their affiliates will not, without the prior written consent of the representative, offer, sell, contract to sell, pledge, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any units, rights, ordinary shares or any other securities convertible into, or exercisable or exchangeable for, any units, ordinary shares, founder shares or rights, subject to certain exceptions. | Barrie Clapham<br> Josh Halpern<br> Craig Delasin<br> Stephan Butler | relations order; (e) in the case of a trust by distribution to one or more permissible beneficiaries of such trust; (f) by private sales or transfers made in connection with any forward purchase agreement or in connection with the consummation of a business combination at prices no greater than the price at which the securities were originally purchased; (g) to us for no value for cancellation in connection with the consummation of the initial business combination; (h) in the event of our liquidation prior to our consummation of our initial business combination; (i) by virtue of the laws of the State of Delaware, the Sponsor's limited liability company agreement, upon dissolution of such Sponsor, or the organizational documents of Roth upon dissolution of Roth; and (j) in the event that, subsequent to our consummation of an initial business combination, we complete a liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement.<br> *Lock*-Up *Agreement:* <br> The representative in its sole discretion may release any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors, which shall be with notice. |
|  Placement Units, Placement Shares, Placement Rights | *Letter Agreement:* <br> 30 days after the completion of our initial business combination. <br> *Lock*-Up *Agreement:* <br> For a period of 180 days from the date of this prospectus, sponsor, directors, and officers and/or any of their affiliates will not, without the prior written consent of the representative, offer, sell, contract to sell, pledge, sell any option or | *Letter Agreement:* <br> Timber Road Sponsor LLC<br> Patrick Fisher<br> Paul Rachmuth <br> Barrie Clapham<br> Josh Halpern<br> Craig Delasin<br> Stephan Butler | *Letter Agreement:* <br> Same as above. <br> *Lock*-Up *Agreement:* <br> Same as above. |

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| | | | |
|:---|:---|:---|:---|
|  **Subject <br>Securities** | **Expiration Date** | **Natural Persons and <br>Entities Subject to <br>Restrictions** | **Exceptions to Transfer Restrictions** |
|  | contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any units, rights, ordinary shares or any other securities convertible into, or exercisable or exchangeable for, any units, ordinary shares, founder shares or rights, subject to certain exceptions.<br> In addition, the placement units to be purchased by Roth are deemed underwriters' compensation by FINRA pursuant to FINRA Rule 5110 and will be subject to compliance with the lock-up provisions of that rule. | *Lock*-Up *Agreement:* <br> Timber Road Sponsor LLC<br> Patrick Fisher<br> Paul Rachmuth<br> Barrie Clapham<br> Josh Halpern<br> Craig Delasin<br> Stephan Butler |  |

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Up to 750,000 of the founder shares will be surrendered for no consideration depending on the extent to which the underwriters' over-allotment option is exercised. In addition, in order to facilitate our initial business combination or for any other reason determined by our sponsor in its sole discretion, our sponsor may surrender or forfeit, transfer or exchange our founder shares, private placement units or any of our other securities, including for no consideration, as well as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities. We may also issue Class A ordinary shares upon conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions as set forth therein.

While the non-managing sponsor investor will not be a direct party to the letter agreement discussed above, as a result of the non-managing sponsor investor's indirect ownership of founder shares through the Sponsor Class A units, the non-managing sponsor investor is bound by the restrictions set forth above with respect to its 3,000,000 allocated founder shares. However, the non-managing sponsor investor will not be subject to transfer restrictions or a lock-up agreement on any public units, public Class A ordinary shares or public warrants that it may purchase in this offering or thereafter.

#### Corporate Information
We are an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.

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We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter, and (2) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to "emerging growth company" will have the meaning associated with it in the JOBS Act.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates equals or exceeds $250 million as of the end of that year's second fiscal quarter, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of the end of that year's second fiscal quarter.

Exempted companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Act. As an exempted company, we have applied for and have received a tax exemption undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (As Revised) of the Cayman Islands, for a period of 30 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (1) on or in respect of our shares, debentures or other obligations or (2) by way of the withholding in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation of us.

We are a Cayman Islands exempted company incorporated on March 7, 2025. Our executive offices are located at 265 Sunrise Hwy, Suite 1515, Rockville Centre, NY 11570, and our telephone number is (516) 216-9923. Our registered office provider in the Cayman Islands is Harneys Fiduciary (Cayman) Limited. Our registered office and our registered office provider's office in the Cayman Islands are both located at 4<sup>th</sup> Floor, Harbour Place,103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, George Town, Cayman Islands.

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#### THE OFFERING
*In making your decision whether to invest in our securities, you should take into account not only the backgrounds of the members of our management team, but also the special risks we face as a blank check company and the fact that this offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act. You will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. You should carefully consider these and the other risks set forth in the section below entitled "Risk Factors" of this prospectus.*

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| | |
|:---|:---|
|  Securities offered | 20,000,000 units (or 23,000,000 units if the underwriter's over-allotment option is exercised in full), at $10.00 per unit, each unit consisting of: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• one Class A ordinary share; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• one public right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. |
|  Proposed Nasdaq symbols | Units: "TMRDU" |
|  | Class A ordinary shares: "TMRD" |
|  | Public rights: "TMRDR" |
|  Trading commencement and separation of Class A ordinary shares and public rights | <br>The units will begin trading on or promptly after the date of this prospectus. The Class A ordinary shares and public rights constituting the units will begin separate trading on the 52<sup>nd</sup> day following the date of this prospectus (or, if such date is not a business day, the following business day) unless Roth informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once the Class A ordinary shares and public rights commence separate trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and public rights. No fractional public rights will be issued upon separation of the units and only whole public rights will trade. As a result, you must hold rights in multiples of eight in order to receive shares for all of your rights upon closing of a business combination. |
|  | Additionally, the units will automatically separate into their component parts and will not be traded after completion of our initial business combination. |
|  Separate trading of the Class A ordinary shares and public rights is prohibited until we have filed a Current Report on Form 8-K | <br>In no event will the Class A ordinary shares and public rights be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited balance sheet of the company reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriter's over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriter's over-allotment option. |

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| | |
|:---|:---|
|  **Units:** |  |
|  Number issued and outstanding before this offering | <br>0 |
|  Number issued and outstanding after this offering | <br>20550000<sup>(1)</sup> |
|  **Ordinary shares:** |  |
|  Number issued and outstanding before this offering | <br>5750000<sup>(2),(3)</sup> |
|  Number issued and outstanding after this offering | <br>20550000<sup>(1),(3),(4)</sup> |
|  **Rights:** |  |
|  Number of private placement rights to be sold as part of the private placement units sold in a private placement simultaneously with this offering | <br>550000<sup>(1)</sup> |
|  Number of rights to be outstanding after this offering and the sale of private placement units | <br>25550000<sup>(1)</sup> |
|  Terms of Rights | Except in cases where we are not the surviving company in a business combination, each holder of a public right will automatically receive one-eighth (1/8) of a Class A ordinary share upon consummation of our initial business combination. In the event we will not be the surviving company upon completion of our initial business combination, each holder of a right will be required to affirmatively convert its rights in order to receive the one-eighth (1/8) of one Class A ordinary share underlying each right upon consummation of the business combination. We will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Companies Act. As a result, you must hold rights in multiples of eight in order to receive ordinary shares for all of your rights upon closing of a business combination. If we are unable to complete an initial business combination within the required time period and we redeem the public shares for the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless. |

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(1) Assumes no exercise of the underwriter's over-allotment option and the corresponding forfeiture of 750,000 founder shares by the holders thereof. Includes an aggregate of 550,000 private placement units purchased by our sponsor and Roth in a private placement simultaneously with this offering.

(2) Consists solely of founder shares, up to 750,000 of which are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised.

(3) Founder shares are currently classified as Class B ordinary shares, which shares will convert into Class A ordinary shares on a one-for-one basis, subject to adjustment as described below next to the caption "Founder shares conversion and anti-dilution rights."

(4) Includes 20,000,000 public shares, 5,000,000 founder shares, which assumes no exercise of the underwriters' over-allotment option and the forfeiture of 750,000 founder shares by the holders thereof, and 550,000 private placement shares.

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|  Founder shares | On March 18, 2025, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering and formation costs in exchange for an aggregate of 5,750,000 Class B ordinary shares, par value $0.0001 per share. <br> The sponsor has issued 3,000,000 Sponsor Class A units to the non-managing sponsor investor reflecting indirect interests in an aggregate of 3,000,000 of the founder shares (whether or not the underwriters exercise the over-allotment option in full) held by the sponsor.<br> Prior to the initial investment in the company of $25,000 by our sponsor, the company had no assets, tangible or intangible. The purchase price of these founder shares was determined by dividing the amount of cash contributed to us by the number of founder shares issued. Our sponsor will own approximately 20% of our issued and outstanding shares after this offering (assuming it does not purchase any units in this offering), including the Class B ordinary shares and the private placement shares. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. Up to 750,000 founder shares are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised. |
|  | The founder shares are identical to the Class A ordinary shares included in the units being sold in this offering, except that: <br> &nbsp;&nbsp;&nbsp;&nbsp;• prior to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; <br> &nbsp;&nbsp;&nbsp;&nbsp;• the founder shares are subject to certain transfer restrictions, as described in more detail below;<br> &nbsp;&nbsp;&nbsp;&nbsp;• our sponsor, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive: (1) their redemption rights with respect to any founder shares, private placement shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (2) their redemption rights with respect to any founder shares, private placement shares and public shares held by them in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) their rights to liquidating distributions from the trust account with respect to any founder shares and private placement shares they hold if we fail to complete our initial business combination within 18 months from the closing of this offering |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame). Our sponsor, officers and directors have agreed, subject to applicable securities laws, to vote any founder shares and private placement shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated transactions) in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). If we submit our initial business combination to our public shareholders for a vote, our sponsor, directors and officers have agreed to vote any founder shares, private placement shares and public shares held by them in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). A quorum for such meeting will be present if holders of a majority of the issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy. As a result, in addition to our sponsor's founder shares and the private placement shares, we would need 7,225,001 additional shares, or 36.10% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), or only 837,501 additional shares, or 4.19% (assuming only the minimum number of shares representing a quorum are voted and the over-allotment option is not exercised), of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have such initial business combination approved; |
|  &nbsp;&nbsp;&nbsp;&nbsp;• the non-managing sponsor investor is not granted any shareholder or other rights in addition to those afforded to our other public shareholders, and has only been issued Sponsor Class A units in the sponsor, with no right to control the sponsor or vote or dispose of any securities held by the sponsor, including the founder shares and the private placement units held by the sponsor. If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders. |

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|  | Pursuant to an agreement of all members of the sponsor, the management and control of the sponsor is vested exclusively with Paul Rachmuth, the managing member, without any voting, veto, consent or other participation rights by any non-managing members regardless of their ownership of the sponsor. All matters submitted to a vote by the managing member will require the affirmative vote of the units held only by the managing members, without regard to any membership interests held by any non-managing members. As a result, the non-managing sponsor investor will have no right to control the sponsor or participate in any decision regarding the disposal of any security held by the sponsor.<br> &nbsp;&nbsp;&nbsp;&nbsp;• the founder shares will automatically convert into our Class A ordinary shares in connection with our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more detail below; and <br> &nbsp;&nbsp;&nbsp;&nbsp;• the founder shares are entitled to registration rights as described under *"Principal Shareholders — Registration Rights."* |
|  Transfer restrictions on founder shares | Our sponsor, officers and directors have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) one year after the completion of our initial business combination; and (B) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property (except with respect to permitted transferees as described herein under *"Principal Shareholders — Transfers of Founder Shares and Private Placement Rights"*). Any permitted transferees would be subject to the same restrictions and other agreements of our initial shareholders with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up. |
|  Founder shares conversion and anti-dilution rights | <br>We have 5,750,000 Class B ordinary shares, par value $0.0001 per share, issued and outstanding (up to 750,000 of which are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised). The Class B ordinary shares will automatically convert into Class A ordinary shares in connection with our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, approximately 20% of the sum of (i) all ordinary |

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|  | shares issued and outstanding upon the completion of this offering plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with our initial business combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination, and (iii) less any redemptions of Class A ordinary shares by public shareholders in connection with our initial business combination. The term "equity-linked securities" refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt. |
|  Appointment and removal of directors; Voting rights | <br>Prior to our initial business combination, only our sponsor and its affiliates will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to our initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by at least 90% of our ordinary shares who attend and vote at a general meeting. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. |
|  Private placement units and underlying securities | <br>Our sponsor and Roth have committed to purchase an aggregate of 550,000 private placement units at a price of $10.00 per unit (or 610,000 if the over-allotment option is exercised in full) for an aggregate purchase price of $5,500,000 (or $6,100,000 depending on the extent to which the underwriters participate in the offering), in a private placement that will close simultaneously with the closing of this offering as follows: our sponsor has agreed to purchase an aggregate of 350,000 private placement units for an aggregate purchase price of $3,500,000 (or 380,000 private placement units for an aggregate purchase price of $3,800,000 if the underwriters' over-allotment option in exercised in full) and Roth has agreed to purchase an aggregate of 200,000 private placement units for an aggregate purchase price of $2,000,000 (or 230,000 private placement units for an aggregate purchase price of $2,300,000 if the underwriters' over-allotment option is exercised in full). Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. A portion of the purchase price of the private placement units will be added to the proceeds from this offering to be held in the trust account such that at the time of the closing $200,000,000 (or $230,000,000 if the underwriters exercise their over-allotment option in full) will be held in the trust account. If we do not complete our initial business combination within 18 months from the closing of this offering, the private placement units (and the underlying securities) will expire worthless. |
|  | <br>Our sponsor and Roth have committed to purchase an aggregate of 550,000 private placement units at a price of $10.00 per unit (or 610,000 if the over-allotment option is exercised in full) for an aggregate purchase price of $5,500,000 (or $6,100,000 depending on the extent to which the underwriters participate in the offering), in a private placement that will close simultaneously with the closing of this offering as follows: our sponsor has agreed to purchase an aggregate of 350,000 private placement units for an aggregate purchase price of $3,500,000 (or 380,000 private placement units for an aggregate purchase price of $3,800,000 if the underwriters' over-allotment option in exercised in full) and Roth has agreed to purchase an aggregate of 200,000 private placement units for an aggregate purchase price of $2,000,000 (or 230,000 private placement units for an aggregate purchase price of $2,300,000 if the underwriters' over-allotment option is exercised in full). Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. A portion of the purchase price of the private placement units will be added to the proceeds from this offering to be held in the trust account such that at the time of the closing $200,000,000 (or $230,000,000 if the underwriters exercise their over-allotment option in full) will be held in the trust account. If we do not complete our initial business combination within 18 months from the closing of this offering, the private placement units (and the underlying securities) will expire worthless. |

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|  | The private placement units to be purchased by Roth are deemed underwriters' compensation by FINRA pursuant to FINRA Rule 5110 and will be subject to compliance with the lock-up and resale registration provisions of that rule. |
|  | Our sponsor and Roth have agreed to (i) waive their redemption rights with respect to their private placement shares in connection with the completion of our initial business combination, (ii) waive their redemption rights with respect to their private placement shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering, or (B) with respect to any other material provision relating to shareholders' rights or pre-initial business combination activity and (iii) waive their rights to liquidating distributions from the trust account with respect to their private placement shares if we fail to consummate our initial business combination. |
|  Transfer restrictions on private placement units and underlying securities | <br>The private placement units (including the private placement rights, the private placement shares and the Class A ordinary shares issuable upon exchange of the private placement rights) will not be transferable, assignable or saleable until 30 days after the completion of our initial business combination, except as described herein under *"Principal Shareholders — Transfers of Founder Shares and Private Placement Units."* |
|  Proceeds to be held in trust account | Nasdaq listing rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited in a trust account. Of the net proceeds we will receive from this offering and the sale of the private placement units described in this prospectus, $200 million ($10.00 per unit), or $230 million ($10.00 per unit) if the underwriter's over-allotment option is exercised in full (including up to $9,000,000 (or up to $10,350,000 if the underwriter's over-allotment option is exercised in full) to pay the Marketing Fee as described under "*Underwriting — Business Combination Marketing Agreement"*), will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company acting as trustee, and $414,615 will be used to pay expenses in connection with the closing of this offering and for working capital following this offering. The funds in the trust account will be invested or held only in either (i) U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries, (ii) uninvested cash, or (iii) an interest-bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. For more information about the risk of the company being |

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|  | considered to be operating as an unregistered investment company, see *"Risk Factors — Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post*-Business *Combination Risks — If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination."* |
|  | Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) our completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. The proceeds deposited in the trust account may become subject to the claims of our creditors, if any, which may have priority over the claims of our public shareholders. |
|  Anticipated expenses and funding sources | Unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use, except the withdrawal of interest to pay taxes or to redeem our public shares in connection with an amendment to our amended and restated memorandum and articles of association, as described above. Based upon current interest rates, we expect the trust account to generate approximately $9,000,000 of interest annually (assuming an interest rate of 4.5% per year). Unless and until we complete our initial business combination, we may pay our expenses only from: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• the net proceeds of this offering and the sale of the private placement units not held in the trust account, which will be approximately $1,085,385 in working capital after the payment of approximately $414,615 in expenses (other than underwriting commissions) relating to this offering; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• any loans or additional investments from our sponsor, members of our management team or any of their affiliates or other third parties, although they are under no obligation to loan funds to, or otherwise invest in, us; and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business combination; |

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|  Conditions to completing our initial business combination | <br>There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to any forward purchase agreements, backstop or similar agreements we may enter into following the consummation of this offering or otherwise. Nasdaq listing rules require that an initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the trust account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust). We refer to this as the 80% fair market value test. The fair market value of the target or targets will be determined by our board of directors based upon one or more standards generally accepted by the financial community (such as actual and potential sales, earnings, cash flow and/or book value). Even though our board of directors will rely on generally accepted standards, our board of directors will have discretion to select the standards employed. In addition, the application of the standards generally involves a substantial degree of judgment. Accordingly, investors will be relying on the business judgment of the board of directors in evaluating the fair market value of the target or targets. The proxy solicitation materials or tender offer documents used by us in connection with any proposed transaction will provide public shareholders with our analysis of our satisfaction of the 80% fair market value test, as well as the basis for our determinations. If our board of directors is not able independently to determine the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria. |
|  | We will complete our initial business combination only if the post-transaction company in which our public shareholders own shares will own or acquire 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in our initial business combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% fair market value test; provided that in the event that our initial business combination involves more than one target business, the 80% fair market value test will be based on the aggregate value of all of the target businesses. |

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|  Permitted purchases and other transactions with respect to our securities | <br>If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or any of their affiliates may purchase public shares or public rights outside of the redemption offer in compliance with the conditions set forth in SEC Tender Offer Rules and Schedules Compliance and Disclosure Interpretation 166.01 in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). Any such price per public share may be different than the amount per public share a public shareholder would receive if it elected to redeem its public shares in connection with our initial business combination, however in no event will such price per public share be made at a price higher than the offered redemption price. Additionally, at any time at or prior to our initial business combination, subject to applicable securities laws (including with respect to material nonpublic information), our sponsor, directors, officers, advisors or any of their affiliates may enter into transactions with investors and others to provide them with incentives to acquire public shares, vote their public shares in favor of our initial business combination or not redeem their public shares. However, our sponsor, directors, officers, advisors or any of their affiliates are under no obligation or duty to do so and they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None of the funds held in the trust account will be used to purchase public shares or public rights in such transactions. If our sponsors, directors, officers, advisors or any of their affiliates engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. To the extent such public shares are purchased, such public shares will not be voted in favor of approving our initial business combination, as required by Tender Offers and Schedules Compliance and Disclosure Interpretations Question 166.01 promulgated by the SEC. See "Proposed Business — *Permitted purchases and other transactions with respect to our securities" for a description of how our sponsor, directors, officers, advisors or any of their affiliates will select which shareholders to enter into private transactions with.* |
|  | We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Our sponsor, directors, officers, advisors or any of their affiliates will be restricted from making any purchases if such purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. |

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|  Redemption rights for public shareholders upon completion of our initial business combination | <br>We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial business combination, all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein. |
|  | The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the Marketing Fee we will pay to the underwriter. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion of our initial business combination with respect to our public rights. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of our initial business combination. |
|  Manner of conducting redemptions | We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial business combination, all or a portion of their public shares upon the completion of our initial business combination either (1) in connection with a general meeting called to approve the business combination or (2) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement. Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated memorandum and articles of association would typically require shareholder approval. We intend to conduct redemptions without a shareholder vote pursuant to the tender offer rules of the SEC unless shareholder approval is required by applicable law or stock exchange listing requirement or we choose to seek shareholder approval for business or other reasons. <br> If a shareholder vote is not required and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association: <br> &nbsp;&nbsp;&nbsp;&nbsp;• conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and  |

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|  &nbsp;&nbsp;&nbsp;&nbsp;• file tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies. <br> Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase our ordinary shares in the open market, in order to comply with Rule 14e-5 under the Exchange Act. |
|  If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirement, or we decide to obtain shareholder approval for business or other reasons, we will: |
|  &nbsp;&nbsp;&nbsp;&nbsp;• conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and |
|  &nbsp;&nbsp;&nbsp;&nbsp;• file proxy materials with the SEC. |
|  We expect that a final proxy statement would be mailed to public shareholders at least 10 days prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy solicitation. Although we are not required to do so, we currently intend to comply with the substantive and procedural requirements of Regulation 14A in connection with any shareholder vote even if we are not able to maintain our Nasdaq listing or Exchange Act registration. |
|  If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, pursuant to the terms of a letter agreement entered into with us, our sponsor, officers and directors have agreed (and their permitted transferees will agree) to vote their founder shares and any public shares held by them in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). We expect that at the time of any shareholder vote relating to our initial business combination, our sponsor, officers and directors and their permitted transferees will own at least 20% of our issued and outstanding ordinary shares entitled to vote thereon. |
|  These voting thresholds, and the voting agreements of our sponsor, may make it more likely that we will consummate our initial business combination. Each public shareholder may elect to redeem their public shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. |

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|  | Redemptions of our public shares may be subject to a net tangible asset test or cash requirement pursuant to an agreement relating to our initial business combination. The proposed business combination may require: (1) cash consideration to be paid to the target or its owners; (2) cash to be transferred to the target for working capital or other general corporate purposes; or (3) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration we would be required to pay for all public shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, and all public shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination. |
|  Tendering share certificates in connection with a tender offer or redemption rights | <br>We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two (2) business days prior to the initially scheduled vote on the proposal to approve our initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option, rather than simply voting against the initial business combination. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements, which will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. |
|  Limitation on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold shareholder vote | <br>Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its public shares with respect to more than an aggregate of 15% of the public shares sold in this offering, without our prior consent. We believe the restriction described above will discourage shareholders from accumulating large blocks of public shares, and subsequent attempts by such holders to use their ability to redeem their public shares as a means to force us, our sponsor or their respective affiliates to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the public shares sold in this offering could threaten to exercise its redemption rights against a business combination if such holder's public shares are not purchased by us, our sponsor or their respective affiliates at a premium to<br>|

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|  | the then-current market price or on other undesirable terms. By limiting our shareholders' ability to redeem to no more than 15% of the public shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders' ability to vote all of their shares (including all public shares held by those shareholders that hold more than 15% of the public shares sold in this offering) for or against our initial business combination. |
|  Redemption rights in connection with proposed amendments to our amended and restated memorandum and articles of association | <br>Some other blank check companies have a provision in their charter which prohibits the amendment of certain charter provisions. Our amended and restated memorandum and articles of association provide that any of its provisions (other than amendments relating to provisions governing the appointment or removal of directors prior to our initial business combination, which require the approval of a majority of at least 90% of our ordinary shares attending and voting at a general meeting), including those related to pre-business combination activity (including the requirement to deposit proceeds of this offering and the sale of private placement units into the trust account and not release such amounts except in specified circumstances), may be amended if approved by holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our ordinary shares. |
|  | Our initial shareholders will beneficially own approximately 20% of our ordinary shares upon the closing of this offering (assuming it does not purchase any units in this offering), including the Class B ordinary shares and the private placement shares, may participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and will have the discretion to vote in any manner they choose. Our sponsor, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity, in each case unless we provide our public shareholders with the opportunity to redeem their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares. Our sponsor, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of our initial business combination. |

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|  Release of funds in trust account on closing of our initial business combination | <br>On the completion of our initial business combination, all amounts held in the trust account will be disbursed directly by the trustee or released to us to pay amounts due to any public shareholders who properly exercise their redemption rights as described above under "Redemption rights for public shareholders upon completion of our initial business combination," to pay the underwriters their Marketing Fee, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using equity or debt, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination or the redemption of our public shares, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.<br> If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders. However, if the non-managing sponsor investor purchases or otherwise holds a substantial number of our units, then the non-managing sponsor investor will potentially have different interests than our other public shareholders in approving our initial business combination and otherwise exercising its rights as a public shareholder.  |
|  Redemption of public shares and distribution and liquidation if no initial business combination | <br>Our sponsor, officers and directors have agreed that we will have only 18 months from the closing of this offering to complete our initial business combination. We may also hold a shareholder vote at any time to amend our amended and restated memorandum and articles of association to modify the amount of time we will have to consummate an initial business combination (as well as to modify the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within the time periods described herein or with respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity). As described herein, our sponsor, executive officers, directors and director nominees have agreed that they will not propose any such amendment unless we provide our public shareholders with the opportunity to redeem their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account, divided by the number of then outstanding public shares, subject to the limitations described herein.  |

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|  Our initial shareholders will lose their entire investment in us if our initial business combination is not completed within 18 months from the closing of this offering unless we extend the amount of time we have to consummate an initial business combination by obtaining shareholder approval to amend our amended and restated memorandum and articles of association. While we do not currently intend to seek such shareholder approval, we may elect to do so in the future. There is no limit under our amended and restated memorandum and articles of association on the number of extensions we may seek through such amendments. Furthermore, there is no limit on the duration of each individual extension or the aggregate amount of time we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval. If we do not or are unable to extend the time period to consummate our initial business combination, our sponsor's investment in our founder shares and our private placement units will be worthless. |
|  If we have not completed our initial business combination within such period and have not held a shareholder vote to amend our amended and restated memorandum and articles of association to extend the amount of time we will have to consummate an initial business combination, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our public rights, which will expire worthless if we fail to complete our initial business combination within the 18-month time period. |
|  Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within 18 months from the closing of this offering. However, if our initial shareholders acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the allotted time frame. The underwriter has agreed to waive its rights to its Marketing Fee held in the trust account in the event we do not complete our initial business combination within the allotted time frame and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares. |

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|  | If we are unable to complete an initial business combination within the 18-month period, we may seek an amendment to our amended and restated memorandum and articles of association to extend the period of time we have to complete an initial business combination beyond 18 months. There is no limit under our amended and restated memorandum and articles of association on the number of extensions that we may seek through such amendments. Furthermore, there is no limit on the duration of each individual extension or the aggregate amount of time that we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval. These provisions of our amended and restated memorandum and articles of association may only be amended with the approval of a special resolution as a matter of Cayman Islands law, meaning that such an amendment must be approved by at least two-thirds of the holders of our ordinary shares who attend and vote at a general meeting of the company. |
|  | Our sponsor, our officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity, in each case unless we provide our public shareholders with the opportunity to redeem their public ordinary shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares. |
|  Limited payments to insiders | We may pay finder's fees, advisory fees, consulting fees, success fees, reimbursements or cash payments to our sponsor, directors or officers, or their respective affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination. Other than the following payments, no payments will be made from the proceeds of this offering and the sale of the private placement units held in the trust account prior to the completion of our initial business combination: <br> &nbsp;&nbsp;&nbsp;&nbsp;• repayment of an aggregate of up to $300,000 in loans made to us by our sponsor, to cover offering-related and organizational expenses; <br> &nbsp;&nbsp;&nbsp;&nbsp;• payment pursuant to the terms of an Administrative Services Agreement to an affiliate of our sponsor for office space, administrative and support services; in the event the consummation of our initial business combination takes the maximum 18 months, such entity will be paid a total of $180,000 ($10,000 per month) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses; <br> &nbsp;&nbsp;&nbsp;&nbsp;• reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;• transfer of 20,000 founder shares to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors.<br> &nbsp;&nbsp;&nbsp;&nbsp;• payment to Roth of its underwriting discount, Marketing Fee, fees for any financial advisory, placement agency or other similar investment banking services Roth may provide to our company in the future and reimbursement of Roth for any out-of-pocket expenses incurred by it in connection with the performance of such services; and <br> &nbsp;&nbsp;&nbsp;&nbsp;• repayment of loans which may be made by our sponsor, any of their respective affiliates or certain of our directors and officers to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1,500,000 of such loans for each lender may be convertible into units at a price of $10.00 per unit at the option of the lender. |
|  | The cash payments may be funded using the net proceeds of this offering and the sale of the private placement units not held in the trust account or, upon completion of the initial business combination, from any amounts remaining from the proceeds of the trust account released to us in connection therewith. |
|  | Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor, directors or officers, or our or any of their respective affiliates. |
|  Audit committee | We will establish and maintain an audit committee, which will, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to promptly take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section entitled "*Management — Committees of the Board of Directors — Audit Committee.*" |
|  Conflicts of interest | Our sponsor and members of our management team will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. Accordingly, certain members of our management team, which own interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares. Further, our management team, in their capacities as directors, officers or employees of our sponsor or their respective affiliates or in their other endeavors, may choose to present potential business combinations to the related entities described above, current or future entities affiliated with or managed by either of our sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Cayman Islands law and any other applicable fiduciary |

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|  duties. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. For more information, see the section entitled "*Management — Conflicts of Interest.*" |
|  In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination. |
|  We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors, or members of our management team; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business combination. As described in "Proposed Business — Sourcing of Potential Business Combination Targets" and "Management — Conflicts of Interest," our directors and officers presently have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our directors or officers becomes aware of a business combination opportunity that is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she may need to honor these fiduciary or contractual obligations to present such business combination opportunity to such entity, or in the case of a non-compete restriction, may not present such opportunity to us at all, subject to his or her fiduciary duties under Cayman Islands law. See "Risk Factors — Certain of our directors and officers are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented." |
|  However, because the entities to which our executive officers and directors owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations, we do not believe that the fiduciary duties or contractual obligations of our directors or officers will materially affect our ability to complete our initial business combination. |

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|  Potential investors should also be aware of the following potential conflicts of interest: <br> &nbsp;&nbsp;&nbsp;&nbsp;• None of our directors or officers is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities. |
|  &nbsp;&nbsp;&nbsp;&nbsp;• In the course of their other business activities, our directors and officers may become aware of investment and business opportunities that may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented. For a complete description of our management's other affiliations, see "— Directors and Officers." |
|  &nbsp;&nbsp;&nbsp;&nbsp;• Our initial shareholders, directors and officers have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the consummation of our initial business combination. Additionally, our initial shareholders have agreed to waive their redemption rights with respect to their founder shares if we fail to consummate our initial business combination within 18 months after the closing of this offering. However, if our initial shareholders (or any of our directors, officers or affiliates) acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to consummate our initial business combination within the prescribed time frame. If we do not complete our initial business combination within such applicable time period, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption of our public shares, and the private placement units will expire worthless. With certain limited exceptions, the founder shares will not be transferable, assignable or salable by our initial shareholders until the earlier of: (1) one year after the completion of our initial business combination; and (2) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. With certain limited exceptions, the private placement units and the ordinary shares underlying such units, will not be transferable, assignable or salable by our sponsor until 30 days after the completion of our initial business combination. Since our sponsor and directors and officers may directly or indirectly own ordinary shares and units and will directly or indirectly own founder shares following this offering, our directors and officers may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. |

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 &nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers may negotiate employment or consulting agreements with a target business in connection with a particular business combination. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether to proceed with a particular business combination. <br> &nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such directors and officers was included by a target business as a condition to any agreement with respect to our initial business combination. <br> &nbsp;&nbsp;&nbsp;&nbsp;• Our sponsor and members of our management team will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Upon the closing of this offering, our sponsor will have invested in us an aggregate of $3,525,000 (or $3,825,000 if the underwriters' over-allotment option is exercised in full), comprised of the $25,000 purchase price for the founder shares (or approximately $0.004 per share) and the $3,500,000 purchase price (or $3,800,000 if the underwriters' over-allotment option is exercised in full) for the private placement units. Accordingly, our management team, which owns interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares. <br> &nbsp;&nbsp;&nbsp;&nbsp;• If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders. However, if the non-managing sponsor investor purchases or otherwise holds a substantial number of our units, then the non-managing sponsor investor will potentially have different interests than our other public shareholders in approving our initial business combination and otherwise exercising its rights as a public shareholder.<br>

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|  | &nbsp;&nbsp;&nbsp;&nbsp;• Certain members of our management team may receive compensation upon consummation of our initial business combination, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such compensation will not be received unless we consummate such business combination. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Similarly, if we agree to pay our sponsor or a member of our management team a finder's fee, advisory fee, consulting fee or success fee in order to effectuate the completion of our initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as any such fee may not be paid unless we consummate such business combination. |
|  Indemnity | Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company and, therefore, our sponsor may not be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations. |

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#### Summary Risk Factors
*An investment in our securities involves a high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled "Risk Factors," alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and operating results. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. Such risks include, but are not limited to:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a newly incorporated company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our public shareholders may not be afforded an opportunity to vote on our proposed business combination, which means we may complete our initial business combination even though a majority of our public shareholders do not support such a combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we seek shareholder approval of our initial business combination, our sponsor, officers and directors have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your only opportunity to affect the investment decision regarding a potential business combination will be limited to the exercise of your right to redeem your shares from us for cash, unless we seek shareholder approval of the business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize our capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that we complete our initial business combination within the prescribed time frame may give potential target businesses leverage over us in negotiating a business combination and may decrease our ability to conduct due diligence on potential business combination targets as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to complete our initial business combination within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors and their affiliates may elect to purchase shares from public shareholders, which may influence a vote on a proposed business combination and reduce the public "float" of our ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for tendering its shares, such shares may not be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be forced to sell your public shares or rights, potentially at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nasdaq may delist our securities from trading on its exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will not be entitled to protections normally afforded to investors of many other blank check companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because of our limited resources and the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are unable to complete our initial business combination, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, and our rights will expire worthless.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the net proceeds of this offering and the sale of the private placement units not being held in the trust account are insufficient, it could limit the amount available to fund our search for a target business or businesses and complete our initial business combination and we will depend on loans from our sponsor or management team to fund our search, to pay our taxes and to complete our initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Past performance by our management team and senior special advisor and their respective affiliates may not be indicative of future performance of an investment in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be a passive foreign investment company, or "PFIC," which could result in adverse U.S. federal income tax consequences to U.S. investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The determination of the offering price of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects the value of such units than you would have in a typical offering of an operating company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we effect our initial business combination with a company with operations or opportunities outside of the United States, we would be subject to a variety of additional risks that may negatively impact our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global geopolitical tension, including the Russia-Ukraine war, the Israel-Hamas escalation, as well as recent U.S. tariff increases on foreign imports, have created global economic instability and supply chain disruptions. These factors may hinder our ability to identify and complete an initial business combination and could negatively impact the operations of any target business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In recent years, the number of special purpose acquisition companies that have been formed has increased substantially, potentially resulting in more competition for attractive targets. This could increase the cost of our initial business combination and could even result in our inability to find a target or to consummate an initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The other risks and uncertainties discussed in "Risk Factors" and elsewhere in this prospectus.

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#### Summary Financial Data
The following table summarizes the relevant financial data for our business, and are derived from and should be read with our audited financial statements, which are included in this prospectus. We have not had any significant operations to date, so only balance sheet data is presented.

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|  | **March 31, 2025** | **March 31, 2025** |
|  | **Actual** | **As Adjusted** |
|  | **(Unaudited)** | |
|  **Balance Sheet Data:** |  |  |
|  Working capital (deficiency)<sup>(1)</sup> | $(44970) | $828015 |
|  Total assets<sup>(2)</sup> | $22510 | $201062925 |
|  Total liabilities<sup>(3)</sup> | $44970 | $212400 |
|  Value of ordinary share subject to possible redemption<sup>(4)</sup> | $— | $200000000 |
|  Shareholders' deficit<sup>(5)</sup> | $(22460) | $850525 |

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(1) The "as adjusted" calculation includes $1,085,385 of cash held outside the trust account, including $44,970 of actual working capital deficit on March 31, 2025, less $212,400 of over-allotment liability.

(2) The "as adjusted" calculation equals $201,000,000 of cash held in trust from the proceeds of this offering and the sale of the placement units, plus $1,085,385 in cash held outside the trust account, including $22,460 of actual shareholders' deficit on March 31, 2025.

(3) The "as adjusted" calculation equals to the over-allotment liability of $212,400 and assumes that $200,000,000 will stay in the trust account upon the closing of the business combination.

(4) The "as adjusted" calculation equals 20,000,000 ordinary shares at $10.00.

(5) Excludes 20,000,000 ordinary shares purchased in the public market which are subject to conversion in connection with our initial business combination. The "as adjusted" calculation equals the "as adjusted" total assets, less the "as adjusted" total liabilities, less the value of ordinary shares that may be converted in connection with our initial business combination ($10.00 per share).

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some statements contained in this prospectus are forward-looking in nature. Our forward-looking statements and risk factors include, but are not limited to, statements and risk factors regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements and risk factors in this prospectus may include, for example, statements and risk factors about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to select an appropriate target business or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to complete our initial business combination, which is impacted by various factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations around the performance of a prospective target business or businesses or of markets or industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our directors and officers allocating their time to other businesses and potentially having conflicts of interest with or otherwise conflicting contractual obligations in connection with our business or in approving or consummating our initial business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our potential ability to obtain additional financing to complete our initial business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our pool of prospective target businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our directors and officers to generate a number of potential business combination opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential liquidity and trading of our public securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of a market for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global geopolitical conditions resulting from the ongoing Russia-Ukraine conflict, the recent escalation of the Israel-Hamas conflict, and imposed tariff on imports from foreign countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trust account not being subject to claims of third parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial performance following this offering.

The forward-looking statements and risk factors contained in this prospectus are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "*Risk Factors*." Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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**RISK FACTORS**

*An investment in our securities involves a high degree of risk. You should consider carefully all of the risks described below, together with the other information contained in this prospectus, before making a decision to invest in our units. If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.*

#### Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post-Business Combination Risks

#### We have no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.
We are an exempted company incorporated under the laws of the Cayman Islands with no operating results, and we will not commence operations until obtaining funding through this offering. Because we lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing our initial business combination with one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business combination and may be unable to complete our initial business combination. If we fail to complete our initial business combination, we will never generate any operating revenues.

***Our public shareholders may not be afforded an opportunity to vote on our proposed initial business combination, and even if we hold a vote, holders of our founder shares will participate in such vote, which means we may be able to complete our initial business combination even though a majority of our public shareholders do not support such a combination.***

We may choose not to hold a shareholder vote to approve our initial business combination unless the business combination would require shareholder approval under applicable Cayman Islands law or stock exchange listing requirements. In such case, the decision as to whether we will seek shareholder approval of a proposed business combination or will allow shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. Even if we seek shareholder approval, the holders of our founder shares will participate in the vote on such approval, and so we may not need any public shares sold to other investors in this offering to be voted in favor of the initial business combination. Accordingly, we may complete our initial business combination even if holders of a majority of our ordinary shares do not approve of the business combination we complete.

***If we seek shareholder approval of our initial business combination, our sponsor, directors and officers have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote.***

Unlike many other blank check companies in which the initial shareholders agree to vote their founder shares and private placement shares in accordance with the majority of the votes cast by the public shareholders in connection with an initial business combination, our sponsor, directors and officers have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). A quorum for such meeting will be present if holders of a majority of the issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy. As a result, in addition to our sponsor's founder shares and private placement shares, we would need 7,225,001 additional shares, or 36.10% (assuming all issued and outstanding shares are voted, the over-allotment option is not exercised), or only 837,501 additional shares, or 4.19% (assuming only the minimum number of shares representing a quorum are voted, the over-allotment option is not exercised), of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have such initial business combination approved. Our directors and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any. We expect that our sponsor, its shareholders and their permitted transferees will own at least 20% of our issued and outstanding ordinary shares at the time of any such shareholder vote. Accordingly, if we seek

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shareholder approval of our initial business combination, it is more likely that the necessary shareholder approval will be received than would be the case if such persons agreed to vote their founder shares in accordance with the majority of the votes cast by our public shareholders.

***Your only opportunity to affect the investment decision regarding a potential business combination will be limited to the exercise of your right to redeem your shares from us for cash, unless we seek shareholder approval of such business combination.***

At the time of your investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of any target businesses. Additionally, since our board of directors may complete a business combination without seeking shareholder approval, public shareholders may not have the right or opportunity to vote on the business combination, unless we seek such shareholder approval. Accordingly, if we do not seek shareholder approval, your only opportunity to affect the investment decision regarding a potential business combination may be limited to exercising your redemption rights within the period of time (which will be at least 20 business days) set forth in our tender offer documents mailed to our public shareholders in which we describe our initial business combination.

#### Our independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a "going concern."
As of March 31, 2025, we had no cash and cash equivalents and a working capital deficit of $44,970. Further, we expect to incur significant costs in pursuit of our acquisition plans. Management's plans to address this need for capital through this offering are discussed in the section of this prospectus titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." Our plans to raise capital and to consummate our initial business combination may not be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability to consummate this offering or our inability to continue as a going concern.

***The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target.***

We may seek to enter into a business combination transaction agreement with a prospective target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights, we would not be able to meet such closing condition and, as a result, would not be able to proceed with the business combination. The amount of the Marketing Fee payable to the underwriters will not be adjusted below 2.0% of the proceeds of this offering for any shares that are redeemed in connection with a business combination and such amount of the Marketing Fee is not available for us to use as consideration in an initial business combination. If we are able to consummate an initial business combination, the per-share value of shares held by non-redeeming shareholders will reflect our obligation to pay and the payment of the Marketing Fee. Consequently, if accepting all properly submitted redemption requests would not allow us to satisfy a closing condition as described above, we would not proceed with such redemption and the related business combination and may instead search for an alternate business combination. Prospective targets will be aware of these risks and, thus, may be reluctant to enter into a business combination transaction with us.

***The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize our capital structure.***

At the time we enter into an agreement for our initial business combination, we will not know how many shareholders may exercise their redemption rights and, therefore, we will need to structure the transaction based on our expectations as to the number of shares that will be submitted for redemption. If our initial business combination agreement requires us to use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum amount of cash at closing, we will need to reserve a portion of the cash in the trust account to meet such requirements, or arrange for third-party financing. In addition, if a larger number of shares is submitted for redemption than we initially expected, we may need to restructure the transaction to reserve a greater portion of the cash in the trust account or arrange for third-party financing. Raising additional third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels. The above considerations may limit our ability to complete the most desirable business combination available to us or optimize our capital structure.

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***The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial business combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your shares.***

If our initial business combination agreement requires us to use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum amount of cash at closing, the probability that our initial business combination would be unsuccessful increases. If our initial business combination is unsuccessful, you would not receive your pro rata portion of the trust account until we liquidate the trust account. If you are in need of immediate liquidity, you could attempt to sell your shares in the open market; however, at such time our shares may trade at a discount to the pro rata amount per share in the trust account. In either situation, you may suffer a material loss on your investment or lose the benefit of funds expected in connection with our redemption until we liquidate or you are able to sell your shares in the open market.

***The requirement that we complete our initial business combination within the prescribed time frame may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.***

Any potential target business with which we enter into negotiations concerning a business combination will be aware that we must complete our initial business combination within 18 months from the closing of this offering. Consequently, such target business may obtain leverage over us in negotiating a business combination, knowing that if we do not complete our initial business combination with that particular target business, we may be unable to complete our initial business combination with any target business. This risk will increase as we get closer to the end of such time period. In addition, we may have limited time to conduct due diligence and may enter into our initial business combination on terms that we would have rejected upon a more comprehensive investigation.

***We may not be able to complete our initial business combination within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate, in which case our public shareholders may receive only $10.00 per share, or less than such amount in certain circumstances, and our rights will expire worthless.***

Our sponsor, directors and officers have agreed that we must complete our initial business combination within 18 months from the closing of this offering, or such later time as may be agreed by our shareholders. We may not be able to find a suitable target business and complete our initial business combination within such time period. Our ability to complete our initial business combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks described herein. For example, geopolitical instability emanating from the ongoing conflict between Russia and the Ukraine as well as tensions in the Middle East following Hamas' invasion of Israel on October 7, 2023, could limit our ability to complete our initial business combination, including as a result of increased market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all. Additionally, geopolitical stability may negatively impact businesses we may seek to acquire.

If we have not completed our initial business combination within such time period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such case, our public shareholders may receive only $10.00 per share, or less than $10.00 per share, on the redemption of their shares, and our rights will expire worthless. See "— If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share" and other risk factors herein.

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If we are unable to complete an initial business combination within the 18-month period, we may seek an amendment to our amended and restated memorandum and articles of association to extend the period of time we have to complete an initial business combination beyond 18 months. There is no limit under our amended and restated memorandum and articles of association on the number of extensions that we may seek through such amendments. Furthermore, there is also no limit on the duration of each individual extension or the aggregate amount of time we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval. These provisions of our amended and restated memorandum and articles of association may only be amended with the approval of a special resolution as a matter of Cayman Islands law, meaning that such an amendment must be approved by at least two-thirds of the holders of our ordinary shares who attend and vote at a general meeting of the company. If we seek shareholder approval to extend the initial 18-month period in which to complete an initial business combination to a later date, we will offer our public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the trust account, as described in greater detail in this prospectus.

***Our search for an initial business combination, and any target business with which we may ultimately consummate an initial business combination, may be materially adversely affected by current global geopolitical conditions resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict, the recent escalation of the Israel-Iran conflict and imposed tariff on imports from foreign countries.***

United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict and the recent escalation of the Israel-Iran conflict including the involvement of the United States. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization ("NATO") deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict, the recent escalation of the Israel-Iran conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighbouring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Furthermore, changes to policy implemented by the U.S. Congress, the Trump administration or any new administration have impacted and may in the future impact, among other things, the U.S. and global economy, international trade relations, unemployment, immigration, healthcare, taxation, the U.S. regulatory environment, inflation and other areas. For example, during the prior Trump administration, increased tariffs were implemented on goods imported into the U.S., particularly from China, Canada, and Mexico. On February 1, 2025, the U.S. imposed a 25% tariff on imports from Canada and Mexico, which were subsequently suspended for a period of one month, and a 10% additional tariff on imports from China. More recently on April 2, 2025, President Trump signed an executive order imposing a minimum 10 percent baseline tariff on all U.S. imports, with higher tariffs applied to imports from 57 specific countries. The baseline tariff rate became effective on April 5, while tariffs on imports from the 57 targeted nations, ranging from 11 to 50 percent, took effect on April 9. On the same day, President Trump announced a 90-day 'pause' on reciprocal tariffs for all but China, which continues to face tariffs as high as 145%. Historically, tariffs have led to increased trade and political tensions, between not only the U.S. and China, but also between the U.S. and other countries in the international community. In response to tariffs, other countries have implemented retaliatory tariffs on U.S. goods. Any of the abovementioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict, the recent escalation of the Israel-Iran conflict and subsequent sanctions or related actions, and tariff on imports from foreign countries could adversely affect our search for an initial business combination and any target business with which we may ultimately consummate an initial business combination. The extent and duration of the ongoing conflicts, resulting sanctions and any related market disruptions are impossible to predict, but could be substantial, particularly if current or new sanctions continue for an extended period of time or if geopolitical tensions result in expanded military

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operations on a global scale. Any such disruptions may also have the effect of heightening many of the other risks described in this section. If these disruptions or other matters of global concern continue for an extensive period of time, our ability to consummate an initial business combination, or the operations of a target business with which we may ultimately consummate an initial business combination, may be materially adversely affected.

***Military or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities, or affect the operations or financial condition of potential target companies, which could make it more difficult for us to consummate an initial business combination.***

Military or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities, or affect the operations or financial condition of potential target companies, and to other company or industry-specific, national, regional or international economic disruptions and economic uncertainty, any of which could make it more difficult for us to identify a business combination target and consummate an initial business combination on acceptable commercial terms, or at all.

#### Recent increases in inflation in the United States and elsewhere could make it more difficult for us to consummate a business combination.
Recent increases in inflation in the United Stated and elsewhere may be leading to increased price volatility in publicly traded securities, including ours, and may lead to other national, regional and international economic disruptions, any of which could make it more difficult for us to consummate a business combination.

***Changes in the market for directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination.***

In recent years, the market for directors and officers liability insurance for special purpose acquisition companies has changed in ways adverse to us and our management team. The premiums charged for such policies have generally increased and the terms of such policies have generally become less favorable. These trends may continue into the future.

The increased cost and decreased availability of directors and officers liability insurance could make it more difficult and more expensive for us to negotiate an initial business combination. In order to obtain directors and officers liability insurance or modify its coverage as a result of becoming a public company, the post-business combination entity might need to incur greater expense, accept less favorable terms or both. However, any failure to obtain adequate directors and officers liability insurance could have an adverse impact on the post-business combination's ability to attract and retain qualified officers and directors.

In addition, even after we were to complete an initial business combination, our directors and officers could still be subject to potential liability from claims arising from conduct alleged to have occurred prior to the initial business combination. As a result, in order to protect our directors and officers, the post-business combination entity may need to purchase additional insurance with respect to any such claims ("run-off insurance"). The need for run-off insurance would be an added expense for the post-business combination entity, and could interfere with or frustrate our ability to consummate an initial business combination on terms favorable to our investors.

***If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or any of their affiliates may elect to purchase shares or public rights from public shareholders, which may increase the likelihood of closing our initial business combination and reduce the public "float" of our securities.***

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or any of their affiliates may purchase public shares or public rights outside of the redemption offer in compliance with the conditions set forth in SEC Tender Offer Rules and Schedules Compliance and Disclosure Interpretation 166.01 in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. Any such price per share may be different than the amount per share a public shareholder would receive if it elected to redeem its shares in connection with our initial business combination, however in no event will such price per share be made at a price higher than the offered redemption price. Additionally, at any time at or prior to our initial business combination, subject to applicable securities laws (including with respect to material nonpublic information), our sponsor, directors, officers, advisors or any of their affiliates may enter into transactions

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with investors and others to provide them with incentives to acquire public shares, vote their public shares in favor of our initial business combination or not redeem their public shares. However, our sponsors, directors, officers, advisors or any of their affiliates are under no obligation or duty to do so and they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. See "Proposed Business — Permitted purchases and other transactions with respect to our securities" for a description of how our sponsor, directors, officers, advisors or any of their affiliates will select which shareholders to enter into private transactions with.

The purpose of such purchases could be to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. This may result in the completion of our initial business combination that may not otherwise have been possible. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. To the extent that any public shares are purchased such purchases will be in compliance with all of the requirements set forth in Tender Offers and Schedules Compliance and Disclosure Interpretations Question 166.01 promulgated by the SEC, including that such public shares will not be voted in favor of approving our business combination.

In addition, if such purchases are made, the public "float" of our securities and the number of beneficial holders of our securities may be reduced, possibly making it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

***We may not be able to complete an initial business combination since such initial business combination may be subject to regulatory review and approval requirement, including foreign investment regulations and review by government entities such as the Committee on Foreign Investment in the United States ("CFIUS"), or may be ultimately prohibited.***

Our initial business combination may be subject to regulatory review and approval requirements by governmental entities, or ultimately prohibited. For example, CFIUS has authority to review direct or indirect foreign investments in U.S. companies. Among other things, CFIUS is empowered to require certain foreign investors to make mandatory filings, to charge filing fees related to such filings, and to self-initiate national security reviews of foreign direct and indirect investments in U.S. companies if the parties to that investment choose not to file voluntarily. In the case that CFIUS determines an investment to be a threat to national security, CFIUS has the power to unwind or place restrictions on the investment. Whether CFIUS has jurisdiction to review an acquisition or investment transaction depends on — among other factors — the nature and structure of the transaction, including the level of beneficial ownership interest and the nature of any information or governance rights involved. While our sponsor is a limited liability company formed in Delaware and is not controlled by, nor does it, or any of its members, have substantial ties with, a non-U.S. person, investments that result in "control" of a U.S. business by a foreign person are always subject to CFIUS jurisdiction. CFIUS's expanded jurisdiction under the Foreign Investment Risk Review Modernization Act of 2018 and implementing regulations that became effective on February 13, 2020 further includes investments that do not result in control of a U.S. business by a foreign person but afford certain foreign investors certain information or governance rights in a U.S. business that has a nexus to "critical technologies," "critical infrastructure" and/or "sensitive personal data."

If a particular proposed initial business combination with a U.S. business falls within CFIUS's jurisdiction, we may determine that we are required to make a mandatory filing or that we will submit to CFIUS review on a voluntary basis, or to proceed with the transaction without submitting to CFIUS and risk CFIUS intervention, before or after closing the transaction. CFIUS may decide to block or delay our proposed initial business combination, impose conditions with respect to such initial business combination or request the President of the United States to order us to divest all or a portion of the U.S. target business of our initial business combination that we acquired without first obtaining CFIUS approval, which may limit the attractiveness of, delay or prevent us from pursuing certain target companies that we believe would otherwise be beneficial to us and our shareholders. As a result, the pool of potential targets with which we could complete an initial business combination may be limited and we may be adversely affected in terms of competing with other special purpose acquisition companies which do not have similar foreign ownership issues. In addition, certain federally licensed businesses may be subject to rules or regulations that limit foreign ownership.

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The process of government review, whether by CFIUS or otherwise, could be lengthy. Because we have only a limited time to complete our initial business combination, our failure to obtain any required approvals within the requisite time period may require us to liquidate. If we are unable to consummate our initial business combination within the applicable time period required under our amended and restated memorandum and articles of association, including as a result of extended regulatory review of a potential initial business combination, we will, as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares for a pro rata portion of the funds held in the trust account and as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, our shareholders will miss the opportunity to benefit from an investment in a target company and the appreciation in value of such investment. Additionally, our rights will be worthless.

***Because of our limited resources and the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on our redemption of their shares, and our rights will expire worthless.***

We expect to encounter intense competition from other entities having a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international, competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors. While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and the sale of the private placement units, our ability to compete with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, in the event we seek shareholder approval of our initial business combination and we are obligated to pay cash for our Class A ordinary shares, it will potentially reduce the resources available to us for our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating a business combination. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account and our rights will expire worthless. See "— If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share" and other risk factors herein.

***As the number of special purpose acquisition companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive targets or such attractive targets may not be interested to consummate a business combination with a SPAC due to a negative public perception of mergers involving SPACs. This could increase the cost of our initial business combination and could even result in our inability to find a target or to consummate an initial business combination.***

In recent years, the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for special purpose acquisition companies have already entered into an initial business combination, and there are still many special purpose acquisition companies preparing for an initial public offering, as well as many such companies currently in registration. As a result, at times, fewer attractive targets may be available to consummate an initial business combination.

In addition, because there are more special purpose acquisition companies seeking to enter into an initial business combination with available targets, the competition for available targets with attractive fundamentals or business models may increase, which could cause targets companies to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry sector downturns (including a negative public perception of mergers involving SPACs), geopolitical tensions, or increases in the cost of additional capital needed to close business combinations or operate targets post-business combination. This could increase the cost of, delay or otherwise complicate or frustrate our ability to find and consummate an initial business combination and may result in our inability to consummate an initial business combination on terms favorable to our investors altogether.

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***If the funds not being held in the trust account are insufficient to allow us to operate for at least the 18 months following the closing of this offering, we may be unable to complete our initial business combination.***

The funds available to us outside of the trust account may not be sufficient to allow us to operate for at least the 18 months following the closing of this offering, assuming that our initial business combination is not completed during that time. We expect to incur significant costs in pursuit of our acquisition plans. Management's plans to address this need for capital through this offering and potential loans from certain of our affiliates are discussed in the section of this prospectus titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." However, our affiliates are not obligated to make loans to us in the future, and we may not be able to raise additional financing from unaffiliated parties necessary to fund our expenses. Any such event in the future may negatively impact the analysis regarding our ability to continue as a going concern at such time.

We believe that, upon the closing of this offering, the funds available to us outside of the trust account, will be sufficient to allow us to operate for at least the 18 months following the closing of this offering; however, we cannot assure you that our estimate is accurate. Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants to assist us with our search for a target business. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account and our rights will expire worthless. See "— If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share" and other risk factors herein.

***If the net proceeds of this offering and the sale of the private placement units not being held in the trust account are insufficient, it could limit the amount available to fund our search for a target business or businesses and complete our initial business combination and we may depend on loans from our sponsor or management team to fund our search, to pay our taxes and to complete our initial business combination.***

Of the net proceeds of this offering and the sale of the private placement units, only approximately $1,085,385 will be available to us initially outside the trust account to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $414,615 (excluding underwriting commissions), we may fund such excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $414,615, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount. If we are required to seek additional capital, we would need to borrow funds from our sponsor, management team or other third parties to operate or may be forced to liquidate. Neither our sponsor, members of our management team nor any of their affiliates is under any obligation to loan funds to, or otherwise invest in, us in such circumstances. Any such loans may be repaid only from funds held outside the trust account or from funds released to us upon completion of our initial business combination. If we have not completed our initial business combination within the required time period because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In such case, our public shareholders may receive only $10.00 per share, or less in certain circumstances, and our rights will expire worthless. See *"— If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per*-share *redemption amount received by shareholders may be less than $10.00 per share"* and other risk factors herein.

***Subsequent to our completion of our initial business combination, we may be required to subsequently take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and the price of our securities, which could cause you to lose some or all of your investment.***

Even if we conduct extensive due diligence on a target business with which we combine, we cannot assure you that this diligence will identify all material issues that may be present with a particular target business that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result of these factors, we may be forced to later write down or write off assets, restructure our operations, or incur impairment or other charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may cause us

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to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by a target business or by virtue of our obtaining post-combination debt financing. Accordingly, any shareholder who chooses to remain a shareholder, following our initial business combination could suffer a reduction in the value of their securities. Such shareholders are unlikely to have a remedy for such reduction in value.

***The securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share.***

The proceeds held in the trust account will be invested or held only in either (i) U.S. government treasury obligations with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest-bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. For more information about the risk of the company being considered to be operating as an unregistered investment company, see "— If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination." While short-term U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in the recent past. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event that we are unable to complete our initial business combination or make certain amendments to our amended and restated memorandum and articles of association, our public shareholders are entitled to receive their pro-rata share of the proceeds held in the trust account, plus any interest income, net of taxes paid or payable (less, in the case we are unable to complete our initial business combination, $100,000 of interest). Negative interest rates could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share.

***If, after we distribute the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.***

If, after we distribute the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or insolvency laws as a voidable performance. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. In addition, our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith by paying public shareholders from the trust account prior to addressing the claims of creditors, thereby exposing itself and us to claims of punitive damages.

***If, before distributing the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.***

If, before distributing the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable insolvency law, and may be included in our liquidation estate and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any liquidation claims deplete the trust account, the per-share amount that would otherwise be received by our shareholders in connection with our liquidation would be reduced.

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***Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations, or our prospects.***

The funds in our operating account and our trust account will be held in banks or other financial institutions and will be invested or held only in either (i) U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. For more information about the risk of the company being considered to be operating as an unregistered investment company, see "— If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination." Our cash held in non-interest bearing and interest-bearing accounts may exceed any applicable Federal Deposit Insurance Corporation ("FDIC") insurance limits. Should events, including limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds, or that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, the value of the assets in our trust account could be impaired, which could have a material impact on our operating results, liquidity, financial condition and prospects. For example, on March 10, 2023, the FDIC announced that Silicon Valley Bank had been closed by the California Department of Financial Protection and Innovation. We cannot guarantee that the banks or other financial institutions that will hold our funds will not experience similar issues.

***If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination.***

If we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the nature of our investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the issuance of securities;

each of which may make it difficult for us to complete our initial business combination.

In addition, we may have imposed upon us burdensome requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• registration as an investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adoption of a specific form of corporate structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.

On January 24, 2024, the SEC adopted a series of new rules relating to SPACs. The SEC's adopted rules do not provide a safe harbor for SPACs from the definition of "investment company" under the Investment Company Act. Instead, the SEC's adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation under the Investment Company Act, including as a result of its duration, asset composition, business purpose, and the activities of the SPAC and its management team in furtherance of such goals.

In order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing, reinvesting or trading in securities and that our activities do not include investing, reinvesting, owning, holding or trading "investment securities" constituting more than 40% of our total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete an initial business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.

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We do not believe that our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account will be invested or held only in either (i) U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account.

Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being deemed an "investment company" within the meaning of the Investment Company Act. This offering is not intended for persons who are seeking a return on investments in government securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of our initial business combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to offer redemption rights in connection with any proposed initial business combination or certain amendments to our amended and restated memorandum and articles of association prior thereto or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months; or (B) with respect to any other material provision relating to shareholders' rights or pre-initial business combination activity; or (iii) absent an initial business combination within 18 months, from the closing of this offering, our return of the funds held in the trust account to our public shareholders as part of our redemption of the public shares.

We are aware of litigation against certain special purpose acquisition companies asserting that notwithstanding the foregoing, those special purpose acquisition companies should be considered investment companies. Although we believe that these claims are without merit, we cannot guarantee that we will not be deemed to be an investment company and thus subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we have not allotted funds, may require us to otherwise change our operations and may hinder our ability to complete an initial business combination or may result in our liquidation and the winding up of our operations. If we are unable to complete our initial business combination and are required to liquidate, our public shareholders would lose their opportunity to invest in a target business or businesses through our initial business combination, including any price appreciation of the combined company's securities following such initial business combination, and may receive only approximately $10.00 per share on the liquidation of our trust account as well as our rights will expire worthless.

***If we are deemed to be an investment company for purposes of the Investment Company Act, we could be forced to liquidate and investors in our company would not be able to participate in any benefits of owning stock in an operating business, including the potential appreciation of our stock following a business combination and our rights would expire worthless.***

As indicated above, we have 18 months from the closing of this offering (or a period longer than 18 months, if we extend the time to complete a business combination as described in this prospectus) to consummate an initial business combination. It is possible that a claim in the future could be made that we have been operating as an unregistered investment company. It is also possible that the investment of funds from this offering and private placement of units during our life as a blank check company, and the earning and use of interest from such investment which we are permitted to do as described in this prospectus, both of which will likely continue until we consummate an initial business combination, could increase the likelihood of us being found to have been operating as an unregistered investment company more than if we sought to potentially mitigate this risk by holding such funds as cash. Furthermore, the longer the funds are invested in United States "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, the greater the risk could be that we are considered an investment company. If we are deemed to be an investment company for purposes of the Investment Company Act and found to have been operating as an unregistered investment company, it could cause us to liquidate. If we are forced to liquidate, investors in our company would not be

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able to participate in any benefits of owning stock in an operating business, including the potential appreciation of our stock following a business combination and our rights would expire worthless. If the facts and circumstances relating to our status as an investment company change over time, we will update our disclosure to reflect how those changes impact the risk that we may be considered to be operating as an unregistered investment company.

***Because we are not limited to a particular industry or any specific target businesses with which to pursue our initial business combination, you will be unable to ascertain the merits or risks of any particular target business's operations.***

We may seek to complete a business combination with an operating company of any size (subject to our satisfaction of the 80% of net assets test) and in any industry, sector or geography. However, we will not, under our amended and restated memorandum and articles of association, be permitted to effectuate our initial business combination solely with another blank check company or similar company with nominal operations. Because we have not yet selected or approached any specific target business with respect to a business combination, there is no basis to evaluate the possible merits or risks of any particular target business's operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent we complete our initial business combination, we may be affected by numerous risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable business or an entity lacking an established record of sales or earnings, we may be affected by the risks inherent in the business and operations of a financially unstable or development stage entity. Although our directors and officers will endeavor to evaluate the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all of the significant risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business. We also cannot assure you that an investment in our units will not ultimately prove to be less favorable to our investors than a direct investment, if such opportunity were available, in a business combination target. Accordingly, any shareholder who chooses to remain a shareholder, following our initial business combination could suffer a reduction in the value of their securities. Such shareholders are unlikely to have a remedy for such reduction in value.

***Although we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our initial business combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.***

Although we have identified general criteria and guidelines for evaluating prospective target businesses, it is possible that a target business with which we enter into our initial business combination will not have all of these positive attributes. If we complete our initial business combination with a target that does not meet some or all of these criteria and guidelines, such combination may not be as successful as a combination with a business that does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination with a target that does not meet our general criteria and guidelines, a greater number of shareholders may exercise their redemption rights, which may make it difficult for us to meet any closing condition with a target business that requires us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, it may be more difficult for us to attain shareholder approval of our initial business combination if the target business does not meet our general criteria and guidelines. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account and our rights will expire worthless.

#### We may seek acquisition opportunities with an early-stage company, a financially unstable business or an entity lacking an established record of revenue or earnings.
To the extent we complete our initial business combination with an early-stage company, a financially unstable business or an entity lacking an established record of sales or earnings, we may be affected by numerous risks inherent in the operations of the business with which we combine. These risks include investing in a business without a proven business model and with limited historical financial data, volatile revenues or earnings, intense competition and difficulties in obtaining and retaining key personnel. Although our directors and officers will endeavor to evaluate the risks inherent in a particular target business, we may not be able to properly ascertain or assess all of the significant

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risk factors and we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.

***We are not required to obtain an opinion from an independent investment banking firm or from an independent accounting firm regarding fairness. Consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our company and shareholders from a financial point of view.***

Unless we complete our initial business combination with an affiliated entity, we are not required to obtain an opinion that the price we are paying is fair to our company and shareholders from a financial point of view. If no opinion is obtained, our shareholders will be relying on the judgment of our board of directors, who will determine fair market value based on standards generally accepted by the financial community. Such standards used will be disclosed in our tender offer documents or proxy solicitation materials, as applicable, related to our initial business combination.

***Resources could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and our rights will expire worthless.***

We anticipate that the investigation of each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others. If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may fail to complete our initial business combination for any number of reasons including those beyond our control. Any such event will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account and our rights will expire worthless.

***We may have limited ability to assess the management of a prospective target business and, as a result, may affect our initial business combination with a target business whose management may not have the skills, qualifications or abilities to manage a public company.***

When evaluating the desirability of effecting our initial business combination with a prospective target business, our ability to assess the target business's management may be limited due to a lack of time, resources or information.

Our assessment of the capabilities of the target's management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should the target's management not possess the skills, qualifications or abilities necessary to manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly, any shareholder who chooses to remain a shareholder following our initial business combination could suffer a reduction in the value of their securities. Such shareholders are unlikely to have a remedy for such reduction in value.

The directors and officers of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business combination target's key personnel could negatively impact the operations and profitability of our post-combination business. The role of an acquisition candidate's key personnel upon the completion of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate's management team will remain associated with the acquisition candidate following our initial business combination, it is possible that members of the management of an acquisition candidate will not wish to remain in place.

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***We may issue notes or other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely affect our leverage and financial condition and thus negatively impact the value of our shareholders' investment in us.***

Although we have no commitments as of the date of this prospectus to issue any notes or other debt securities, or to otherwise incur outstanding debt following this offering, we may choose to incur substantial debt to complete our initial business combination. We have agreed that we will not incur any indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the trust account. As such, no issuance of debt will affect the per-share amount available for redemption from the trust account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to pay dividends on our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

***We may be able to complete only one business combination with the proceeds of this offering and the sale of the private placement units, which will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of diversification may negatively impact our operations and profitability.***

The gross proceeds from this offering and the sale of the private placement units will provide us with $200,000,000 (or $230,000,000 if the underwriter's over-allotment option is exercised in full) that we may use to complete our initial business combination (which includes up to $9,000,000 (or up to $10,350,000 if the underwriter's over-allotment option is exercised in full) for the Marketing Fee being held in the trust account, and excludes estimated offering expenses of $414,615).

We may effectuate our initial business combination with a single target business or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our initial business combination with more than one target business because of various factors, including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing our initial business combination with only a single entity our lack of diversification may subject us to numerous economic, competitive and regulatory risks. Further, we would not be able to diversify our

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operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects for our success may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely dependent upon the performance of a single business, property or asset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dependent upon the development or market acceptance of a single or limited number of products, processes or services.

This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination.

***We may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations and profitability.***

If we determine to simultaneously acquire several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability, to complete our initial business combination. With multiple business combinations, we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or products of the acquired companies in a single operating business. If we are unable to adequately address these risks, it could negatively impact our profitability and results of operations.

***We may attempt to complete our initial business combination with a private company about which little information is available, which may result in a business combination with a company that is not as profitable as we suspected, if at all.***

In pursuing our acquisition strategy, we may seek to effectuate our initial business combination with a privately held company. Very little public information generally exists about private companies, and we could be required to make our decision on whether to pursue a potential initial business combination on the basis of limited information, which may result in a business combination with a company that is not as profitable as we suspected, if at all.

***We do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to complete a business combination with which a substantial majority of our shareholders do not agree.***

Our amended and restated memorandum and articles of association do not provide a specified maximum redemption threshold, or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. As a result, we may be able to complete our initial business combination even though a substantial majority of our public shareholders do not agree with the transaction and have redeemed their shares or, if we seek shareholder approval of our initial business combination and do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, have entered into privately negotiated agreements to sell their shares to our sponsor, directors, officers, advisors or any of their affiliates. In the event the aggregate cash consideration we would be required to pay for all public shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceeds the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, and all public shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.

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***In order to effectuate an initial business combination, blank check companies have, in the past, amended various provisions of their charters and modified governing instruments. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles of association or governing instruments in a manner that will make it easier for us to complete our initial business combination that some of our shareholders may not support.***

In order to effectuate an initial business combination, blank check companies have, in the recent past, amended various provisions of their charters and modified governing instruments. For example, blank check companies have amended the definition of business combination, increased redemption thresholds and extended the time to consummate an initial business combination. Amending our amended and restated memorandum and articles of association requires a special resolution of our shareholders as a matter of Cayman Islands law. A resolution is deemed to be a special resolution as a matter of Cayman Islands law where it has been approved by either (1) holders of at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's ordinary shares at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given or (2) if so authorized by a company's articles of association, by a unanimous written resolution of all of the company's shareholders. Our amended and restated memorandum and articles of association provide that special resolutions must be approved either by holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting (i.e. the lowest threshold permissible under Cayman Islands law) (other than amendments relating to provisions governing the appointment or removal of directors prior to our initial business combination, which require the approval of a majority of at least 90% of our ordinary shares attending and voting at a general meeting), or by a unanimous written resolution of all of our shareholders. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles of association or governing instruments or extend the time to consummate an initial business combination in order to effectuate our initial business combination. To the extent any of such amendments would be deemed to fundamentally change the nature of any of the securities offered through this registration statement, we would register, or seek an exemption from registration for, the affected securities.

***Certain provisions of our amended and restated memorandum and articles of association that relate to our pre-business combination activity (and corresponding provisions of the agreement governing the release of funds from our trust account) may be amended with the approval of holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting, which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore, to amend our amended and restated memorandum and articles of association and the trust agreement to facilitate the completion of an initial business combination that some of our shareholders may not support.***

Our amended and restated memorandum and articles of association provide that any of its provisions, including those related to pre-business combination activity (including the requirement to deposit proceeds of this offering and the sale of private placement units into the trust account and not release such amounts except in specified circumstances), may be amended if approved by holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our ordinary shares (other than amendments relating to provisions governing the appointment or removal of directors prior to our initial business combination, which require the approval of a majority of at least 90% of our ordinary shares attending and voting at a general meeting). Our initial shareholders, who will collectively beneficially own approximately 20% of our ordinary shares upon the closing of this offering (assuming they do not purchase any units in this offering), including the Class B ordinary shares and the private placement shares, may participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended and restated memorandum and articles of association which govern our pre-business combination behavior more easily than some other blank check companies, and this may increase our ability to complete our initial business combination with which you do not agree. In certain circumstances, our shareholders may pursue remedies against us for any breach of our amended and restated memorandum and articles of association.

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***We may be unable to obtain additional financing to complete our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular business combination.***

Although we believe that the net proceeds of this offering and the sale of the private placement units will be sufficient to allow us to complete our initial business combination, because we have not yet selected any target business we cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering and the sale of the private placement units prove to be insufficient, either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target business, the obligation to redeem for cash a significant number of shares from shareholders who elect redemption in connection with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot assure you that such financing will be available on acceptable terms, if at all. To the extent that additional financing proves to be unavailable when needed to complete our initial business combination, we would be compelled to either restructure the transaction or abandon that particular business combination and seek an alternative target business candidate.

In addition, even if we do not need additional financing to complete our initial business combination, we may require such financing to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued development or growth of the target business. None of our directors, officers or shareholders is required to provide any financing to us in connection with or after our initial business combination. If we have not completed our initial business combination within the required time period, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account, and our rights will expire worthless.

***Because we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective target businesses.***

The federal proxy rules require that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical and/or pro forma financial statement disclosure in periodic reports. We will include the same financial statement disclosure in connection with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or U.S. GAAP, or international financial reporting standards as issued by the International Accounting Standards Board, or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements in time for us to disclose such financial statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame.

***Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate our initial business combination, require substantial financial and management resources, and increase the time and costs of completing an acquisition.***

Section 404 of the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report on Form 10-K for the year ending December 31, 2026. Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome on us as compared to other public companies because a target business with which we seek to complete our initial business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition. The establishment of effective internal controls over financial reporting is necessary for the Company to produce reliable financial reports and are important to help prevent fraud. The Company's failure to achieve and maintain effective internal controls over financial reporting could consequently result in the loss of investor confidence in the reliability of the Company's financial statements, which in turn could harm the Company's business and negatively impact the trading price of the Company's stock.

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***After our initial business combination, our results of operations and prospects could be subject, to a significant extent, to the economic, political, social and government policies, developments and conditions in the country in which we operate.***

The economic, political and social conditions, as well as government policies, of the country in which our operations are located could affect our business. Economic growth could be uneven, both geographically and among various sectors of the economy and such growth may not be sustained in the future. If in the future such country's economy experiences a downturn or grows at a slower rate than expected, there may be less demand for spending in certain industries. A decrease in demand for spending in certain industries could materially and adversely affect our ability to find an attractive target business with which to consummate our initial business combination and if we effect our initial business combination, the ability of that target business to become profitable.

***The outbreak of infectious diseases, endemics, pandemics and other public health crises and the impact on businesses and debt and equity markets could have a material adverse effect on our search for an initial business combination, and any target business with which we ultimately consummate an initial business combination.***

Beginning in late 2019, the COVID-19 pandemic caused substantial disruption to global economies and markets and, since then, the virus has continued to spread on a global scale. A significant outbreak of the COVID-19 and other infectious diseases, including the resurgence or variants thereof, could result in a widespread health crisis that could adversely affect economies and financial markets worldwide, business operations and the conduct of commerce generally and could have a material adverse effect on the business of any potential target business with which we complete a business combination. Furthermore, we may be unable to complete a business combination if continued concerns relating to COVID-19 or other public health crises restrict travel, limit the ability to have meetings with potential investors or the target company's personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner or even to conduct requisite due diligence. In addition, countries or supranational organizations in our target markets may develop and implement legislation that makes it more difficult or impossible for entities outside such countries or target markets to acquire or otherwise invest in companies or businesses deemed essential or otherwise vital. The extent to which COVID-19 or other public health crises impact our search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity and new variants of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. While vaccines for COVID-19 have been developed, there is no guarantee that such vaccines will be durable. The treatment or vaccine for COVID-19 and any potentially emerging variants may be ineffective or underutilized. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time, our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate a business combination, may be materially adversely affected. In addition, our ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by COVID-19 and other public health events, including as a result of increased market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all. Finally, the outbreak of COVID-19 or the emergence of new or other public health crises may also have the effect of heightening many of the other risks described in this "Risk Factors" section.

#### Risks Relating to our Securities
***We may issue our ordinary shares to investors in connection with our initial business combination at a price which is less than the prevailing market price of our ordinary shares at that time.***

In connection with our initial business combination, we may issue shares to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share or at a price which approximates the per-share amounts in our trust account at such time. The purpose of such issuances will be to enable us to provide sufficient liquidity to the post-business combination entity. Any such transactions would involve costs to us and our shareholders that would not otherwise be incurred in a traditional initial public offering, including but not limited to, additional dilution to public shareholders, additional costs involved in registering the resale of the securities being sold in the PIPE and potential additional downward pressure on our share price due to the ability of investors in the PIPE being able to sell their securities after registration. Such agreements may be structured in a way intended to provide a return on investment to the PIPE investor in return for funds facilitating the completion of the business combination or providing additional liquidity to the post-business combination company. The return on investment to PIPE investors may be different than the return on investment that could be obtained by holders of our ordinary shares or rights. The price of the shares we issue may therefore be less, and potentially significantly less, than the market price for our shares at such time.

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***There is currently no market for our securities and a market for our securities may not develop, which would adversely affect the liquidity and price of our securities.***

There is currently no market for our securities. Shareholders therefore have no access to information about prior market history on which to base their investment decision. Following this offering, the price of our securities may vary significantly due to one or more potential business combinations and general market or economic conditions. Furthermore, an active trading market for our securities may never develop or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.

***If a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for tendering its shares, such shares may not be redeemed.***

We will comply with the tender offer rules or proxy rules, as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance with these rules, if a shareholder fails to receive our tender offer or proxy materials, as applicable, such shareholder may not become aware of the opportunity to redeem its shares. In addition, the tender offer documents or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will describe the various procedures that must be complied with in order to validly tender or redeem public shares. In the event that a shareholder fails to comply with these procedures, its shares may not be redeemed. See "Proposed Business — Effecting Our Initial Business Combination — Tendering share certificates in connection with a tender offer or redemption rights."

***You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be forced to sell your public shares and/or rights, potentially at a loss.***

Our public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) our completion of an initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly elected to redeem, subject to the limitations described herein; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. In no other circumstances will a shareholder have any right or interest of any kind to or in the trust account. Holders of rights will not have any right to the proceeds held in the trust account with respect to the rights. Accordingly, to liquidate your investment, you may be forced to sell your public shares and/or rights, potentially at a loss.

**Nasdaq may delist our securities from trading on its exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.**

We intend to apply to have our units listed on Nasdaq. We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus. Following the date that the Class A ordinary shares and public rights are eligible to trade separately, we anticipate that the Class A ordinary shares and public rights will be separately listed on Nasdaq. We cannot guarantee that our securities will be approved for listing on Nasdaq. Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in Nasdaq listing standards, we cannot assure you that our securities will be, or will continue to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and share price levels. Generally, we must maintain a minimum market value of listed securities (generally $50,000,000) and a minimum number of holders of our securities (generally 400 public holders). Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with Nasdaq's initial listing requirements, which are more rigorous than Nasdaq's continued listing requirements, in order to continue to maintain the listing of our securities on Nasdaq. For instance, unless we decide to list on a different Nasdaq tier such as the Nasdaq Global Market which has different

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initial listing requirements, our share price would generally be required to be at least $4.00 per share and we would be required to have a minimum of 400 round lot holders of our securities. We cannot assure you that we will be able to meet those initial listing requirements at that time.

If Nasdaq delists our securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability of market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Class A ordinary shares are a "penny stock" which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our units and eventually our Class A ordinary shares and public rights will be listed on Nasdaq, our units, public shares and public rights will qualify as covered securities under NSMIA. Although the states are preempted from regulating the sale of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavourably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities would not qualify as covered securities under NSMIA and we would be subject to regulation in each state in which we offer our securities.

***If we seek shareholder approval of our initial business combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a "group" of shareholders are deemed to hold in excess of 15% of our Class A ordinary shares, you will lose the ability to redeem all such shares in excess of 15% of our Class A ordinary shares.***

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess Shares," without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Your inability to redeem the Excess Shares will reduce your influence over our ability to complete our initial business combination and you could suffer a material loss on your investment in us if you sell Excess Shares in open market transactions. Additionally, you will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And as a result, you will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares, would be required to sell your shares in open market transactions, potentially at a loss.

***If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share.***

Our placing of funds in the trust account may not protect those funds from third-party claims against us. Although we will seek to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders, such parties may not execute such agreements, or even if they execute such agreements they may not be

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prevented from bringing claims against the trust account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, our management will perform an analysis of the alternatives available to it and will enter into an agreement with a third party that has not executed a waiver only if management believes that such third party's engagement would be significantly more beneficial to us than any alternative.

Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where we are unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we have not completed our initial business combination within the required time period, or upon the exercise of a redemption right in connection with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public shareholders could be less than the $10.00 per public share initially held in the trust account, due to claims of such creditors.

Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriter of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy their respective indemnity obligations and believe that our sponsor's only assets are securities of our company. Our sponsor may not have sufficient funds available to satisfy those obligations. We have not asked our sponsor to reserve for such obligations, and therefore, no funds are currently set aside to cover any such obligations. As a result, if any such claims were successfully made against the trust account, the funds available for our initial business combination and redemptions could be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares. None of our directors or officers will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

***Our directors may decide not to enforce the indemnification obligations of our sponsor, resulting in a reduction in the amount of funds in the trust account available for distribution to our public shareholders.***

In the event that the proceeds in the trust account are reduced below the lesser of (1) $10.00 per public share or (2) such lesser amount per share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in any particular instance. If our independent directors choose not to enforce these indemnification obligations, the amount of funds in the trust account available for distribution to our public shareholders may be reduced below $10.00 per share.

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***If we have not completed our initial business combination within 18 months of the closing of this offering, our public shareholders may be forced to wait beyond such 18 months before redemption from our trust account.***

If we have not completed our initial business combination within 18 months from the closing of this offering, and have not held a shareholder vote to amend our amended and restated memorandum and articles of association to extend the amount of time we will have to consummate an initial business combination, we will distribute the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), pro rata to our public shareholders by way of redemption and cease all operations except for the purposes of winding up of our affairs, as further described herein. Any redemption of public shareholders from the trust account shall be effected automatically by function of our amended and restated memorandum and articles of association prior to any voluntary winding up. If we are required to windup, liquidate the trust account and distribute such amount therein, pro rata, to our public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable provisions of the Companies Act. In that case, investors may be forced to wait beyond the initial 18 months before the redemption proceeds of our trust account become available to them and they receive the return of their pro rata portion of the proceeds from our trust account. We have no obligation to return funds to investors prior to the date of our redemption or liquidation unless, prior thereto, we consummate our initial business combination or amend certain provisions of our amended and restated memorandum and articles of association and then only in cases where investors have properly sought to redeem their Class A ordinary shares. Only upon our redemption or any liquidation will public shareholders be entitled to distributions if we have not completed our initial business combination within the required time period and do not amend certain provisions of our amended and restated memorandum and articles of association prior thereto.

If we are unable to complete an initial business combination within the 18-month period, we may seek an amendment to our amended and restated memorandum and articles of association to extend the period of time we have to complete an initial business combination beyond 18 months. There is no limit under our amended and restated memorandum and articles of association on the number of extensions that we may seek through such amendments. Furthermore, there is no limit on the duration of each individual extension or the aggregate amount of time we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval. These provisions of our amended and restated memorandum and articles of association may only be amended with the approval of a special resolution as a matter of Cayman Islands law, meaning that such an amendment must be approved by at least two-thirds of the holders of our ordinary shares who attend and vote at a general meeting of the company. If we seek shareholder approval to extend the initial 18-month period in which to complete an initial business combination to a later date, we will offer our public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the trust account, as described in greater detail in this prospectus.

***Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.***

If we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, and thereby exposing themselves and our company to claims, by paying public shareholders from the trust account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. We and our directors and officers who knowingly and willfully authorized or permitted any distribution to be paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable for a fine of up to approximately $18,300 and to imprisonment for five years in the Cayman Islands.

***The grant of registration rights to our sponsor, Roth and their permitted transferees may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect the market price of our Class A ordinary shares.***

Pursuant to an agreement to be entered into on or prior to the closing of this offering, at or after the time of our initial business combination, our sponsor, Roth, and their permitted transferees can demand that we register the resale of its founder shares after those shares convert to our Class A ordinary shares. In addition, our sponsor, Roth and their

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permitted transferees can demand that we register the resale of the private placement units, the private placement shares, the private placement rights and the Class A ordinary shares issuable upon exchange of the private placement rights, and holders of units that may be issued upon conversion of working capital loans may demand that we register the resale of such units, including the Class A ordinary shares, rights or the Class A ordinary shares issuable upon exchange of such rights.

We will bear the cost of registering these securities. The registration and availability of such a significant number of securities for trading in the public market may have an adverse effect on the market price of our Class A ordinary shares. In addition, the existence of the registration rights may make our initial business combination more costly or difficult to conclude. This is because the shareholders of the target business may increase the equity stake they seek in the combined entity or ask for more cash consideration to offset the negative impact on the market price of our Class A ordinary shares that is expected when the ordinary shares owned by our initial shareholders or their permitted transferees, our private placement units issued in connection with working capital loans are registered for resale.

***Members of our management team and board of directors have significant experience as founders, board members, officers, executives or employees of other companies. Certain of those persons have been, may be, or may become, involved in litigation, investigations or other proceedings, including related to those companies or otherwise. The defense or prosecution of these matters could be time-consuming and could divert our management's attention, and may have an adverse effect on us, which may impede our ability to consummate an initial business combination.***

During the course of their careers, members of our management team and board of directors have had significant experience as founders, board members, officers, executives or employees of other companies. As a result of their involvement and positions in these companies, certain of those persons have been, may be or may in the future become involved in litigation, investigations or other proceedings, including relating to the business affairs of such companies, transactions entered into by such companies, or otherwise. Individual members of our management team and board of directors also may become involved in litigation, investigations or other proceedings involving claims or allegations related to or as a result of their personal conduct, either in their capacity as a corporate officer or director or otherwise, and may be personally named in such actions and potentially subject to personal liability. Any such liability may or may not be covered by insurance and/or indemnification, depending on the facts and circumstances. The defense or prosecution of these matters could be time-consuming. Any litigation, investigations or other proceedings and the potential outcomes of such actions may divert the attention and resources of our management team and board of directors away from identifying and selecting a target business or businesses for our initial business combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination.

***We may issue additional Class A ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the Class B ordinary shares at a ratio greater than one-to-one in connection with our initial business combination as a result of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely present other risks.***

Our amended and restated memorandum and articles of association authorizes the issuance of up to 200,000,000 Class A ordinary shares, par value $0.0001 per share, 20,000,000 Class B ordinary shares, par value $0.0001 per share, and 1,000,000 preference shares, par value $0.0001 per share. Immediately after this offering, there will be 179,450,000 and 15,000,000 (assuming in each case that the underwriter has not exercised its over-allotment option) authorized but unissued Class A ordinary shares and Class B ordinary shares, respectively, available for issuance, which amount takes into account shares reserved for issuance upon exchange of outstanding rights, but does not take into account the shares reserved for issuance upon conversion of the Class B ordinary shares. Class B ordinary shares are convertible into Class A ordinary shares, initially at a one-for-one ratio but subject to adjustment as set forth herein. Immediately after this offering, there will be no preference shares issued and outstanding.

We may issue a substantial number of additional Class A ordinary shares, and may issue preference shares, in order to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon conversion of the Class B ordinary shares at a ratio greater than one-to-one in connection with our initial business combination as a result of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. However, our amended and restated memorandum and articles of association provide, among other things, that prior to our initial business combination,

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we may not issue additional ordinary shares that would entitle the holders thereof to (1) receive funds from the trust account or (2) vote as a class with our public shares on any initial business combination. The issuance of additional ordinary shares or preference shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may subordinate the rights of holders of ordinary shares if preference shares are issued with rights senior to those afforded our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could cause a change of control if a substantial number of our ordinary shares is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may adversely affect prevailing market prices for our units, ordinary shares and/or public rights.

***Holders of our founder shares will control the appointment of our board of directors until consummation of our initial business combination and will hold a substantial interest in us. As a result, they will appoint all of our directors prior to our initial business combination and may exert a substantial influence on actions requiring shareholder vote, potentially in a manner that you do not support.***

Upon the closing of this offering, our initial shareholders will beneficially own approximately 20% of our issued and outstanding ordinary shares (assuming they do not purchase any units in this offering), including the Class B ordinary shares and the private placement shares. In addition, prior to our initial business combination, holders of the founder shares will have the right to vote to appoint all of our directors and may remove members of the board of directors for any reason. Although the non-managing sponsor investor purchased 3,000,000 Sponsor Class A units, the non-managing sponsor investor will have no right to control the sponsor or vote or dispose of any securities held by the sponsor. Holders of our public shares will have no right to vote on the appointment of directors during such time. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of our ordinary shares attending and voting at a general meeting. As a result, you will not have any influence over the appointment of directors prior to our initial business combination.

Neither our sponsor nor, to our knowledge, any of our directors or officers, have any current intention to purchase additional securities, other than as disclosed in this prospectus. Factors that would be considered in making such additional purchases would include consideration of the current trading price of our Class A ordinary shares. In addition, as a result of its substantial ownership in our company, our sponsor may exert a substantial influence on other actions requiring a shareholder vote, potentially in a manner that you do not support, including amendments to our amended and restated memorandum and articles of association and approval of major corporate transactions. If our sponsor purchases any Class A ordinary shares in this offering or in the aftermarket or in privately negotiated transactions, this would increase its influence over these actions.

In addition, our sponsor will exert significant influence over actions requiring a shareholder vote at least until the completion of our initial business combination.

Accordingly, holders of our founder shares will exert significant influence over actions requiring a shareholder vote at least until the completion of our initial business combination.

***We may amend the terms of the rights in a manner that may be adverse to holders with the approval by the holders of at least a majority of the then outstanding rights.***

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

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***Our rights agreement will designate the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our rights, which could limit the ability of right holders to obtain a favorable judicial forum for disputes with our company.***

Our rights agreement will provide that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating in any way to the rights agreement, including under the Securities Act, will 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 (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

This choice-of-forum provision may limit a right holder's ability to bring a claim in a judicial forum that it finds favorable for disputes with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our rights agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

***Our rights and founder shares may have an adverse effect on the market price of our Class A ordinary shares and make it more difficult to effectuate our initial business combination.***

We will be issuing public rights exchangeable for 2,500,000 Class A ordinary shares (or up to 2,875,000 Class A ordinary shares if the underwriter's over-allotment option is exercised in full), as part of the units offered by this prospectus and, simultaneously with the closing of this offering, we will be issuing in private placements an aggregate of 550,000 private placement units, consisting of an aggregate of 550,000 private placement shares and 550,000 private placement rights. Our sponsor currently holds 5,750,000 Class B ordinary shares (up to 750,000 of which are subject to forfeiture by the holders thereof depending on the extent to which the underwriters' over-allotment option is exercised). The Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis, subject to adjustment as set forth herein. To the extent we issue Class A ordinary shares to effectuate a business combination, the potential for the issuance of a substantial number of additional Class A ordinary shares, including upon exchange of these rights or conversion rights could make us a less attractive acquisition vehicle to a target business. Any such issuance will increase the number of issued and outstanding Class A ordinary shares and reduce the value of the Class A ordinary shares issued to complete the business combination. Therefore, our private placement units, rights and founder shares may make it more difficult to effectuate a business combination or increase the cost of acquiring the target business.

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***The determination of the offering price of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects the value of such units than you would have in a typical offering of an operating company.***

Prior to this offering there has been no public market for any of our securities. The public offering price of the units and the terms of the rights were negotiated between us and the underwriter. In determining the size of this offering, management held customary organizational meetings with representatives of the underwriter, both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the amount the underwriter believed it reasonably could raise on our behalf. Factors considered in determining the size of this offering, prices and terms of the units, including the Class A ordinary shares and public rights underlying the units, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history and prospects of companies whose principal business is the acquisition of other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior offerings of those companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects for acquiring an operating business at attractive values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a review of debt to equity ratios in leveraged transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management and their experience in identifying operating companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general conditions of the securities markets at the time of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors as were deemed relevant.

Although these factors were considered, the determination of our offering price is more arbitrary than the pricing of securities of an operating company in a particular industry since we have no historical operations or financial results.

***Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited.***

We are an exempted company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service of process within the United States upon our directors or officers, or enforce judgments obtained in the United States courts against our directors or officers.

Our corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a federal court of the United States.

The courts of the Cayman Islands are unlikely (1) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (2) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in

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the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a United States company.

#### Risks Relating to our Sponsor and Management Team

#### Past performance by our management team and their affiliates may not be indicative of future performance of an investment in the company.
Information regarding performance by our management team and their affiliates is presented for informational purposes only. Past performance by our management team and their affiliates is not a guarantee either (1) that we will be able to identify a suitable candidate for our initial business combination or (2) of success with respect to any business combination we may consummate. You should not rely on the historical record of our management team or their affiliates or any related investment's performance as indicative of our future performance of an investment in the company or the returns the company will, or is likely to, generate going forward. None of our officers or directors has had experience with any blank check companies in the past.

***Our directors and officers will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination.***

Our directors and officers are not required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations and our search for a business combination and their other businesses. We do not intend to have any full-time employees prior to the completion of our initial business combination. Our officers are engaged in several other business endeavors for which they may be entitled to substantial compensation and our officers are not obligated to contribute any specific number of hours per week to our affairs. Certain of our independent directors also serve as officers and board members for other entities. If our officers' and directors' other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote time to our affairs, which may have a negative impact on our ability to complete our initial business combination. For a complete discussion of our officers' and directors' other business affairs, please see "*Management — Directors and Officers*."

***After our initial business combination, it is possible that a majority of our directors and officers will live outside the United States and all or substantially all of our assets will be located outside the United States; therefore, investors may not be able to enforce federal securities laws or their other legal rights.***

It is possible that after our initial business combination, a majority of our directors and officers will reside outside of the United States and all or substantially all of our assets will be located outside of the United States. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process upon all of our directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on our directors and officers under United States laws.

#### We are dependent upon our directors and officers and their departure could adversely affect our ability to operate.
Our operations are dependent upon a relatively small group of individuals. We believe that our success depends on the continued service of our directors and officers, at least until we have completed our initial business combination. In addition, our directors and officers are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest in allocating their time among various business activities, including identifying potential business combinations and monitoring the related due diligence. We do not have an employment agreement with, or key-man insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our directors or officers could have a detrimental effect on us.

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***Our ability to successfully effect our initial business combination and to be successful thereafter will be dependent upon the efforts of our key personnel, some of whom may join us following our initial business combination. The loss of our or a target's key personnel could negatively impact the operations and profitability of our post-combination business.***

Our ability to successfully effect our initial business combination is dependent upon the efforts of our key personnel. The role of our key personnel in the target business, however, cannot presently be ascertained. Although some of our key personnel may remain with the target business in senior management or advisory positions following our initial business combination, it is likely that some or all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals we engage after our initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct. These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to have to expend time and resources helping them become familiar with such requirements.

In addition, the directors and officers of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business combination target's key personnel could negatively impact the operations and profitability of our post-combination business. The role of an acquisition candidate's key personnel upon the completion of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate's management team will remain associated with the acquisition candidate following our initial business combination, it is possible that members of the management of an acquisition candidate will not wish to remain in place. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.

***Our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous.***

Our key personnel may be able to remain with the company after the completion of our initial business combination only if they are able to negotiate employment or consulting agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation of the business combination and could provide for such individuals to receive compensation in the form of cash payments and/or our securities for services they would render to us after the completion of our initial business combination. The personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business, subject to his or her fiduciary duties under Cayman Islands law. However, we believe the ability of such individuals to remain with us after the completion of our initial business combination will not be the determining factor in our decision as to whether or not we will proceed with any potential business combination. There is no certainty, however, that any of our key personnel will remain with us after the completion of our initial business combination. We cannot assure you that any of our key personnel will remain in senior management or advisory positions with us. The determination as to whether any of our key personnel will remain with us will be made at the time of our initial business combination.

***Certain of our directors and officers are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us (and they may also participate in the formation of, or become an officer or director of, another special purpose acquisition company) and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented.***

Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Our sponsor and directors and officers are, or may in the future become, affiliated with entities that are engaged in a similar business. Our sponsor and directors and officers are not affiliated with any other blank check companies, however they are not prohibited from sponsoring, or otherwise becoming involved with, any other blank check companies prior to us completing our initial business combination.

Our directors and officers also may become aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual duties. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to other entities prior

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to its presentation to us, subject to his or her fiduciary duties under Cayman Islands law. If any of our officers or directors becomes aware of an acquisition opportunity which is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she may need to honor his or her fiduciary or contractual obligations to present such acquisition opportunity to such entity, and only present it to us if such entity rejects the opportunity, subject to his or her fiduciary duties under Cayman Islands laws. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. For a complete discussion of our officers' and directors' business affiliations and the potential conflicts of interest that you should be aware of, please see "*Management — Directors and Officers*" "*Management — Conflicts of Interest*" and *"Certain Relationships and Related Party Transactions."*

#### Our directors, officers, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests.
We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with either of our sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.

In particular, affiliates of our sponsor have invested in a diverse set of industries. As a result, there may be substantial overlap between companies that would be a suitable business combination for us and companies that would make an attractive target for such other affiliates.

In addition, members of our management team and our board of directors will directly or indirectly own founder shares and/or private placement units following this offering, as set forth in "Principal Shareholders," and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

***We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, the non-managing sponsor investor, directors or officers which may raise potential conflicts of interest.***

In light of the involvement of our sponsor, non-managing sponsor investor, directors and officers with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, non-managing sponsor investor, directors and officers. Certain of our directors and officers also serve as officers and board members for other entities, including those described under "*Management — Conflicts of Interest."* Such entities may compete with us for business combination opportunities. Our sponsor, non-managing sponsor investor, directors and officers are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria and guidelines for a business combination as set forth in "Proposed Business — Effecting Our Initial Business Combination — Selection of a target business and structuring of our initial business combination" and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement that we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or from an independent accounting firm, regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, directors or officers, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest.

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***Since our sponsor, the non-managing sponsor investor, officers and directors and any other holder of our founder shares will lose their entire investment in us if our initial business combination is not completed (other than with respect to any public shares they may acquire during or after this offering), and because our sponsor, the non-managing sponsor investor, officers and directors and any other holder of our founder shares directly or indirectly may profit substantially from a business combination as a result of their ownership of founder shares even under circumstances where our public shareholders would experience losses in connection with their investment, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination, including in connection with the shareholder vote in respect thereto.***

On March 18, 2025, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering and formation costs in exchange for an aggregate of 5,750,000 founder shares. Prior to this initial investment in us by our sponsor, we had no assets, tangible or intangible. Up to 750,000 of the founder shares are subject to forfeiture depending on the extent to which the underwriter's over-allotment option is exercised. Our sponsor will own approximately 20% of our issued and outstanding shares after this offering (assuming it does not purchase any units in this offering), including the Class B ordinary shares and the private placement shares. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The founder shares will be worthless if we do not complete an initial business combination.

The sponsor has issued 3,000,000 Sponsor Class A units to the non-managing sponsor investor reflecting indirect interests in an aggregate of 3,000,000 of the founder shares (whether or not the underwriters exercise the over-allotment option in full) held by the sponsor.

Our sponsor and Roth have committed to purchase an aggregate of 550,000 private placement units at a price of $10.00 per unit (or 610,000 if the over-allotment option is exercised in full) for an aggregate purchase price of $5,500,000 (or $6,100,000 depending on the extent to which the underwriters participate in the offering), in a private placement that will close simultaneously with the closing of this offering as follows: our sponsor has agreed to purchase an aggregate of 350,000 private placement units for an aggregate purchase price of $3,500,000 (or 380,000 private placement units for an aggregate purchase price of $3,800,000 if the underwriters' over-allotment option in exercised in full) and Roth has agreed to purchase an aggregate of 200,000 private placement units for an aggregate purchase price of $2,000,000 (or 230,000 private placement units for an aggregate purchase price of $2,300,000 if the underwriters' over-allotment option is exercised in full). Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. A portion of the purchase price of the private placement units will be added to the proceeds from this offering to be held in the trust account such that at the time of the closing $200,000,000 (or $230,000,000 if the underwriters exercise their over-allotment option in full) will be held in the trust account. If we do not complete our initial business combination, the private placement units (and the underlying securities) will expire worthless.

Given the differential in the purchase price paid for the founder shares as compared to the initial public offering price of the public shares and the substantial number of Class A ordinary shares that holders of our founder shares would receive upon conversion of the founder shares upon a business combination, the founder shares may have significant value after the business combination even if our Class A ordinary shares trade below the initial public offering price and holders of our public shares have a substantial loss on their investment. Our initial shareholders have agreed (A) to vote any shares owned by them in favor of any proposed business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction) and (B) not to redeem any founder shares or private placement shares in connection with a shareholder vote to approve a proposed initial business combination. In addition, we may obtain loans from either of our sponsor, any of their respective affiliates or certain of our directors and officers.

The personal and financial interests of our sponsor, the non-managing sponsor investor, directors and officers and any holders of our founder shares may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination and may result in a misalignment of interests between the holders of our founder shares. These risks may become more acute as the deadline to complete our initial business combination nears. In particular, because the sponsor purchased the founder shares at a purchase price of approximately $0.004 per share, the holders of our founder shares

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(including certain of our directors and officers that directly or indirectly own founder shares and the non-managing sponsor investor) could make a substantial profit after our initial business combination even if our public shareholders lose money on their investment as a result of a decrease in the post-combination value of their Class A ordinary shares (after accounting for any adjustments in connection with an exchange or other transaction contemplated by the business combination). For example, a holder of 1,000 founder shares would have paid approximately $4.00 to purchase such founder shares. At the time of an initial business combination, such holder would be able to convert such founder shares into 1,000 Class A ordinary shares, and would receive the same consideration in connection with our initial business combination as a public shareholder for the same number of Class A ordinary shares. If the trading price of our Class A ordinary shares on a post-combination basis (after accounting for any adjustments in connection with an exchange or other transaction contemplated by the business combination) were to decrease to $5.00 per Class A ordinary share, such holder of our founder shares would obtain a profit of approximately $4,996 on account of the 1,000 founder shares that the holder had converted into Class A ordinary shares in connection with the initial business combination. By contrast, a public shareholder holding 1,000 Class A ordinary shares acquired in this offering would lose approximately $5,000 in connection with the same transaction.

Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors were to be included by a target business as a condition to any agreement with respect to our initial business combination.

***The nominal purchase price paid by our sponsor and certain of our independent directors for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination.***

We are offering our units at an offering price of $10.00 per unit and the amount in our trust account is initially anticipated to be $10.00 per public share, implying an initial value of $10.00 per public share. However, prior to this offering, our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. As a result, the value of your public shares may be significantly diluted upon the consummation of our initial business combination, when the founder shares are converted into public shares. For example, the following table shows the dilutive effect of the founder shares on the implied value of the public shares upon the consummation of our initial business combination, assuming that our equity value at that time is $200,000,000 which is the amount we would have for our initial business combination in the trust account, assuming the underwriter's over-allotment option is not exercised, no interest is earned on the funds held in the trust account, and no public shares are redeemed in connection with our initial business combination, and without taking into account any other potential impacts on our valuation at such time, such as the trading price of our public shares, the business combination transaction costs, any equity issued or cash paid to the target's sellers or other third parties, or the target's business itself, including its assets, liabilities, management and prospects, as well as the value of our public and private rights. At such valuation, each of our ordinary shares would have an implied value of $7.83 per share upon consummation of our initial business combination, which would be an approximate 21.7% decrease as compared to the initial implied value per public share of $10.00.

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| | |
|:---|:---|
|  Public shares | 20000000 |
|  Founder shares | 5000000 |
|  Private Placement Units | 550000 |
|  Total shares | 25550000 |
|  Total funds in trust available for initial business combination (less the Marketing Fee) | $200000000 |
|  Initial implied value per public share | $10.00 |
|  Implied value per share upon consummation of initial business combination | $7.83 |

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***The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary shares at such time is substantially less than $10.00 per share.***

Upon the closing of this offering, our sponsor will have invested in us an aggregate of $3,525,000, comprised of the $25,000 purchase price for the founder shares and the $3,500,000 purchase price for the private placement units. Assuming a trading price of $10.00 per share upon consummation of our initial business combination, the 5,000,000 founder shares (assuming the underwriter's over-allotment option was not exercised) would have an aggregate value of $50,000,000. Even if the trading price of our ordinary shares was as low as approximately $1.00 per share, and the

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private placement units were worthless, the value of the founder shares would be equal to the sponsor's initial investment in us. As a result, our sponsors are likely to be able to recoup their investment in us and make a substantial profit on that investment, even if our public shares have lost significant value. Accordingly, our management team, which owns interests in our sponsor, may have an economic incentive that differs from that of the public shareholders to pursue and consummate an initial business combination rather than to liquidate and to return all of the cash in the trust to the public shareholders, even if that business combination were with a riskier or less-established target business. For the foregoing reasons, you should consider our management team's financial incentive to complete an initial business combination when evaluating whether to redeem your shares prior to or in connection with the initial business combination.

***Our sponsor has the ability to remove itself as the Company's sponsor or to substantially reduce its interests in the Company before identifying a business combination, which may result in change in the strategy and focus of our Company in pursuing a business combination.***

Without the prior written consent of Roth, our sponsor may not surrender or forfeit, transfer or exchange our founder shares, private placement units, private placement rights, private placement shares or any of our other securities, including for no consideration, as well as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities. In addition, the members of our sponsor could, with the permission of the sponsor's managing member, under certain circumstances permitted in the letter agreement, transfer their membership interests in the sponsor, thereby transferring control of our sponsor to a third party. Through the foregoing means, our sponsor may remove itself as the Company's sponsor, substantially reduce its interests in the Company, or have its control transferred to a third party before we identify a business combination. Any such reduction of the interests of our sponsor in the securities of the Company or transfer of sponsor interests may lead to the sponsor's managing member no longer having voting power and control over the affairs of the Company in pursuing a business combination. This could also result in a change to our management team, acquisition strategy and criteria and our industry focus without shareholders having the ability to consider the merits of a change in the management team. As a result, there is a risk our sponsor may transfer its ownership interest in the Company or the sponsor may change before identifying a business combination, which would likely result in the Company's loss of certain key personnel or advisors. Additionally, there can be no assurance that any replacement sponsor, key personnel or advisors will successfully identify a business combination target for us, or, even if one is so identified, successfully complete such business combination.

***Our management may not be able to maintain control of a target business after our initial business combination. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business.***

We may structure our initial business combination so that the post-transaction company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will complete such business combination only if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in our initial business combination transaction. For example, we could pursue a transaction in which we issue a substantial number of new ordinary shares in exchange for all of the issued and outstanding capital stock, shares or other equity securities of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our issued and outstanding ordinary shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company's shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control of the target business.

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#### Risks Associated with Acquiring and Operating a Business in Foreign Countries
***If our management team pursues a company with operations or opportunities outside of the United States for our initial business combination, we may face additional burdens in connection with investigating, agreeing to and completing such combination, and if we effect such initial business combination, we would be subject to a variety of additional risks that may negatively impact our operations.***

If our management team pursues a company with operations or opportunities outside of the United States for our initial business combination, we would be subject to risks associated with cross-border business combinations, including in connection with investigating, agreeing to and completing our initial business combination, conducting due diligence in a foreign market, having such transaction approved by any local governments, regulators or agencies and changes in the purchase price based on fluctuations in foreign exchange rates.

If we effect our initial business combination with such a company, we would be subject to any special considerations or risks associated with companies operating in an international setting, including any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and difficulties inherent in managing cross-border business operations and complying with commercial and legal requirements of overseas markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rules and regulations regarding currency redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complex corporate withholding taxes on individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws governing the manner in which future business combinations may be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs and trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulations related to customs and import/export matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• longer payment cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax consequences, such as tax law changes, including termination or reduction of tax and other incentives that the applicable government provides to domestic companies, and variations in tax laws as compared to the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency fluctuations and exchange controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges in collecting accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cultural and language differences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employment regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• crime, strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deterioration of political relations with the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obligatory military service by personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government appropriation of assets.

We may not be able to adequately address these additional risks. If we were unable to do so, we may be unable to complete such combination or, if we complete such combination, our operations might suffer, either of which may adversely impact our results of operations and financial condition.

***If our management following our initial business combination is unfamiliar with U.S. securities laws, they may have to expend time and resources becoming familiar with such laws, which could lead to various regulatory issues.***

Following our initial business combination, any or all of our management could resign from their positions as officers of the company, and the management of the target business at the time of the business combination could remain in place. Management of the target business may not be familiar with U.S. securities laws. If new management is

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unfamiliar with U.S. securities laws, they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could lead to various regulatory issues which may adversely affect our operations.

#### General Risk Factors

#### We have a working capital deficiency and a weak cash position.
As of March 31, 2025, we had no cash and a working capital deficiency of $44,970. Further, we expect to incur significant costs in pursuit of our acquisition plans. Management's plans to address this need for capital through this offering are discussed in the section of this prospectus titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." Our plans to raise capital and to consummate our initial business combination may not be successful. These factors, among others, increase the risk that our independent registered public accounting firm could raise substantial doubt about our ability to continue as a going concern. The financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability to consummate this offering or our inability to continue as a going concern.

#### You will not be entitled to protections normally afforded to investors of many other blank check companies.
Since the net proceeds of this offering and the sale of the private placement units are intended to be used to complete an initial business combination with a target business that has not been selected, we may be deemed to be a "blank check" company under the U.S. securities laws. However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering and the sale of the private placement units and will file a Current Report on Form 8-K, including an audited balance sheet of the company demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors in blank check companies, such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules. Among other things, this means our units will be immediately tradable. Moreover, if this offering were subject to Rule 419, that rule would prohibit the release of any interest earned on funds held in the trust account to us unless and until the funds in the trust account were released to us in connection with our completion of an initial business combination. For a more detailed comparison of our offering to offerings that comply with Rule 419, please see "*Proposed Business — Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419*."

***Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business combination, and results of operations.***

We are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination, and results of operations.

On January 24, 2024, the SEC adopted a series of new rules relating to SPACs requiring, among other items, (i) additional disclosures relating to SPAC business combination transactions; (ii) additional disclosures relating to dilution and to conflicts of interest involving sponsors and their affiliates in both SPAC initial public offerings and SPAC initial business combinations; (iii) the use of projections by SPACs in SEC filings in connection with proposed business combination transactions; and (iv) both the SPAC and the target company's status as co-registrants on de-SPAC transaction registration statements. In addition, the SEC's adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation under the Investment Company Act, including as a result of its duration, asset composition, business purpose, and the activities of the SPAC and its management team in furtherance of such goals. Compliance with such rules and related guidance may increase the costs and the time needed to negotiate and complete an initial business combination, may constrain the circumstances under which we could complete an initial business combination or otherwise impair our ability to complete a business combination.

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***We may not hold an annual general meeting until after the consummation of our initial business combination, which could delay the opportunity for our public shareholders to discuss company affairs with management, and the holders of our Class A ordinary shares will not have the right to vote on the appointment or removal of directors or continuing the company in a jurisdiction outside the Cayman Islands until after the consummation of our initial business combination.***

In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until no later than one year after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may not be afforded the opportunity to discuss company affairs with management. Our board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term. In addition, as holders of our Class A ordinary shares, our public shareholders will not have the right to vote on the appointment or removal of directors or continuing the company in a jurisdiction outside the Cayman Islands until after the consummation of our initial business combination.

#### We may be a passive foreign investment company, or "PFIC," which could result in adverse U.S. federal income tax consequences to U.S. investors.
If we are a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section of this prospectus captioned "Income Tax Considerations — U.S. Federal Income Taxation — U.S. Holders") of our ordinary shares or public rights, the U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. Our PFIC status for our current and subsequent taxable years may depend upon the status of an acquired company pursuant to a business combination and whether we qualify for the PFIC start-up exception (see the section of this prospectus captioned "Income Tax Considerations — U.S. Federal Income Taxation — U.S. Holders — Passive Foreign Investment Company Rules"). Depending on the particular circumstances, the application of the start-up exception may be subject to uncertainty, and there cannot be any assurance that we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, moreover, will not be determinable until after the end of such taxable year. If we determine we are a PFIC for any taxable year, we will endeavor upon written request to provide to a U.S. Holder such information as the Internal Revenue Service ("IRS") may require, including a PFIC Annual Information Statement, in order to enable the U.S. Holder to make and maintain a "qualified electing fund" election, but there can be no assurance that we will timely provide such required information, and such election would likely be unavailable with respect to our rights in all cases. We urge U.S. Holders to consult their tax advisors regarding the possible application of the PFIC rules to holders of our ordinary shares and public rights. For a more detailed explanation of the tax consequences of PFIC classification to U.S. Holders, see "Income Tax Considerations — U.S. Federal Income Taxation — U.S. Holders — Passive Foreign Investment Company Rules."

***If our initial business combination involves a company organized under the laws of the United States (or any subdivision thereof), a U.S. federal excise tax could be imposed on us in connection with any redemptions of our Class A ordinary shares after or in connection with such initial business combination.***

The Inflation Reduction Act of 2022 provides for, among other things, a new 1% U.S. federal excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. corporations after December 31, 2022 (the "stock buyback tax"), subject to certain exceptions. If applicable, the amount of the stock buyback tax is generally 1% of the aggregate fair market value of any stock repurchased by the corporation during a taxable year, net of the aggregate fair market value of certain new stock issuances by the repurchasing corporation during the same taxable year. The Biden administration has proposed increasing the stock buyback tax rate from 1% to 4%; however, it is unclear whether such a change will be enacted and, if enacted, how soon it could take effect. In addition, the U.S. Treasury Department and IRS have released preliminary guidance that would potentially cause a non-U.S. corporation's U.S. subsidiaries to be subject to the stock buyback tax with respect to any share repurchases made by the non-U.S. corporation under certain circumstances.

As an entity incorporated as a Cayman Islands exempted company, the stock buyback tax is currently not expected to apply to redemptions of our Class A ordinary shares (absent any regulations or other additional guidance that may be issued in the future). However, in connection with an initial business combination involving a company organized under

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the laws of the United States (or any subdivision thereof), it is possible that we domesticate and continue as a Delaware corporation prior to certain redemptions. Because we expect that, following such a domestication, our securities would continue to trade on Nasdaq, in such a case we could be subject to the stock buyback tax with respect to any subsequent redemptions (including redemptions in connection with the initial business combination) that are treated as repurchases for this purpose. In all cases, whether and to what extent we would be subject to the stock buyback tax will depend on a number of factors, including (i) the structure of the initial business combination, including the extent to which the initial business combination involves a U.S. corporation and the extent to which we issue shares in the initial business combination or otherwise during the same taxable year that are eligible to offset any redemptions or other repurchases, (ii) the fair market value of the shares redeemed and (iii) the extent such redemptions could be treated as dividends and not as repurchases. The applicability of the stock buyback tax to us could be further affected by the content of any regulations, clarifications or other additional guidance from the U.S. Treasury Department that may be issued and applicable to the redemptions.

Any stock buyback tax that becomes payable as a result of any redemptions of our Class A ordinary shares (or other shares into which such Class A ordinary shares may be converted) in connection with our initial business combination or otherwise would be payable by us and not by the redeeming holder. To the extent such taxes are applicable, the amount of cash available to pay redemptions or to transfer to the target business in connection with our initial business combination may be reduced, which could result in our inability to meet conditions in the agreement relating to our initial business combination related to a minimum cash requirement, if any, or otherwise result in the shareholders of the combined company (including any of our shareholders who do not exercise their redemption rights in connection with the initial business combination) to economically bear the impact of such stock buyback tax.

#### We may reincorporate in another jurisdiction in connection with our initial business combination and such reincorporation may result in taxes imposed on shareholders.
We may, subject to requisite shareholder approval by special resolution under the Companies Act, effect a business combination with a target company in another jurisdiction, de-register as an exempted company in the Cayman Islands and register by way of continuation in the jurisdiction in which the target company or business is located, or de-register as an exempted company in the Cayman Islands and register by way of continuation in another jurisdiction. Such transactions may result in tax liability for a shareholder in the jurisdiction in which the shareholder is a tax resident (or in which its members are resident if it is a tax transparent entity), in which the target company is located, or in which we reincorporate. In the event of a reincorporation pursuant to our initial business combination, such tax liability may attach prior to the consummation of redemptions of any of our public shares properly submitted to us for redemption in connection with such business combination. We do not intend to make any cash distributions to shareholders to pay such taxes. Shareholders may be subject to withholding taxes or other taxes with respect to their ownership of us after the reincorporation.

***We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.***

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our ordinary shares held by non-affiliates exceeds $700 million as of the end of any second quarter of a fiscal year, in which case we would no longer be an emerging growth company as of the end of such fiscal year. We cannot predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more volatile.

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Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates equals or exceeds $250 million as of the end of that year's second fiscal quarter, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of the end of that year's second fiscal quarter. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

***Since only holders of our Class B ordinary shares will have the right to vote on the appointment of directors, upon the listing of our shares on Nasdaq, Nasdaq will consider us to be a "controlled company" within the meaning of Nasdaq rules and, as a result, we may qualify for exemptions from certain corporate governance requirements.***

After completion of this offering and prior to the consummation of a business combination, only holders of our Class B ordinary shares will have the right to vote on the appointment of directors. As a result, Nasdaq will consider us to be a "controlled company" within the meaning of Nasdaq corporate governance standards. Under Nasdaq corporate governance standards, a company of which more than 50% of the voting power for the appointment of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have a board that includes a majority of "independent directors," as defined under the rules of Nasdaq; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of the independent directors recommend director nominees for selection by the board of directors.

We currently do not intend to rely on the "controlled company" exemption, but may do so in the future. Accordingly, if we choose to do so, you will not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements.

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#### USE OF PROCEEDS
We are offering 20,000,000 units at an offering price of $10.00 per unit. We estimate that the net proceeds of this offering together with the funds we will receive from the sale of the private placement units will be used as set forth in the following table.

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| | | |
|:---|:---|:---|
|  | **Without<br> Over-<br> Allotment <br>Option** | **Over-<br> Allotment<br> Option<br> Exercised** |
|  *Gross proceeds* |  |  |
|  Gross proceeds from units offered to public<sup>(1)</sup> | $200000000 | $230000000 |
|  Gross proceeds from private placement units offered in the private placement | 5500000 | 6100000 |
|  Total gross proceeds | $205500000 | $236100000 |
|  *Offering expenses*<sup>(2)</sup> | $414615 | $414615 |
|  Underwriting commissions (2% of gross proceeds from units offered to public, excluding the Marketing Fee)<sup>(3)</sup> | $4000000 | $4600000 |
|  Legal fees and expenses | $200000 | $200000 |
|  Accounting fees and expenses | $70687 | $70687 |
|  SEC/FINRA Expenses | $78928 | $78928 |
|  Travel and road show | $10000 | $10000 |
|  Nasdaq listing and filing fees | $25000 | $25000 |
|  Printing and engraving expenses | $30000 | $30000 |
|  Total offering expenses (other than underwriting commissions and the Marketing Fee) | $414615 | $414615 |
|  Proceeds after offering expenses | $201085385 | $231085385 |
|  Held in trust account<sup>(3)</sup> | $200000000 | $230000000 |
|  % of public offering size | 100% | 100% |
|  Not held in trust account | $1085385 | $1085385 |

---

The following table shows the use of the approximately $1,085,385 of net proceeds not held in the trust account<sup>(4)</sup>.

---

| | | |
|:---|:---|:---|
|  | **Amount** | **% of<br> Total** |
|  Legal, accounting, due diligence, travel, and other expenses in connection with any business combination<sup>(6)</sup> | $250000 | 23.0% |
|  Legal and accounting fees related to regulatory reporting obligations | 100000 | 9.2% |
|  Payment for office space, administrative and support services<sup>(6)</sup> | 180000 | 16.6% |
|  Director and officer liability insurance premiums | 300000 | 27.6% |
|  Nasdaq continued listing fees | 85000 | 7.8% |
|  Other miscellaneous expenses | 170385 | 15.7% |
|  Total | $1085385 | 100.00% |

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____________

(1) Includes amounts payable to public shareholders who properly redeem their shares in connection with our successful completion of our initial business combination.

(2) In the event that offering expenses are less than as set forth in this table, any such amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as set forth in this table, we may fund such excess with funds not held in the trust account.

(3) Pursuant to a Business Combination Marketing Agreement, we have agreed to pay Roth the Marketing Fee equal to up to 4.5% of the gross proceeds of this offering at the closing of our initial business combination. Upon completion of our initial business combination, up to $9,000,000 (or $10,350,000 if the underwriters' over-allotment option is exercised in full), which constitutes the Marketing Fee that will be paid to Roth from the funds held in the trust account, and the remaining funds, less amounts released by the trustee to pay redeeming shareholders, will be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases of other companies or for working capital.

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(4) These expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring a business combination based upon the level of complexity of such business combination. In the event we identify an acquisition target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses. The amount in the table above does not include interest available to us from the trust account. Based on current interest rates, we would expect approximately $9,000,000 to be available to us from interest earned on the funds held in the trust account over 12 months following the investment of such funds in specified U.S. Government Treasury bills, however, we can provide no assurances regarding this amount. This estimate assumes no exercise of the underwriters' over-allotment option and an interest rate of 4.5% per annum based upon current yields of securities in which the trust account may be invested. In addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units issued to our sponsor. The terms of such loans by our sponsor, affiliate of our sponsor, or certain of our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

(5) Includes estimated amounts that may also be used in connection with our initial business combination to fund a "no shop" provision and commitment fees for financing.

(6) Represents amounts payable for eighteen months for such services.

Nasdaq listing rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited in a trust account. Of the net proceeds of this offering and the sale of the private placement units, $200,000,000 (or $230,000,000 if the underwriters' over-allotment option is exercised in full), including up to $9,000,000 (or up to $10,350,000 if the underwriters' over-allotment option is exercised in full) for the Marketing Fee, will, upon the consummation of this offering, be placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company acting as trustee. The funds in the trust account will be invested or held only in either (i) U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, (ii) as uninvested cash, or (iii) an interest-bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. For more information about the risk of the company being considered to be operating as an unregistered investment company, see "Risk Factors — Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post-Business Combination Risks — If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination." Based on current interest rates, we estimate that the interest earned on the trust account will be approximately $9,000,000 per year, assuming an interest rate of 4.5% per year. We will not be permitted to withdraw any of the principal or interest held in the trust account except for the withdrawal of interest to pay taxes, if any. The funds held in the trust account will not otherwise be released from the trust account until the earliest of: (1) our completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our

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public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. Based on current interest rates, we expect that interest earned on the trust account will be sufficient to pay taxes.

The net proceeds held in the trust account may be used as consideration to pay the sellers of a target business with which we ultimately complete our initial business combination and to pay the Marketing Fee. The underwriter will not be entitled to any interest accrued on the Marketing Fee. If our initial business combination is paid for using equity or debt, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination or the redemption of our public shares, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.

We believe that amounts not held in trust will be sufficient to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while we may begin preliminary due diligence of a target business in connection with an indication of interest, we intend to undertake in-depth due diligence, depending on the circumstances of the relevant prospective acquisition, only after we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms of a business combination. However, if our estimate of the costs of undertaking in-depth due diligence and negotiating a business combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital through loans or additional investments from our sponsor, members of our management team or any of their affiliates, but such persons are not under any obligation to loan funds to, or otherwise invest in, us.

We will enter into an Administrative Services Agreement pursuant to which we will pay an affiliate of our sponsor a total of $10,000 per month for office space, administrative and support services. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

Prior to the closing of this offering, our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. As of March 31, 2025, we had borrowed $12,040<sup>2</sup> under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2025, or the closing of this offering. These loans will be repaid upon the closing of this offering out of the $1,085,385 of offering proceeds not held in the trust account.

In addition, in order to finance transaction costs in connection with an intended initial business combination, either our sponsor, any of their respective affiliates or certain of our directors and officers may, but are not obligated to, loan us funds as may be required. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or any of their affiliates may also purchase shares outside of the redemption offer in compliance with the conditions set forth in SEC Tender Offer Rules and Schedules Compliance and Disclosure Interpretation 166.01 in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. Please see "Proposed Business — Permitted purchases and other transactions with respect to our securities" for a description of how such persons will determine from which shareholders to seek to acquire shares. The price per share paid in any such transaction may be different than the amount per share a public shareholder would receive if it elected to redeem its shares in connection with our initial business combination, however in no event will such price per share be made at a price higher than the offered redemption price. However, such persons have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will be restricted from making any such purchases when they

____________

2 Note to Calabrese: to update

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are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules.

The agreement for our initial business combination may require as a closing condition that we have a minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights so that we cannot satisfy the net tangible asset requirement or any net worth or cash requirements, we would not proceed with such redemption and the related business combination, and may instead search for an alternate business combination.

Our public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) our completion of an initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly elected to redeem, subject to the limitations described herein; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. In no other circumstances will a shareholder have any right or interest of any kind to or in the trust account. Holders of rights will not have any right to the proceeds held in the trust account with respect to the rights.

Our sponsor, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private placement shares and public shares held by them in connection with the completion of our initial business combination or certain amendments to our amended and restated memorandum and articles of association as described elsewhere in this prospectus. In addition, our sponsor has agreed to waive its rights to liquidating distributions from the trust account with respect to its founder shares and private placement shares if we fail to complete our initial business combination within the prescribed time frame. However, if our sponsor acquires public shares, it will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time frame.

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#### DIVIDEND POLICY
We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future, except if we increase the size of this offering, in which case we will effect a capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

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#### DILUTION
The difference between the public offering price per Class A ordinary share, assuming no value is attributed to the rights included in the units we are offering pursuant to this prospectus or the placement rights, and the pro forma net tangible book value per Class A ordinary share after this offering constitutes the dilution to investors in this offering. Net tangible book value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of Class A ordinary shares which may be redeemed for cash), by the number of issued and outstanding Class A ordinary shares.

The below calculations (A) assume that (i) no ordinary shares are issued to shareholders of a potential business combination target as consideration or issuable by a post-business combination company, for instance under an equity or employee share purchase plan, (ii) no ordinary shares and convertible equity or debt securities are issued in connection with additional financing that we may seek in connection with an initial business combination, (iii) no working capital loans are converted into placement units, as further described in this prospectus and (iv) no value is attributed to the rights, and (B) assume the issuance of 20,000,000 Class A ordinary shares (or 23,000,000 Class A ordinary shares if the over-allotment option is exercised in full) and 5,750,000 founder shares (up to 750,000 of which are assumed to be forfeited in the scenario in which the over-allotment option is not exercised in full). Further, the issuance of additional ordinary or preference shares in connection with the closing of our initial business combination may significantly dilute the equity interest of public shareholders, which dilution would even further increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-for-one basis upon conversion of the Class B ordinary shares. Further, the Class A ordinary shares issuable in connection with the conversion of the founder shares may result in material dilution to our public shareholders due to the anti-dilution rights of our founder shares that may result in an issuance of Class A ordinary shares on a greater than one-for-one basis upon conversion. If we raise additional funds through equity or convertible debt issuances in connection with a business combination, our public shareholders may also suffer significant dilution. This dilution would increase to the extent that the anti-dilution provision of the founder shares results in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the founder shares at the time of our initial business combination. In addition, the conversion of any working capital loans would further increase the dilution to our public shareholders. As a result of the compensation to be paid to the sponsor, Class A ordinary shares issuable in connection with the conversion of the founder shares, and securities to be issued to the sponsor in the private placement, including the exchange of the private placement rights, and conversion of any working capital loans, our public shareholders may experience substantial dilution.

<sup>3</sup>The following table illustrates the difference between the public offering price per unit and our NTBV per share, as adjusted to give effect to this offering and assuming redemption of our public shares at varying levels and the full exercise and no exercise of the over-allotment option:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  **Offering Price of <br>$10.00 per Unit** | **Offering Price of <br>$10.00 per Unit** | **25% of Maximum <br>Redemption** | **25% of Maximum <br>Redemption** | **50% of Maximum <br>Redemption** | **50% of Maximum <br>Redemption** | **75% of Maximum <br>Redemption** | **75% of Maximum <br>Redemption** | **Maximum <br>Redemption** | **Maximum <br>Redemption** |
|  **NTBV** | **NTBV** | **NTBV** | **Difference<br> between<br> NTBV<br> and<br> Offering<br> Price** | **NTBV** | **Difference<br> between<br> NTBV<br> and<br> Offering<br> Price** | **NTBV** | **Difference<br> between<br> NTBV<br> and<br> Offering<br> Price** | **NTBV** | **Difference<br> between<br> NTBV<br> and<br> Offering<br> Price** |
|  | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* | *Assuming Full Exercise of Over-Allotment Option* |
|  $ | 7.87 | $7.35 | $2.65 | $6.50 | $3.50 | $4.84 | $5.16 | $0.17 | $9.83 |
|  | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* | *Assuming No Exercise of Over-Allotment Option* |
|  $ | 7.86 | $7.34 | $2.66 | $6.49 | $3.51 | $4.82 | $5.18 | $0.15 | $9.85 |

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For each of the redemption scenarios above, the NTBV was calculated as follows:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **No Redemptions** | **No Redemptions** | **25% of Maximum <br>Redemptions** | **25% of Maximum <br>Redemptions** | **50% of Maximum <br>Redemptions** | **50% of Maximum <br>Redemptions** | **75% of Maximum <br>Redemptions** | **75% of Maximum <br>Redemptions** | **Maximum <br>Redemptions** | **Maximum <br>Redemptions** |
|  | **Without<br> Over-<br> Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** |
|  Public offering price | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
|  Net tangible book deficit before this offering | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) |
|  Increase attributable to public shareholders | 7.87 | 7.88 | 7.35 | 7.36 | 6.50 | 6.51 | 4.83 | 4.85 | 0.16 | 0.18 |
|  Pro forma net tangible book value after this offering and the sale of the placement shares | 7.67 | 7.87 | 7.34 | 7.35 | 6.49 | 6.50 | 4.82 | 4.84 | 0.15 | 0.17 |
|  Dilution to public shareholders | $2.14 | 2.13 | 2.66 | 2.65 | 3.51 | 3.50 | 5.18 | 5.16 | 9.85 | 9.83 |
|  Percentage of dilution to public shareholders | 21.40% | 21.30% | 26.60% | 26.50% | 35.10% | 35.00% | 51.80% | 51.60% | 98.50% | 98.30% |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **No Redemptions** | **No Redemptions** | **25% of Maximum <br>Redemptions** | **25% of Maximum <br>Redemptions** | **50% of Maximum <br>Redemptions** | **50% of Maximum <br>Redemptions** | **75% of Maximum <br>Redemptions** | **75% of Maximum <br>Redemptions** | **Maximum <br>Redemptions** | **Maximum <br>Redemptions** |
|  | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** | **Without <br>Over- <br>Allotment** | **With <br>Over- <br>Allotment** |
|  **Numerator:** |  |  |  |  |  |  |  |  |  |  |
|  Net tangible book deficit before this offering | $(44970) | (44970) | (44970) | (44970) | (44970) | (44970) | (44970) | (44970) | (44970) | (44970) |
|  Net proceeds from this offering and the sale of the placement shares<sup>(1)</sup> | 201085385 | 231085385 | 201085385 | 231085385 | 201085385 | 231085385 | 201085385 | 231085385 | 201085385 | 231085385 |
|  Plus: Offering costs accrued for or paid in advance, excluded from tangible book value | 22510 | 22510 | 22510 | 22510 | 22510 | 22510 | 22510 | 22510 | 22510 | 22510 |
|  Less: Overallotment liability | (212400) |  | (212400) |  | (212400) |  | (212400) |  | (212400) |  |
|  Less: Amounts paid for redemptions<sup>(2)</sup> |  |  | (50000000) | (57500000) | (100000000) | (115000000) | (150000000) | (172500000) | (200000000) | (230000000) |
|  | $200850525 | 231062925 | 150850525 | 173562925 | 100850525 | 116062925 | 50850525 | 58562925 | 850525 | 1062925 |
|  **Denominator:** |  |  |  |  |  |  |  |  |  |  |
|  Ordinary shares outstanding prior to this offering | 5750000 | 5750000 | 5750000 | 5750000 | 5750000 | 5750000 | 5750000 | 5750000 | 5750000 | 5750000 |
|  Ordinary shares forfeited if over-allotment is not exercised | (750000) |  | (750000) |  | (750000) |  | (750000) |  | (750000) |  |
|  Ordinary shares offered | 20000000 | 23000000 | 20000000 | 23000000 | 20000000 | 23000000 | 20000000 | 23000000 | 20000000 | 23000000 |
|  Less: Ordinary shares redeemed |  |  | (5000000) | (5750000) | (10000000) | (11500000) | (15000000) | (17250000) | (20000000) | (23000000) |
|  Placement shares | 550000 | 610000 | 550000 | 610000 | 550000 | 610000 | 550000 | 610000 | 550000 | 610000 |
|  | 25550000 | 29360000 | 20550000 | 23610000 | 15550000 | 17860000 | 10550000 | 12110000 | 5550000 | 6360000 |

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(1) Expenses applied against gross proceeds include offering expenses of approximately $414,615 and underwriting commissions of $0.20 per unit (including any units sold pursuant to the underwriter's option to purchase additional units), or $4,000,000 in the aggregate, payable to Roth (excluding the Marketing Fee). See "Use of Proceeds."

(2) If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial shareholders, directors, officers, advisors or their affiliates may purchase shares or public rights in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of ordinary shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See "Proposed Business — Effecting Our Initial Business Combination — Permitted Purchases and other transactions with respect to our securities."

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#### CAPITALIZATION
The following table sets forth our capitalization at March 31, 2025 and as adjusted to give effect to the sale of our 20,000,000 units in this offering for $200,000,000 (or $10.00 per unit) and the sale of 550,000 private placement units for $5,500,000 (or $10.00 per unit) and the application of the estimated net proceeds derived from the sale of such securities:

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| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** |
|  | **Actual** | **As<br> Adjusted<sup>(1)</sup>** |
|  Notes payable | 12040 |  |
|  Class A ordinary shares, subject to redemption<sup>(2)</sup> |  | 200000000 |
|  Over-allotment liability |  | 212400 |
|  Shareholders' equity: |  |  |
|  Preference shares, $0.0001 par value, 1,000,000 shares authorized; no shares issued or outstanding (actual and as adjusted) |  |  |
|  Ordinary shares, $0.0001 par value, 220,000,000 shares authorized (actual and as adjusted) |  |  |
| &nbsp;&nbsp;&nbsp; Class A ordinary shares, 200,000,000 shares authorized; no shares issued or outstanding (actual); 550,000 shares issued and outstanding (excluding 20,000,000 shares subject to redemption) (as adjusted) |  | 55 |
| &nbsp;&nbsp;&nbsp; Class B ordinary shares, 20,000,000 shares authorized (actual and as adjusted); 5,750,000<sup>(3)</sup> shares issued and outstanding (actual); 5,000,000<sup>(3)</sup> shares issued and outstanding (as adjusted) | 575 | 500 |
|  Additional paid-in capital<sup>(4)</sup> | 24425 | 897430 |
|  Accumulated deficit | (47460) | (47460) |
|  Total shareholders' (deficit) equity | (22460) | 850525 |
|  Total capitalization | $(10420) | $201062925 |

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____________

(1) The proceeds of the sale of such shares will not be deposited into the trust account, the shares will not be eligible for redemption from the trust account nor will they be eligible to vote upon the initial business combination.

(2) The "as adjusted" amount of ordinary shares subject to redemption equals the "as adjusted" total assets of $201,062,925 less the "as adjusted" total liabilities of $212,400 less the "as adjusted" shareholders' equity of 850,525. The value of ordinary shares that may be redeemed is equal to $10.00 per share (which is the assumed redemption price) multiplied by 20,000,000 ordinary shares, which is the maximum number of ordinary shares that may be redeemed for a $10.00 purchase price per share.

(3) Actual share amount is prior to any forfeiture of founder shares by our sponsor and "as adjusted" share amount assumes no exercise of the underwriters' over-allotment option.

(4) The "as adjusted" additional paid-in capital calculation is equal to the "as adjusted" total shareholder's equity of 850,525, less ordinary shares (par value) of $555, plus the accumulated deficit of $47,460.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND <br>R ESULTS OF OPERATION S

#### Overview
We are a blank check company, newly incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any target business, and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business regarding a transaction with our company. We may pursue an initial business combination in any industry or geographical location.

The issuance of additional ordinary shares or preference shares in a business combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may subordinate the rights of holders of ordinary shares if preference shares are issued with rights senior to those afforded our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could cause a change of control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may adversely affect prevailing market prices for our units, ordinary shares and/or public rights.

Similarly, if we issue debt or otherwise incur significant indebtedness, it could result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to pay dividends on our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

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As indicated in the accompanying financial statements, at March 31, 2025, we had no cash, a working capital deficit of $44,970 and deferred offering costs of $22,510. Further, we expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.

#### Results of Operations and Known Trends or Future Events
We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until after completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our unaudited interim financial statements contained elsewhere in this prospectus. After this offering, we expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. We expect our expenses to increase substantially after the closing of this offering.

#### Liquidity and Capital Resources
Our liquidity needs have been satisfied prior to the completion of this offering through $25,000 paid by our sponsor to cover certain of our offering and formation costs in exchange for the issuance of the founder shares to our sponsor. We estimate that the net proceeds from (1) the sale of the units in this offering, after deducting offering expenses of approximately $414,615 and cash underwriting discounts of $4,000,000 (excluding the Marketing Fee of up to $9,000,000 (or up to $10,350,000 if the underwriter's over-allotment option is exercised in full)), and (2) the sale of the private placement units for a purchase price of $5,500,000 (or $6,100,000 if the underwriter's over-allotment option is exercised in full) will be $205,500,000 (or $236,100,000 if the underwriter's over-allotment option is exercised in full). Of this amount, $200,000,000 or $230,000,000 if the underwriter's over-allotment option is exercised in full, including the up to $9,000,000 (or up to $10,350,000 if the underwriter's over-allotment option is exercised in full) Marketing Fee, will be deposited into the trust account. The funds in the trust account will be invested or held only in either (i) U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, (ii) as uninvested cash, or (iii) an interest-bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering unless extended pursuant to our charter) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. For more information about the risk of the company being considered to be operating as an unregistered investment company, see "Risk Factors — Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post-Business Combination Risks — If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination." The remaining $1,085,385 will not be held in the trust account. In the event that our offering expenses exceed our estimate of $414,615 we may fund such excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $414,615, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.

We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (which interest shall be net of taxes payable and excluding the Marketing Fee) to complete our initial business combination. We may withdraw interest to pay taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient to pay our taxes. We expect the only taxes payable by us out of the funds in the trust account will be income and franchise taxes, if any. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

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Prior to the completion of our initial business combination, we will have available to us $1,085,385 of proceeds held outside the trust account. We will use these funds primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete a business combination, and to pay taxes to the extent the interest earned on the trust account is not sufficient to pay our taxes.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, either of our sponsor, any of their respective affiliates or certain of our directors and officers may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans may be repaid only out of funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans for each such person may be convertible into units at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units issued to our sponsor. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

We expect our primary liquidity requirements during that period to include approximately $250,000 for legal, accounting, due diligence, travel and other expenses in connection with any business combinations; $100,000 for legal and accounting fees related to regulatory reporting requirements; $180,000 for office space, administrative and support services; $300,000 for payment of directors and officers insurance premiums; $85,000 for Nasdaq exchange listing fees; and $170,385 for other miscellaneous expenses.

These amounts are estimates and may differ materially from our actual expenses.

We do not believe we will need to raise additional funds following this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may (i) issue additional securities to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share or at a price which approximates the per-share amounts in our trust account at such time, or (ii) incur debt in connection with such business combination. If we raise additional funds through equity or convertible debt issuances, our public shareholders may also suffer significant dilution and these securities could have rights that rank senior to our public shares. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to our equity securities and could contain covenants that restrict our operations. Further, due to the anti-dilution rights of our founder shares, our public shareholders may incur material dilution. In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering and the sale of the private placement units, and, as a result, if the cash portion of the purchase price exceeds the amount available from the trust account, net of amounts needed to satisfy redemptions by public shareholders, we may be required to seek additional financing to complete such proposed initial business combination. We may also obtain financing prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to any forward purchase agreements, backstop or similar agreements we may enter into following the consummation of this offering or otherwise. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

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#### Controls and Procedures
We are not currently required to evaluate and report on an effective system of internal controls as defined by Section 404 of the Sarbanes-Oxley Act. We will be required to comply with the internal control reporting requirements of the Sarbanes-Oxley Act for the fiscal year ending December 31, 2026. Only in the event that we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. Further, for as long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirement.

Prior to the closing of this offering, we have not completed an assessment, nor has our independent registered public accounting firm tested our systems, of internal controls. We expect to assess the internal controls of our target business or businesses prior to the completion of our initial business combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our initial business combination may have internal controls that need improvement in areas such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• staffing for financial, accounting and external reporting areas, including segregation of duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reconciliation of accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proper recording of expenses and liabilities in the period to which they relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evidence of internal review and approval of accounting transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• documentation of processes, assumptions and conclusions underlying significant estimates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• documentation of accounting policies and procedures.

Because it will take time, management involvement and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant expenses in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.

Once our management's report on internal controls is complete, we will retain our independent registered public accounting firm to audit and render an opinion on such report when required by Section 404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional issues concerning a target business's internal controls while performing their audit of internal control over financial reporting.

#### Quantitative and Qualitative Disclosures about Market Risk
The net proceeds of this offering and the sale of the private placement units held in the trust account will be invested or held either (i) in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. For more information about the risk of the company being considered to be operating as an unregistered investment company, see "Risk Factors — Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post-Business Combination Risks — If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination." Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

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#### Related Party Transactions
On March 18, 2025, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering and formation costs in exchange for an aggregate of 5,750,000 founder shares. Prior to this initial investment in us by our sponsor, we had no assets, tangible or intangible. Up to 750,000 of the founder shares are subject to forfeiture depending on the extent to which the underwriter's over-allotment option is exercised. Our sponsor will own approximately 20% of our issued and outstanding shares after this offering (assuming it does not purchase any units in this offering), including the Class B ordinary shares and the private placement shares. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The founder shares will be worthless if we do not complete an initial business combination.

We will enter into an Administrative Services Agreement pursuant to which we will pay an affiliate of our sponsor a total of $10,000 per month for office space, administrative and support services. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

In May 2025, our sponsor transferred 20,000 founder shares to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors.

Prior to the closing of this offering, our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. As of March 31, 2025, we had borrowed $12,040 under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2025, or the closing of this offering. These loans will be repaid upon the closing of this offering out of the $1,085,385 of offering proceeds not held in the trust account.

Our sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

Our sponsor and Roth have committed to purchase an aggregate of 550,000 private placement units at a price of $10.00 per unit (or 610,000 if the over-allotment option is exercised in full) for an aggregate purchase price of $5,500,000 (or $6,100,000 depending on the extent to which the underwriters participate in the offering), in a private placement that will close simultaneously with the closing of this offering. Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. If we do not complete our initial business combination, the private placement units (and the underlying securities) will expire worthless.

If we do not complete our initial business combination within 18 months from the closing of this offering, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption of our public shares, and the private placement units will expire worthless.

The private placement units are identical to the public units sold in this offering.

Pursuant to a registration rights agreement that we will enter into with our sponsor and Roth on or prior to the closing of this offering, we may be required to register certain securities for sale under the Securities Act. These holders, and holders of units issued upon conversion of working capital loans, if any, are entitled under the registration rights agreement to make up to three demands that we register certain of our securities held by them for sale under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415 under the Securities Act. In addition, these holders have the right to include their securities in other registration statements filed by us. However, the registration rights agreement provides that we will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions, as described herein. Notwithstanding the foregoing, Roth and/or its designees may not exercise their demand and "piggyback" registration rights after five and seven years after the commencement of sales of this offering and may not exercise their demand rights on more than one occasion. We will bear the costs and expenses of filing any such registration statements. See "Principal Shareholders — Registration Rights."

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We will also pay to the underwriters, including Roth, an underwriting discount of $0.20 per unit purchased by them in this offering. We have engaged Roth, as advisor in connection with our business combination, pursuant to the Business Combination Marketing Agreement described under "*Underwriting (Conflicts of Interest) — Business Combination Marketing Agreement.*" Pursuant to a Business Combination Marketing Agreement, we will pay Roth the Marketing Fee for such services upon the consummation of our initial business combination in an amount equal to, in the aggregate of up to $9,000,000, or if the underwriter's over-allotment option is exercised in full, up to $10,350,000. As a result, Roth will not be entitled to such fee unless we consummate our initial business combination. The fee shall be payable in cash and is due and payable to Roth upon the consummation of our initial business combination.

#### Off-Balance Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results
As of March 31, 2025 we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this prospectus as we have conducted no operations to date.

#### JOBS Act
On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an "emerging growth company" and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an "emerging growth company," we choose to rely on such exemptions we may not be required to, among other things: (1) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act; (2) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (4) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of this offering or until we are no longer an "emerging growth company," whichever is earlier.

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#### PROPOSED BUSINESS

#### Overview
We are a blank check company, newly incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any target business, and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business regarding a transaction with our company. We may pursue an initial business combination in any industry or geographical location

#### Our Management Team and Board
*Management Team*

Our management team is led by our Chief Executive Officer, Patrick Fisher and our Chief Financial Officer, Paul Rachmuth.

**Patrick Fisher** has served as our Chief Executive Officer and Director since March 17, 2025. Mr. Fisher has over two decades of experience in commercial real estate capital markets, having closed over $20 billion in commercial real estate financings throughout his career. Since March 2020, Mr. Fisher has operated as a licensed New York State real estate broker at Timber Road Capital, focusing on commercial real estate debt financing and capital market advisory closing over $400 million of commercial real estate debt over the past five years. Mr. Fisher was Head of Capital Markets at Transformco Properties from October 2022 to September 2023 and at Soho Properties from February 2021 to September 2022. Prior to moving to the principal side, Mr. Fisher held senior commercial real estate capital markets roles at several investment banking firms. From July 2018 to February 2021, he was a Managing Director at StormHarbour Securities and previously held senior commercial real estate roles at Bank of America, Lehman Brothers and Deutsche Bank. Mr. Fisher received a B.S. in Finance from Lehigh University. We believe that Mr. Fisher is qualified to serve on our Board due to his proven track record of structuring and closing complex transactions and his management experience across various financial institutions and investment firms.

**Paul Rachmuth** has served as our Chief Financial Officer and Director since March 17, 2025. Mr. Rachmuth brings over 20 years of legal and advising experience, specializing in reverse mergers, PIPE transactions and public offerings across various industries. Mr. Rachmuth has represented several public companies and has acted as counsel to companies in the consumer products and technology sectors. Since 2012, Mr. Rachmuth has operated his own legal practice focusing on corporate transactions and securities matters. Prior to starting his own practice, Mr. Rachmuth was a partner and practice group leader of the Corporate Restructuring Group at Gersten Save, LLP from 2008 to 2012. Mr. Rachmuth received a B.B.A. in Human Resources Management from Baruch School of Business in New York, a J.D. from Brooklyn Law School, and an L.L.M. in Bankruptcy Law from St. John's School of Law. We believe that Mr. Rachmuth is qualified to serve on our Board due to his extensive legal experience in corporate transactions and securities matters, his deep understanding of public companies, and his ability to navigate complex regulatory environments. Mr. Rachmuth has notified us that he intends to resign from our Board of Directors immediately prior to the effectiveness of the Registration Statement. Mr. Rachmuth will continue to serve as our Chief Financial Officer following the registration. Following Mr. Rachmuth's resignation from our Board of Directors, our Board of Directors will be comprised of a majority of independent directors (as defined under Rule 5605(a)(2)) as required by Nasdaq Rule 56506(b)(1).

#### Our Board
In addition to Mr. Fisher and Mr. Rachmuth, the other members of our Board are as follows:

**Barrie Clapham** will serve as a director and Chairman of the Board upon completion of our initial public offering. Mr. Clapham is a serial entrepreneur with nearly five decades of experience across multiple industries. In 1982, Mr. Clapham founded Credential Holdings Limited, growing it into a major property group in the United Kingdom where he served as its Chief Executive Officer until April 2014. In August 2006, Mr. Clapham founded Produce Investments, listing it publicly in 2010 (LON:PIL) before selling it in 2018. Produce Investments became the United Kingdom's largest potato suppliers and one of the world's leading daffodil producers. Mr. Clapham serves as Chairman of London and Scottish Investments Ltd, where he co-founded Regional REIT (LON:RGL), a commercial real estate

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firm with a market capitalization exceeding £600 million when he exited in 2019. More recently, Mr. Clapham played a key role at Stewart Enterprises Holdings Inc. ("STEI"), serving as Chairman since June 2022 and Interim Chief Executive Officer from June 2023 to date. STEI secured a license with the Hard Rock International for manufacture and sale of alcoholic beverages across hotels. Mr. Clapham holds a bachelor's degree in economics from the University of Strathclyde and a law degree from the University of Glasgow. We believe that Mr. Clapham is qualified to serve on our Board of Directors due to his extensive entrepreneurial experience, his proven leadership in building and scaling businesses across multiple industries, and his deep expertise in corporate governance and strategic growth initiatives.

**Josh Halpern** will serve as an independent director upon completion of our initial public offering. Mr. Halpern is a seasoned executive in the alcohol and beverage industry and since 2021 has served as Chief Executive Officer of each of Big Chicken, a fast casual restaurant chain in the U.S. known for its chicken sandwiches and Beer Park, a restaurant and entertainment venue located on the Las Vegas strip. At Big Chicken, Mr. Halpern oversees domestic and international expansion through working with restaurant operators and investors. At Beer Park, Mr. Halpern leads growth initiatives for the Las Vegas Strip venue, known for its gourmet stadium food, extensive beer selection, and interactive games. Previously, Mr. Halpern was Chief Sales Officer at FIFCO USA, an American brewing company based in Rochester, New York, where he led a 300-person team, grew the company's EBITDA, and expanded brands like Seagram's Escapes, Labatt, and Genesee. Mr. Halpern held leadership roles at Anheuser-Busch InBev, managing the $7.3 billion Small Format business, driving revenue and market share growth across convenience stores, liquor stores, and military channels. He also led the On-Premises channel, overseeing national sales for restaurants and concessions. In 2021, Mr. Halpern founded Sweat Capital LLC, an advisory firm that helps start-up food and beverage companies build out their commercial strategy and route to market. Since January 2024, Mr. Halpern has served on the board of USA Archery, the national governing body for the sport of archery in the United States. Mr. Halpern received his B.S. from Cornell University and MBA from Babson College. We believe that Mr. Halpern is qualified to serve on our Board due to his extensive experience in the food and beverage industry, his proven track record driving businesses growth, and his leadership experience in managing operations across industries.

**Craig Delasin** will serve as an independent director upon completion of our initial public offering. Mr. Delasin brings 38 years of experience in shopping center and mixed-use development, with expertise in both the landlord and tenant sides of the business. Since 2014, Mr. Delasin has served as the Chief Executive Officer of Urban Retail Properties, a commercial real estate investment and operating company since 2013. Prior to his appointment as CEO, Mr. Delasin held several key leadership roles at Urban Retail Properties, LLC, including Chief Operating Officer, President of Leasing, and Director of New Business Development, where he led efforts to identify and secure new business opportunities domestically and internationally. Throughout his career, Mr. Delasin has played a pivotal role in leasing, development, and investment initiatives. In 2007, he established Urban Retail Asia, LLC, expanding the company's footprint into China. In 2005, he co-managed the acquisition of Manhattan Town Center in Manhattan, Kansas, which was later sold to UrbanCal, LLC in 2008. Mr. Delasin holds a B.S. in Finance from the University of Wyoming and is an active member of the International Council of Shopping Centers (ICSC). We believe that Mr. Delasin is qualified to serve on our Board due to his extensive industry experience in commercial real estate, and proven ability to drive strategic growth for businesses.

**Stephan Butler** will serve as an independent director upon completion of our initial public offering. Mr. Butler is an experienced strategic advisor and seasoned executive with a diverse background spanning real estate development, finance, management consulting, public policy, and emerging technologies. Mr. Butler is currently advising the development of the Mandarin Oriental Residences in Boca Raton. Prior to, January 2019 through March 2025, Butler was the Head of Development and Construction at Soho Properties, a Manhattan-based, privately held real estate development and investment firm, where he oversaw the development and construction of nearly $1 billion of real estate in Manhattan. From November 2011 through January of 2019, Butler served as EVP, Head of Development at Kingsbridge National Ice Center, a $400 million real estate development. In his role at Kingsbridge National Ice Center, Butler oversaw the acquisition, entitlement, and development stages of entertainment projects in New York City, representing a comprehensive value nearing $400 million. Stephan Butler has also held leadership and advisory positions at the following organizations: Deutsche Bank, where he was Manager of Special Projects for the Global CEO of DeAM and REEF from March 2010 through November of 2012; The Stegla Group where he was Senior Project Executive in 2008 and 2009; and the Office of US Senator Mary Landrieu where he was a Special Advisor and Science and Technology Fellow from 2006 to 2008. Mr. Butler received his B.S. in Civil Engineering from the New Jersey Institute of Technology, Master of Engineering from Cooper Union, and MBA from Columbia Business School. We believe that Mr. Butler is qualified to serve on our Board due to his extensive experience in real estate industry and his leadership experience in managing operations across industries.

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Please see "*Management*-Directors *and Officers*" for additional information.

#### Business Strategy
Our business strategy is centered around the following concepts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Creative Transaction Sourcing.** We are committed to identifying unique and innovative approaches to sourcing potential transactions. Leveraging our management team's extensive network, we aim to tap into a wide array of opportunities, ensuring a diverse and robust pipeline of business combination prospects. We intend to have a proactive and thematic sourcing strategy that will concentrate our efforts on companies where our management team's leadership experience, relationships and expertise can serve as catalysts for transformation. We intend to accelerate the growth and performance of any target company through strategic and operational improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leveraging Management Expertise.** We believe the collective experience and expertise of our management team will serve as an effective tool in consummating an initial business combination. Our management team members have held significant roles in various industries, including capital markets, real estate and the food and beverage sectors, and have demonstrated their ability to lead and grow successful businesses. We believe that certain of these industries (or subsets of these industries) are expected to have significant growth potential over the next several years based on various industry reports. We believe our management team's wealth of knowledge will be instrumental in evaluating and enhancing the value of a target business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Scale to Source Quality Targets.** We believe we are positioned to identify and acquire a high-quality target due to our broad knowledge and insight, including access to extensive client networks and business relationships cultivated by senior leaders around the world. We intend to have a proactive and thematic sourcing strategy that will concentrate our efforts on companies where our management team's leadership experience, relationships and expertise in capital markets, real estate, and food and beverage industries can serve as catalysts for transformation. We intend to accelerate the growth and performance of any target company through strategic and operational improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial Market Insights.** We believe our management team's understanding of financial markets; financing options and overall corporate strategy will position us to make an informed decision on the attractiveness of target businesses. We intend to utilize the knowledge of our management team to further support a target business in navigating complex financial landscapes. By utilizing our management team's industry experience and relationships with key players in the financial sector, we believe we will be able to identify optimal financing structures and strategies to support the growth and success of a target business. Additionally, real estate management constitutes a major segment of the global economy. In 2023, MSCI estimated the value of the global professionally managed real estate market at $13.2 trillion, accounting for approximately 12% of global GDP. This underscores the scale and significance of the industry, presenting substantial opportunities for strategic investment and growth.

#### Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Experienced Leadership.** Our management team brings decades of experience in operations management, risk management, executive leadership, and capital markets experience. Their leadership in various strategic roles underscores their ability to drive growth and optimize workflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proven Track Record.** We believe the prior accomplishments of members of our management team in various sectors, including capital markets, real estate, and the food and beverage sectors provide us with a solid foundation to evaluate and enhance the value of potential target businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Extensive Network.** Our management team members have cultivated a broad network of industry contacts, venture capital investors, private equity sponsors, and members of the lending community. This network is expected to yield a diverse array of business combination opportunities, enhancing our ability to source and execute high-potential transactions. These relationships are pivotal in accessing proprietary deal flow and securing favorable terms for our acquisitions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Strategic Market Insights.** We believe our management team's understanding of financial markets, financing options and corporate strategy positions us to make informed and strategic decisions. By leveraging their market insights, we believe we will be able to identify optimal financing structures and strategies to support the growth and success of a target business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operational Expertise.** We believe the operational expertise of our management team, demonstrated through roles in leading organizations and successful ventures, equips us to provide substantial support to target businesses. Our management team's ability to implement strategic and operational improvements is expected to be instrumental in driving growth and enhancing the performance of a target business. We believe the combined experience of our management team with public and private companies will allow them to offer valuable guidance and oversight.

#### Acquisition Criteria
We plan to focus our search on companies that have many or all of the following characteristics, although we may decide to enter into a business combination with a target that falls outside of these categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Target Business Size.** We will seek to invest in one or more businesses, determined in the sole discretion of our officers and board of directors, according to reasonably accepted valuation standards and methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Competitive Position.** We intend to invest in one or more businesses that have a leading, growing or unique niche market position in their respective sectors. We will analyze the strengths and weaknesses of target businesses relative to their competitors. We will seek to invest in one or more businesses that demonstrate advantages when compared to their competitors, including a talented management team, defensible proprietary technology, strong adoption rates, and relevant domain expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capable Management Team.** We will seek to invest in one or more businesses that have experienced management teams or those that provide a platform for us to assemble an effective and capable management team. We will focus on management teams with a track record of driving revenue growth and creating value for their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Benefit from Being a Public Company.** We intend to seek out one or more businesses that will benefit from being publicly listed and can effectively utilize broader access to capital and the public profile to grow and accelerate shareholder value creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Substantial opportunity for growth following a business combination.** Favorable sector and market dynamics including large unmet demand, which may drive organic growth with additional opportunities for add-on acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Initial enterprise value.** We will seek to acquire one or more companies with enterprise value of between $400 million — $2 billion with readiness to grow.

The criteria listed above are not an exhaustive list. The above guidelines are meant to guide management in acquisition searches and compare qualities of considered businesses. However, we may choose to engage a target business that does not meet these criteria or guidelines.

Following the completion of this offering, we expect that our management team will engage with their networks to articulate our initial business combination criteria and initiate a disciplined and thorough process of pursuing and evaluating prospective target businesses.

#### Our Acquisition Process
In evaluating a prospective target business, we expect to conduct a thorough due diligence review, which is expected to encompass, among other things, meetings with incumbent management and employees, document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will be made available to us. We will also utilize our operational and capital planning experience.

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We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors or officers, or making the acquisition through a joint venture or other form of shared ownership with our sponsor, non-managing sponsor investor, directors or officers. In the event we seek to complete an initial business combination with a target that is affiliated with our sponsor, non-managing sponsor investor, directors or officers, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm or another independent valuation or appraisal firm that regularly renders fairness opinions that such an initial business combination is fair to our company and shareholders from a financial point of view. We are not required to obtain such an opinion in any other context.

Members of our management team and sponsor group may directly or indirectly own our ordinary shares, rights and/or private placement units following this offering, and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.

We have not selected any specific business combination target but intend to target businesses with enterprise values that are greater than what we could acquire with the net proceeds of this offering and the sale of the private placement units. Our officers and directors have neither individually identified nor considered a target business for our initial business combination. Certain of our officers and directors are from time to time made aware of potential business opportunities, one or more of which we may desire to pursue, for a business combination, but we have not (nor has anyone on our behalf) contacted any prospective target business or had any discussions, formal or otherwise, with any business combination target. Additionally, we have not, nor has anyone on our behalf, taken any measure, directly or indirectly, to identify or locate any suitable acquisition candidate for us, nor have we engaged or retained any agent or other representative to identify or locate any such acquisition candidate.

Certain of our officers and directors presently have, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to those entities. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity, subject to his or her fiduciary duties under applicable law. We expect that if an opportunity is presented to one of our officers or directors in his or her capacity as an officer or director of one of those other entities, such opportunity would be presented to such other entity and not to us. For more information on the entities to which our officers and directors currently have fiduciary or contractual obligations, please refer to "*Management — Conflicts of Interest*." However, because the entities to which our executive officers and directors owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations, we do not believe that the fiduciary duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination.

#### Initial Business Combination
Nasdaq listing rules require that our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the trust account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust). We refer to this as the 80% fair market value test. If our board of directors is not able to independently determine the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria. We do not currently intend to purchase multiple businesses in unrelated industries in conjunction with our initial business combination, although there is no assurance that will be the case. In addition, pursuant to Nasdaq listing rules, our initial business combination must be approved by a majority of our independent directors.

We anticipate structuring our initial business combination so that the post-transaction company in which our public shareholders own shares will own or acquire 100% of the issued and outstanding equity interests or assets of the target business or businesses. We may, however, structure our initial business combination such that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain

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objectives of the target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in our initial business combination transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the issued and outstanding capital stock, shares or other equity securities of a target business or issue a substantial number of new shares to third-parties in connection with financing our initial business combination. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% fair market value test. If our initial business combination involves more than one target business, the 80% fair market value test will be based on the aggregate value of all of the target businesses. Notwithstanding the foregoing, if we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.

We do not believe we will need to raise additional funds following this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may (i) issue additional securities to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share or at a price which approximates the per-share amounts in our trust account at such time, or (ii) incur debt in connection with our initial business combination. If we raise additional funds through equity or convertible debt issuances, our public shareholders may also suffer significant dilution and these securities could have rights that rank senior to our public shares. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to our equity securities and could contain covenants that restrict our operations. Further, due to the anti-dilution rights of our founder shares, our public shareholders may incur material dilution. In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering and the sale of the private placement units, and, as a result, if the cash portion of the purchase price exceeds the amount available from the trust account, net of amounts needed to satisfy redemptions by public shareholders, we may be required to seek additional financing to complete such proposed initial business combination. We may also obtain financing prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to any forward purchase agreements, backstop or similar agreements we may enter into following the consummation of this offering or otherwise. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, we will be subject to the rules and regulations promulgated under the Exchange Act. We have no current intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the consummation of our initial business combination.

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#### Corporate Information
We are an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.

We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter, and (2) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to "emerging growth company" will have the meaning associated with it in the JOBS Act.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates equals or exceeds $250 million as of the end of that year's second fiscal quarter, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of the end of that year's second fiscal quarter.

Exempted companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Act. As an exempted company, we have applied for and have received a tax exemption undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (As Revised) of the Cayman Islands, for a period of 30 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (1) on or in respect of our shares, debentures or other obligations or (2) by way of the withholding in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation of us.

We are a Cayman Islands exempted company incorporated on March 6, 2025. Our executive offices are located at 265 Sunrise Hwy, Suite 1515, Rockville Centre, NY 11570, and our telephone number is (516) 216-9923. Our registered office provider in the Cayman Islands is Harneys Fiduciary (Cayman) Limited. Our registered office and our registered office provider's office in the Cayman Islands are both located at 4<sup>th</sup> Floor, Harbour Place,103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, George Town, Cayman Islands.

We are a newly incorporated company that has conducted no operations and has generated no revenues. Until we complete our initial business combination, we will have no operations and will generate no operating revenues. In making your decision whether to invest in our securities, you should take into account not only the background of our management team, but also the special risks we face as a blank check company. This offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act. Accordingly, you will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. For additional information concerning how Rule 419

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blank check offerings differ from this offering, please see "Proposed Business-Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419." You should carefully consider these and the other risks set forth in the section entitled "Risk Factors" included elsewhere in this prospectus.

#### Sourcing of Potential Business Combination Targets
We believe our management team's significant operating and transaction experience and relationships with companies will provide us with a substantial number of potential business combination targets. Over the course of their careers, the members of our management team have developed a broad network of contacts and corporate relationships. This network has grown through the activities of our management team sourcing, acquiring, financing and selling businesses, our management team's relationships with sellers, financing sources and target management teams and the experience of our management team in executing transactions under varying economic and financial market conditions.

We believe this network provides our management team with a robust and consistent flow of acquisition opportunities, including opportunities where a limited group of investors is invited to participate in the sale process. We believe that the network of contacts and relationships of our management team will provide us with important sources of acquisition opportunities. In addition, we anticipate that target business candidates will be brought to our attention from various unaffiliated sources, including investment market participants, private equity funds and large business enterprises seeking to divest non-core assets or divisions.

We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors or officers, or making the acquisition through a joint venture or other form of shared ownership with our sponsor, directors or officers. In the event we seek to complete an initial business combination with a target that is affiliated with our sponsor, non-managing sponsor investor, directors or officers, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm or another independent valuation or appraisal firm that regularly renders fairness opinions that such an initial business combination is fair to our company and shareholders from a financial point of view. We are not required to obtain such an opinion in any other context.

As more fully discussed in "Management — Conflicts of Interest," if any of our directors or officers becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has pre-existing fiduciary or contractual obligations, including Timber Road Capital, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. Our directors and officers currently have fiduciary duties or contractual obligations that may take priority over their duties to us.

Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by the Company to be dealt with. None of the Company or its directors, officers, advisors or service providers (including the organization which provides registered office services in the Cayman Islands) will bear any responsibility for any delay howsoever caused with regards to mail reaching the forwarding address.

#### Status as a Public Company
We believe our structure will make us an attractive business combination partner to target businesses. As an existing public company, we offer target businesses an alternative to the traditional initial public offering through a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. In this situation, the owners of the target business would exchange their equity securities, shares in the target business for our shares or for a combination of our shares and cash, allowing us to tailor the consideration to the specific needs of the sellers. Although there are various costs and obligations associated with being a public company, we believe target businesses will find this method a more certain and cost-effective method to becoming a public company than the typical initial public offering. In a typical initial public offering, there are additional expenses incurred in marketing, road show and public reporting efforts that may not be present to the same extent in connection with a business combination with us.

Furthermore, once a proposed business combination is completed, the target business will have effectively become public, whereas an initial public offering is always subject to the underwriter's ability to complete the offering, as well as general market conditions, which could delay or prevent the offering from occurring. Once public, we believe the target business would then have greater access to capital than as a private company and an additional means of providing management equity incentives consistent with shareholders' interests. It can offer further benefits by augmenting a company's profile among potential new customers and vendors and aid in attracting talented employees.

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We are an "emerging growth company," as defined in the JOBS Act. We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter, and (2) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates equals or exceeds $250 million as of the end of that year's second fiscal quarter, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of the end of that year's second fiscal quarter.

#### Financial Position
With funds available for a business combination from this offering and the sale of the private placement securities initially in the amount of $191,000,000 assuming no redemptions and after payment of the up to $9,000,000 Marketing Fee (or $219,650,000 assuming no redemptions and after payment of up to $10,350,000 of Marketing Fee if the underwriter's over-allotment option is exercised in full), in each case, after estimated offering expenses of $414,615, we offer a target business a variety of options such as creating a liquidity event for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by reducing its debt ratio. Because we are able to complete our initial business combination using our cash, debt or equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target business to fit its needs and desires. However, we have not taken any steps to secure third-party financing and there can be no assurance it will be available to us.

We do not believe we will need to raise additional funds following this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may (i) issue additional securities to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share or at a price which approximates the per-share amounts in our trust account at such time, or (ii) incur debt in connection with our initial business combination. If we raise additional funds through equity or convertible debt issuances, our public shareholders may also suffer significant dilution and these securities could have rights that rank senior to our public shares. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to our equity securities and could contain covenants that restrict our operations. Further, due to the anti-dilution rights of our founder shares, our public shareholders may incur material dilution. In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering and the sale of the private placement units, and, as a result, if the cash portion of the purchase price exceeds the amount available from the trust account, net of amounts needed to satisfy redemptions by public shareholders, we may be required to seek additional financing to complete such proposed initial business combination. We may also obtain financing prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to any forward purchase agreements, backstop or similar agreements we may enter into following the consummation of this offering or otherwise. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

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#### Effecting Our Initial Business Combination
We are not presently engaged in, and we will not engage in, any operations for an indefinite period of time following this offering. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the sale of the private placement units, our shares, debt or a combination of these as the consideration to be paid in our initial business combination. We may seek to complete our initial business combination with a company or business that may be financially unstable or in its early stages of development or growth, which would subject us to the numerous risks inherent in such companies and businesses.

If our initial business combination is paid for using equity or debt, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination or the redemptions of our public shares, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.

We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

We may seek to raise additional funds through a private offering of debt or equity securities in connection with the completion of our initial business combination, and we may effectuate our initial business combination using the proceeds of such offering rather than using the amounts held in the trust account.

In the case of an initial business combination funded with assets other than the trust account assets, our tender offer documents or proxy materials disclosing the business combination would disclose the terms of the financing and, only if required by law or stock exchange rule or we decide to do so for business or other reasons, we would seek shareholder approval of such financing. There are no prohibitions on our ability to raise funds privately or through loans in connection with our initial business combination. At this time, we are not a party to any arrangement or understanding with any third party with respect to raising any additional funds through the sale of securities or otherwise.

#### Selection of a target business and structuring of our initial business combination
The Nasdaq rules require that our initial business combination be with one or more operating businesses or assets with an aggregate fair market value of at least 80% of the value of the assets held in the trust account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) at the time of our signing a definitive agreement in connection with our initial business combination. We refer to this as the 80% of net assets test. The fair market value of the target or targets will be determined by our board of directors based upon one or more standards generally accepted by the financial community, such as discounted cash flow valuation or value of comparable businesses. If our board of directors is not able independently to determine the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions, with respect to the satisfaction of such criteria. Although we may purchase multiple businesses in related industries in connection with our initial business combination, we do not currently intend to purchase multiple businesses in unrelated industries in conjunction with our initial business combination, although there is no assurance that will be the case. Subject to this requirement, our management will have virtually unrestricted flexibility in identifying and selecting one or more prospective target businesses, although we will not be permitted to effectuate our initial business combination solely with another blank check company or a similar company with nominal operations.

In any case, we will only complete an initial business combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test. There is no basis for investors in this offering to evaluate the possible merits or risks of any target business with which we may ultimately complete our initial business combination.

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To the extent we effect our initial business combination with a company or business that may be financially unstable or in its early stages of development or growth we may be affected by numerous risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.

In evaluating a prospective target business, we expect to conduct a thorough due diligence review, which may encompass, among other things, meetings with incumbent management and employees, document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information, which will be made available to us.

The time required to select and evaluate a target business and to structure and complete our initial business combination, and the costs associated with this process, are not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation of a prospective target business with which our initial business combination is not ultimately completed will result in our incurring losses and will reduce the funds we can use to complete another business combination.

#### Lack of business diversification
For an indefinite period of time after the completion of our initial business combination, the prospects for our success may depend entirely on the future performance of a single business. Unlike other entities that have the resources to complete business combinations with multiple entities in one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate the risks of being in a single line of business.

By completing our initial business combination with only a single entity our lack of diversification may subject us to numerous economic, competitive and regulatory risks. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different industries or different areas of a single industry.

Accordingly, the prospects for our success may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely dependent upon the performance of a single business, property or asset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dependent upon the development or market acceptance of a single or limited number of products, processes or services.

This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination.

#### Limited ability to evaluate the target's management team
Although we intend to closely scrutinize the management of a prospective target business when evaluating the desirability of effecting our initial business combination with that business, our assessment of the target business's management may not prove to be correct. In addition, the future management may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of members of our management team, if any, in the target business cannot presently be stated with any certainty. While it is possible that one or more of our directors will remain associated in some capacity with us following our initial business combination, it is unlikely that any of them will devote their full efforts to our affairs before or subsequent to our initial business combination. Moreover, we cannot assure you that members of our management team will have significant experience or knowledge relating to the operations of the particular target business.

We cannot assure you that any of our key personnel will remain in senior management or advisory positions with the combined company. The determination as to whether any of our key personnel will remain with the combined company will be made at the time of our initial business combination.

Following our initial business combination, we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.

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#### Shareholders may not have the ability to approve our initial business combination
We may conduct redemptions without a shareholder vote pursuant to the tender offer rules of the SEC subject to the provisions of our amended and restated memorandum and articles of association. However, we will seek shareholder approval if it is required by law or applicable stock exchange rule, or we may decide to seek shareholder approval for business or other reasons.

Under Nasdaq's listing rules, shareholder approval would be required for our initial business combination if, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We issue ordinary shares that will be equal to or in excess of approximately 20% of the number of our ordinary shares then outstanding (other than in a public offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any of our directors, officers or substantial shareholders (as defined by Nasdaq rules) has a 5% or greater interest earned on the trust account (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of ordinary shares could result in an increase in outstanding ordinary shares or voting power of 5% or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuance or potential issuance of ordinary shares will result in our undergoing a change of control.

The decision as to whether we will seek shareholder approval of a proposed business combination in those instances in which shareholder approval is not required by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business and legal reasons, which include a variety of factors, including, but not limited to: (i) the timing of the transaction, including in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the company; (ii) the expected cost of holding a shareholder vote; (iii) the risk that the shareholders would fail to approve the proposed business combination; (iv) other time and budget constraints of the company; and (v) additional legal complexities of a proposed business combination that would be time-consuming and burdensome to present to shareholders.

The Companies Act and Cayman Islands law do not currently require, and we are not aware of any other applicable law that will require, shareholder approval of our initial business combination.

The decision as to whether we will seek shareholder approval of a proposed business combination in those instances in which shareholder approval is not required by law will be made by us, solely in our discretion, and will be based on business and reasons, which include a variety of factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of the transaction, including in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected cost of holding a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the shareholders would fail to approve the proposed business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other time and budget constraints of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional legal complexities of a proposed business combination that would be time consuming and burdensome to present to shareholders.

#### Permitted purchases and other transactions with respect to our securities
In the event we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or any of their affiliates may purchase public shares or public rights in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is no limit on the number of securities such persons may purchase. Additionally, at any time at or prior to our initial business combination, subject to applicable securities laws (including with respect to material nonpublic information), our sponsor, directors, officers, advisors or any of their affiliates may enter into transactions with investors and others to provide them with incentives to acquire public shares, vote their public shares in favor of our initial business combination or not redeem their public shares. However, they have no current commitments, plans or intentions to

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engage in such transactions and have not formulated any terms or conditions for any such transactions. In the event our sponsor, directors, officers, advisors or any of their affiliates determine to undertake any such transactions, such transactions could have the effect of influencing the vote necessary to approve such transaction. None of the funds held in the trust account will be used to purchase public shares or public rights in such transactions. They will be restricted from making any such purchases when they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. Such a purchase may include a contractual acknowledgement that such shareholder, although still the record holder of our shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. Subsequent to the consummation of this offering, we will adopt an insider trading policy which will require insiders to (1) refrain from purchasing securities during certain blackout periods and when they are in possession of any material non-public information and (2) clear certain trades prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule 10b5-1 plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending on such circumstances, our insiders may either make such purchases pursuant to a Rule 10b5-1 plan or determine that such a plan is not necessary.

In the event that our sponsor, directors, officers, advisors or any of their affiliates purchase public shares in privately negotiated transactions from public shareholders who have already elected to exercise their redemption rights or submitted a proxy to vote against our initial business combination, such selling shareholders would be required to revoke their prior elections to redeem their shares and any proxy to vote against our initial business combination. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will be required to comply with such rules.

The purpose of such transaction could be to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. This may result in the completion of our initial business combination that may not otherwise have been possible. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. To the extent such securities are purchased, such public securities will not be voted in favor of approving or business combination, as required by Tender Offers and Schedules Compliance and Disclosure Interpretations Question 166.01 promulgated by the SEC.

In addition, if such purchases are made, the public "float" of our securities and the number of beneficial holders of our securities may be reduced, possibly making it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

Our sponsors, directors, officers, advisors and/or any of their affiliates anticipate that they may identify the shareholders with whom our sponsor, directors, officers, advisors or any of their affiliates may pursue privately negotiated transactions by either the shareholders contacting us directly or by our receipt of redemption requests submitted by shareholders (in the case of public shares) following our mailing of tender offer or proxy materials in connection with our initial business combination. To the extent that our sponsor, directors, officers, advisors or any of their affiliates enter into a private transaction, they would identify and contact only potential selling or redeeming shareholders who have expressed their election to redeem their shares for a pro rata share of the trust account or vote against our initial business combination. Such persons would select the shareholders from whom to acquire shares based on the number of shares available, the negotiated price per share and such other factors as any such person may deem relevant at the time of purchase. The price per share paid in any such transaction may be different than the amount per share a public shareholder would receive if it elected to redeem its shares in connection with our initial business combination, however in no event will such price per share be made at a price higher than the offered redemption price. Our sponsor, directors, officers, advisors or any of their affiliates will be restricted from purchasing shares if such purchases do not comply with Regulation M under the Exchange Act and the other federal securities laws.

Any purchases by our sponsor, directors, officers and/or any of their affiliates who are affiliated purchasers under Rule 10b-18 under the Exchange Act will be restricted unless such purchases are made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2) and Rule 10b-5 of the Exchange Act. Rule 10b-18 has certain technical requirements that must be complied with in order for the safe harbor to be available to the purchaser. Our sponsor, directors, officers and/or any of their affiliates will be restricted from making purchases of ordinary shares if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act.

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#### Redemption rights for public shareholders upon completion of our initial business combination
We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial business combination, all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein. At the completion of our initial business combination, we will be required to purchase any ordinary shares properly delivered for redemption and not withdrawn. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the Marketing Fee we will pay to the underwriters. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its public shares. There will be no redemption rights upon the completion of our initial business combination with respect to our public rights. Our initial shareholders, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of our initial business combination.

If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders. However, if the non-managing sponsor investor purchases or otherwise holds a substantial number of our units, then the non-managing sponsor investor will potentially have different interests than our other public shareholders in approving our initial business combination and otherwise exercising its rights as a public shareholder.

#### Manner of Conducting Redemptions
We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial business combination, all or a portion of their public shares upon the completion of our initial business combination either (1) in connection with a general meeting called to approve the business combination or (2) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement. Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated memorandum and articles of association would typically require shareholder approval. We intend to conduct redemptions without a shareholder vote pursuant to the tender offer rules of the SEC unless shareholder approval is required by applicable law or stock exchange listing requirement or we choose to seek shareholder approval for business or other reasons.

If a shareholder vote is not required and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase our ordinary shares in the open market, in order to comply with Rule 14e-5 under the Exchange Act.

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In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public shareholders not tendering more than we are permitted to redeem, as may be contained in the agreement relating to our initial business combination. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete such initial business combination.

If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirement, or we decide to obtain shareholder approval for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file proxy materials with the SEC.

We expect that a final proxy statement would be mailed to public shareholders at least 10 days prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy solicitation. Although we are not required to do so, we currently intend to comply with the substantive and procedural requirements of Regulation 14A in connection with any shareholder vote even if we are not able to maintain our Nasdaq listing or Exchange Act registration.

In the event that we seek shareholder approval of our initial business combination, we will distribute proxy materials and, in connection therewith, provide our public shareholders with the redemption rights described above upon completion of the initial business combination.

If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, pursuant to the terms of a letter agreement entered into with us, our initial shareholders have agreed (and their permitted transferees will agree) to vote their founder shares and any public shares held by them in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). We expect that at the time of any shareholder vote relating to our initial business combination, our initial shareholders and their permitted transferees will own at least 20% of our issued and outstanding ordinary shares entitled to vote thereon. Each public shareholder may elect to redeem their public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction. In addition, our initial shareholders, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of a business combination.

Redemptions of our public shares may be subject to a higher net tangible asset test or cash requirement pursuant to an agreement relating to our initial business combination. For example, the proposed business combination may require: (1) cash consideration to be paid to the target or its owners; (2) cash to be transferred to the target for working capital or other general corporate purposes; or (3) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration we would be required to pay for all public shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, and all public shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.

#### Limitation on redemption upon completion of our initial business combination if we seek shareholder approval
Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. We believe this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption

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rights against a proposed business combination as a means to force us, our sponsors or their respective affiliates to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights if such holder's shares are not purchased by us, our sponsor or their respective affiliates at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders' ability to redeem no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against our initial business combination.

#### Tendering share certificates in connection with a tender offer or redemption rights
We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the initially scheduled vote on the proposal to approve the business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, rather than simply voting against the initial business combination. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements, which will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. Accordingly, a public shareholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two business days prior to the initially scheduled vote on the business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights. Pursuant to the tender offer rules, the tender offer period will be not less than 20 business days and, in the case of a shareholder vote, a final proxy statement would be mailed to public shareholders at least 10 days prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy solicitation. Given the relatively short exercise period, it is advisable for shareholders to use electronic delivery of their public shares.

There is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC System. The transfer agent will typically charge the tendering broker a fee of approximately $80.00 and it would be up to the broker whether or not to pass this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise redemption rights to tender their shares. The need to deliver shares is a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated.

In order to perfect redemption rights in connection with their business combinations, many blank check companies would distribute proxy materials for the shareholders' vote on an initial business combination, and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating such holder was seeking to exercise his or her redemption rights. After the business combination was approved, the company would contact such shareholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the shareholder then had an "option window" after the completion of the business combination during which he or she could monitor the price of the company's shares in the market. If the price rose above the redemption price, he or she could sell his or her shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption rights, to which shareholders were aware they needed to commit before the general meeting, would become "option" rights surviving past the completion of the business combination until the redeeming holder delivered its certificate. The requirement for physical or electronic delivery prior to the meeting ensures that a redeeming holder's election to redeem is irrevocable once the business combination is approved.

Any request to redeem such shares, once made, may be withdrawn at any time up to the date set forth in the tender offer materials or two business days prior to the scheduled date of the general meeting set forth in our proxy materials, as applicable (unless we elect to allow additional withdrawal rights). Furthermore, if a holder of a public share delivered its certificate in connection with an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our public shares electing to redeem their shares will be distributed promptly after the completion of our initial business combination.

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If our initial business combination is not approved or completed for any reason, then our public shareholders who elected to exercise their redemption rights would not be entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will promptly return any certificates delivered by public holders who elected to redeem their shares.

If our initial proposed business combination is not completed, we may continue to try to complete a business combination with a different target until 18 months from the closing of this offering.

#### Redemption of public shares and liquidation if no initial business combination
Our sponsor, directors and officers have agreed that we will have only 18 months from the closing of this offering to complete our initial business combination. We may also hold a shareholder vote at any time to amend our amended and restated memorandum and articles of association to modify the amount of time we will have to consummate an initial business combination (as well as to modify the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within the time periods described herein or with respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity). There is no limit under our amended and restated memorandum and articles of association on the number of extensions that we may seek through such amendments. Furthermore, there is no limit on the duration of each individual extension or the aggregate amount of time we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval. As described herein, our sponsor, executive officers, directors and director nominees have agreed that they will not propose any such amendment unless we provide our public shareholders with the opportunity to redeem their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account, divided by the number of then outstanding public shares, subject to the limitations described herein. Our initial shareholders will lose their entire investment in us if our initial business combination is not completed within 18 months from the closing of this offering unless we extend the amount of time we have to consummate an initial business combination by obtaining shareholder approval to amend our amended and restated memorandum and articles of association. While we do not currently intend to seek such shareholder approval, we may elect to do so in the future. There is no limit on the number of extensions that we may seek through amendments to our amended and restated memorandum and articles of association. If we do not or are unable to extend the time period to consummate our initial business combination, our sponsor's investment in our founder shares and our private placement units will be worthless.

If the non-managing sponsor investor purchases or otherwise holds a substantial number of our units, then the non-managing sponsor investor will potentially have different interests than our other public shareholders in approving our initial business combination and otherwise exercising its rights as a public shareholder because of its indirect interest in 3,000,000 of the founder shares held by our sponsor, as further discussed in this prospectus.

If we have not completed our initial business combination within such 18-month period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our public rights, which will expire worthless if we fail to complete our initial business combination within the 18-month time period.

Our initial shareholders have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares if we fail to complete our initial business combination within 18 months from the closing of this offering. However, if our initial shareholders acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the allotted 18-month time period.

Our sponsor, directors and officers have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100%

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of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity, in each case unless we provide our public shareholders with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares.

We expect that all costs and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the $1,085,385 of proceeds held outside the trust account, although we cannot assure you that there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to pay taxes, we may request the trustee to release to us an additional amount of up to $100,000 of such accrued interest to pay those costs and expenses.

If we were to expend all of the net proceeds of this offering and the sale of the private placement units, other than the proceeds deposited in the trust account, and without taking into account interest, if any, earned on the trust account, the per-share redemption amount received by shareholders upon our dissolution would be approximately $10.00. The proceeds deposited in the trust account may, however, become subject to the claims of our creditors which may have higher priority than the claims of our public shareholders. We cannot assure you that the actual per-share redemption amount received by shareholders will not be substantially less than $10.00. While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors' claims.

Although we will seek to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from bringing claims against the trust account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, our management will perform an analysis of the alternatives available to it and will enter into an agreement with a third party that has not executed a waiver only if management believes that such third party's engagement would be significantly more beneficial to us than any alternative. Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where we are unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we have not completed our initial business combination within the required time period, or upon the exercise of a redemption right in connection with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that may be brought against us within the 10 years following redemption. Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriter of this offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company and, therefore, our sponsor may not be able to satisfy those obligations. None of our other officers will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

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In the event that the proceeds in the trust account are reduced below (1) $10.00 per public share or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our sponsor to enforce their respective indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce their respective indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in any particular instance. Accordingly, we cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be substantially less than $10.00 per share.

We will seek to reduce the possibility that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We will have access to up to $1,085,385 from the proceeds of this offering and the sale of the private placement units, with which to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders who received funds from our trust account could be liable for claims made by creditors. In the event that our offering expenses exceed our estimate of $414,615, we may fund such excess with funds from the funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $414,615, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.

If we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable insolvency law, and may be included in our insolvency estate and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any insolvency claims deplete the trust account, we cannot assure you we will be able to return $10.00 per share to our public shareholders. Additionally, if we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or insolvency laws as a voidable performance. As a result, a bankruptcy court could seek to recover some or all amounts received by our shareholders. Furthermore, our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, and thereby exposing itself and our company to claims of punitive damages, by paying public shareholders from the trust account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.

Our public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) our completion of an initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly elected to redeem, subject to the limitations described herein; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. In no other circumstances will a shareholder have any right or interest of any kind to or in the trust account. Holders of rights will not have any right to the proceeds held in the trust account with respect to the rights.

#### Amended and Restated Memorandum and Articles of Association
Our amended and restated memorandum and articles of association contain certain requirements and restrictions relating to this offering that will apply to us until the consummation of our initial business combination. Our amended and restated memorandum and articles of association contain a provision which provides that, if we seek to amend our

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amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity, we will provide public shareholders with the opportunity to redeem their public shares in connection with any such amendment. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the consummation of our initial business combination, we shall either (1) seek shareholder approval of our initial business combination at a meeting called for such purpose at which public shareholders may seek to redeem their public shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction, into their pro rata share of the aggregate amount then on deposit in the trust account, calculated as of two business days prior to the completion of our initial business combination, including interest (which interest shall be net of taxes payable), or (2) provide our public shareholders with the opportunity to tender their public shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account, calculated as of two business days prior to the completion of our initial business combination, including interest (which interest shall be net of taxes payable), in each case subject to the limitations described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our initial business combination is not consummated within 18 months from the closing of this offering, then our existence will terminate and we will distribute all amounts in the trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (1) receive funds from the trust account or (2) vote as a class with our public shares on any initial business combination.

These provisions cannot be amended without the approval of a special resolution under Cayman Islands law being the affirmative vote of the holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting of the company. In the event we seek shareholder approval in connection with our initial business combination, our amended and restated memorandum and articles of association provide that we may consummate our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.

Additionally, our amended and restated memorandum and articles of association provide that, prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors and that holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of our ordinary shares attending and voting at a general meeting. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote.

#### Comparison of Redemption or Purchase Prices in Connection With our Initial Business Combination and if we Fail to Complete our Initial Business Combination.
The following table compares the redemptions and other permitted purchases of public shares that may take place in connection with the completion of our initial business combination and if we have not completed our initial business combination within 18 months from the closing of this offering.

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|:---|:---|:---|:---|
|  | **Redemptions in Connection <br>with our Initial Business <br>Combination** | **Other Permitted Purchases <br>of Public Shares by our <br>Affiliates** | **Redemptions if we fail to <br>Complete an Initial Business <br>Combination** |
|  **Calculation of redemption price** | Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause any limitations (including, but not limited to, cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination. | If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or any of their affiliates may purchase public shares or rights outside of the redemption offer in compliance with the conditions set forth in SEC Tender Offer Rules and Schedules Compliance and Disclosure Interpretation 166.01 in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. Any such price per share may be different than the amount per share a public shareholder would receive if it elected to redeem its shares in connection with our initial business combination, however in no event will such price per share be made at a price higher than the offered redemption price. Such purchases will be restricted except to the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2) and Rule 10b-5 of the Exchange Act. None of the funds in the trust account will be used to purchase shares in such transactions. | If we have not completed our initial business combination within 18 months from the closing of this offering, we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account (which is initially anticipated to be $10.00 per share), including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares. |
|  **Impact to remaining shareholders** | The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of the Marketing Fee and interest withdrawn in order to pay taxes (to the extent not paid from amounts accrued as interest on the funds held in the trust account). | If the permitted purchases described above are made, there will be no impact to our remaining shareholders because the purchase price would not be paid by us. | The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions. |

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#### Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419
The following table compares the terms of this offering to the terms of an offering by a blank check company subject to the provisions of Rule 419. This comparison assumes that the gross proceeds, underwriting commissions and underwriting expenses of our offering would be identical to those of an offering undertaken by a company subject to Rule 419, and that the underwriter will not exercise its over-allotment option. None of the provisions of Rule 419 apply to our offering.

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|:---|:---|:---|
|  | **Terms of Our Offering** | **Terms Under a Rule 419 Offering** |
|  **Escrow of offering proceeds** | Nasdaq listing rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited in a trust account. $200,000,000 of the net proceeds of this offering and the sale of the private placement units will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company acting as trustee. | Approximately $176,400,000 of the offering proceeds, representing the gross proceeds of this offering less allowable underwriting commissions, expenses and company deductions under Rule 419, would be required to be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account. |
|  **Investment of net proceeds** | $200,000,000 of the net offering proceeds and the sale of the private placement units held in trust will be invested or held only in either (i) U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the trust account, we may, at any time (and will no later than 18 months from the closing of this offering) instruct the trustee to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing demand deposit account. | Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. |
|  **Receipt of interest on escrowed funds** | Interest on proceeds from the trust account to be paid to shareholders is reduced by (1) any taxes paid or payable and (2) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation. | Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination. |

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|:---|:---|:---|
|  | **Terms of Our Offering** | **Terms Under a Rule 419 Offering** |
|  **Limitation on fair value or net assets of target business** | Nasdaq listing rules require that our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the trust account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust). | The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds. |
|  **Trading of securities issued** | The units will begin trading on or promptly after the date of this prospectus. The Class A ordinary shares and public rights will begin separate trading on the 52<sup>nd</sup> day following the date of this prospectus (or, if such date is not a business day, the following business day) unless Roth informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriter's over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriter's over-allotment option. | No trading of the units or the underlying ordinary shares and public rights would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. |
|  **Election to remain an investor** | We will provide our public shareholders with the opportunity to redeem their public shares, regardless of whether they abstain, vote for, or against, our initial business combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest, which interest shall be net of taxes payable, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a shareholder vote. If we are not required by applicable law or stock exchange rules and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will 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. | A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company's registration statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45<sup>th</sup> business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued. |

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|:---|:---|:---|
|  | **Terms of Our Offering** | **Terms Under a Rule 419 Offering** |
|  | If, however, we hold a shareholder vote, 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. Pursuant to the tender offer rules, the tender offer period will be not less than 20 business days and, in the case of a shareholder vote, a final proxy statement would be mailed to public shareholders at least 10 days prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy solicitation. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction. |  |
|  **Business combination deadline** | If we have not completed our initial business combination within 18 months from the closing of this offering, we will (1) cease all operations except for the purpose of winding up, (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any), and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. | If an acquisition has not been completed within 18 months after the effective date of the company's registration statement, funds held in the trust or escrow account are returned to investors. |

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|:---|:---|:---|
|  | **Terms of Our Offering** | **Terms Under a Rule 419 Offering** |
|  **Release of funds** | Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest of: (1) our completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within 18 months from the closing of this offering, subject to applicable law. | The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination within the allotted time. |
|  **Limitation on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold a shareholder vote** | If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect Excess Shares (more than an aggregate of 15% of the shares sold in this offering), without our prior consent. Our public shareholders' inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer a material loss on their investment in us if they sell Excess Shares in open market transactions. | Most blank check companies provide no restrictions on the ability of shareholders to redeem shares based on the number of shares held by such shareholders in connection with an initial business combination. |

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|:---|:---|:---|
|  | **Terms of Our Offering** | **Terms Under a Rule 419 Offering** |
|  **Tendering share certificates in connection with a tender offer or redemption rights** | We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the initially scheduled vote on the proposal to approve our initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements. Accordingly, a public shareholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two business days prior to the initially scheduled vote on the business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights. | In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed business combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the company would contact such shareholders to arrange for them to deliver their certificate to verify ownership. |

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#### Competition
We expect to encounter intense competition from other entities having a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international, competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors. While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and the sale of the private placement units, our ability to compete with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, in the event we seek shareholder approval of our initial business combination and we are obligated to pay cash for our Class A ordinary shares, it will potentially reduce the resources available to us for our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating a business combination.

#### Conflicts of Interest
Our Chief Executive Officer and Chief Financial Officer and our other officers and directors have fiduciary or contractual duties to Timber Road Capital and/or certain other companies with which they have relationships. These entities may compete with us for acquisition opportunities. If any of these entities decide to pursue any such opportunity, we may be precluded from pursuing such opportunities. Subject to his or her fiduciary duties under applicable law, none of the members of our management team who are also employed by our sponsor or its affiliates have any obligation to present us with any opportunity for a potential business combination of which they become aware. Our sponsor and directors and officers are also not affiliated with any other blank check companies, however they are not prohibited from sponsoring, investing or otherwise becoming involved with, any other blank check companies, including in connection with their

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initial business combinations, prior to us completing our initial business combination. If any of our officers or directors becomes aware of an acquisition opportunity which is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she may need to honor his or her fiduciary or contractual obligations to present such acquisition opportunity to such entity, and only present it to us if such entity rejects the opportunity, subject to his or her fiduciary duties under Cayman Islands laws.

Our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. Accordingly, certain members of our management team, which own interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares. Further, our management team, in their capacities as directors, officers or employees of our sponsor or their respective affiliates or in their other endeavors, may choose to present potential business combinations to the related entities described above, current or future entities affiliated with or managed by our sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Cayman Islands law and any other applicable fiduciary duties. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. For more information, see the section entitled "Management — Conflicts of Interest."

In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.

In addition, members of our management team and our board of directors will directly or indirectly own founder shares and/or private placement units following this offering, as set forth in "Principal Shareholders," and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors or members of our management team; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business combination. As described in "Proposed Business — Sourcing of Potential Business Combination Targets" and "Management — Conflicts of Interest," our directors and officers presently have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our directors or officers becomes aware of a business combination opportunity that is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she may need to honor these fiduciary or contractual obligations to present such business combination opportunity to such entity, or in the case of a non-compete restriction, may not present such opportunity to us at all, subject to his or her fiduciary duties under Cayman Islands law. See "Risk Factors — Certain of our directors and officers are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented."

However, because the entities to which our executive officers and directors owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations, we do not believe that the fiduciary duties or contractual obligations of our directors or officers will materially affect our ability to complete our initial business combination.

Potential investors should also be aware of the following potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• None of our directors or officers is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the course of their other business activities, our directors and officers may become aware of investment and business opportunities that may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented. For a complete description of our management's other affiliations, see "— Directors and Officers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our initial shareholders, directors and officers have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the consummation of our initial business combination. Additionally, our initial shareholders have agreed to waive their redemption rights with respect to their founder shares if we fail to consummate our initial business combination within 18 months after the closing of this offering. However, if our initial shareholders (or any of our directors, officers or affiliates) acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to consummate our initial business combination within the prescribed time frame. If we do not complete our initial business combination within such applicable time period, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption of our public shares, and the private placement units will expire worthless. With certain limited exceptions, the founder shares will not be transferable, assignable or salable by our initial shareholders until the earlier of: (1) one year after the completion of our initial business combination; and (2) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. With certain limited exceptions, the private placement units and the ordinary shares underlying such units, will not be transferable, assignable or salable by our sponsor until 30 days after the completion of our initial business combination. Since our sponsor and directors and officers may directly or indirectly own ordinary shares and units and will directly or indirectly own founder shares following this offering, our directors and officers may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers may negotiate employment or consulting agreements with a target business in connection with a particular business combination. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether to proceed with a particular business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such directors and officers was included by a target business as a condition to any agreement with respect to our initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our sponsor and members of our management team will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Upon the closing of this offering, our sponsor will have invested in us an aggregate of $3,525,000 (or $3,825,000 if the underwriters' over-allotment option is exercised in full), comprised of the $25,000 purchase price for the founder shares (or approximately $0.004 per share) and the $3,500,000 purchase price (or $3,800,000 if the underwriters' over-allotment option is exercised in full) for the private placement units. Accordingly, our management team, which owns interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders. However, if the non-managing sponsor

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investor purchases or otherwise holds a substantial number of our units, then the non-managing sponsor investor will potentially have different interests than our other public shareholders in approving our initial business combination and otherwise exercising its rights as a public shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain members of our management team may receive compensation upon consummation of our initial business combination, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such compensation will not be received unless we consummate such business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similarly, if we agree to pay our sponsor or a member of our management team a finder's fee, advisory fee, consulting fee or success fee in order to effectuate the completion of our initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as any such fee may not be paid unless we consummate such business combination.

The conflicts described above may not be resolved in our favor.

#### Indemnity
Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriter of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy their respective indemnity obligations and believe that our sponsor's only assets are securities of our company and, therefore, our sponsor may not be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations.

#### Facilities
We currently maintain our executive offices at 265 Sunrise Hwy, Suite 1515, Rockville Centre, NY 11570. The cost for this space is included in the $10,000 per month fee that we will pay an affiliate of our sponsor for office space, administrative and support services. We consider our current office space adequate for our current operations.

#### Employees
We currently have two officers and do not intend to have any full-time employees prior to the completion of our initial business combination. Members of our management team are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time that any such person will devote in any time period will vary based on whether a target business has been selected for our initial business combination and the current stage of the business combination process.

#### Periodic Reporting and Financial Information
We will register our units, Class A ordinary shares and public rights under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports will contain financial statements audited and reported on by our independent registered public accounting firm.

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We will provide shareholders with audited financial statements of the prospective target business as part of the tender offer materials or proxy solicitation materials sent to shareholders to assist them in assessing the target business. These financial statements may be required to be prepared in accordance with, or be reconciled to, U.S. GAAP or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance with PCAOB standards. These financial statement requirements may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements in time for us to disclose such financial statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame. While this may limit the pool of potential business combination candidates, we do not believe that this limitation will be material.

We will be required to evaluate our internal control procedures for the fiscal year ending December 31, 2026 as required by the Sarbanes-Oxley Act. Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal control over financial reporting. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition.

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Exchange Act. As a result, we will be subject to the rules and regulations promulgated under the Exchange Act. We have no current intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the consummation of our initial business combination.

We are an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.

We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter, and (2) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to "emerging growth company" will have the meaning associated with it in the JOBS Act.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held by non-affiliates equals or exceeds $250 million as of the end of that year's second fiscal quarter, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of the end of that year's second fiscal quarter.

#### Legal Proceedings
There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding in the 12 months preceding the date of this prospectus.

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#### MANAGEMENT

#### Directors and Officers

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Title** |
|  Patrick Fisher | 46 | Chief Executive Officer and Director |
|  Paul A. Rachmuth<sup>(1)</sup> | 59 | Chief Financial Officer and Director |
|  Barrie Clapham | 73 | Chairman and Director Nominee |
|  Josh Halpern | 46 | Independent Director Nominee |
|  Craig Delasin | 61 | Independent Director Nominee |
|  Stephan Butler | 53 | Independent Director Nominee |

---

____________

(1) Mr. Rachmuth has notified us that he intends to resign from our Board immediately upon the completion of our initial public offering. Mr. Rachmuth will continue to serve as our Chief Financial Officer. Following Mr. Rachmuth's resignation from our board, our board will be comprised of a majority of independent directors as required by Nasdaq Rule 5605(b)(1).

Upon consummation of this offering, our directors and officers will be as follows:

**Patrick Fisher** has served as our Chief Executive Officer and Director since March 17, 2025. Mr. Fisher has over two decades of experience in commercial real estate capital markets, having closed over $20 billion in commercial real estate financings throughout his career. Since March 2020, Mr. Fisher has operated as a licensed New York State real estate broker at Timber Road Capital, focusing on commercial real estate debt financing and capital market advisory closing over $400 million of commercial real estate debt over the past five years. Mr. Fisher was Head of Capital Markets at Transformco Properties from October 2022 to September 2023 and at Soho Properties from February 2021 to September 2022. Prior to moving to the principal side, Mr. Fisher held senior commercial real estate capital markets roles at several investment banking firms. From July 2018 to February 2021, he was a Managing Director at StormHarbour Securities and previously held senior commercial real estate roles at Bank of America, Lehman Brothers and Deutsche Bank. Mr. Fisher received a B.S. in Finance from Lehigh University. We believe that Mr. Fisher is qualified to serve on our Board due to his proven track record of structuring and closing complex transactions and his management experience across various financial institutions and investment firms.

**Paul Rachmuth** has served as our Chief Financial Officer and Director since March 17, 2025. Mr. Rachmuth brings over 20 years of legal and advising experience, specializing in reverse mergers, PIPE transactions and public offerings across various industries. Mr. Rachmuth has represented several public companies and has acted as counsel to companies in the consumer products and technology sectors. Since 2012, Mr. Rachmuth has operated his own legal practice focusing on corporate transactions and securities matters. Prior to starting his own practice, Mr. Rachmuth was a partner and practice group leader of the Corporate Restructuring Group at Gersten Save, LLP from 2008 to 2012. Mr. Rachmuth received a B.B.A. in Human Resources Management from Baruch School of Business in New York, a J.D. from Brooklyn Law School, and an L.L.M. in Bankruptcy Law from St. John's School of Law. We believe that Mr. Rachmuth is qualified to serve on our Board due to his extensive legal experience in corporate transactions and securities matters, his deep understanding of public companies, and his ability to navigate complex regulatory environments. Mr. Rachmuth has notified us that he intends to resign from our Board of Directors immediately prior to the effectiveness of the Registration Statement. Mr. Rachmuth will continue to serve as our Chief Financial Officer following the registration. Following Mr. Rachmuth's resignation from our Board of Directors, our Board of Directors will be comprised of a majority of independent directors (as defined under Rule 5605(a)(2)) as required by Nasdaq Rule 56506(b)(1).

#### Our Board
In addition to Mr. Fisher and Mr. Rachmuth, the other members of our Board are as follows:

**Barrie Clapham** will serve as a director and Chairman of the Board upon completion of our initial public offering. Mr. Clapham is a serial entrepreneur with nearly five decades of experience across multiple industries. In 1982, Mr. Clapham founded Credential Holdings Limited, growing it into a major property group in the United Kingdom where he served as its Chief Executive Officer until April 2014. In August 2006, Mr. Clapham founded Produce Investments, listing it publicly in 2010 (LON:PIL) before selling it in 2018. Produce Investments became the United Kingdom's largest potato suppliers and one of the world's leading daffodil producers. Mr. Clapham serves as Chairman of London and Scottish Investments Ltd, where he co-founded Regional REIT (LON:RGL), a commercial real estate

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firm with a market capitalization exceeding £600 million when he exited in 2019. More recently, Mr. Clapham played a key role at Stewart Enterprises Holdings Inc. ("STEI"), serving as Chairman since June 2022 and Interim Chief Executive Officer from June 2023 to date. STEI secured a license with the Hard Rock International for manufacture and sale of alcoholic beverages across hotels. Mr. Clapham holds a bachelor's degree in economics from the University of Strathclyde and a law degree from the University of Glasgow. We believe that Mr. Clapham is qualified to serve on our Board of Directors due to his extensive entrepreneurial experience, his proven leadership in building and scaling businesses across multiple industries, and his deep expertise in corporate governance and strategic growth initiatives.

**Josh Halpern** will serve as an independent director upon completion of our initial public offering. Mr. Halpern is a seasoned executive in the alcohol and beverage industry and since 2021 has served as Chief Executive Officer of each of Big Chicken, a fast casual restaurant chain in the U.S. known for its chicken sandwiches and Beer Park, a restaurant and entertainment venue located on the Las Vegas strip. At Big Chicken, Mr. Halpern oversees domestic and international expansion through working with restaurant operators and investors. At Beer Park, Mr. Halpern leads growth initiatives for the Las Vegas Strip venue, known for its gourmet stadium food, extensive beer selection, and interactive games. Previously, Mr. Halpern was Chief Sales Officer at FIFCO USA, an American brewing company based in Rochester, New York, where he led a 300-person team, grew the company's EBITDA, and expanded brands like Seagram's Escapes, Labatt, and Genesee. Mr. Halpern held leadership roles at Anheuser-Busch InBev, managing the $7.3 billion Small Format business, driving revenue and market share growth across convenience stores, liquor stores, and military channels. He also led the On-Premises channel, overseeing national sales for restaurants and concessions. In 2021, Mr. Halpern founded Sweat Capital LLC, an advisory firm that helps start-up food and beverage companies build out their commercial strategy and route to market. Since January 2024, Mr. Halpern has served on the board of USA Archery, the national governing body for the sport of archery in the United States. Mr. Halpern received his B.S. from Cornell University and MBA from Babson College. We believe that Mr. Halpern is qualified to serve on our Board due to his extensive experience in the food and beverage industry, his proven track record driving businesses growth, and his leadership experience in managing operations across industries.

**Craig Delasin** will serve as an independent director upon completion of our initial public offering. Mr. Delasin brings 38 years of experience in shopping center and mixed-use development, with expertise in both the landlord and tenant sides of the business. Since 2014, Mr. Delasin has served as the Chief Executive Officer of Urban Retail Properties, a commercial real estate investment and operating company since 2013. Prior to his appointment as CEO, Mr. Delasin held several key leadership roles at Urban Retail Properties, LLC, including Chief Operating Officer, President of Leasing, and Director of New Business Development, where he led efforts to identify and secure new business opportunities domestically and internationally. Throughout his career, Mr. Delasin has played a pivotal role in leasing, development, and investment initiatives. In 2007, he established Urban Retail Asia, LLC, expanding the company's footprint into China. In 2005, he co-managed the acquisition of Manhattan Town Center in Manhattan, Kansas, which was later sold to UrbanCal, LLC in 2008. Mr. Delasin holds a B.S. in Finance from the University of Wyoming and is an active member of the International Council of Shopping Centers (ICSC). We believe that Mr. Delasin is qualified to serve on our Board due to his extensive industry experience in commercial real estate, and proven ability to drive strategic growth for businesses.

**Stephan Butler** will serve as an independent director upon completion of our initial public offering. Mr. Butler is an experienced strategic advisor and seasoned executive with a diverse background spanning real estate development, finance, management consulting, public policy, and emerging technologies. Mr. Butler is currently advising the development of the Mandarin Oriental Residences in Boca Raton. Prior to, January 2019 through March 2025, Butler was the Head of Development and Construction at Soho Properties, a Manhattan-based, privately held real estate development and investment firm, where he oversaw the development and construction of nearly $1 billion of real estate in Manhattan. From November 2011 through January of 2019, Butler served as EVP, Head of Development at Kingsbridge National Ice Center, a $400 million real estate development. In his role at Kingsbridge National Ice Center, Butler oversaw the acquisition, entitlement, and development stages of entertainment projects in New York City, representing a comprehensive value nearing $400 million. Stephan Butler has also held leadership and advisory positions at the following organizations: Deutsche Bank, where he was Manager of Special Projects for the Global CEO of DeAM and REEF from March 2010 through November of 2012; The Stegla Group where he was Senior Project Executive in 2008 and 2009; and the Office of US Senator Mary Landrieu where he was a Special Advisor and Science and Technology Fellow from 2006 to 2008. Mr. Butler received his B.S. in Civil Engineering from the New Jersey Institute of Technology, Master of Engineering from Cooper Union, and MBA from Columbia Business School. We believe that Mr. Butler is qualified to serve on our Board due to his extensive experience in real estate industry and his leadership experience in managing operations across industries.

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#### Number, Terms of Office and Appointment of Directors and Officers
Our board of directors will consist of 5 members. Prior to our initial business combination, holders of our founder shares will have the right to vote to appoint all of our directors and remove members of the board of directors for any reason, and holders of our public shares will not have the right to vote on the appointment of directors during such time. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of our ordinary shares attending and voting at a general meeting. Each of our directors will hold office for a three-year term. Subject to any other special rights applicable to the shareholders, any vacancies on our board of directors may be filled by the affirmative vote of a majority of the directors present and voting at the meeting of our board of directors or by a majority of the holders of our ordinary shares (or, prior to our initial business combination, holders of our founder shares).

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated memorandum and articles of association as it deems appropriate. Our amended and restated memorandum and articles of association provide that our officers may consist of a Chairman, a Vice-Chairman, a Chief Executive Officer, a President, a Chief Operating Officer, a Chief Financial Officer, Vice Presidents, a Secretary, Assistant Secretaries, a Treasurer and such other offices as may be determined by the board of directors.

#### Director Independence
Nasdaq rules require that a majority of our board of directors be independent within one year of our initial public offering. An "independent director" is defined generally as a person who, in the opinion of the company's board of directors, has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). Upon the commencement of the trading of our units on Nasdaq, we expect to have two "independent directors" as defined in Nasdaq rules and applicable SEC rules prior to completion of this offering. Our board of directors expects to determine that Halpern and Delasin are "independent directors" as defined in Nasdaq listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present.

#### Officer and Director Compensation
Our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. Upon the closing of this offering, our sponsor will have invested in us an aggregate of $3,525,000 (or $3,825,000 if the underwriters' over-allotment option is exercised in full), comprised of the $25,000 purchase price for the founder shares (or approximately $0.004 per share) and the $3,500,000 purchase price (or $3,800,000 if the underwriters' over-allotment option is exercised in full) for the private placement units. Commencing on the date that our securities are first listed on Nasdaq through the earlier of consummation of our initial business combination and our liquidation, we will pay an affiliate of our sponsor a total of $10,000 per month for office space, administrative and support services. Our sponsor, directors and officers, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor, directors, officers or our or any of their respective affiliates.

Upon consummation of this offering, we will repay up to $300,000 in loans made to us by our sponsor to cover offering-related and organizational expenses. In order to finance transaction costs in connection with an intended initial business combination, our sponsor or one of its affiliates has committed to loan us funds as may be required to a maximum of $1,500,000 to fund our additional working capital requirements and transaction costs. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of funds held outside the trust account. Up to $1,500,000 of such loans may be convertible into units at the time of the business combination at a price of $10.00 per unit at the option of the lender. In May 2025, our sponsor transferred 20,000 founder shares to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting, management or other compensation from the combined company. All compensation will be fully disclosed to shareholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination. It is unlikely the amount of such compensation will be known at

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the time, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our officers after the completion of our initial business combination will be determined by a compensation committee constituted solely by independent directors.

We are not party to any agreements with our directors and officers that provide for benefits upon termination of employment. The existence or terms of any such employment or consulting arrangements may influence our management's motivation in identifying or selecting a target business, and we do not believe that the ability of our management to remain with us after the consummation of our initial business combination should be a determining factor in our decision to proceed with any potential business combination.

#### Committees of the Board of Directors
Upon the commencement of the trading of our units on the Nasdaq, our board of directors will establish two standing committees: an audit committee and a compensation committee. Subject to phase-in rules, the rules of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Each committee will operate under a charter that will be approved by our board and will have the composition and responsibilities described below.

#### Audit Committee
Upon the commencement of the trading of our units on the Nasdaq, our board of directors will establish an audit committee of the board of directors. Josh Halpern, Craig Delasin, and Stephan Butler will serve as the members of our audit committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have three members of the audit committee, all of whom must be independent within one year of the Listing of our Class A ordinary shares. Messrs. Halpern, Delasin and Butler are each independent.

Craig Delasin will serve as the chairman of the audit committee. Each member of the audit committee is financially literate and our board of directors has determined that qualifies as an "audit committee financial expert" as defined in applicable SEC rules.

We will adopt an audit committee charter, which will detail the principal functions of the audit committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent registered public accounting firm's qualifications and independence, and (4) the performance of our internal audit function and independent registered public accounting firm; the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving all audit and non-audit services to be provided by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; reviewing and discussing with the independent registered public accounting firm all relationships the independent registered public accounting firm have with us in order to evaluate their continued independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• setting clear policies for audit partner rotation in compliance with applicable laws and regulations; obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent registered public accounting firm's internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review, of the independent registered public accounting firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent registered public accounting firm, including reviewing our specific disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations"; reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

#### Compensation Committee
Upon the commencement of the trading of our units on the Nasdaq, our board of directors will establish a compensation committee of our board of directors. The members of our compensation committee will be Josh Halpern and Craig Delasin. Josh Halpern will serve as chair of the compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have a compensation committee of at least two members, all of whom must be independent. Messrs Halpern and Delasin are each independent. We will adopt a compensation committee charter, which will detail the principal functions of the compensation committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving on an annual basis the corporate goals and objectives relevant to our chief executive officer's compensation, evaluating our chief executive officer's performance in light of such goals and objectives and determining and approving the remuneration (if any) of our chief executive officer based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to our board of directors with respect to the compensation, and any incentive compensation and equity based plans that are subject to board approval of all of our other officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our executive compensation policies and plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing and administering our incentive compensation equity-based remuneration plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting management in complying with our proxy statement and annual report disclosure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• producing a report on executive compensation to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

#### Nominating and Corporate Governance Committee
Upon the commencement of the trading of our units on Nasdaq, our board of directors will establish a nominating and corporate governance committee of our board of directors. The members of our nominating and corporate governance committee will be Stephan Butler and Craig Delasin. Stephan Butler will serve as chair of the nominating and corporate governance committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have a nominating and corporate governance committee of at least two members, all of whom must be independent. Messrs Butler and Delasin are each independent. We will adopt a nominating and corporate governance charter, which will detail the principal functions of the nominating and corporate governance committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and evaluating candidates, including the nomination of incumbent directors for reelection and nominees recommended by stockholders, to serve on the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering and making recommendations to the board regarding the composition and chairmanship of the committees of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing stockholder proposals and recommending responses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and making recommendations to the board regarding corporate governance guidelines and matters, including in relation to corporate social responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing periodic evaluations of the performance of the board, including its individual directors and committees.

#### Code of Ethics
Prior to the consummation of this offering, we will adopt a Code of Ethics applicable to our directors, officers and employees. We will file a copy of our Code of Ethics as an exhibit to the registration statement of which this prospectus is a part. You will be able to review this document by accessing our public filings at the SEC's website at *www.sec.gov*. In addition, a copy of the Code of Ethics and the charters of the committees of our board of directors will be provided without charge upon request from us. See the section of this prospectus entitled "*Where You Can Find Additional Information*." If we make any amendments to our Code of Ethics other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics applicable to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions requiring disclosure under applicable SEC or Nasdaq rules, we will disclose the nature of such amendment or waiver on our website. The information included on our website is not incorporated by reference into this Form S-1 or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

#### Conflicts of Interest
Under Cayman Islands law, directors and officers owe the following fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• duty to not improperly fetter the exercise of future discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• duty to exercise powers fairly as between different sections of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• duty to exercise independent judgment.

In addition to the above, directors also owe a duty of care, which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge, skill and experience which that director has.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders; provided that there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at general meetings.

In addition, members of our management team and our board of directors will directly or indirectly own founder shares and/or private placement units following this offering, as set forth in "Principal Shareholders," and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

Our management team, in their capacities as directors, officers or employees of our sponsor or their respective affiliates or in their other endeavors, may choose to present potential business combinations to the related entities described above, current or future entities affiliated with or managed by our sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Cayman Islands law and any other applicable fiduciary duties.

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Our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. Accordingly, certain members of our management team, which own interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares. Further, our directors and officers presently have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our directors or officers becomes aware of a business combination opportunity that is suitable for an entity to which he or she has then-current fiduciary or contractual obligations, he or she may need to honor these fiduciary or contractual obligations to present such business combination opportunity to such entity, or in the case of a non-compete restriction, may not present such opportunity to us at all, subject to his or her fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. Our directors and officers are also not required to commit any specified amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management time among various business activities, including identifying potential business combinations and monitoring the related due diligence. See "Risk Factors — Certain of our directors and officers are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented."

In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.

We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors or members of our management team; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business combination. Accordingly, if any of the above directors or officers become aware of a business combination opportunity which is suitable for any of the above entities to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity, and only present it to us if such entity rejects the opportunity, subject to his or her fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. However, because the entities to which our executive officers and directors owe fiduciary duties or contractual obligations are not themselves in the business of engaging in business combinations, we do not believe that any of the foregoing fiduciary duties or contractual obligations will materially affect our ability to identify and pursue business combination opportunities or complete our initial business combination.

Potential investors should also be aware of the following potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• None of our directors or officers is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the course of their other business activities, our directors and officers may become aware of investment and business opportunities that may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented. For a complete description of our management's other affiliations, see "— Directors and Officers."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our initial shareholders, directors and officers have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the consummation of our initial business combination. Additionally, our initial shareholders have agreed to waive their redemption rights with respect to their founder shares if we fail to consummate our initial business combination within 18 months after the closing of this offering. However, if our initial shareholders (or any of our directors, officers or affiliates) acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to consummate our initial business combination within the prescribed time frame. If we do not complete our initial business combination within such applicable time period, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption of our public shares, and the private placement units will expire worthless. With certain limited exceptions, the founder shares will not be transferable, assignable or salable by our initial shareholders until the earlier of: (1) one year after the completion of our initial business combination; and (2) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. With certain limited exceptions, the private placement units and the ordinary shares underlying such units, will not be transferable, assignable or salable by our sponsor until 30 days after the completion of our initial business combination. Since our sponsor and directors and officers may directly or indirectly own ordinary shares and units and will directly or indirectly own founder shares following this offering, our directors and officers may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers may negotiate employment or consulting agreements with a target business in connection with a particular business combination. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether to proceed with a particular business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such directors and officers was included by a target business as a condition to any agreement with respect to our initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our sponsor and members of our management team will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Upon the closing of this offering, our sponsor will have invested in us an aggregate of $3,525,000 (or $3,825,000 if the underwriters' over-allotment option is exercised in full), comprised of the $25,000 purchase price for the founder shares (or approximately $0.004 per share) and the $3,500,000 purchase price (or $3,800,000 if the underwriters' over-allotment option is exercised in full) for the private placement units. Accordingly, our management team, which owns interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the non-managing sponsor investor purchases units in the offering, the non-managing sponsor investor would not be required to (i) hold any units or Class A ordinary shares it may purchase in this offering or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business combination, and will have the same rights to the funds held in the trust account with respect to the Class A ordinary shares underlying the units they may purchase in this offering as the rights afforded to our other public shareholders. However, if the non-managing sponsor investor purchases or otherwise holds a substantial number of our units, then the non-managing sponsor investor will potentially have different interests than our other public shareholders in approving our initial business combination and otherwise exercising its rights as a public shareholder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain members of our management team may receive compensation upon consummation of our initial business combination, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such compensation will not be received unless we consummate such business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similarly, if we agree to pay our sponsor or a member of our management team a finder's fee, advisory fee, consulting fee or success fee in order to effectuate the completion of our initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as any such fee may not be paid unless we consummate such business combination.

The conflicts described above may not be resolved in our favor.

Accordingly, as a result of multiple business affiliations, our directors and officers have similar legal obligations relating to presenting business opportunities meeting the above-listed criteria to multiple entities. Below is a table summarizing the entities to which our directors and officers and certain of our affiliates currently have fiduciary duties or contractual obligations that may present a conflict of interest:

---

| | | | |
|:---|:---|:---|:---|
|  **Individual<sup>(1)</sup>** | **Entity** | **Entity's Business** | **Affiliation** |
|  Patrick Fisher<sup>(2)</sup> | Timber Road Capital | Real Estate Financing | Founder |
|  Paul A. Rachmuth | Stewart Enterprises Holdings Inc. | Beverage | Board Member |
|  Barrie Clapham<sup>(3)</sup> | Stewart Enterprises Holdings Inc. | Beverage | Chairman |
|  Josh Halpern<sup>(4)</sup> | Big Chicken | Restaurant | Chief Executive Officer |
|  | Beer Park | Restaurant | Chief Executive Officer |
|  | Stewart Enterprises Holdings Inc. | Beverage | Board Member |
|  | Sweat Capital LLC | Business Consulting | Founder |
|  | USA Archery | Sports | Board Member |
|  | National Association of Convenience Stores | Retail | Board Member |
|  | Food Marketing Center of Excellence at Niagara University | Food | Board Member |
|  Craig Delasin<sup>(5)</sup> | Urban Retail Properties | Real Estate | Chief Executive Officer |
|  Stephan Butler<sup>(6)</sup> | War Chest Woman LLC | Real Estate | Founder |

---

____________

(1) Each of the entities listed in this table has priority and preference relative to our company with respect to the performance by each individual listed in this table of his obligations and the presentation by each such individual of business opportunities.

(2) Patrick Fisher has a fiduciary duty with respect to the listed entity.

(3) Barrie Clapham has a fiduciary duty with respect to the listed entity.

(4) Josh Halpern has a fiduciary duty with respect to each of the listed entities.

(5) Craig Delasin has a fiduciary duty with respect to the listed entity.

(6) Stephan Butler has a fiduciary duty with respect to the listed entity.

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We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, the non-managing sponsor investor, directors or officers, or making the acquisition through a joint venture or other form of shared ownership with either of our sponsor, the non-managing sponsor investor, directors or officers. In the event we seek to complete our initial business combination with such a company, we, or a committee of independent and disinterested directors, would obtain an opinion from an independent investment banking firm that is a member of FINRA or from an independent accounting firm that such an initial business combination is fair to our company and shareholders from a financial point of view. In addition, pursuant to Nasdaq listing rules, our initial business combination must be approved by a majority of our independent directors.

In addition, our sponsor or any of their respective affiliates may make additional investments in the company in connection with the initial business combination, although our sponsor and its affiliates have no obligation or current intention to do so. If our sponsor or any of its respective affiliates elects to make additional investments, such proposed investments could influence our sponsor's motivation to complete an initial business combination.

In the event that we submit our initial business combination to our public shareholders for a vote, our initial shareholders, directors and officers have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder shares and public shares held by them in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction).

#### Limitation on Liability and Indemnification of Directors and Officers
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association provide for indemnification of our directors and officers to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect.

We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the indemnification provided for in our amended and restated memorandum and articles of association. We may purchase a policy of directors' and officers' liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our directors and officers.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this prospectus, and as adjusted to reflect the sale of our Class A ordinary shares included in the units offered by this prospectus, and assuming no purchase of units in this offering, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and officers that beneficially owns ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all our directors and officers as a group.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of the private placement rights as these rights are not exchangeable within 60 days of the date of this prospectus.

In May 2025, our sponsor transferred 20,000 founder shares to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors.

The post-offering ownership percentage column below assumes that (i) the underwriter does not exercise its over-allotment option and the corresponding forfeiture of 750,000 founder shares, and (ii) there are 25,550,000 ordinary shares issued and outstanding after this offering.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Before Offering** | **Before Offering** | **After Offering** | **After Offering** |
|  | **Number of <br>Shares <br>beneficially <br>owned<sup>(2)</sup>** | **Approximate <br>Percentage of <br>Outstanding <br>Ordinary <br>Shares** | **Number of <br>Shares <br>beneficially <br>owned<sup>(2)</sup>** | **Approximate <br>Percentage of <br>Outstanding <br>Ordinary <br>Shares** |
|  Patrick Fisher<sup>(3)</sup> |  | —% |  | —% |
|  Paul A. Rachmuth<sup>(4)(5)</sup> | 5670000 | 98.61% | 5270000 | 20.63% |
|  Barrie Clapham | 20000 | \* | 20000 | \* |
|  Josh Halpern | 20000 | \* | 20000 | \* |
|  Craig Delasin | 20000 | \* | 20000 | \* |
|  Stephan Butler | 20000 | \* | 20000 | \* |
|  **All officers, directors, officer nominees and director nominees as a group (6 individuals)** | 5750000 | 100.0% | 5350000 | 20.94% |
|  **Greater than 5% Beneficial Owners** |  |  |  |  |
|  Timber Road Sponsor LLC<sup>(3)(4)</sup> | 5670000 | 100.0% | 5270000 | 20.63% |

---

____________

\* Less than one percent.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is 265 Sunrise Hwy, Suite 1515, Rockville Centre, NY 11570.

(2) Interests shown include founder shares, classified as Class B ordinary shares. Such ordinary shares will convert into Class A ordinary shares on a one-for-one basis, subject to adjustment, as described in the section entitled "Description of Securities."

(3) Patrick Fisher is a non-managing member of the sponsor, which is the record holder of 5,670,000 before the offering. Mr. Fisher disclaims any beneficial ownership of our ordinary shares held by our sponsor other than to the extent of their pecuniary interest in such shares.

(4) Paul Rachmuth, our Chief Financial Officer may be deemed to beneficially own shares held by our sponsor by virtue of his control over our sponsor, as its managing member. Mr. Rachmuth disclaims beneficial ownership of our ordinary shares held by our sponsor other than to the extent of their pecuniary interest in such shares.

(5) Includes 350,000 ordinary shares underlying 350,000 private placement units that our Sponsor has committed to purchase in a private placement transaction.

Immediately after this offering, our initial shareholders will beneficially own approximately 20% of the then issued and outstanding ordinary shares (assuming our initial shareholders do not purchase any units in this offering), including the founder shares and the private placement shares, and will have the right to elect all of our directors prior to our initial business combination as a result of holding all of the founder shares. Holders of our public shares will not have

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the right to vote to appoint any directors to our board of directors prior to our initial business combination. In addition, because of their ownership block, our initial shareholders may be able to effectively influence the outcome of all other matters requiring approval by our shareholders, including amendments to our amended and restated memorandum and articles of association and approval of significant corporate transactions. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and ordinary shares upon the consummation of this offering.

Our sponsor and Roth have committed to purchase an aggregate of 550,000 private placement units at a price of $10.00 per unit (or 610,000 if the over-allotment option is exercised in full) for an aggregate purchase price of $5,500,000 (or $6,100,000 depending on the extent to which the underwriters participate in the offering), in a private placement that will close simultaneously with the closing of this offering as follows: our sponsor has agreed to purchase an aggregate of 350,000 private placement units for an aggregate purchase price of $3,500,000 (or 380,000 private placement units for an aggregate purchase price of $3,800,000 if the underwriters' over-allotment option in exercised in full) and Roth has agreed to purchase an aggregate of 200,000 private placement units for an aggregate purchase price of $2,000,000 (or 230,000 private placement units for an aggregate purchase price of $2,300,000 if the underwriters' over-allotment option is exercised in full). Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination.

The private placement units and underlying securities to be purchased by Roth are deemed underwriters' compensation by FINRA pursuant to FINRA Rule 5110 and will be subject to compliance with the lock-up and resale registration provisions of that rule.

The private placement rights are identical to the rights sold as part of the units in this offering.

Our sponsor and our directors and officers are deemed to be our "promoters" as such term is defined under the federal securities laws. See "Certain Relationships and Related Party Transactions" for additional information regarding our relationships with our promoters.

#### Transfers of Membership Interests, Founder Shares and Private Placement Units
The membership interests in the sponsor, founder shares, private placement units and their underlying securities, and any Class A ordinary shares issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the letter agreement with us to be entered into by our initial shareholders, directors and officers. Those lock-up provisions provide that such securities are not transferable or salable (1) in the case of the founder shares and private placement shares, until the earlier of: (A) one year after the completion of our initial business combination; and (B) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (2) in the case of the private placement rights and the respective Class A ordinary shares underlying such rights, until 30 days after the completion of our initial business combination, except in each case (unless otherwise described below) (a) (i) our sponsor's members, (ii) the directors or officers of the Company, our sponsor, our sponsor's members or Roth, (iii) any affiliates or family members of the directors or officers of the Company, our sponsor, our sponsor's members or Roth, (iv) any members or partners of our sponsor, our sponsor's members, Roth or their respective affiliates, or any affiliates of our sponsor, our sponsor's members, Roth, or any employees of such affiliates, (b) in the case of an individual, by gift to a member of the individual's immediate family or to a trust, the beneficiary of which is a member of the individual's immediate family, an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) in the case of a trust by distribution to one or more permissible beneficiaries of such trust; (f) by private sales or in connection with the consummation of a business combination at prices no greater than the price at which the securities were originally purchased; (g) to us for no value for cancellation

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in connection with the consummation of our initial business combination; (h) in the event of our liquidation prior to our completion of our initial business combination; (i) by virtue of the laws of the Cayman Islands, by virtue of our sponsor's memorandum and articles of association or other constitutional, organizational or formational documents, as amended, upon dissolution of our sponsor, or by virtue of the constitutional, organization or formational documents of a subsidiary of our sponsor that holds the relevant securities, upon liquidation or dissolution of such subsidiary, or the organizational documents of Roth upon dissolution of Roth; or (j) in the event of our completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to our completion of our initial business combination; provided, however, that in the case of clauses (a) through (e) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.

In addition, for as long as the private placement units and their underlying securities are held by Roth or its designees or affiliates, they will be subject to the lock-up and registration rights limitations imposed by FINRA Rule 5110.

#### Registration Rights
The holders of the founder shares, private placement shares, private placement rights, and any units that may be issued on conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement units or units issued upon conversion of the working capital loans and upon conversion of the founder shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering requiring us to register such securities for resale (in the case of the founder shares, only after conversion to our Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that we register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that we will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period as described under "*Principal Shareholders — Transfers of Founder Shares and Private Placement Units.*" Notwithstanding the foregoing, Roth and/or its designees may not exercise their demand and "piggyback" registration rights after five and seven years after the commencement of sales of this offering and may not exercise their demand rights on more than one occasion. We will bear the expenses incurred in connection with the filing of any such registration statements.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
On March 18, 2025, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering and formation costs in exchange for an aggregate of 5,750,000 founder shares. Prior to this investment in us by our sponsor, we had no assets, tangible or intangible. Up to 750,000 of the founder shares are subject to forfeiture depending on the extent to which the underwriter's over-allotment option is exercised. In May 2025, our sponsor transferred 20,000 to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors. Our sponsor will own approximately 20% of our issued and outstanding shares after this offering (assuming it does not purchase any units in this offering), including the Class B ordinary shares and the private placement shares. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The founder shares will be worthless if we do not complete an initial business combination.

Our sponsor and Roth have committed to purchase an aggregate of 550,000 private placement units at a price of $10.00 per unit (or 610,000 if the over-allotment option is exercised in full) for an aggregate purchase price of $5,500,000 (or $6,100,000 depending on the extent to which the underwriters participate in the offering), in a private placement that will close simultaneously with the closing of this offering. Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. The private placement rights will also be worthless if we do not complete an initial business combination.

As more fully discussed in "Management — Conflicts of Interest," if any of our directors or officers becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has then-current fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. Our directors and officers currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us.

Members of our management team and our board of directors will directly or indirectly own founder shares and/or private placement units or their underlying securities following this offering, as set forth in "Principal Shareholders," and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

We will enter into an Administrative Services Agreement pursuant to which we will pay an affiliate of our sponsor a total of $10,000 per month for office space, administrative and support services. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

Prior to the closing of this offering, our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. As of March 31, 2025, we had borrowed $12,040 under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2025, or the closing of this offering. These loans will be repaid upon the closing of this offering out of the $1,085,385 of offering proceeds not held in the trust account.

In addition, in order to finance transaction costs in connection with an intended initial business combination, either our sponsor, any of their respective affiliates or certain of our directors and officers may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans may be repaid only out of funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans for each such person may be convertible into units at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units issued to our sponsor. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

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Our sponsor, directors and officers, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, directors, officers or our or any of their respective affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

After our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time of a general meeting held to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive officer and director compensation.

We have entered into a registration rights agreement with respect to the founder shares, private placement units and their underlying securities, and units issued upon conversion of working capital loans (if any), which is described under the heading "*Principal Shareholders — Registration Rights.*"

#### Related Party Policy
We have not yet adopted a formal policy for the review, approval or ratification of related party transactions. Accordingly, the transactions discussed above were not reviewed, approved or ratified in accordance with any such policy.

Prior to the closing of this offering, we will adopt our Code of Ethics requiring us to avoid, wherever possible, all conflicts of interests, except under guidelines or resolutions approved by our board of directors (or the appropriate committee of our board of directors) or as disclosed in our public filings with the SEC. Under our Code of Ethics, conflict of interest situations will include any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the company.

In addition, our audit committee, pursuant to a written charter that we will adopt prior to the consummation of this offering, will be responsible for reviewing and approving related party transactions to the extent that we enter into such transactions. An affirmative vote of a majority of the members of the audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction. A majority of the members of the entire audit committee will constitute a quorum. Without a meeting, the unanimous written consent of all of the members of the audit committee will be required to approve a related party transaction. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, directors or officers, or our or any of their respective affiliates.

These procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part of a director, employee or officer.

To further minimize conflicts of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our sponsor, directors or officers unless we, or a committee of independent and disinterested directors, have obtained an opinion from an independent investment banking firm which is a member of FINRA or an independent accounting firm that our initial business combination is fair to our company and shareholders from a financial point of view. In addition, pursuant to Nasdaq listing rules, our initial business combination must be approved by a majority of our independent directors.

We may pay finder's fees, advisory fees, consulting fees, success fees, reimbursements or cash payments to our sponsor, directors or officers, or their respective affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination. Other than the following payments, no payments will be made from the proceeds of this offering and the sale of the private placement units held in the trust account prior to the completion of our initial business combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repayment of an aggregate of up to $300,000 in loans made to us by our sponsor, to cover offering-related and organizational expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment pursuant to the terms of an Administrative Services Agreement to an affiliate of our sponsor for office space, administrative and support services; in the event the consummation of our initial business combination takes the maximum 18 months, such entity will be paid a total of $180,000 ($10,000 per month) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer of 20,000 founder shares to each of Barrie Clapham, Josh Halpern, Craig Delasin and Stephan Butler, the Company's non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment to Roth of its underwriting discount, Marketing Fee, fees for any financial advisory, placement agency or other similar investment banking services Roth may provide to our company in the future and reimbursement of Roth for any out-of-pocket expenses incurred by it in connection with the performance of such services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repayment of loans which may be made by our sponsor, any of their respective affiliates or certain of our directors and officers to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1,500,000 of such loans for each lender may be convertible into units at a price of $10.00 per unit at the option of the lender.

The above cash payments may be funded using the net proceeds of this offering and the sale of the private placement units not held in the trust account or, upon completion of the initial business combination, from any amounts remaining from the proceeds of the trust account released to us in connection therewith.

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#### DESCRIPTION OF SECURITIES
We are a Cayman Islands exempted company (company number 419301) and our affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act and common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association which will be adopted upon the consummation of this offering, we will be authorized to issue 200,000,000 Class A ordinary shares, $0.0001 par value each, 20,000,000 Class B ordinary shares, $0.0001 par value each, and 1,000,000 preference shares, $0.0001 par value each. The following description summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you.

#### Units
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial business combination. We will not issue fractional shares. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Companies Act. As a result, you must hold rights in multiples of eight in order to receive shares for all of your rights upon closing of a business combination.

The Class A ordinary shares and public rights will begin separate trading on the 52<sup>nd</sup> day following the date of this prospectus (or, if such date is not a business day, the following business day) unless Roth informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once the Class A ordinary shares and public rights commence separate trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and public rights.

In no event will the Class A ordinary shares and public rights be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited balance sheet of the company reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering which will include this audited balance sheet. If the underwriters' over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters' over-allotment option.

#### Ordinary Shares
Upon the closing of this offering 25,550,000 ordinary shares will be issued and outstanding (assuming no exercise of the underwriters' over-allotment option and the corresponding forfeiture of 750,000 founder shares by the holders thereof), comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20,000,000 Class A ordinary shares underlying the units being offered in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 550,000 Class A ordinary shares underlying the private placement units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5,000,000 Class B ordinary shares held by our initial shareholders and their permitted transferees.

If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering.

Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that, prior to our initial business combination, holders of our Class B ordinary shares will have the right to appoint all of our directors and remove members of the board of directors for any reason, and holders of our Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of our ordinary shares attending and voting at a general meeting. Unless specified in the Companies Act, our amended and restated memorandum and articles of association or applicable stock exchange rules,

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the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders (other than the appointment or removal of directors prior to our initial business combination), and, prior to our initial business combination, the affirmative vote of a majority of our founder shares is required to approve the appointment or removal of directors. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. The members of our board of directors will each generally serve a term of three years. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the founder shares voted for the appointment of directors can appoint all of the directors prior to our initial business combination. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to our initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by at least 90% of our ordinary shares who attend and vote at a general meeting.

Because our amended and restated memorandum and articles of association authorize the issuance of up to 200,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination.

In accordance with Nasdaq corporate governance requirements, we are required to hold an annual general meeting each fiscal year. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint directors. We may not hold an annual general meeting prior to the consummation of our initial business combination.

We will provide our public shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial business combination, all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the Marketing Fee we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to validly redeem its shares. Our initial shareholders, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of our initial business combination or certain amendments to our amended and restated memorandum and articles of association as described elsewhere in this prospectus. Permitted transferees of our initial shareholders, directors or officers will be subject to the same obligations with respect to their founder shares.

Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association require 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. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, 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 complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the

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affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. A quorum for such meeting will be present if holders of a majority of the issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy. However, the participation of our sponsor, directors, officers, advisors or any of 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 issued and 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 not less than 10 days nor more than 60 days prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our initial shareholders, may make it more likely that we will consummate our initial business combination.

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the ordinary shares sold in this offering, which we refer to as the "Excess Shares," without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders' inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination. As a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

If we seek shareholder approval in connection with our initial business combination, our initial shareholders have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares, private placement shares and any public shares held by them in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction). As a result, in addition to our sponsor's founder shares and private placement shares, we would need 7,225,001 additional shares, or 36.10% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), or only 837,501 additional shares, or 4.19% (assuming only the minimum number of shares representing a quorum are voted and the over-allotment option is not exercised), of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have such initial business combination approved. Our directors and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction.

Pursuant to our amended and restated memorandum and articles of association, if we have not completed our initial business combination within 18 months from the closing of this offering, and have not held a shareholder vote to amend our amended and restated memorandum and articles of association to extend the amount of time we will have to consummate an initial business combination, we will (1) cease all operations except for the purpose of winding up, (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any), and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within 18 months from the closing of this offering. However, if our initial shareholders, directors acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time period. There is no limit under our amended

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and restated memorandum and articles of association on the number of extensions that we may seek through such amendments. Furthermore, there is no limit on the duration of each individual extension or the aggregate amount of time we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval.

If we are unable to complete an initial business combination within the 18-month period, we may seek an amendment to our amended and restated memorandum and articles of association to extend the period of time we have to complete an initial business combination beyond 18 months. There is no limit under our amended and restated memorandum and articles of association on the number of extensions that we may seek through such amendments. Furthermore, there is also no limit on the duration of each individual extension or the aggregate amount of time we may seek to extend the deadline for consummating our initial business combination, provided that each such extension would require shareholder approval. These provisions of our amended and restated memorandum and articles of association may only be amended with the approval of a special resolution as a matter of Cayman Islands law, meaning that such an amendment must be approved by at least two-thirds of the holders of our ordinary shares who attend and vote at a general meeting of the company. If we seek shareholder approval to extend the initial 18-month period in which to complete an initial business combination to a later date, we will offer our public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the trust account, as described in greater detail in this prospectus.

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time will be 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 shareholders with the opportunity to redeem their public shares, regardless of whether they abstain, vote for, or against, our initial business combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), upon the completion of our initial business combination, subject to the limitations described herein.

#### Founder Shares
The founder shares are designated as Class B ordinary shares and are identical to the Class A ordinary shares included in the units being sold in this offering, and holders of founder shares have the same shareholder rights as public shareholders, except that: (1) prior to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (2) founder shares are subject to certain transfer restrictions, as described in more detail below; (3) our initial shareholders, directors and officers have entered into a letter agreement with us, pursuant to which they have agreed to waive: (i) their redemption rights with respect to any founder shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (ii) their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity; and (iii) their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within 18 months from the closing of this offering (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (4) the founder shares will automatically convert into our Class A ordinary shares in connection with our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more detail below; and (5) the founder shares are entitled to registration rights directors and officers. If we submit our initial business combination to our public shareholders for a vote, our initial shareholders have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them purchased during or after this offering in favor of our initial business combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction).

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The Class B ordinary shares will automatically convert into Class A ordinary shares in connection with our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, approximately 20% of the sum of (i) all ordinary shares issued and outstanding upon the completion of this offering plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with our initial business combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination, and less (iii) any redemptions of Class A ordinary shares by public shareholders in connection with our initial business combination. The term "equity-linked securities" refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt.

With certain limited exceptions, the founder shares are not transferable, assignable or salable until the earlier of: (A) one year after the completion of our initial business combination; and (B) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. For more information on the exceptions, see "Principal Shareholders — Transfers of Founder Shares and Private Placement Units."

#### Register of Members
Under Cayman Islands law, we must keep a register of members and there shall be entered therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of the shares of each member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether voting rights are attached to the share in issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the name of any person was entered on the register as a member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members shall be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Upon the closing of this public offering, the register of members shall be immediately updated to reflect the issue of shares by us. Once our register of members has been updated, the shareholders recorded in the register of members shall be deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

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#### Preference Shares
Our amended and restated memorandum and articles of association authorize 1,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares are being issued or registered in this offering.

#### Rights
Except in cases where we are not the surviving company in a business combination, each holder of a right will automatically receive one-eighth (1/8) of one Class A ordinary share upon consummation of our initial business combination, even if the holder of a public right redeemed all Class A ordinary shares held by it in connection with the initial business combination or an amendment to our amended and restated memorandum and articles of association with respect to our pre-business combination activities. In the event we will not be the surviving company upon completion of our initial business combination, each holder of a right will be required to affirmatively convert its rights in order to receive the one-eighth (1/8) of one Class A ordinary share underlying each right upon consummation of the business combination. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares of Class A ordinary share upon consummation of an initial business combination. 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 Class A ordinary shares will receive in the transaction on an as-converted into Class A ordinary share basis.

We will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Companies Act. As a result, you must hold rights in multiples of eight in order to receive shares for all of your rights upon closing of a business combination. 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. Further, 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.

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#### Dividends
We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future, except if we increase the size of this offering, in which case we will effect a capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at approximately 20% of our issued and outstanding ordinary shares upon the consummation of this offering. Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

#### Our Transfer Agent and Rights Agent
The transfer agent for our ordinary shares and rights agent for our rights is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and rights agent, its agents and each of its shareholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

#### Certain Differences in Corporate Law
Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English law but does not follow recent English law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).

Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of two-thirds in value who attend and vote at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company's articles of association. No shareholder resolution is required for a merger between a parent company (i.e. a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (1) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (2) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (3) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (4) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.

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Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (1) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (2) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (3) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (4) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his or her shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his or her written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his or her shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his or her intention to dissent including, among other details, a demand for payment of the fair value of his or her shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his or her shares at a price that the company determines is the fair value and if the company and the shareholder agrees to the price within 30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fails to agree to a price within such 30-day period, within 20 days following the date on which such 30-day period expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not to be available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company.

Moreover, Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, such schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a "scheme of arrangement" which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures of which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at an annual meeting, or extraordinary general meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not proposing to act illegally or beyond the scope of our corporate authority and we have complied with the statutory provisions as to majority vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such as a business-person would reasonably approve; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority."

If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Squeeze*-out *Provisions.* When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements, of an operating business.

*Shareholders' Suits.* Harney Westwood & Riegels (Cayman) LLP, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our directors or officers usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company is acting, or proposing to act, illegally or beyond the scope of its authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes that have actually been obtained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

*Enforcement of Civil Liabilities.* The Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the federal courts of the United States.

The courts of the Cayman Islands are unlikely (1) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state and (2) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

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*Special Considerations for Exempted Companies.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company's register of members is not open to inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a segregated portfolio company.

As used above, "limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

#### Our Amended and Restated Memorandum and Articles of Association
Our amended and restated memorandum and articles of association contain certain requirements and restrictions relating to this offering that will apply to us until the completion of our initial business combination. These provisions (other than amendments relating to provisions governing the appointment or removal of directors prior to our initial business combination, which require the approval of a majority of at least 90% of our ordinary shares attending and voting at a general meeting) cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (1) holders of at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's ordinary shares at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given or (2) if so authorized by a company's articles of association, by a unanimous written resolution of all of the company's shareholders. Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting (i.e. the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

Our initial shareholders, who collectively will beneficially own approximately 20% of our ordinary shares upon the closing of this offering (assuming they do not purchase any units in this offering), including the Class B ordinary shares and the private placement shares, may participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we have not completed our initial business combination within 18 months from the closing of this offering, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such

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redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (1) receive funds from the trust account or (2) vote as a class with our public shares on any initial business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, the non-managing sponsor investor, directors or officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or from an independent accounting firm that such a business combination is fair to our company and shareholders from a financial point of view;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as long as our securities are listed on Nasdaq, our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in trust (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not effectuate our initial business combination solely with another blank check company or a similar company with nominal operations.

The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of the holders of at least two-thirds of such company's issued and outstanding ordinary shares attending and voting at a general meeting. A company's articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our directors or officers, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

#### Anti-Money Laundering — Cayman Islands
If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (1) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or

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(2) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

#### Data Protection — Cayman Islands
We have certain duties under the Data Protection Act (As Revised) of the Cayman Islands (the "DPA") based on internationally accepted principles of data privacy.

In this subsection, "we," "us," "our" and the "Company" refers to Timber Road Acquisition Corp. or our affiliates and/or delegates, except where the context requires otherwise.

#### Privacy Notice

#### Introduction
This privacy notice puts our shareholders on notice that through your investment in the Company you will provide us with certain personal information which constitutes personal data within the meaning of the DPA ("personal data").

#### Investor Data
We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

#### Who this Affects
If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

#### How the Company May Use a Shareholder's Personal Data
The Company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where this is necessary for the performance of our rights and obligations under any purchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

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Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

#### Why We May Transfer Your Personal Data
In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located within and outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

#### The Data Protection Measures We Take
Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

Please note that we do not envisage that any decisions will be taken about you using automated means. However, we will notify you in writing if this position changes.

#### Certain Anti-Takeover Provisions of Our Amended and Restated Memorandum and Articles of Association
Our authorized but unissued ordinary shares and preference shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

#### Economic Substance — Cayman Islands
The Cayman Islands, together with several other non-European Union jurisdictions, have introduced legislation aimed at addressing concerns raised by the Council of the European Union and the OECD as to offshore structures engaged in certain activities which attract profits without real economic activity. The International Tax Co-operation (Economic Substance) Act (As Revised) (the "Substance Act") came into force in the Cayman Islands in January 2019, introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain geographically mobile business activities ("relevant activities"). As we are a Cayman Islands exempted company, compliance obligations include filing annual notifications, in which need to state whether we are carrying out any relevant activities and if so, whether we have satisfied economic substance tests to the extent required under the Substance Act. It is anticipated that our Company will not be engaging in any "relevant activities" prior to the consummation of our initial business combination and will therefore not be required need to meet the economic substance requirements tests or will otherwise be subject to more limited substance requirements. Failure to satisfy applicable requirements may subject us to penalties under the Substance Act.

#### Securities Eligible For Future Sale
Immediately after this offering we will have 25,550,000 (or 29,360,000 if the underwriters' over-allotment option is exercised in full) ordinary shares outstanding. Of these shares, the 20,000,000 Class A ordinary shares (or 23,000,000 shares if the underwriters' over-allotment option is exercised in full) sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining 5,000,000 (or 5,750,000 if the underwriters' over-allotment option is exercised in full) founder shares and all 550,000 private placement units

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(or 610,000 units if the underwriters' over-allotment option is exercised in full) and their underlying securities are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering, and are subject to transfer restrictions as set forth elsewhere in this prospectus.

#### Rule 144
Pursuant to Rule 144, a person who has beneficially owned restricted ordinary shares or rights for at least six months would be entitled to sell their securities provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.

Persons who have beneficially owned restricted ordinary shares or rights for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the total number of Class A ordinary shares then issued and outstanding, which will equal 205,500 shares immediately after this offering (or 236,100 if the underwriter exercises its over-allotment option in full); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly reported trading volume of the ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies
Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the securities that was formerly a shell company has ceased to be a shell company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

As a result, our initial shareholders will be able to sell their founder shares and our sponsor will be able to sell their private placement units, private placement shares or private placement rights, pursuant to Rule 144 without registration, one year after we have completed our initial business combination.

#### Registration Rights
The holders of the founder shares, private placement units, any units that may be issued on conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement units, units issued upon conversion of the working capital loans and upon conversion of the founder shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering requiring us to register such securities for resale (in the case of the founder shares, only after conversion to our Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that we register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration

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rights agreement provides that we will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period as described under "Principal Shareholders — Transfers of Founder Shares and Private Placement Units." Notwithstanding the foregoing, Roth and/or its designees may not exercise their demand and "piggyback" registration rights after five and seven years after the commencement of sales of this offering and may not exercise their demand rights on more than one occasion. We will bear the expenses incurred in connection with the filing of any such registration statements.

#### Listing of Securities
We have applied to list our Class A ordinary shares, units and public rights on Nasdaq under the symbols "TMRD", "TMRDU" and "TMRDR", respectively. We expect that our units will be listed on Nasdaq promptly on or after the effective date of the registration statement. Following the date the Class A ordinary shares and public rights are eligible to trade separately, we anticipate that the Class A ordinary shares and public rights will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities will be approved for listing on Nasdaq.

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#### TAXATION
The following is a discussion of Cayman Islands and U.S. federal income tax considerations relevant to an investment in our units, ordinary shares and public rights is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in our ordinary shares and public rights, such as the tax consequences under state, local and other tax laws.

Prospective investors should consult their professional advisors on the possible tax consequences of buying, holding or selling any securities under the laws of their country of citizenship, residence or domicile.

#### Cayman Islands Taxation
The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

#### Under Existing Cayman Islands Laws
Payments of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the issue of rights. An instrument of transfer in respect of a rights is stampable if executed in or brought into the Cayman Islands.

No stamp duty is payable in respect of the issue of our securities or on an instrument of transfer in respect of our securities.

The Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands in the following form:

#### The Tax Concessions Act

#### (As Revised)

#### Undertaking as to Tax Concessions
In accordance with the provision of section 6 of The Tax Concessions Act (As Revised), the Financial Secretary undertakes with Timber Road Acquisition Corp. (the "Company"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. that no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the company or its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 on or in respect of the shares, debentures or other obligations of the company; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 by way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Act (As Revised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. these concessions shall be for a period of 30 years from the date hereof.

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#### U.S. Federal Income Taxation

#### General
The following is a discussion of U.S. federal income tax considerations generally applicable to the ownership and disposition of our units (each consisting of one ordinary share and one public right) that are purchased in this offering by U.S. Holders and Non-U.S. Holders (each as defined below). Because the components of a unit are generally separable at the option of the holder, the holder of a unit should generally be treated, for U.S. federal income tax purposes, as the owner of the underlying ordinary share and public right components of the unit.

This discussion is limited to certain U.S. federal income tax considerations to beneficial owners of our securities who are initial purchasers of a unit pursuant to this offering and hold the unit and each component of the unit as a capital asset within the meaning of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion assumes that the ordinary shares and public rights will trade separately and that any distributions made (or deemed made) by us on our ordinary shares and any consideration received (or deemed received) by a holder in consideration for the sale or other disposition of our securities will be in U.S. dollars. This discussion does not address any aspect of U.S. federal non-income tax laws, such as gift, estate, state, local or non-U.S. tax laws, nor does it consider alternative minimum tax or the Medicare tax on net investment income or all aspects of U.S. federal income taxation that may be relevant to the ownership and disposition of a unit or its components by a prospective investor in light of its particular circumstances, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers, or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxpayers that are subject to the mark-to-market accounting rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expatriates or former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own five percent or more of our shares by vote or value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other pass-through entities for U.S. federal income tax purposes and any beneficial owners of such entities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Holders whose functional currency is not the U.S. dollar.

If a partnership (including an entity or arrangement treated as a partnership, or other pass-through entity, for U.S. federal income tax purposes) holds our securities, the tax treatment of a partner, member or other beneficial owner in such partnership or other pass-through entity will generally depend upon the status of the partner, member or other beneficial owner, the activities of the entity, and certain determinations made at the partner, member or other

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beneficial owner level. Partners, members or other beneficial owners of a partnership or other pass-through entity holding our securities are urged to consult their tax advisors regarding the tax consequences of the ownership and disposition of our securities.

The discussion below is based upon the provisions of the Code, the Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as of the date hereof. Such provisions may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, which could result in U.S. federal income tax consequences different from those discussed below. Accordingly, there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.

We have not sought, and will not seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination may be upheld by a court.

**EACH PROSPECTIVE INVESTOR IN OUR SECURITIES IS URGED TO CONSULT ITS TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF ANY U.S. FEDERAL NON**-INCOME**, STATE, LOCAL, AND NON**-U**.S. TAX LAWS.**

#### Allocation of Purchase Price and Characterization of a Unit
There is no statutory, administrative or judicial authority directly addressing the treatment, for U.S. federal income tax purposes, of securities with terms substantially the same as the units, and, therefore, that treatment is not entirely clear. The acquisition of a unit should be treated for U.S. federal income tax purposes as the acquisition of one ordinary share and one public right to acquire one-eighth (1/8) of one ordinary share. We intend to treat the acquisition of a unit in this manner and, by purchasing a unit, you agree to adopt such treatment for U.S. federal income tax purposes. Each holder of a unit must allocate the purchase price paid by such holder for such unit between the ordinary share and the public rights that comprise the unit based on their respective relative fair market values at the time of issuance. A holder's initial tax basis in the ordinary share and the public right included in each unit should equal the portion of the purchase price of the unit allocated thereto. Any disposition of a unit should be treated for U.S. federal income tax purposes as a disposition of the ordinary share and the public right comprising the unit, and the amount realized on the disposition should be allocated between the ordinary share and the public right based on their respective relative fair market values at the time of disposition. The separation of the ordinary share and the public rights comprising a unit should not be a taxable event for U.S. federal income tax purposes.

The foregoing treatment of our ordinary shares and public rights and a holder's purchase price allocation are not binding on the IRS or the courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each holder is advised to consult its own tax advisor regarding the risks associated with an investment in a unit (including alternative characterizations of a unit) and regarding an allocation of the purchase price among the ordinary share and the public right that comprise a unit. The balance of this discussion generally assumes that the characterization of the units described above is respected for U.S. federal income tax purposes.

#### U.S. Holders
As used herein, the term "U.S. Holder" means a beneficial owner of units, ordinary shares or public rights who or that is for U.S. federal income tax purposes: (1) an individual citizen or resident of the United States; (2) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia; (3) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (4) a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) it has in effect a valid election to be treated as a U.S. person.

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If a beneficial owner of units, ordinary shares or public rights is not a U.S. Holder and is not an entity treated as a partnership or other pass-through entity for U.S. federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The U.S. federal income tax consequences applicable specifically to Non-U.S. Holders are described below under the heading "Non-U.S. Holders."

*Taxation of Distributions*

Subject to the PFIC rules discussed below, if we pay distributions to U.S. Holders, such distributions will generally constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of such earnings and profits will generally be applied against and reduce the U.S. Holder's basis in its ordinary shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such ordinary shares.

Any distribution paid by us that constitutes a dividend will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations. With respect to non-corporate U.S. Holders, dividends will be taxed at the lower applicable long-term capital gains rate (see "— Taxation on the Disposition of Securities" below) only if our ordinary shares are readily tradable on an established securities market in the United States and certain holding period and other requirements are met, including that we are not classified as a PFIC during the taxable year in which the dividend is paid or the preceding taxable year. It is unclear whether the redemption rights with respect to the ordinary shares described in this prospectus may prevent a U.S. Holder from satisfying the applicable holding period requirements for this purpose. U.S. Holders should consult their tax advisors regarding the availability of the lower rate for any dividends paid with respect to our ordinary shares.

*Taxation on the Disposition of Ordinary Shares or Public Rights*

Upon a sale or other taxable disposition of our ordinary share or public rights (which, in general, would include a redemption of ordinary shares, as discussed below, and including as a result of a dissolution and liquidation in the event we do not consummate an initial business combination within the required time period), and subject to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in such disposed ordinary shares or public rights. A U.S. Holder's adjusted tax basis in its ordinary shares or public rights generally will equal the U.S. Holder's acquisition cost (that is, the portion of the purchase price of a unit allocated to an ordinary share or public right, as described above under "— Allocation of Purchase Price and Characterization of a Unit") reduced, in the case of any ordinary, by any prior distributions treated as a return of capital.

The regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income tax rate on ordinary income, except that under tax law currently in effect long-term capital gains recognized by non-corporate U.S. Holders are generally subject to U.S. federal income tax at reduced rates. Capital gain or loss will constitute long-term capital gain or loss if the U.S. Holder's holding period for the securities exceeds one year. It is unclear whether the redemption rights with respect to the ordinary shares described in this prospectus may prevent a U.S. Holder from satisfying the applicable holding period requirements for this purpose. The deductibility of capital losses is subject to various limitations. U.S. Holders who recognize losses with respect to a disposition of our securities should consult their own tax advisors regarding the tax treatment of such losses.

*Redemption of Ordinary Shares*

Subject to the PFIC rules discussed below, if a U.S. Holder's ordinary shares are redeemed pursuant to the exercise of a shareholder redemption right or if we purchase a U.S. Holder's ordinary shares in an open market transaction (in either case referred to herein as a "redemption"), for U.S. federal income tax purposes, such redemption will be subject to the following rules. If the redemption qualifies as a sale of the ordinary shares under Section 302 of the Code, the tax treatment of such redemption will be as described under "— Taxation on the Disposition of Securities" above. Whether a redemption of our shares qualifies for sale treatment will depend largely on the total number of our ordinary shares treated as held by such U.S. Holder relative to all of our ordinary shares outstanding both before and after such redemption. The redemption of ordinary shares will generally be treated as a sale or exchange of the ordinary shares

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(rather than as a distribution) if the receipt of cash upon the redemption (1) is "substantially disproportionate" with respect to a U.S. Holder, (2) results in a "complete termination" of such holder's interest in us or (3) is "not essentially equivalent to a dividend" with respect to such holder. These tests are explained more fully below.

In determining whether any of the foregoing tests are satisfied, a U.S. Holder must take into account not only our ordinary shares actually owned by such holder, but also our ordinary shares that are constructively owned by such holder. A U.S. Holder may constructively own, in addition to our ordinary shares owned directly, ordinary shares owned by related individuals and entities in which such holder has an interest or that have an interest in such holder, as well as any ordinary shares such holder has a right to acquire by exercise of an option. In order to meet the substantially disproportionate test, the percentage of our outstanding voting shares actually and constructively owned by a U.S. Holder immediately following the redemption of our ordinary shares must, among other requirements, be less than 80% of the percentage of our outstanding voting and ordinary shares actually and constructively owned by such holder immediately before the redemption. There will be a complete termination of a U.S. Holder's interest if either (1) all of our ordinary shares actually and constructively owned by such U.S. Holder are redeemed or (2) all of our ordinary shares actually owned by such U.S. Holder are redeemed and such holder is eligible to waive, and effectively waives, in accordance with specific rules, the attribution of shares owned by family members and such holder does not constructively own any other shares. The redemption of the ordinary shares will not be essentially equivalent to a dividend if such redemption results in a "meaningful reduction" of a U.S. Holder's proportionate interest in us. Whether the redemption will result in a meaningful reduction in a U.S. Holder's proportionate interest in us will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority shareholder in a publicly held corporation who exercises no control over corporate affairs may constitute such a "meaningful reduction." U.S. Holders should consult with their own tax advisors as to the tax consequences of an exercise of the redemption right.

If none of the foregoing tests is satisfied, then the redemption may be treated as a distribution and the tax effects will be as described under "— *Taxation of Distributions*," above. After the application of those rules, any remaining tax basis a U.S. Holder has in the redeemed ordinary shares will be added to the adjusted tax basis in such holder's remaining ordinary shares. If there are no remaining ordinary shares, a U.S. Holder should consult its own tax advisors as to the allocation of any remaining basis.

*Acquisition of Ordinary Shares Pursuant to the Public Rights*

The treatment of the public rights is uncertain. The public rights may be viewed as a forward contract, derivative security or similar interest in us (analogous to an option with no exercise price), and thus the holder of the right would not be viewed as owning the ordinary shares issuable pursuant to the public rights until such ordinary shares are actually issued. There may be other alternative characterizations of the public rights that the IRS may successfully assert, including that the public rights are treated as equity in us at the time the rights are issued.

The tax consequences of an acquisition of our ordinary shares pursuant to public rights are unclear and will depend on the U.S. federal income tax treatment of any initial business combination. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of an acquisition of ordinary shares pursuant to the public rights and the consequences of any initial business combination.

*Passive Foreign Investment Company Rules*

A foreign (i.e. non-U.S.) corporation will be a PFIC for U.S. tax purposes if at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets in a taxable year of the foreign corporation, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income.

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

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Because we are a blank check company, with no current active business, we believe that it is likely that we will meet the PFIC asset or income test for our current taxable year. However, pursuant to a start-up exception, a corporation will not be a PFIC for the first taxable year the corporation has gross income (the "start-up year"), if (1) no predecessor of the corporation was a PFIC; (2) the corporation satisfies the IRS that it will not be a PFIC for either of the two taxable years following the start-up year; and (3) the corporation is not in fact a PFIC for either of those years.

The applicability of the start-up exception to us is uncertain and will not be known until after the close of our current taxable year and, possibly, after the close of our two subsequent taxable years. After the acquisition of a company or assets in a business combination, we may still meet one of the PFIC tests depending on the timing of the acquisition and the amount of our passive income and assets as well as the passive income and assets of the acquired business. If the company that we acquire in a business combination is a PFIC, then we will likely not qualify for the start-up exception and will be a PFIC for our current taxable year. Our actual PFIC status for our current taxable year or any future taxable year, moreover, will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of our ordinary shares or public rights and, in the case of our ordinary shares, the U.S. Holder did not make either a timely qualified electing fund ("QEF") election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) ordinary shares or a mark-to-market election, each as described below, such holder will generally be subject to special rules with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any gain recognized by the U.S. Holder on the sale or other disposition of its ordinary shares or public rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the ordinary shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for the ordinary shares).

Under these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the ordinary shares and public rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which we are a PFIC, will be taxed as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S. Holder.

In general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above with respect to our ordinary shares by making a timely QEF election (if eligible to do so) to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S. Holder in which or with which our taxable year ends.

A U.S. Holder may generally make a separate election to defer the payment of taxes on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. U.S. Holders are urged to consult their tax advisors as to the application of the rules governing purging elections to their particular circumstances.

The treatment of the public rights is unclear. For example, the public rights may be viewed as a forward contract, derivative security or similar interest in our company (analogous to an option with no exercise price), and thus the holder of the public rights would not be viewed as owning the ordinary shares issuable pursuant to the public rights

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until such ordinary shares are actually issued. There may be other alternative characterizations of the public rights that the IRS may successfully assert, including that the public rights are treated as equity in us at the time the public rights are issued, that would reach different conclusions regarding the tax treatment of the public rights under the PFIC rules. In any case, depending on which characterization is successfully applied to the public rights, different PFIC consequences may result for U.S. Holders of the public rights. It is also possible that a U.S. Holder of public rights would not be able to make a QEF election or mark-to-market election (discussed below) with respect to such U.S. Holder's public rights. Due to the uncertainty of the application of the PFIC rules to the public rights, all potential investors are strongly urged to consult with their own tax advisors regarding an investment in the public rights offered hereunder as part of the units offering and the subsequent consequences to holders of such public rights in any initial business combination.

The QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder generally makes a QEF election by attaching a completed IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund), including the information provided in a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should consult their own tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.

In order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from us. If we determine we are a PFIC for any taxable year, we will endeavor upon written request to provide to a U.S. Holder such information as the IRS may require, including a PFIC Annual Information Statement, in order to enable the U.S. Holder to make and maintain a QEF election. However, there is no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information to be provided.

If a U.S. Holder has made a QEF election with respect to our ordinary shares, and the special tax and interest charge rules do not apply to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on the sale of our ordinary shares will generally be taxable as capital gain and no interest charge will be imposed under the PFIC rules. As discussed above, U.S. Holders of a QEF are currently taxed on their pro rata shares of its earnings and profits, whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included in income should generally not be taxable as a dividend to such U.S. Holders. The tax basis of a U.S. Holder's shares in a QEF will be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under the above rules.

Although a determination as to our PFIC status will be made annually, an initial determination that our company is a PFIC will generally apply for subsequent years to a U.S. Holder who held ordinary shares or public rights while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any taxable year of us that ends within or with a taxable year of the U.S. Holder and in which we are not a PFIC. On the other hand, if the QEF election is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our ordinary shares, the PFIC rules discussed above will continue to apply to such shares unless the holder makes a purging election, as described above, and pays the tax and interest charge with respect to the gain inherent in such shares attributable to the pre-QEF election period.

Alternatively, if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable stock, the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) ordinary shares in us and for which we are determined to be a PFIC, such holder will generally not be subject to the PFIC rules described above in respect to its ordinary shares. Instead, in general, the U.S. Holder will include as ordinary income each year the excess, if any, of the fair market value of its ordinary shares at the end of its taxable year over the adjusted basis in its ordinary shares. Such a U.S. Holder also will be allowed to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of its ordinary shares at the end of its taxable year (but only to the extent of the net amount of previously included

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income as a result of the mark-to-market election). Such U.S. Holder's basis in its ordinary shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable disposition of the ordinary shares will be treated as ordinary income.

The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, including Nasdaq, or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. If made, a mark-to-market election would be effective for the taxable year for which the election was made and for all subsequent taxable years unless the ordinary shares cease to qualify as "marketable stock" for purposes of the PFIC rules or the IRS consented to the revocation of the election. U.S. Holders should consult their tax advisors regarding the availability and tax consequences of a mark-to-market election in respect to our ordinary shares under their particular circumstances.

If we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders would generally be deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or the U.S. Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. We will endeavor to cause any lower-tier PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier PFIC. However, there is no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we may not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the lower-tier PFIC to provide the required information. U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.

A U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form 8621(whether or not a QEF or mark-to-market election is made) and such other information as may be required by the U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations until such required information is furnished to the IRS.

The rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders of our ordinary shares or public rights should consult their own tax advisors concerning the application of the PFIC rules to our ordinary shares or public rights under their particular circumstances.

*Tax Reporting*

Certain U.S. Holders who are individuals and certain entities will be required to report information with respect to such U.S. Holder's investment in "specified foreign financial assets," which may include an interest in us, on IRS Form 8938 (Statement of Specified Foreign Financial Assets), subject to certain exceptions. Persons who are required to report specified foreign financial assets and fail to do so may be subject to substantial penalties, and the period of limitations on assessment and collection of U.S. federal income taxes will be extended in the event of a failure to comply. Potential investors are urged to consult their tax advisers regarding the foreign financial asset and other reporting obligations and their application to an investment in our securities.

#### Non-U .S. Holders
Dividends paid or deemed paid to a Non-U.S. Holder in respect to its ordinary shares will generally not be subject to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States).

In addition, a Non-U.S. Holder will generally not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our ordinary shares and public rights unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition and certain other conditions are met (in which case, such gain from United States sources generally is subject to tax at the same U.S. federal income tax rate that would be applicable to a comparable U.S. Holder.

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Dividends and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) will generally be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

#### Information Reporting and Backup Withholding
Dividend payments with respect to our ordinary shares and proceeds from the sale, exchange or redemption of our ordinary shares or public rights may be subject to information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status. A Non-U.S. Holder generally will eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a holder's U.S. federal income tax liability, and a holder generally may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with the IRS and furnishing any required information.

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**UNDERWRITING**

Roth Capital Partners, LLC is acting as representative of the underwriters named below. Subject to the terms and conditions of the underwriting agreement dated , 2025, each underwriter named below has severally agreed to purchase, and we have agreed to sell to such underwriter, the number of units set forth opposite the underwriter's name.

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Units** |
|  Roth Capital Partners, LLC |  |
|  Total | 20000000 |

---

The underwriting agreement provides that the obligations of the underwriters to purchase the units included in this offering are subject to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than those covered by the over-allotment option described below) if they purchase any of the units.

The offering of the units by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

<u>**<u>Pricing of the Offering</u>**</u>

We have been advised by the underwriters that they propose to offer the units to the public at the initial offering price set forth on the cover page of this prospectus. The underwriters may allow dealers concessions not in excess of $ per unit and the dealers may re-allow a concession not in excess of $ per unit to other dealers. After the initial offering of the units, the representative may change the offering price and other selling terms. The offering of the units by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part. Sales of any units outside the United States may be made by affiliates of the underwriters.

<u>**<u>Over-allotment</u> <u>Option</u>**</u>

If the underwriters sell more units than the total number set forth in the table above, we have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to 3,000,000 additional units at the public offering price less the underwriting discount. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional units approximately proportionate to that underwriter's initial purchase commitment. Any units issued or sold under the option will be issued and sold on the same terms and conditions as the other units that are the subject of this offering.

<u>**<u>Lock-Up</u>**</u>

We, our sponsor and our executive officers and directors have agreed that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent of the representative, offer, sell, contract to sell, pledge, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any units, rights, ordinary shares or any other securities convertible into, or exercisable or exchangeable for, any units, ordinary shares, founder shares or rights, subject to certain exceptions. The representative in its sole discretion may release any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors, which shall be with notice. Our sponsor, officers and directors are also subject to separate transfer restrictions on their founder shares and private placement units pursuant to the letter agreement described herein.

Our sponsor, officers and directors agreed not to transfer, assign or sell any founder shares until the earlier to occur of (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the last sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property (except with respect

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to permitted transferees as described in the section of this prospectus entitled "*Principal Shareholders — Transfers of Founder Shares and Private Placement Units")*. The private placement units that may be issued upon conversion of working capital loans (including the Class A ordinary shares and rights that constitute the private placement units) will not be transferable, assignable or saleable by our sponsor (as applicable) or their permitted transferees until 30 days after the completion of our initial business combination (except with respect to permitted transferees as described herein under the section of this prospectus entitled "*Principal Shareholders — Transfers of Founder Shares and Private Placement Units.*"

Roth (and/or its designees) has also committed to purchase from us 200,000 private placement units at $10.00 per unit for an aggregate purchase price of $2,000,000 (or if the over-allotment option is exercised in full, 230,000 private placement units at $10.00 per unit for an aggregate purchase price of $2,300,000). The private placement units (including the Class A ordinary shares and rights which constitute such units) will not be transferable, assignable or saleable until 30 days after the consummation of our initial business combination (except with respect to permitted transferees as described herein under "Principal Shareholders — Transfers of Founder Shares and Private Placement Units"). The purchase of the private placement units will take place on a private placement basis simultaneously with the consummation of this offering. Such private placement units will be considered underwriting compensation in connection with this offering. Such private placement units will be subject to lock-up restrictions, as required by FINRA Rule 5110(e)(1) and may not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of such securities by any person for a period of 180 days immediately following the date of effectiveness of the registration statement of which this prospectus forms a part or commencement of sales of the offering, except as provided in FINRA Rule 5110(e)(2). Roth is entitled under the registration rights agreement to demand and "piggy-back" resale registration rights Roth may not exercise its demand and "piggy-back" registration rights after five and seven years, respectively, after the commencement of sales in this offering and may not exercise its demand rights on more than one occasion.

Prior to this offering, there has been no public market for our securities. Consequently, the initial public offering price for the units was determined by negotiations between us and the representative. The determination of our per unit offering price was more arbitrary than would typically be the case if we were an operating company. Among the factors considered in determining the initial public offering price were the history and prospects of companies whose principal business is the acquisition of other companies, prior offerings of those companies, our management, our capital structure, and currently prevailing general conditions in equity securities markets, including current market valuations of publicly traded companies considered comparable to our company. We cannot assure you, however, that the price at which the units, Class A ordinary shares or rights will sell in the public market after this offering will not be lower than the initial public offering price or that an active trading market in our units, Class A ordinary shares or rights will develop and continue after this offering.

<u>**<u>Listing</u>**</u>

We expect our units to be listed on Nasdaq, under the symbol "TMRDU" commencing on or promptly after the date of this prospectus, and, once the Class A ordinary shares and rights begin separate trading, to have our Class A ordinary shares and rights listed on Nasdaq under the symbols "TMRD" and "TMRDR", respectively. We cannot guarantee that our securities will be approved for listing on Nasdaq.

<u>**<u>Discounts</u>**</u>

The following table shows the underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Unit** | **Per Unit** | **Total** | **Total** |
|  | **Without <br>Over-allotment** | **With <br>Over-allotment** | **Without <br>Over-allotment** | **With <br>Over-allotment** |
|  Underwriting Discounts and Commissions paid by us | $0.20 | $0.20 | $4000000 | $4600000 |

---

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<u>**<u>Business Combination Marketing Agreement</u>**</u>

Pursuant to a Business Combination Marketing Agreement, we have engaged Roth as an advisor in connection with our initial business combination to assist us in holding meetings with our shareholders to discuss the potential business combination and the target business' attributes, introduce us to potential investors that are interested in purchasing our securities in connection with our initial business combination and assist us with our press releases and public filings in connection with the business combination. We will pay Roth a cash fee for such services upon the consummation of our initial business combination in an amount of up to $9,000,000 or if the underwriter's over-allotment option is exercised in full, up to $10,350,000, as further described in the Business Combination Marketing Agreement. The fee shall be payable in cash and is due and payable to Roth upon the consummation of our initial business combination. However, the foregoing fee will not be paid prior to the date that is 60 days from the effective date of the registration statement of which this prospectus forms a part, unless FINRA determines that such payment would not be deemed underwriters' compensation in connection with this offering pursuant to FINRA Rule 5110.

<u>**<u>Right of First Refusal</u>**</u>

We have granted Roth a right of first refusal under certain circumstances for a period commencing from the consummation of this offering until 12 months after the date of the consummation of our initial business combination (provided that in no event shall this period exceed three years from the closing of this offering) to act as exclusive financial advisor, sole book runner, and/or sole placement agent for each and every future public and private equity and debt offering, including all equity-linked financings for the Company or any of the Company's successors or subsidiaries.

<u>**<u>Stabilization and Other Transactions</u>**</u>

The underwriters pursuant to Regulation M under the Securities Exchange Act of 1934, as amended, may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the units at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

"Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional units in this offering. The underwriters may close out any covered short position by either exercising the overallotment option or purchasing our units in the open market or from market participants. In determining the source of units to close out the covered short position, the underwriters will consider, among other things, the price of units available.

"Naked" short sales are sales in excess of the option to purchase additional units. The underwriters must close out any naked short position by purchasing units in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in this offering.

A stabilizing bid is a bid for the purchase of units on behalf of the underwriters for the purpose of fixing or maintaining the price of the units. A syndicate covering transaction is the bid for or the purchase of units on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our units or preventing or retarding a decline in the market price of our units. As a result, the price of our units may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the units originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we, nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our units. The underwriters are not obligated to engage in these activities and, if commenced, may end any of these activities at any time. These transactions may be effected on Nasdaq, in the over-the-counter market or otherwise.

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<u>**<u>Offering Expenses</u>**</u>

We estimate that our portion of the total expenses of this offering payable by us will be $414,615, excluding underwriting discounts and commissions. We have agreed to reimburse the underwriters for certain of its out-of-pocket costs for this offering up to a maximum reimbursement of $75,000 in total, including, but not limited to, legal fees, including up to $30,000 for legal fees related to the review by FINRA, and the expenses of investigations and background checks.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make because of any of those liabilities.

<u>**<u>Market Making</u>**</u>

The underwriters have advised us that, following the completion of this offering, they currently intend to make a market in the units as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the units, that you will be able to sell any of the units held by you at a particular time or that the prices that you receive when you sell will be favorable.

<u>**<u>Other Terms</u>**</u>

The underwriting agreement provides that following the completion of this offering, the obligations of the underwriters with respect to this offering will be deemed to be satisfied and the underwriters are not bound by any commitment or obligation to offer or sell to the public any of our securities or of any target business in an initial business combination or otherwise solicit holders of our securities or any target business in an initial business combination to approve the business combination.

Except as set forth in the Business Combination Marketing Agreement, we are not under any contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have no present intent to do so. Upon consummation of this offering, the funds will be deposited into a U.S. based trust account with Continental Stock Transfer and Trust Company. acting as trustee. Additionally, any of the underwriters may introduce us to potential target businesses or assist us in raising additional capital in the future. If any of the underwriters provide services to us after this offering, we may pay such underwriter fair and reasonable fees that would be determined at that time in an arm's length negotiation; provided that no agreement will be entered into with any of the underwriters and no fees for such services will be paid to any of the underwriters prior to the date that is 60 days from the date of this prospectus, unless such payment would not be deemed underwriters' compensation in connection with this offering and we may pay the underwriters of this offering or any entity with which they are affiliated a finder's fee or other compensation for services rendered to us in connection with the completion of a business combination.

Some of the underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates, including in connection with acting in an advisory capacity or as a potential financing source in conjunction with our potential acquisition of a company. They have received, or may in the future receive, customary fees and commissions for these transactions.

In the ordinary course of their various business activities, some of the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the issuer (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the issuer. Some of the underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

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<u>**<u>Electronic Offer, Sale, and Distribution</u>**</u>

A prospectus in electronic format may be made available on websites or through other online services maintained by one or more of the underwriters of this offering, or by their affiliates. In connection with the offering, the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

<u>**<u>Selling Restrictions</u>**</u>

No action may be taken in any jurisdiction other than the United States that would permit a public offering of the units or the possession, circulation, or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the units may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or advertisements in connection with the units may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

<u>**<u>Canada</u>**</u>

This prospectus constitutes an "exempt offering document" as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the securities. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus or on the merits of the securities and any representation to the contrary is an offence.

Canadian investors are advised that this prospectus has been prepared in reliance on section 3A.3 of National Instrument 33 – 105 Underwriting Conflicts ("NI 33 – 105"). Pursuant to section 3A.3 of NI 33 – 105, this prospectus is exempt from the requirement that the issuer and the underwriter(s) provide investors with certain conflicts of interest disclosure pertaining to "connected issuer" and/or "related issuer" relationships that may exist between the issuer and the underwriter(s) as would otherwise be required pursuant to subsection 2.1(1) of NI 33 – 105.

*Resale Restrictions*

The offer and sale of the securities in Canada is being made on a private placement basis only and is exempt from the requirement that the issuer prepares and files a prospectus under applicable Canadian securities laws. Any resale of the securities acquired by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, pursuant to a statutory exemption from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the securities outside of Canada.

*Representations of Purchasers*

Each Canadian investor who purchases the securities will be deemed to have represented to the issuer and the underwriter(s) that the investor (i) is purchasing the securities as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution; (ii) is an "accredited investor" as such term is defined in section 1.1 of National Instrument 45 – 106 Prospectus Exemptions ("NI 45 – 106") or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario); and (iii) is a "permitted client" as such term is defined in section 1.1 of National Instrument 31 – 103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

*Taxation and Eligibility for Investment*

Any discussion of taxation and related matters contained in this prospectus does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a Canadian investor when deciding to purchase the securities and, in particular, does not address any Canadian tax considerations. No representation or warranty is

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hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment in the securities or with respect to the eligibility of the securities for investment by such investor under relevant Canadian federal and provincial legislation and regulations.

*Rights of Action for Damages or Rescission*

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission Rule 45 – 501 Ontario Prospectus and Registration Exemptions and in Multilateral Instrument 45 – 107 Listing Representation and Statutory Rights of Action Disclosure Exemptions, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation" as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defenses under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

*Language of Documents*

Upon receipt of this document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur Canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement.

<u>**<u>Australia</u>**</u>

This document does not constitute a prospectus, product disclosure statement or other disclosure document under the Australia's Corporations Act 2001 (Cth) (the "Corporations Act") of Australia. This document has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this document in Australia:

You confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act any offer made to you under this document is void and incapable of acceptance.

You warrant and agree that you will not offer any of the shares issued to you pursuant to this document for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

<u>**<u>European Economic Area</u>**</u>

In relation to each member state of the European Economic Area (each a "Member State"), no securities have been offered or will be offered pursuant to the offer described herein in that Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State or,

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where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Member State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of securities shall require the issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

Each person in a Member State who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Member State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any securities in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

In Member States, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation ("Qualified Investors"). This document must not be acted on or relied on in any Member State by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available in any Member State only to Qualified Investors and will be engaged in only with such persons.

<u>**<u>Hong Kong</u>**</u>

No securities have been, may be or will be offered or sold in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any rules made thereunder; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding UP and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O"), or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No document, invitation or advertisement relating to the securities has been issued or may be issued or will be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

This document has not been and will not be registered with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is

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deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this document and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

<u>**<u>Japan</u>**</u>

The offering has not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948 of Japan, as amended) (the "FIEA"), and the Initial Purchaser will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means, unless otherwise provided herein, any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.

<u>**<u>Singapore</u>**</u>

This document has not been and will not be lodged or registered with the Monetary Authority of Singapore. Accordingly, this document and any other document or material in connection with the offer or sale, or the invitation for subscription or purchase of the securities may not be issued, circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person as defined under Section 275(2) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA and where (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of any other applicable provision of the SFA. In the event that you are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

No offer is made to you with a view to the securities being subsequently offered for sale to any other party. There are on-sale restrictions that may be applicable to investors who acquire securities. As such, investors are advised to acquaint themselves with the provisions of the SFA relating to resale restrictions and comply accordingly.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (which is not an accredited investor as defined under Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable within six months after that corporation or that trust has acquired the securities under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to an institutional investor under Section 274 of the SFA or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where no consideration is given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.

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<u>**<u>Switzerland</u>**</u>

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, the issuer or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

<u>**<u>Israel</u>**</u>

This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In the State of Israel, this document is being distributed only to, and is directed only at, and any offer of the shares is directed only at, investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals", each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors will be required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

<u>**<u>United Kingdom</u>**</u>

In relation to the United Kingdom, no securities have been offered or will be offered pursuant to the offer described herein to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities which has been approved by the UK Financial Conduct Authority, except that the securities may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (as amended) (the "FSMA"),

provided that no such offer of the securities shall require the issuer or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

Each person in the United Kingdom who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in the United Kingdom to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such

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proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018.

In the United Kingdom, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation who are also: (i) persons who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); (ii) persons falling within Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this document relates is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) may only be communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply. All applicable provisions of the FSMA and the Order must be complied with in respect of anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

<u>**<u>Cayman Islands</u>**</u>

This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. For the avoidance of doubt, no offer or invitation, whether directly or indirectly, is being or may be made to the public in the Cayman Islands to subscribe for any of our securities.

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#### LEGAL MATTERS
Reed Smith LLP, New York, NY is acting as counsel in connection with the registration of our securities under the Securities Act, and as such, will pass upon the validity of the securities offered in this prospectus with respect to units and public rights. Harney Westwood & Riegels, Cayman Islands, will pass upon the validity of the securities offered in this prospectus with respect to the ordinary shares and matters of Cayman Islands law. In connection with this offering, Loeb & Loeb LLP, New York, New York, is acting as counsel to the underwriters.

#### EXPERTS
The financial statements of Timber Road Acquisition Corp. for the period from March 6, 2025 (inception) through March 31, 2025, appearing in this prospectus, have been audited by CBIZ CPAs P.C., independent registered public accounting firm, as set forth in their report thereon (which contains an explanatory paragraph related to substantial doubt about the ability of Timber Road Acquisition Corp. to continue as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus, and are included in reliance on the report of such firm given on the authority of such firm as experts in accounting and auditing.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the securities we are offering by this prospectus. This prospectus does not contain all of the information included in the registration statement. For further information about us and our securities, you should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are materially complete but may not include a description of all aspects of such contracts, agreements or other documents, and you should refer to the exhibits attached to the registration statement for copies of the actual contract, agreement or other document.

Upon completion of this offering, we will be subject to the information requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC's website at *www.sec.gov.*

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  **Financial Statements for Timber Road Acquisition Corp.:** |  |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID: 199)](#T601) | F-2 |
|  [Balance Sheet as of March 31, 2025](#T602) | F-3 |
|  [Statement of Operations for the period from March 6, 2025 (Inception) through March 31, 2025](#T603) | F-4 |
|  [Statement of Changes in Shareholders' Deficit for the period from March 6, 2025 (Inception) through March 31, 2025](#T604) | F-5 |
|  [Statement of Cash Flows for the period from March 6, 2025 (Inception) through March 31, 2025](#T605) | F-6 |
|  [Notes to Financial Statements](#T606) | F-7 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of<br>Timber Road Acquisition Corp.

#### Opinion on the Financial Statements
We have audited the accompanying balance sheet of Timber Road Acquisition Corp. (the "Company") as of March 31, 2025, the related statements of operations, changes in shareholders' deficit and cash flows for the period from March 6, 2025 (inception) through March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, based on our audit, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025, and the results of its operations and its cash flows for the period from March 6, 2025 (inception) through March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Explanatory Paragraph — Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to the financial statements, the Company is a Special Purpose Acquisition Corporation that was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses within an expected period of 24 months after the closing of the Proposed Public Offering. The Company lacks the capital resources it needs to fund its operations for a reasonable period of time, which is generally considered to be one year from the issuance of the financial statements. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ CBIZ CPAS P.C.

**CBIZ CPAs P.C.**

We have served as the Company's auditor since 2025.

New York, New York<br>April 14, 2025

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#### TIMBER ROAD ACQUISITION CORP.<br>BALANCE SHEET<br>MARCH 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
|  Deferred offering costs | 22510 |
|  **Total Assets** | $**22510** |
|  **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |
|  **Current liabilities** |  |
|  Accrued expenses | $10420 |
|  Accrued offering costs | 22510 |
|  Promissory note – related party | 12040 |
|  **Total Current Liabilities** | **44970** |
|  **Commitments and Contingencies** |  |
|  **Shareholders' Deficit** |  |
|  Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding |  |
|  Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued or outstanding |  |
|  Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding<sup>(1)</sup> | 575 |
|  Additional paid-in capital | 24425 |
|  Accumulated deficit | (47460) |
|  **Total Shareholders' Deficit** | **(22460**) |
|  **Total Liabilities and Shareholders' Deficit** | $**22510** |

---

____________

(1) Includes an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised (see Note 5).

The accompanying notes are an integral part of these financial statements.

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#### TIMBER ROAD ACQUISITION CORP.<br>STATEMENT OF OPERATIONS<br>FOR THE PERIOD FROM MARCH 6, 2025 (INCEPTION) THROUGH MARCH 31, 2025

---

| | |
|:---|:---|
|  General and administrative costs | $47460 |
|  **Net Loss** | $**(47460**) |
|  Weighted average shares outstanding, basic and diluted<sup>(1)</sup> | 5000000 |
|  **Basic and diluted net loss per ordinary share** | $**(0.01**) |

---

____________

(1) Excludes an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised (see Note 5).

The accompanying notes are an integral part of these financial statements.

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#### TIMBER ROAD ACQUISITION CORP.<br>STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT<br>FOR THE PERIOD FROM MARCH 6, 2025 (INCEPTION) THROUGH MARCH 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B <br>Ordinary Shares<sup>(1)</sup>** | **Class B <br>Ordinary Shares<sup>(1)</sup>** | **Additional <br>Paid-In <br>Capital** | **Accumulated <br>Deficit** | **Total <br>Shareholders' <br>Deficit** |
|  | **Shares** | **Amount** | **Additional <br>Paid-In <br>Capital** | **Accumulated <br>Deficit** | **Total <br>Shareholders' <br>Deficit** |
|  **Balance – March 6, 2025 (inception)** |  | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Issuance of Ordinary shares to Sponsor<sup>(1)</sup> | 5750000 | 575 | 24425 |  | 25000 |
| &nbsp;&nbsp;&nbsp; Net loss |  |  |  | (47460) | (47460) |
|  **Balance – March 31, 2025** | **5750000** | $**575** | $**24425** | $**(47460**) | $**(22460**) |

---

____________

(1) Includes an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised (see Note 5).

The accompanying notes are an integral part of these financial statements.

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#### TIMBER ROAD ACQUISITION CORP.<br>STATEMENT OF CASH FLOWS<br>FOR THE PERIOD FROM MARCH 6, 2025 (INCEPTION) THROUGH MARCH 31, 2025

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities:** |  |
|  Net loss | $(47460) |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 10420 |
| &nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | (37040) |
|  **Cash Flows from Financing Activities:** |  |
|  Proceeds from initial shareholder for issuance of founder shares | 25000 |
|  Proceeds from issuance of promissory note – related party | 12040 |
| &nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 37040 |
|  **Net Change in Cash** |  |
|  Cash – beginning of the period |  |
|  Cash – end of the period | $— |
|  **Non-cash financing activities:** |  |
|  Deferred offering costs included in accrued offering costs | $22510 |

---

The accompanying notes are an integral part of these financial statements.

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS
Timber Road Acquisition Corp. (the "Company") is a blank check company incorporated as a Cayman Islands exempted company on March 6, 2025. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses ("Business Combination").

While the Company may pursue an initial business combination target in any industry or geographic location, the Company intends to capitalize on the ability of our management team to identify, acquire and operate a business or businesses that can benefit from the management team's established global relationships, sector expertise on the real estate and consumer industry, and active management and operating experience. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of March 31, 2025, the Company had not commenced any operations. All activity for the period from March 6, 2025 (inception) through March 31, 2025 relates to the Company's formation and the proposed initial public offering ("Proposed Public Offering"), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company has selected December 31 as its fiscal year end.

The Company's ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 20,000,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units being offered, the "Public Shares") at $10.00 per Unit (or 23,000,000 Units if the underwriter's over-allotment option is exercised in full), which is discussed in Note 3. Each Unit will consist of one Class A ordinary share and right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial Business Combination (the "Public Rights"). Simultaneously with the Proposed Public offering, the Company intends to sell 550,000 private placement units (or 610,000 private placement units if the underwriter's over-allotment option is exercised in full) (the "Private Placement Units") at a price of $10.00 per Private Placement Unit in private placements to Timber Road Sponsor LLC ("Sponsor"). Each Private Placement Unit will consist of one Class A ordinary share and right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial Business Combination (the "Private Placement Rights").

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (excluding the Business Combination Marketing Fee (Note 6) and taxes payable on the income earned on the trust account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Units, will be held in a trust account ("Trust Account") and invested or held either (i) in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank, as determined by the Company. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS (cont.)
Company Act, which risk increases the longer the Company holds investments in the Trust Account, the Company may, at any time instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account. No later than 24 months after the closing of the Proposed Public Offering, the amounts held in the Trust Account will be held as cash or cash items, including in demand deposit accounts.

The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company's rights. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity."

If the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission ("SEC"), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor, officer and directors have agreed to vote its Founder Shares (as defined in Note 5), Private Placement Shares and any Public Shares purchased in or after the Proposed Public Offering in favor of approving a Business Combination (except that any Public Shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in favor of approving the business combination transaction) and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination.

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company's amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company's prior written consent.

The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the amended and restated memorandum and articles of association (i) to modify the substance or timing of the Company's obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment and (iii) to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination.

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS (cont.)
The Company will have until 24 months from the closing of the Proposed Public Offering (the "Combination Period") to complete a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company's board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Proposed Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive its rights to its Marketing Fee (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Proposed Public Offering price per Unit ($10.00).

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company's indemnity of the underwriter of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company's independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

#### Going Concern
As of March 31, 2025, the Company had no cash and a working capital deficit of $44,970. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company's assessment of going concern considerations in accordance with Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," as of March 31, 2025, the Company does not have sufficient liquidity to meet its current obligations which is considered to be one year from the date of the issuance of the financial statements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management plans to address this uncertainty through the Proposed Public Offering as discussed in Note 3. There is no assurance that the Company's plans to raise capital will be successful.

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS (cont.)

#### Risks and Uncertainties
The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict, the recent escalation of the Israel-Hamas conflict and the recent escalation of the Israel-Iran conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization ("NATO") deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict, the recent escalation of the Israel-Iran conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Furthermore, changes to policy implemented by the U.S. Congress, the Trump administration or any new administration have impacted and may in the future impact, among other things, the U.S. and global economy, international trade relations, unemployment, immigration, healthcare, taxation, the U.S. regulatory environment, inflation and other areas. For example, during the prior Trump administration, increased tariffs were implemented on goods imported into the U.S., particularly from China, Canada, and Mexico. On February 1, 2025, the U.S. imposed a 25% tariff on imports from Canada and Mexico, which were subsequently suspended for a period of one month, and a 10% additional tariff on imports from China. More recently on April 2, 2025, President Trump signed an executive order imposing a minimum 10 percent baseline tariff on all U.S. imports, with higher tariffs applied to imports from 57 specific countries. The baseline tariff rate became effective on April 5, while tariffs on imports from the 57 targeted nations, ranging from 11 to 50 percent, took effect on April 9. On the same day, President Trump announced a 90-day 'pause' on reciprocal tariffs for all but China, which continues to face tariffs as high as 145%. Historically, tariffs have led to increased trade and political tensions, between not only the U.S. and China, but also between the U.S. and other countries in the international community. In response to tariffs, other countries have implemented retaliatory tariffs on U.S. goods.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, and tariff on imports from foreign countries could adversely affect the Company's search for an initial business combination and any target business with which the Company may ultimately consummate an initial business combination.

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Basis of Presentation
The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the SEC.

#### Emerging Growth Company
The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

#### Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

#### Deferred Offering Costs
The Company complies with the requirements of the Financial Accounting Standards Board ("FASB") ASC 340-10-S99 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering." Deferred offering costs consist principally of professional and registration fees that are directly related to the Proposed Public Offering. FASB ASC 470-20, "Debt with Conversion and Other Options," addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Proposed Public Offering proceeds from the Units between Class A ordinary shares and rights, using the residual method by allocating Proposed Public Offering proceeds first to assigned value of the rights and then to the Class A ordinary shares. Offering costs allocated to the Class A ordinary shares will be charged to temporary equity and offering costs allocated to the Public and Private Placement Rights will be charged to shareholder's equity as Public and Private Placement Rights after management's evaluation will be accounted for under equity treatment. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations.

#### Income Taxes
The Company accounts for income taxes under ASC 740, "Income Taxes" ("ASC 740"). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.

#### Net Loss Per Ordinary Share
Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 750,000 ordinary shares that are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised (see Note 5). At March 31, 2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the periods presented.

#### Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such accounts.

#### Fair Value of Financial Instruments
The fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair Value Measurement," approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

#### Derivative Financial Instruments
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, "Derivatives and Hedging." For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statement of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriter's over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and will be accounted for as a liability pursuant to ASC 480 if not fully exercised at the time of the Proposed Public Offering.

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Share Rights
The Company accounts for the Public and Private Placement Rights issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, "Derivatives and Hedging". Accordingly, the Company evaluated and will classify the rights under equity treatment at its assigned value once determine upon the closing of the Proposed Public Offering.

#### Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on March 6, 2025, date of incorporation.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's financial statements.

#### NOTE 3 — PROPOSED PUBLIC OFFERING
Pursuant to the Proposed Public Offering, the Company will offer for sale up to 20,000,000 Units (or 23,000,000 Units if the underwriter's over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Class A ordinary share and right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial Business Combination, as described in more detail below. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial Business Combination. The Company will not issue fractional Class A ordinary shares. As a result, holders must hold rights in multiples of eight in order to receive shares for all of their rights upon closing of an initial Business Combination.

**NOTE 4 — PRIVATE PLACEMENT**

The Sponsor and Roth Capital Partners LLC, representative of the underwriters (Roth) have committed to purchase an aggregate of 550,000 Private Placement Units (or 610,000 Private Placement Units if the underwriters' over-allotment option is exercised in full) at a price of $10.00 per Unit, for an aggregate purchase price of $5,500,000 (or $6,100,000 if the underwriters' over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Each Private Placement Unit will consist of one Class A ordinary share and right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of an initial Business Combination. Of the total 550,000 Private Placement Units (or 610,000 Private Placement Units if the underwriters over-allotment option is exercised in full) the Sponsor has agreed to purchase an aggregate of 350,000 Private Placement Units for an aggregate purchase price of $3,500,000 (or 380,000 private placement units for an aggregate purchase price of $3,800,000 if the underwriters' over-allotment option in exercised in full) and Roth has agreed to purchase an aggregate of 200,000 private placement units for an aggregate purchase price of $2,000,000 (or 230,000 private placement units for an aggregate purchase price of $2,300,000 if the underwriters' over-allotment option is exercised in full).

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 5 — RELATED PARTY TRANSACTIONS

#### Founder Shares
On March 18, 2025, the Sponsor purchased 5,750,000 Class B ordinary shares (the "Founder Shares") for $25,000, which was used to cover certain general and administrative costs of the Company. Up to 750,000 of the Founder Shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters' over-allotment is exercised.

The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company's shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

#### Promissory Note — Related Parties
On March 11, 2025, the Company issued an unsecured promissory note to the Sponsor (the "Promissory Note"), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) December 31, 2025 or (ii) the consummation of the Proposed Public Offering. As of March 31, 2025, there was $12,040 outstanding under the Promissory Note.

#### Administrative Services Agreement
The Company intends to enter into an agreement, commencing on the effective date of the Proposed Public Offering through the earlier of the Company's consummation of a Business Combination and its liquidation, to pay an affiliate the Sponsor a total of up to $10,000 per month for office space and administrative and support services.

#### Related Party Loans
In order to finance transaction costs in connection with a Business Combination, either of the Sponsor, any of their respective affiliates or certain of the Company's directors and officers may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender's discretion, up to $1,500,000 of such Working Capital Loans for each such person may be convertible into Units of the post-Business Combination entity at a price of $10.00 per Unit. The Units would be identical to the Private Placement Units. As of March 31, 2025, there are no Working Capital Loans outstanding.

#### NOTE 6 — COMMITMENTS

#### Registration Rights
The holders of the Founder Shares, Private Placement Shares, Private Placement Units, and any units that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Units and units that may be issued upon conversion of Working Capital Loans and upon

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 6 — COMMITMENTS (cont.)
conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of Proposed Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to our Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain "piggyback" registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. Roth and/or its designees may not exercise their demand and "piggyback" registration rights after five and seven years after the commencement of sales of the Proposed Public Offering and may not exercise their demand rights on more than one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

#### Underwriting Agreement
The Company will grant the underwriter a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments at the Proposed Public Offering price, less the underwriting commissions.

The underwriter will be entitled to a cash underwriting discount of $0.20 per Unit, or $4,000,000 in the aggregate (or $4,600,000 if the overallotment option is exercised in full), payable upon the closing of the Proposed Public Offering.

#### Business Combination Marketing Fee
The Company will engage Roth Capital Partners, LLC ("Roth") as an advisor in connection with its Business Combination. The Company will pay Roth a cash fee for such services upon the consummation of its initial Business Combination in an amount up to 4.5% of the gross proceeds of the Proposed Public Offering, an aggregate of up to $9,000,000 (or $10,350,000 if the underwriters' over-allotment option is exercised in full).

#### NOTE 7 — SHAREHOLDERS' DEFICIT
**Preference Shares —** The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. At March 31, 2025, there were no preference shares issued or outstanding.

**Class A Ordinary Shares —** The Company is authorized to issue 200,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At March 31, 2025, there were no Class A ordinary shares issued or outstanding.

**Class B Ordinary Shares —** The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At March 31, 2025, there were 5,750,000 Class B ordinary shares issued and outstanding (see Note 5), of which an aggregate of up to 750,000 shares are subject to forfeiture by the holders thereof depending on the extent to which the underwriter's over-allotment option is exercised so that the number of Founder Shares will equal approximately 20% of the Company's issued and outstanding ordinary shares after the Proposed Public Offering.

Only holders of Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company's shareholders except as otherwise required by law.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Proposed Public Offering and related to the closing of a Business Combination, the ratio at which the

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 7 — SHAREHOLDERS' DEFICIT (cont.)
Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, approximately 20% of the sum of all ordinary shares issued and outstanding upon the completion of the Proposed Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination.

#### Rights
Except in cases where the Company is not the surviving Company in a business combination, each holder of a right will automatically receive one-eighth (1/8) of one Class A ordinary share upon consummation of the initial Business Combination, even if the holder of a public right redeemed all Class A ordinary shares held by it in connection with the initial Business Combination or an amendment to the amended and restated memorandum and articles of association with respect to the pre-business combination activities. In the event the Company will not be the surviving company upon completion of the initial Business Combination, each holder of a right will be required to affirmatively convert its rights in order to receive the one-eighth (1/8) of one Class A ordinary share underlying each right upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares of Class A ordinary share upon consummation of an initial Business Combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters into a definitive agreement for a Business Combination in which it 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 Class A ordinary shares will receive in the transaction on an as-converted into Class A ordinary share basis.

The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands Law. As a result, holders must hold rights in multiples of eight in order to receive shares for all of their rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and the Company liquidates 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 the assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, 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 the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

#### NOTE 8 — SEGMENT INFORMATION
ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company's CODM, or group, in deciding how to allocate resources and assess performance.

The Company's CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one reportable segment.

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#### TIMBER ROAD ACQUISITION CORP.<br>NOTES TO FINANCIAL STATEMENTS<br>MARCH 31, 2025

#### NOTE 8 — SEGMENT INFORMATION (cont.)
The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. When evaluating the Company's performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

---

| | |
|:---|:---|
|  | **For the <br>Period from <br>March 6, 2025 <br>(Inception) <br>through <br>March 31, <br>2025** |
|  General and administrative costs | $47460 |

---

The key measures of segment profit or loss reviewed by the CODM are general and administrative costs. General and administrative costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Proposed Public Offering and eventually a Business Combination within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

#### NOTE 9 — SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to April 14, 2025, the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

#### Unaudited Subsequent Event
In July 2025, the Company decreased the Combination Period from 24 months to 18 months from the closing of the Proposed Public Offering.

[**Table of Contents**](#TOC001)

#### 20,000,000 Units

#### Timber Road Acquisition Corp.

#### ________________________________________________________________

#### PRELIMINARY PROSPECTUS
, 2025

#### ________________________________________________________________

#### Roth Capital Partners
Until , 2025 (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

[**Table of Contents**](#TOC001)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other Expenses of Issuance and Distribution.
The estimated expenses payable by us in connection with the offering described in this registration statement (other than the underwriting discount and commissions) will be as follows:

---

| | |
|:---|:---|
|  Legal fees and expenses | $200000 |
|  Accounting fees and expenses | 75000 |
|  Printing and engraving expenses | 30000 |
|  SEC and FINRA expenses | 74615 |
|  Roadshow expenses | 10000 |
|  Exchange listing fees | 25000 |
|  Total offering expenses | $414615 |

---

#### Item 14. Indemnification of Directors and Officers.
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association provide for indemnification of our directors and officers to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect.

We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the indemnification provided for in our amended and restated memorandum and articles of association. We may purchase a policy of directors' and officers' liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our directors and officers.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 15. Recent Sales of Unregistered Securities.
On March 18, 2025, the sponsor paid $25,000 to cover certain of our offering and formation costs in consideration of 5,750,000 Class B ordinary shares, par value $0.0001. Up to 750,000 founder shares will be subject to forfeiture if the over-allotment option is not exercised by the underwriters in full. Such securities were issued in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

Our sponsor is an accredited investor for purposes of Rule 501 of Regulation D. Each of the equity holders in our sponsor is an accredited investor under Rule 501 of Regulation D. The sole business of our sponsor is to act as the company's sponsor in connection with this offering.

Our sponsor and Roth have committed, pursuant to written agreements, to purchase an aggregate of 550,000 (or 610,000 if the underwriters' over-allotment option is exercised in full) private placement units at a price of $10.00 per unit ($5,500,000 in the aggregate or $6,100,000 in the aggregate if the underwriters' over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Each private placement unit consists of one Class A ordinary share and one private placement right to receive one-eighth (1/8) of a Class A

[**Table of Contents**](#TOC001)

ordinary share upon the consummation of an initial business combination. Each eight rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial business combination. This issuance will be made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

No underwriting discounts or commissions were paid with respect to such sales.

#### Item 16. Exhibits and Financial Statement Schedules.
(a) *Exhibits*. The following exhibits are being filed herewith:

---

| | |
|:---|:---|
|  **Exhibit** | **Description** |
|  1.1\* | [Form of Underwriting Agreement](http://www.sec.gov/Archives/edgar/data/2059729/000121390025042169/ea023791802ex1-1_timber.htm) |
|  1.2\* | [Form of Business Combination Marketing Agreement](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex1-2_timber.htm) |
|  3.1\* | [Memorandum of Association](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex3-1_timber.htm) |
|  3.2\* | [Articles of Association](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex3-2_timber.htm) |
|  3.3\* | [First Amended and Restated Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex3-3_timber.htm) |
|  3.4\*\* | [Second Amended and Restated Memorandum and Articles of Association](ea023791805ex3-4_timber.htm) |
|  3.5\*\* | [Form of Third Amended and Restated Memorandum and Articles of Association](ea023791805ex3-5_timber.htm) |
|  4.1\* | [Specimen Unit Certificate](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex4-1_timber.htm) |
|  4.2\* | [Specimen Class A Ordinary Share Certificate](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex4-2_timber.htm) |
|  4.3\* | [Specimen Right Certificate (included in Exhibit 4.4)](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex4-4_timber.htm) |
|  4.4\* | [Form of Rights Agreement between Continental Stock Transfer & Trust Company and the Registrant](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex4-4_timber.htm) |
|  5.1\*\* | [Opinion of Harney Westwood & Riegels LLP, Cayman Islands legal counsel to the Registrant](ea023791805ex5-1_timber.htm) |
|  5.2\* | [Opinion of Reed Smith LLP](http://www.sec.gov/Archives/edgar/data/2059729/000121390025042169/ea023791802ex5-2_timber.htm) |
|  10.1\* | [Promissory Note, dated March 11, 2025, issued to Timber Road Sponsor LLC](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-1_timber.htm) |
|  10.2\* | [Form of Letter Agreement among the Registrant, the Sponsor and each director and officer of the Registrant](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-2_timber.htm) |
|  10.3\* | [Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-3_timber.htm) |
|  10.4\* | [Form of Registration Rights Agreement between the Registrant, the Sponsor and the Holders signatory thereto](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-4_timber.htm) |
|  10.5\*\* | [Form of Private Placement Unit Purchase Agreement between the Registrant and the Sponsor](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-5_timber.htm) |
|  10.6\*\* | [Form of Private Placement Unit Purchase Agreement between the Registrant and Roth](ea023791805ex10-6_timber.htm) |
|  10.7\* | [Form of Administrative Services Agreement, by and between the Registrant and an affiliate of the Registrant](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-6_timber.htm) |
|  10.8\* | [Form of Indemnity Agreement](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex10-7_timber.htm) |
|  14.1\* | [Form of Code of Ethics and Business Conduct](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex14-1_timber.htm) |
|  23.1\*\* | [Consent of CBIZ CPAs P.C.](ea023791805ex23-1_timber.htm) |
|  23.2\*\* | [Consent of Harney Westwood & Reigels LLP (included in Exhibit 5.1)](ea023791805ex5-1_timber.htm) |
|  23.3\* | [Consent of Reed Smith LLP (included in Exhibit 5.2)](http://www.sec.gov/Archives/edgar/data/2059729/000121390025042169/ea023791802ex5-2_timber.htm) |
|  24\*\* | [Power of Attorney (included on signature page to the initial filing of this Registration Statement)](#T9901) |
|  99.1\* | [Form of Clawback Policy](http://www.sec.gov/Archives/edgar/data/2059729/000121390025042169/ea023791802ex99-1_timber.htm) |
|  99.2\* | [Consent of Barrie Clapham](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex99-2_timber.htm) |
|  99.3\* | [Consent of Josh Halpern](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex99-3_timber.htm) |
|  99.4\* | [Consent of Craig Delasin](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex99-4_timber.htm) |
|  99.5\* | [Consent of Stephan Butler](http://www.sec.gov/Archives/edgar/data/2059729/000121390025042169/ea023791802ex99-5_timber.htm) |
|  107\* | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/2059729/000121390025031331/ea023791801ex-fee_timber.htm) |

---

____________

\* Previously filed.

\*\* Filed herewith.

(b) *Financial Statements*. See page F-1 for an index to the financial statements and schedules included in the registration statement.

[**Table of Contents**](#TOC001)

#### Item 17. Undertakings.
(a) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

(c) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by an undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 16<sup>th</sup> day of July, 2025.

---

| | |
|:---|:---|
|  Timber Road Acquisition Corp. | Timber Road Acquisition Corp. |
|  By: | /s/ Patrick Fisher |
|  Name: | Patrick Fisher |
|  Title: | Chief Executive Officer <br>(Principal Executive Officer) |

---

#### POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Patrick Fisher and Paul Rachmuth as his or her true and lawful attorney-in-fact, with full power of substitution and resubstitution for him or her and in his name, place and stead, in any and all capacities to sign any and all amendments including post-effective amendments to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Name** | **Position** | **Date** |
|  /s/ Patrick Fisher | Chief Executive Officer | July 16, 2025 |
|  Patrick Fisher | (Principal Executive Officer) and Director |  |
|  /s/ Paul Rachmuth | Chief Financial Officer | July 16, 2025 |
|  Paul Rachmuth | (Principal Financial and Accounting Officer) |  |

---

## Exhibit 3.4

**Exhibit 3.4**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**TIMBER ROAD ACQUISITION CORP.**

Exempted Company Limited By Shares

**SECOND AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

Adopted by special resolution on 16 May 2025

![](ex3-4_001.jpg)

---

| | |
|:---|:---|
|  | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

**THE COMPANIES ACT (AS REVISED)**

 **OF THE CAYMAN ISLANDS**

Exempted Company Limited By Shares

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**TIMBER ROAD ACQUISITION CORP.**

Adopted by special resolution on 16 May 2025

---

| | |
|:---|:---|
| 1 | NAME |

---

1.1 The name of the Company is Timber Road Acquisition Corp.

---

| | |
|:---|:---|
| 2 | STATUS |

---

2.1 The Company is an exempted company limited by shares.

3 REGISTERED OFFICE

3.1 The registered office of the Company is at Harneys Fiduciary (Cayman) Limited,
4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1- 1002, Cayman Islands or at such other place as the
Directors may from time to time decide.

4 OBJECTS AND CAPACITY

4.1 Subject to paragraph 9 of this Memorandum, the objects for which the Company is established are unrestricted
and the Company shall have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the
Cayman Islands. The Company is a body corporate capable of exercising all the functions of a natural person of full capacity, irrespective
of any question of corporate benefit.

5 SHARE CAPITAL

5.1 The share capital of the Company is US$22,100 divided into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 200,000,000 Class A ordinary shares of a par value of US$0.0001 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 20,000,000 Class B ordinary shares of a par value of US$0.0001 each; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1,000,000 preference shares of a par value of US$0.0001 each.

---

| | |
|:---|:---|
| 1 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

5.2 Subject to the Companies Act and the Articles, the Company has power to do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem or repurchase any of its Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue any part of its capital (whether original, redeemed, increased, or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges, or conditions;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions, and unless the condition of issue expressly declares otherwise,
every issue of Shares (whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter any of those rights, privileges, conditions, limitations, or restrictions.

---

| | |
|:---|:---|
| **6** | **LIABILITY OF MEMBERS** |

---

6.1 The liability of each Member is limited to the amount from time to time unpaid on such Member's
Shares.

---

| | |
|:---|:---|
| **7** | **CONTINUATION** |

---

7.1 The Company may exercise the powers contained in the Companies Act to transfer and be registered by way
of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be de-registered
in the Cayman Islands.

---

| | |
|:---|:---|
| **8** | **DEFINITIONS** |

---

8.1 Capitalised terms used and not defined in this Memorandum shall bear the same meaning as those given in
the Articles.

---

| | |
|:---|:---|
| **9** | **EXEMPTED COMPANY** |

---

9.1 The Company will not trade in the Cayman Islands with any person, firm, or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the
Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands.

---

| | |
|:---|:---|
| **10** | **FINANCIAL YEAR** |

---

10.1 The financial year end of the Company is 31 December or such other date as the Directors may from
time to time decide and annex to this Memorandum.

---

| | |
|:---|:---|
| 2 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

Exempted Company Limited By Shares

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

 **OF**

**TIMBER ROAD ACQUISITION CORP.**

Adopted by special resolution on 16 May 2025

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

1.1 **Definitions.** The Regulations contained in Table A in the First Schedule to the Companies Act do
not apply to the Company. In these Articles, if not inconsistent with the context, the following words and expressions shall have the
following meanings:

***Affiliate*** in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children,
siblings, mother-in-law, father-in-law, brother-in- law, sister-in-law, whether by blood, marriage, or adoption or anyone residing in
such person's home, a trust for the benefit of any of the foregoing, a company, partnership, or any natural person or entity wholly or
jointly owned by any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an entity, shall include a partnership, a corporation, or any natural person or entity
which directly, or indirectly through one or more intermediaries, controls, in controlled by, or is under common control with, such entity;

***Amendment Redemption*** has the meaning given to it at Article 53.8;

---

| | |
|:---|:---|
| 3 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

 ****

***Applicable law*** means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees, or orders of any governmental authority applicable to such person;

***Articles*** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two (2) or more particular Articles of these Articles,

and ***Article*** refers to a particular Article of these Articles;

***Audit Committee*** means the audit committee of the Company formed pursuant to Article 46.5 hereof, or any successor audit committee;

***Auditor*** means the person for the time being performing the duties of auditor of the Company;

***Board*** means the board of Directors;

***Business Combination*** means a merger, share exchange, asset acquisition, share purchase, reorganisation, or similar business combination involving the Company, with one or more businesses or entities (***target business***), which Business Combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as long as the securities of the Company are listed on the New York Stock Exchange, must occur with one
or more target businesses that together have an aggregate fair market value of at least eighty per cent (80%) of the assets held in the
Trust Account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting
discount held in trust) at the time of the signing of the definitive agreement to enter into such Business Combination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations;

***Business Combination Redemption*** has the meaning given to it at Article 53.5;

***business day*** means a day other than a Saturday, a Sunday, or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City or the Cayman Islands;

***Class A Share*** means a Class A ordinary shares of a par value of US$0.0001 in the share capital of the Company;

---

| | |
|:---|:---|
| 4 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

***Class B Share*** means a Class B ordinary shares of a par value of US$0.0001 in the share capital of the Company;

***Class B Share Conversion*** means a conversion of Class B Shares in accordance with Article 6;

***clear day*** means the period excluding the day on which the notice is given, or deemed to be given, and the day the notice is received, or deemed received;

***Clearing House*** means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction;

***Companies Act*** means the Companies Act (Revised) of the Cayman Islands;

***Company*** means the above named company;

***Company's Website*** means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the SEC in connection with its IPO, or which has otherwise been notified to Members;

***Compensation Committee*** means the compensation committee of the Board established pursuant to the Articles, or any successor committee;

***Deadline Date*** has the meaning ascribed to it at Article 53.7;

***Designated Stock Exchange*** means any United States national securities exchange on which the securities of the Company are listed for trading, including the New York Exchange;

***Director*** means a director of the Company appointed in accordance with these Articles;

***Distribution*** means a distribution, dividend (including an interim dividend), or other payment or transfer of property of the Company on or in respect of a Share (save in respect of its redemption or repurchase);

***Electronic*** has the meaning given to that term in the Electronic Transactions Act;

***Electronic Communication*** means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the SEC) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board;

---

| | |
|:---|:---|
| 5 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

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***Electronic Record*** has the meaning given to that term in the Electronic Transactions Act;

***Electronic Transactions Act*** means the Electronic Transactions Act (As Revised) of the Cayman Islands;

***Equity-linked Securities*** means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt;

***Exchange Act*** means the United States Securities Exchange Act of 1934 or any similar U.S. federal statute and the rules and regulations of the SEC;

***Founders*** means all Members immediately prior to the consummation of the IPO;

***Fully Paid*** and ***Paid Up*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

 ****

***Independent Director*** means a Director who is an "independent director" as defined in the rules and regulations of the Designated Stock Exchange as determined by the Directors;

***Initial Conversion Ratio*** has the meaning given to it at Article 6.2;

 ****

***IPO*** means the Company's initial public offering of securities;

***lien Amounts*** has the meaning given to it at Article 10.1;

***Member*** has the same meaning as in the Companies Act;

***Memorandum*** means the memorandum of association of the Company;

***Nominating and Corporate Governance Committee*** means the nominating and corporate governance committee of the Board established pursuant to the Articles, or any successor committee;

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***Officer*** means a person then appointed to hold an office in the Company;

***Ordinary Resolution*** means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by a majority of such Members as, being entitled to do so, vote in person or by proxy at a general
meeting of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one
or more instruments each signed by one or more of the Members;

***Over-Allotment Option*** means the option of the Underwriters to purchase up to an additional 15% of the firm units issued in the IPO at a price equal to US$10.00 per unit, less underwriting discounts and commissions;

***person*** means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, trust, estate, joint venture, joint stock company, governmental authority or instrumentality or other entity of any kind;

***Preference Share*** means a preference share of a par value of US$0.0001 in the share capital of the Company;

***Public Share*** means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO;

***Redemption Notice*** means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein;

***Redemption Price*** has the meaning given to it at Article 53.5;

***Register of Directors and Officers*** means the register of Directors and Officers maintained by the Company in accordance with these Articles;

***Register of Members*** means the register of Members referred to in these Articles;

***Registrar*** means the Cayman Islands Registrar of Companies and includes the Deputy Registrar of Companies;

***Registered Office*** means the registered office for the time being of the Company;

***relevant period*** has the meaning given to it at Article 9.2;

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***Representative*** has the meaning given to it at Article 13.2;

***Seal*** means any seal which has been duly adopted as the common seal of the Company and includes every duplicate seal;

***SEC*** means the United States Securities and Exchange Commission;

***Secretary*** means the person appointed to perform any or all of the duties of secretary of the Company, including any assistant secretary;

***Share*** means a share in the capital of the Company, including a fraction of a share issued or authorised to be issued by the Company;

***Special Resolution*** means a special resolution passed in accordance with Section 60 of the Companies Act, being a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by a majority of not less than two-thirds (66.66%) of such Members as, being entitled to do so,
vote in person or by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a
Special Resolution has been duly given; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one
or more instruments each signed by one or more of the Members;

***Sponsor*** means Timber Road Acquisition Sponsor LLC, a Delaware limited liability company, and its successors or assigns;

***Tax Filing Authorised Person*** means such person as any Director shall designate from time to time, acting severally;

***Transmission Event*** has the meaning given to it at Article 13.2;

***Treasury Share*** means a Share that has been repurchased, redeemed, surrendered to, or otherwise acquired by the Company and not cancelled;

***Trust Account*** means the trust account established by the Company upon the consummation of the IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of securities simultaneously with the closing date of the IPO or otherwise, will be deposited;

***Underwriter*** means an underwriter of the IPO from time to time and any successor Underwriter;

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***Underwriter Representative*** means a representative of the Underwriter; and

***Written*** includes information generated, sent, received, or stored by Electronic, electrical, digital, magnetic, optical, electromagnetic, biometric, or photonic means, including electronic data interchange and electronic mail in accordance with the Electronic Transactions Act and in writing shall be construed accordingly.

1.2 **Interpretation.** In the Memorandum and these Articles, unless the context otherwise requires a reference
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation, is a reference to such law or regulation as amended or re-enacted from time
 to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person includes all legal persons and natural persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) legal persons include all forms of corporate entity and any other person having capacity to act in its

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the word "may" shall be construed as permissive and the word "shall" shall be construed
as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of
the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any phrase introduced by the terms "including", "include" or "in particular"
or similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) reference to "in writing" shall be construed as written
or represented by any means reproducible in writing, including any form of print, lithograph, email, facsimile, photograph or telex or
represented by any other substitute or format for storage or transmission for writing including in the form of an electronic record or
partly one and partly another;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any requirements as to delivery under the Articles include delivery in the form of an Electronic
Record or an Electronic Communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any requirements as to execution or signature under the Articles,
including the execution of the Articles themselves, can be satisfied in the form of an electronic signature as defined in the Electronic
Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

1.3 **Companies Act.** Subject to this Article 1, any words defined in the Companies Act shall, if not
inconsistent with the subject or context, bear the same meaning in these Articles.

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| **2** | **COMMENCEMENT OF BUSINESS** |

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2.1 **Commencement**. The business of the Company may be commenced at such time as determined by the Directors.

2.2 **Commencement Costs and Expenses**. The Directors may pay, out of capital or other money of the Company,
all costs and expenses incurred in the establishment and registration of the Company.

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| **3** | **REGISTERED SHARES** |

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3.1 **Registered Shares**. The Company shall issue registered Shares only.

3.2 **No Bearer Shares**. The Company is not authorised to issue bearer Shares, convert registered Shares
to bearer Shares, or exchange registered Shares for bearer Shares.

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| **4** | **SHARE CERTIFICATES** |

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4.1 **Share Certificates**. Unless and until the Directors resolve to issue share certificates, no share
certificate shall be issued, and the records of the shareholdings of each Member shall be in uncertified book entry form. If the Directors
do resolve to issue share certificates in respect of any one or more classes of Shares, then every Member holding such Shares shall be
entitled, upon written request only, to a certificate signed by a Director or Secretary, or any other person authorised by a resolution
of the Directors, or under the Seal specifying the number of Shares held by them and the signature of the Director, Secretary or authorised
person and the Seal may be facsimiles or affixed by Electronic means pursuant to the Electronic Transactions Act.

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4.2 **Indemnity and Replacement**. Any Member receiving a certificate shall indemnify and hold the Company
and its Directors and Officers harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent
use or representation made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be
renewed or, in connection with any proposed Share transfer, a new certificate may be issued, on production of the worn out certificate
or on satisfactory proof of its loss together with such indemnity as may be required by the Directors.

4.3 **Joint Holders**. If several Members are registered as joint holders of any Shares, any one of such
Members may give an effectual receipt for any share certificate.

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| **5** | **ISSUE OF SHARES** |

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5.1 **Issue**. Subject to the provisions, if any, in the Memorandum (and to any direction that may be given
by the Company in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange, the SEC, and/or
any other competent regulatory authority or otherwise under Applicable Law, and without prejudice to any rights attached to any existing
Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without
preferred, deferred or other rights or restrictions, whether in regard to Distributions, voting, return of capital or otherwise and to
such persons, at such times and on such other terms as they thing proper, and may also (subject to the Companies Act and the Articles)
vary such rights, save that the Directors shall not allot, issue, grant options over, or otherwise dispose of Shares (including fractions
of a Share) to the extent that it may affect the ability of the Company to carry out a Class B Share Conversion.

5.2 **Securities.** The Company may issue rights, options, warrant or convertible securities of similar
nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in
the Company on such terms as the Directors may from time to time determine.

5.3 **Units.** The Company may issue units of securities in the Company, which may be comprised of
 whole or fractional Shares, rights, options, warrants, or convertible securities or securities of similar nature conferring the
 right upon the holders thereof to subscribe for, purchase, or receive any class of Shares or other securities in the Company, upon
 such terms as the Directors may from time to time determine. The securities comprising any such units which are issued pursuant to
 the IPO can only be traded separately from one another on the fifty second (52<sup>nd</sup>) day following the date of the
 prospectus relating to the IPO unless the Underwriter Representative(s) determines that an earlier date is acceptable, subject to
 the Company having filed a current report
on Form 8-K with the SEC and a press release announcing when such separate trading will being. Prior to such date, the units can be traded,
but the securities comprising such units cannot be traded separately from one another.

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5.4 **Unissued Shares.** The Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred, or other special rights or restrictions whether in regard to dividend,
voting, return of capital, or otherwise.

5.5 **Consideration for Share Issue**. A Share may be issued for consideration in any form, including money,
a promissory note or other written obligation to contribute money or property, real property, personal property (including goodwill and
know-how), services rendered, or a contract for future services.

5.6 **Power to issue fractions of a Share.** Subject to the Companies Act, the Company may issue fractions
of a Share of any class. A fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect
to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights, and other attributes of a Share of
that class of Shares.

5.7 **Register of Members**. The Register of Members kept by the Company shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a statement of the Shares held by each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the distinguishing numbers of the Shares of each Member (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount paid, or agreed to be considered as paid, on the Shares of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date on which the name of each person was entered on the register as a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the date on which any person ceased to be a Member.

5.8 **Commission**. The Company is authorised to pay a commission to any person in consideration of
 their subscribing or agreeing to subscribe (whether absolutely or conditionally) for any Shares or procuring or agreeing to procure
 subscriptions (whether
absolute or conditional) for any Shares. The Company may employ a broker in the issue of its capital and pay them any proper
commission or brokerage.

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5.9 **Trusts not recognised.** Except as required by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be bound by or compelled to recognise in any way (even when notified)
any equitable, contingent, future, or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Companies
Act) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

5.10 **Capital contributions without issue of further Shares.** With the consent of a Member, the Directors
may accept a voluntary contribution to the capital of the Company from that Member without issuing Shares in consideration for that contribution.
In that event, the contribution shall be dealt with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall be treated as if it were a share premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Member holds Shares in a single class of Shares, it shall be credited to the share premium account
for that class of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Member holds Shares of more than one class, it shall be credited ratably to the share premium accounts
for those classes of Shares (in the proportion that the sum of the issue prices for each class of Shares that the Member holds bears to
the total issue prices for all classes of Shares that the Member holds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it shall be subject to the provisions of the Companies Act and these Articles applicable to share
premiums.

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| **6** | **SHARE RIGHTS** |

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6.1 **Ordinary Shares.** The rights attaching to the Class A Shares and Class B Shares shall rank *pari passu* in all respects, and the Class A Shares and Class B Shares shall vote together as a single class on all matters (subject to
Article 7 and the Article 24) with the exception that the holder of a Class B Share shall have the conversion rights referred to in this
Article 6.

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6.2 **Class B Share Conversion.** Class B Shares shall automatically convert into Class A Shares on a one-for-one
basis ( ***Initial Conversion Ratio***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time and from time to time at the option of the holders thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with the consummation of a Business Combination.

6.3 **Adjustment of Ratio.** Notwithstanding the Initial Conversion Ratio, in the case that additional
Class A Shares or any other Equity-Linked Securities, are issued, or deemed issued, by the Company in excess of the amounts offered in
the IPO and in connection with the consummation of a Business Combination, all Class B Shares in issue shall automatically convert into
Class A Shares in connection with the consummation of the Business Combination at a ratio for which the Class B Shares shall convert into
Class A Shares will be adjusted (unless the holders of a majority of the Class B Shares in issue agree to waive such anti-dilution adjustment
with respect to any such issuance or deemed issuance) so that the number of Class A Shares issuable upon conversion of all Class B Shares
will equal, on an as-converted basis, in the aggregate, 20% of the sum of all Class A Shares and Class B Shares in issue upon completion
of the IPO plus all Class A Shares and Equity-linked Securities issued or deemed issued in connection with a Business Combination, excluding
any Shares or Equity-linked Securities issued, or to be issued, to any seller in a Business Combination.

6.4 **Waiver of Adjustment.** Notwithstanding anything to the contrary contained herein, the foregoing
adjustment to the Initial Conversion Ratio may be waived as to any particular issuance or deemed issuance of additional Class A Shares
or Equity-linked Securities by the written consent or agreement of holders of a majority of the Class B Shares then in issue consenting
or agreeing separately as a separate class in the manner provided in Article 7.

6.5 **Subdivision.** The foregoing conversion ratio shall also be adjusted to account for any subdivision
(by share subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation, or otherwise) or combination (by share
consolidation, exchange, reclassification, recapitalisation, or otherwise) or similar reclassification or recapitalisation of the Class
A Shares in issue into a greater or lesser number of Shares occurring after the original filing of the Articles without a proportionate
and corresponding subdivision, combination, or similar reclassification or recapitalisation of the Class B Shares in issue.

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6.6 **Pro Rata Determination.** Each Class B Shares shall convert into its pro rata number of Class A Shares
pursuant to this Article 6. The pro rata share for each holder of Class B Shares will be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Class B Share shall convert into such number of Class A Shares as is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of 1 multiplied by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the numerator of which shall be the total number of Class A Shares into which all of the Class B shares
in issue shall be converted pursuant to this Article 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the denominator of which shall be the total number of Class B Shares in issue at the time of conversion.

6.7 **Process of Conversion.** References in this Article 6 to "converted", "conversion"
or "exchange" shall mean the compulsory redemption without notice of Class B Shares of any Member and, on behalf of such Members,
automatic application of such redemption proceeds in paying for such new Class A Shares into which the Class B Shares have been converted
or exchanged at a price per Class B Share necessary to give effect to a conversion or exchange calculated on the basis that the Class
A Shares to be issued as part of the conversion or exchange will be issued at par. The Class A Shares to be issued on an exchange or conversion
shall be registered in the name of such Member or in such name as the Member may direct.

6.8 **Minimum Conversion Ratio.** Notwithstanding anything to the contrary in this Article 6, in no event
may any Class B Share convert into Class A Shares at a ratio that is less than one-for-one.

6.9 **Preferred Shares**. Shares and other securities of the Company may be issued by the Directors with
such preferred, deferred, or other special rights, restrictions, or privileges whether in regard to voting, Distributions, a return of
capital, or otherwise and in such classes and series, if any, as the Directors may determine.

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| **7** | **VARIATION OF RIGHTS** |

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7.1 **Class Variation**. Subject to Article 5.1, if at any time the share capital of the Company is divided
into different classes of Shares, all or any of the rights attached to any class (unless
otherwise provided by the terms of issue of the Shares of that class) may, whether or not the Company is being wound up, be varied
without the consent of the holders of the issued Shares of that class where such variation shall be made only with the consent in
writing of the holders of not less than two-thirds (2/3) of the issued Shares of that class (other than with respect to a waiver of
the provisions of Article 6, which as stated therein shall only require the consent in writing of the holders of a majority of the
issued Shares of that class), or with the approval of a resolution passed by a majority of not less than two-thirds (2/3) of the
votes cast at a separate meeting of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve the
right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders of Shares
of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall apply mutatis
mutandis, except that the necessary quorum shall be one (1) person holding or representing by proxy at least one-third (1/3) of the
issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll.

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7.2 **Grouping of classes.** For the purposes of a separate class meeting, the Directors may treat two
(2) or more or all the classes of Shares as forming one (1) class of Shares if the Directors consider that such class of Shares would
be affected in the same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares.

7.3 **No Variation**. The rights conferred upon the holders of the Shares of any class shall not, unless
otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the creation or issue of further Shares ranking *pari passu* therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the constitutional documents of the Company are amended or new constitutional documents of the Company
are adopted, in each case, as a result of the Company registering by way of continuation as a body corporate under the laws of any jurisdiction
outside the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the conversion of any Class B Shares pursuant to Article 6.

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| **8** | **REDEMPTION, PURCHASE, AND SURRENDER OF SHARES AND TREASURY SHARES** |

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8.1 **Public and Class B Shares.** Subject to the provisions of the Companies Act, and, where applicable,
the rules and regulations of the Designated Stock Exchange, the SEC, and/or any other competent regulatory authority or otherwise under
Applicable Law, the Company may issue Shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company.
The redemption of such Shares, except Public Shares, shall be effected in such manner and upon such other terms as the Company, by Ordinary
Resolution, may determine before the issue of such Shares. With respect to redeeming or repurchasing Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Members who hold Public Share are entitled to request the redemption of such Shares in
the circumstances described in Article 53;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class B Shares held by the Sponsor shall be surrendered for no consideration to the extent that the
 Over-Allotment Option is not exercised in full so that the Sponsor will own twenty per cent (20%) of the Company's issued
 Shares after the IPO (exclusive
of any securities purchased in a private placement simultaneously with the IPO); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Public Shares shall be repurchased by way of tender offer in the circumstances set
out in Article 53.

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8.2 **Redemption, Purchase, and Surrender**. Subject to the provisions of the Companies Act, the rules
of the Designated Stock Exchange, and/or any competent regulatory authority, and to the rights attaching to any class of Share, the Company
may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company
or the Member on such terms and in such manner as the Directors may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner as the Directors
determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the
Companies Act including out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit the surrender of fully paid Shares for no consideration.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Companies Act, including out of any combination of the following: capital, its profits, and the proceeds of a fresh issue of Shares.

8.3 **Effect of Redemption, Purchase, and Surrender**. Shares that the Company redeems, purchases, accepts
by way of surrender, or otherwise acquires pursuant to Article 8.1 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be cancelled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be held as Treasury Shares on such terms and in such manner as the Directors determine prior to such acquisition.

8.4 **Power to pay for redemption or purchase in cash or in specie.** When making a payment in respect
of the redemption or purchase of Shares, the Directors may make the payment in cash or in specie (or partly in one and partly in the other)
if so authorised by the terms of the allotment of those Shares, or by the terms applying to those Shares in accordance with Article 8.1,
or otherwise by agreement with the Member holding those Shares.

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8.5 **Effect of redemption or purchase of a Share.** Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the
Share other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the Register of Members with respect to the
Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Shares, as the Directors may determine.

For the purpose of this Article 8.5, the date of redemption or purchase is the date when the redemption or purchase falls due.

8.6 **Treasury Shares**. All rights and obligations attaching to a Treasury Share are suspended and shall
not be exercised by the Company while it holds the Share as a Treasury Share, other than as set out in this Article 8. The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Treasury Shares on such terms and in such a manner as the Directors may determine;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer the Treasury Shares in accordance with Article 14.

8.7 **Rights attaching to Treasury Shares and related matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall be entered in the Register of Members as the holder of the Treasury Shares.
However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued Shares at any given time, whether for the purposes of these Articles or the Companies
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in Article 8.7(b) prevents an allotment of Shares as fully paid bonus Shares in respect of a Treasury
Share and Shares allotted as fully paid bonus Shares in respect of a Treasury Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Treasury Shares may be disposed of by the Company in accordance with the Companies Act and otherwise on
such terms and conditions as the Directors determine.

8.8 **No Participation**. Any Share in respect of which notice of redemption has been given shall not be
entitled to participate in the profits of the Company in respect of the period after the date specified as the date of redemption in the
notice of redemption.

8.9 **No other Redemption**. The redemption, purchase, or surrender of any Share shall not be deemed to
give rise to the redemption, purchase, or surrender of any other Share.

8.10 **Redemption in Kind**. The Directors may, when making payments in respect of redemption or purchase
of Shares, if authorised by the terms of issue of the Shares being redeemed or purchased or with the agreement of the holder of such Shares,
make such payments either in cash or in kind.

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| **9** | **UNTRACEABLE MEMBERS** |

---

9.1 **Unclaimed Distributions.** Any Distribution which cannot be paid to a Member and/or which remains
unclaimed after six (6) months from the date on which such Distribution becomes payable may, in the discretion of the Directors, be paid
into a separate account in the Company's name, provided that the Company shall not be constituted as a trustee in respect of that account
and the Distribution shall remain as a debt due to the Member. Any Distribution which remains unclaimed after a period of six (6) years
from the date on which such Distribution becomes payable shall be forfeited and shall revert to the Company.

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9.2 **Sale of Shares.** The Company shall have the power to sell, in such manner as the Board thinks fit,
any Shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the Shares in question, being not less than three (3)
in total number, for any sum payable in cash to the holder of such Shares in respect of them sent during the relevant period in the manner
authorised by the Articles have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such Shares or of a person entitled to such Shares
by death, bankruptcy, or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such Shares in the manner required by the Designated Stock Exchange, and a period of three (3) months, or such
shorter period as may be allowed by the Designated Stock Exchange, has elapsed since the date of such advertisement.

For the purpose of the foregoing, the ***relevant period*** means the period commencing twelve (12) years before the date of publication of the advertisement referred to in Article 9.2(c) and ending at the expiry of the period referred to in Article 9.2(c).

9.3 **Authority to Sell.** To give effect to any such sale the Board may authorise some person to transfer
the said Shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if
it had been executed by the registered holder or the person entitled by transmission to such Shares, and the purchaser shall not be bound
to see to the application of the purchase money nor shall their title to the Shares be affected by any irregularity or invalidity in the
proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net
proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect
of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from
the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article 9.3 shall be valid
and effective notwithstanding that the Member holding the Shares sold is dead, bankrupt, or otherwise under any legal disability or incapacity.

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| **10** | **LIEN** |

---

10.1 **All Monies Payable**. The Company shall have a first and paramount lien on every Share, whether or
not it is a fully paid Share, for all moneys, whether presently payable or
not, called or payable at a fixed time in respect of that Share and for all debts, liabilities, or other obligations owed, whether
presently or not, by the Member or by one or more joint Members or by any of their estates to the Company (together, the  ***lien Amounts***) but the Directors may, at any time, declare any Share to be wholly or in part exempt from this Article 10. The
Company's lien, if any, on a Share shall extend to all Distributions payable thereon. Any registration of the transfer of a Share
shall operate to extinguish the Company's lien on that Share.

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10.2 **Sale**. The Company may sell, in such manner as the Directors think fit, any Shares in which the
Company has a lien, but no sale shall be made unless some amount in respect of which the lien exists is presently payable and the period
of fourteen (14) days has elapsed after the Company has given a notice in writing, stating and demanding payment of such part of the presently
payable amount, to the relevant Member.

10.3 **Registration of Purchase**. The Directors may authorise any person to transfer the Shares sold in
accordance with this Article 10 to the purchaser of such Shares. The purchaser shall be registered as the holder of the Shares so transferred
and they shall not be bound to see to the application of the purchase money, nor shall their title to the Shares be affected by any irregularity
or invalidity in the sale of the Shares in accordance with this Article 10.

10.4 **Application of Proceeds**. The proceeds of the sale, net of any costs incurred by the Company in
relation to the sale, shall be applied by the Company in payment of such part of the amount in respect of which the lien exists as is
presently payable. The Company shall retain and have a lien over such part of the remainder of the proceeds as is equal to the Lien Amounts
which exist but are not presently payable by the Member and may apply such proceeds against the Lien Amounts as and when they become payable
and the residue shall be paid to the person entitled to the Shares at the date of the sale.

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| **11** | **CALLS ON SHARES** |

---

11.1 **Calls**. The Directors may, from time to time, make calls upon the Members in respect of some or
all of any moneys unpaid on their Shares, whether in respect of their par value or the premium payable on those Shares; each Member shall
(subject to receiving at least fourteen (14) days' notice specifying the time or times of payment) pay to the Company at the time or times
so specified the amount called on their Shares. A call may be required to be paid in instalments. The Directors may revoke or postpone
a call at any time.

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11.2 **Joint Holders**. The joint holders of a Share shall be jointly and severally liable to pay calls
in respect thereof and the holder or joint holders of a Share at the time of a call shall remain liable to pay the call on that Share,
notwithstanding any subsequent transfer of the Share being registered by the Company.

11.3 **Interest on Calls**. If a sum called in respect of a Share is not paid before or on the day appointed
for payment of that call, the Member from whom such amount is due shall pay interest upon the sum at such rate as the Directors may determine
from the day appointed for payment of the call to the time of the actual payment. The Directors shall have the discretion to waive payment
of any such interest in full or in part.

11.4 **Fixed Payment Dates**. The provisions contained in these Articles in respect of calls shall apply
to payments, whether on account of the amount of the Share, or by way of premium, to be made on the allotment of a Share or any date fixed
on the issue of the Share as if the same had become payable by virtue of a call duly made and notified.

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| **12** | **FORFEITURE** |

---

12.1 **Failure to pay Call**. If a Member fails to pay any call or instalment of a call in respect of Shares
on the day appointed for payment, the Directors may serve a notice on such Member naming a further date not earlier than the expiration
of fourteen (14) days from the date of service on or before which the payment required by the notice is to be made and containing a statement
that in the event of non-payment the Shares, or any of them, will be liable to be forfeited.

12.2 **Forfeiture**. If the requirements of the notice referenced in this Article 12 are not complied with
the Company may forfeit the Shares together with any Distributions declared payable in respect of the forfeited Shares and not paid at
any time before tender of payment.

12.3 **No Refund**. The Company is under no obligation to refund any moneys to the Member whose Shares have
been forfeited.

12.4 **Sale of Forfeited Share**. A forfeited Share may be sold or otherwise disposed of on such terms and
in such manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms
as the Directors think fit. The proceeds of any sale or disposition of the forfeited Share may be received and used by the Company as
the Directors determine.

12.5 **Outstanding Liability**. A person whose Shares have been
forfeited shall cease to be a Member in respect of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company
all moneys which at the date of forfeiture were payable by them to the Company in respect of the Shares together with interest.

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12.6 **Certificate of Forfeiture**. A certificate in writing under the hand of a Director or Officer stating
that a Share has been duly forfeited on the date stated in the certificate shall be conclusive evidence of the facts stated in the certificate
as against all persons claiming to be entitled to the Share. The Directors may authorise any person to transfer the Shares sold in accordance
with this Article 12 to the purchaser of such Shares. The purchaser shall be registered as the holder of the Shares so transferred and
they shall not be bound to see to the application of the purchase money, nor shall their title to the Shares be affected by any irregularity
or invalidity in the sale of the Shares in accordance with this Article 12.

12.7 **Fixed Payment Dates**. The provisions of this Article 12 applying to forfeiture for failure to pay
any call or instalment of a call shall apply to the failure to make payments, whether on account of the amount of the Share, or by way
of premium, to be made on the allotment of a Share or any date fixed on the issue of the Share as if the same had become payable by virtue
of a call duly made and notified.

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| **13** | **TRANSMISSION OF SHARES** |

---

13.1 **Legal Personal Representative**. The legal personal representative of a deceased sole holder of a
Share shall be the only person recognised by the Company as having any title to the Share. In the case of a Share registered in the names
of two (2) or more holders, the survivors, survivor, or the legal personal representatives of the deceased survivor, shall be the only
person(s) recognised by the Company as having any title to the Share.

13.2 **Transmission**. Any person becoming entitled to a Share in consequence of the death or bankruptcy
of or any analogous event affecting a Member (each such event a  ***Transmission Event*** and each such person a  ***Representative***)
shall, upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered
as a Member in respect of the Share or, instead of being registered themself, to make such transfer of the Share as the Member could have
made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case
of a transfer of the Share by such Member before the occurrence of a Transmission Event.

13.3 **Pre-Registration Status**. Representatives shall be entitled to the same notices, dividends and other
advantages to which they would be entitled if they were the registered holder of the Share, except that they shall not, before being registered
as a Member in respect of the Share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings
of the Company.

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13.4 **Requirement for Registration**. The Directors may at any time give notice requiring a Representative
to elect either to be registered themself or to have some person nominated by them become the holder of the Share (but the Directors shall,
in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by
the relevant Member before the Transmission Event). If the notice is not complied with within ninety (90) days the Directors may thereafter
withhold payment of all dividends, bonuses, or other monies payable in respect of the Share until the requirements of the notice have
been complied with.

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| **14** | **TRANSFER OF SHARES** |

---

14.1 **Right to Transfer.** Subject to these Articles and the
rules or regulations of the Designated Stock Exchange or any relevant rules of the SEC or securities laws (including, but not limited
to the Exchange Act), a Shareholder may transfer all or any of their Shares. If the Shares in question were issued in conjunction with
rights, options, or warrants issued pursuant to the Articles on terms that one cannot be transferred without the other, the Directors
shall refuse to register the transfer of any such Share without evidence satisfactory to them of the like transfer of such option or
warrant.

14.2 **Directors' Consent**. Shares and Treasury Shares are transferable, subject to the consent of the
Directors who may, subject to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange or any relevant
rules of the SEC or securities laws (including, but not limited to the Exchange Act), in their absolute discretion, refuse to consent
to any transfer and decline to register the transfer without giving any reason.

14.3 **Instrument of Transfer**. The instrument of transfer of any Share shall be in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any usual or common form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such form as is prescribed by the Designated Stock Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other form as the Directors may determine,

and shall be executed by or on behalf of the transferor (or otherwise as prescribed by the rules and regulations of the Designated Stock Exchange) and if in respect of a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee.

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14.4 **Certificates**. Subject to Article 4.2, where the Company has issued a certificate in respect of
a Share proposed to be transferred, the transferor shall lodge, with the instrument of transfer, the original certificate relating to
the Share being transferred.

14.5 **Effective Date**. The transfer of a Share is effective when the name of the transferee is entered
on the Register of Members. Until such time, the transferor shall be deemed to remain a Member.

14.6 **Lost Certificate**. If the Directors are satisfied that an instrument of transfer relating to Shares
has been signed but that the instrument has been lost or destroyed, they may, on receipt of such indemnities as they may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proceed to register the transferee's name in the Register of Members.

14.7 **Notification of Refusal**. Where the Directors refuse to register a transfer of a Share, they shall,
within two (2) months after the date on which the transfer was lodged with the Company, notify the transferee of the refusal.

14.8 **Transfer of Treasury Shares**. The transfer of Treasury Shares may be for valuable consideration or
otherwise, and at a discount to the par value of the Shares.

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| **15** | **REGISTERED HOLDER DEEMED ABSOLUTE OWNER** |

---

15.1 The registered holder of a Share shall be treated as the absolute owner of such Share. No person shall
be recognised by the Company as holding any Share upon trust and the Company shall not register nor be bound by or required to recognise
any equitable or other interest of whatever nature in a Share other than an absolute right to the Share, irrespective of whether the Company
has notice of such interest.

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| **16** | **ALTERATION OF SHARE CAPITAL** |

---

16.1 **Increase or Amendment**. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the share capital by such sum, to be divided into
Shares of such amount, and with such rights, privileges, priorities, and restrictions attached to them as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its
existing Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to section 13 of the Companies Act, sub-divide its existing Shares, or any of them, into Shares
of smaller amounts than is fixed by the Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any Shares which, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any person.

16.2 **Reduction**. Subject to the provisions of the Companies Act and these Articles, the Company may,
by Special Resolution, reduce its share capital and any capital redemption reserve in any manner.

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| **17** | **MEETINGS AND CONSENTS OF MEMBERS** |

---

17.1 **Meetings**. All meetings of Members shall be referred to as extraordinary general meetings unless
the general meeting is an annual general meeting.

17.2 **AGM**. The Company may, but shall not (unless required by the Companies Act) be obliged to, in each
year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual
general meeting shall be held at such time and place as the Directors shall appoint. At these meetings the report of the Directors (if
any) shall be presented.

17.3 **Members AGM Business.** Members seeking to bring business before the annual general meeting or to
nominate candidates for appointment as Directors at the annual general meeting must deliver notice to the principal executive offices
of the Company not less than one hundred and twenty (120) calendar days before the date of the Company's proxy statement released to Members
in connection with the previous year's annual general meeting or, if the Company did not hold an annual general meeting the previous year,
or if the date of the current year's annual general meeting has been changed by more than thirty (30) days from the date of the
previous year's annual general meeting, then the deadline shall be set by the Board with such deadline being a reasonable time before
the Company begins to print and send its related proxy materials.

17.4 **Agenda**. The agenda of the annual general meeting shall be set by the Directors and shall include
the presentation of the Company's annual accounts and the report of the Directors (if any).

17.5 **Directors Convene and Cancel**. The Directors may convene a general meeting at such time and in such
manner and place within or outside the Cayman Islands as the Directors consider necessary or desirable and the Directors may cancel a
general meeting with such notice, in such manner and for such reason as the Directors consider necessary. Members shall not have the ability
to call general meetings.

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17.6 **Meeting for Appointing Additional Directors**. If there are insufficient Directors to constitute
a quorum and the remaining Directors are unable to agree on the appointment of additional Directors, the Directors must call a general
meeting for the purpose of appointing additional Directors.

17.7 **Notice of Meeting**. The Director convening a meeting shall give not less than five (5) clear days'
notice of a meeting of Members to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Members whose names on the date the notice is given appear as Members in the Register of Members
and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Directors.

Every notice shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the place, the day, and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the meeting is to be held in two (2) or more places, the technology that will be used to facilitate
the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to Article 17.7 (iv), the general nature of the business to be conducted at the general meeting;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a resolution is proposed as a Special Resolution, the text of that resolution.

17.8 **Publication of a Notice on a Website.** Subject to the Companies Act or the rules of the Designated
Stock Exchange, a notice of a general meeting may be published on a website providing the recipient is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the place, date, and time of the general meeting.

17.9 **Inability to Access Website.** If a Member notifies the Company that they are unable for any reason
to access the website, the Company must as soon as practicable give notice of the meeting to that Member by any other means permitted
by these Articles. This will not affect when that Member is deemed to have received notice of the meeting.

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17.10 **Time a Website Notice is Deemed to be Given.** A website notice is deemed to be given when the Member
is given notice of its publication.

17.11 **Required Duration of Publication on a Website.** Where the notice of meeting is published on a website,
it shall continue to be published in the same place on that website from the date of the notification until at least the conclusion of
the meeting to which the notice relates.

17.12 **Failure to Give General Notice**. A meeting of Members held in contravention of the requirement to
give notice is valid if Members holding at least ninety five per cent (95%) of the total voting rights on all the matters to be considered
at the meeting have waived notice of the meeting and, for this purpose, the presence of a Member at the meeting shall constitute waiver
in relation to all the Shares which that Member holds.

17.13 **Failure to Give Individual Notice**. The inadvertent failure of a Director who convenes a meeting
to give notice of a meeting to a Member or another Director, or the fact that a Member or another Director has not received notice, does
not invalidate the meeting.

17.14 **Voting**. No person shall be entitled to vote at any meeting of Members unless they are registered
as a Member on the record date for such meeting and all calls or other moneys payable by them in respect of Shares have been paid at or
before the record date. Subject to the rights and restrictions attached to any Shares and the provisions of this Article 17, each Member
who is present in person, by its duly authorised representative or by proxy, shall have one vote and on a poll each Member shall have
one vote for every Share of which they are the holder.

17.15 **Meeting Prior to a Business Combination.** If, prior to a Business Combination, a notice is issued
in respect of a general meeting and the Directors, in their absolute discretion, consider that it is impractical or undesirable for any
reason to hold that general meeting at the place, the day, and the hour specified in the notice calling such general meeting, the Directors
may postpone the general meeting to another place, day, and/or hour provided that notice of the place, the day, and the hour of the rearranged
general meeting is promptly given to all Members. No business shall be transacted at any postponed meeting other than the business specified
in the notice of the original meeting.

17.16 **Postponed Meeting.** When a general meeting is postponed for thirty (30) days or more, notice of
the postponed meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice
of a postponed meeting. All proxy forms submitted for the original general meeting shall remain valid for the postponed
meeting. The Directors may postpone a general meeting which has already been postponed.

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| **18** | **ADVANCE NOTICE FOR BUSINESS** |

---

18.1 **Appointment of Directors.** At each annual general meeting, the Members shall appoint the Directors
then subject to appointment in accordance with the procedures set forth in the Articles and subject to the rules and regulations of the
Designated Stock Exchange, the SEC, and/or any other competent regulatory authority or otherwise under Applicable Law. At any such annual
general meeting any other business properly brought before the annual general meeting may be transacted.

18.2 **Proper Business.** To be properly brought before an annual general meeting, business (other than nominations
of Directors, which must be made in compliance with, and shall be exclusively governed by, Article 23) must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the notice of the annual general meeting (or any supplement thereto) given to Members by
or at the direction of the Directors in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise properly brought before the annual general meeting by or at the direction of the Directors.

18.3 **Compliance with the Exchange Act.** In addition to the provisions of this Article 18, and not withstanding,
a Member shall comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the
matters set forth herein. Nothing in this Article 18 shall be deemed to affect any rights of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Members to request inclusion of proposals in the Company's proxy statement pursuant to applicable
rules and regulations under the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other class of Shares authorised to be issued by the Company, to make proposals pursuant
to any applicable provisions thereof.

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| **19** | **PROXIES** |

---

19.1 **Proxies**. A Member may be represented at a meeting of Members by a proxy who may speak and vote
on behalf of the Member.

19.2 **Production of Proxies**. The instrument appointing a proxy shall be produced at the place designated
for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the
meeting may specify an
alternative or additional place or time at which the proxy shall be presented.

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19.3 **Form of Proxy**. An instrument appointing a proxy may be in any usual or common form (or such other
form as the Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof or may appoint a standing
proxy until notice of revocation is received at the Registered Office or at such place or places as the Directors may otherwise specify
for the purpose.

19.4 **Joint Ownership and Proxies**. Where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two (2) or more persons hold Shares jointly, each of them may be present in person or by proxy at a
meeting of Members and may speak as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy they may vote on behalf of all
joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two (2) or more of the joint owners are present in person or by proxy they must vote as one.

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| **20** | **CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS** |

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20.1 **Corporations Acting by Representatives at Meetings.** Any corporation which is a Member or a Director
may by resolution of its directors, or other governing body, authorise such person as it thinks fit to act as its representative at any
meeting of the Company or of any meeting of holders of a class or of the Directors or of a committee of Directors, and the person so authorised
shall be entitled to exercise the same powers on behalf of the corporation which they represent as that corporation could exercise if
it were an individual Member or Director.

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| **21** | **CLEARING HOUSES** |

---

21.1 **Clearing Houses.** If a Clearing House (or its nominee) is a Member it may, by resolution of its
directors or other governing body or by power of attorney, authorise such person or persons as it thinks fit to act as its representative
or representatives at any general meeting of the Company or at any general meeting of any class of Members; provided that, if more than
one person is so authorised, the authorisation shall specify the number and class of Shares in respect of which each such person is so
authorised. A person so authorised pursuant to this Article 21 shall be entitled to exercise the same powers on behalf of the Clearing
House (or its nominee) which they represent as that Clearing House (or its nominee) could exercise if it were an individual Member holding
the number and class of Shares specified in such authorisation.

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| **22** | **PROCEEDINGS OF SHAREHOLDER MEETINGS** |

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22.1 **Chair of Member Meeting**. At every meeting of Members, the chair of the Board shall preside as chair
of the meeting. If there is no chair of the Board or if they are not present at the meeting within fifteen (15) minutes of the time appointed
after the meeting, or if they are unwilling to act, the Directors present shall elect the chair of the meeting.

22.2 **Adjournment**. The chair may, with the consent of the meeting, adjourn any meeting from time to time,
and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting
from which the adjournment took place.

22.3 **Conference Call**. A Member, or their duly authorised representative or proxy, shall be deemed to
be present at a meeting of Members if they participate by telephone or other Electronic means by means of which all the persons participating
in the meeting are able to hear each other.

22.4 **Objections**. No objection shall be raised to the qualification of any voter except at the meeting
of Members or adjourned meeting of Members at which the vote objected to is given or tendered and every vote not disallowed at the meeting
shall be valid. Any objection made in due time shall be referred to the chair whose decision shall be final and binding on all parties.

22.5 **Casting of Votes**. A Member holding more than one (1) Share need not cast the votes in respect of
the Shares held by them in the same way on any resolution for which a poll is taken. A person appointed as the authorised representative
or proxy of a Member may cast the votes in respect of the Shares for which they are appointed in a like manner.

22.6 **Quorum**. A meeting of Members is duly constituted if, at the commencement of the meeting, there
are present in person, through their authorised representative or by proxy, Members holding Shares entitled to vote which represent a
majority of all votes, except where there is only one (1) Member entitled to vote on resolutions of Members to be considered at the meeting
in which case the quorum shall be one Member. Where a quorum comprises a single Member or proxy, such person may pass a resolution of
Members and a certificate signed by such person accompanied, where such person be a proxy, by a copy of the proxy instrument shall constitute
a valid resolution of Members.

22.7 **No Quorum**. If within thirty (30) minutes from the time appointed for the meeting a quorum is not
present, the meeting shall stand adjourned to the next business day in the jurisdiction
in which the meeting was to have been held at the same time and place or to such other time and place as the Directors may determine.
New notice will be required to be given if the meeting is adjourned for thirty (30) days or more.

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22.8 **Polls**. At any meeting of the Members the chair is responsible for deciding in such manner as they
consider appropriate whether any resolution proposed has been carried or not and the result of their decision shall be announced to the
meeting and recorded in the minutes of the meeting. If the chair has any doubt as to the outcome of the vote on a proposed resolution,
they shall cause a poll to be taken of all votes cast upon such resolution. If the chair fails to take a poll then any Member present
in person or by proxy who disputes the announcement by the chair of the result of any vote may immediately following such announcement
demand that a poll be taken and the chair shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced
to the meeting and recorded in the minutes of the meeting. The minutes of the meeting shall be conclusive evidence of the fact that a
resolution was carried or not without proof of the number or proportion of the votes recorded in favour of or against such resolution.

22.9 **Director Participation**. Directors may attend and speak at any meeting of Members and at any separate
meeting of the holders of any class or series of Shares.

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| **23** | **DIRECTORS** |

---

23.1 **Number of Directors.** The Company shall have a Board consisting of not less than one (1) Director. The
Company may by Ordinary Resolution impose a maximum or minimum number of Directors required to hold office at any time and vary such limits
from time to time.

23.2 **Term.** Commencing at the Company's first annual general meeting, and at each annual general
 meeting thereafter, Directors appointed to succeed those Directors whose terms expire shall be appointed for a term of office to
 expire at the third (3<sup>rd</sup>) succeeding annual general meeting after their appointment. Except as the Companies Act or other
 Applicable Law may otherwise require, in the interim between annual general meetings or extraordinary general meetings called for
 the appointment of Directors and/or the removal of one (1) or more Directors and the filling of any vacancy in that connection,
 additional Directors and any vacancies in the Board, including unfilled vacancies resulting from the removal of Directors for cause,
 may be filled by the vote of a majority of the remaining Directors then in office, although less than a quorum, or by the sole
 remaining Director. All Directors shall hold office until the expiration of their respective terms of office and until their
 successors shall have been appointed and qualified. A Director appointed to fill a vacancy resulting from the death, resignation, or
 removal of a Director shall serve for the remainder of
the full term of the Director whose death, resignation, or removal shall have created such vacancy and until their successor shall have
been appointed and qualified.

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| **24** | **APPOINTMENT AND REMOVAL OF DIRECTORS** |

---

24.1 **Appointment by Members.** The Company may by Ordinary Resolution appoint any person to be a Director
or may by Ordinary Resolution remove any Director, provided that prior to the consummation of a Business Combination and for so long as
there are Class B Shares in issue, only the holders of the Class B Shares shall be entitled to vote on any such Ordinary Resolution. Prior
to the consummation of a Business Combination, if there are any Class B Shares in issue holders of Class A Shares shall have no right
to vote on the appointment or removal of any Director.

24.2 **Pre Business Combination.** Prior to the consummation of a Business Combination, Article 24.1 may
only be amended by a Special Resolution passed by at least ninety (90%) of such Members
as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the
intention to propose the resolution as a special resolution has been given, or by way of unanimous written resolution.

24.3 **Post Business Combination.** After the consummation of a Business Combination, the Company may by
Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution remove any Director.

24.4 **Appointment by Director.** The Directors may appoint any person to be a Director, either to fill
a vacancy or as an additional Director provided that the appointment does not cause the number of Directors to exceed any number fixed
by or in accordance with the Articles as the maximum number of Directors.

24.5 **Vacation of Office.** The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director gives notice in writing to the Company that they resign the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director is absent (for the avoidance of doubt, without being represented by proxy) from three (3)
consecutive meetings of the Board without special leave of absence from the Directors, and the Directors pass a resolution that they have
by reason of such absence vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with their creditors generally;
or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two (2) in number) determine that the Director should
be removed as a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened and
held in accordance with the Articles or by a resolution in writing signed by all of the other Directors.

24.6 **Resignation of Directors**. A Director may at any time resign office by giving to the Company notice
in writing or, if permitted pursuant to the notice provisions, in an Electronic Record delivered in either case in accordance with those
provisions. Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date that the notice is
delivered to the Company.

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| **25** | **REGISTER OF DIRECTORS AND OFFICERS** |

---

25.1 **Details**. The Register of Directors and Officers shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are Directors and Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a Director or Officer;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a Director or Officer ceased to be a Director or Officer.

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| **26** | **POWERS OF DIRECTORS** |

---

26.1 **Management by Directors**. Subject to the provisions of the Companies Act, the Memorandum, these
Articles and any directions given by Ordinary Resolution, the business and affairs of the Company shall be managed by, or under the direction
or supervision of, the Directors. The Directors shall have all the powers necessary for managing, and for directing and supervising, the
business and affairs of the Company as are not by the Companies Act, the Memorandum, these Articles, or the terms of any Special Resolution
required to be exercised by the Members. No alteration of the Memorandum or these Articles or any direction given by Ordinary or Special
Resolution shall invalidate any prior act of the Directors that was valid at the time undertaken. A duly convened meeting of Directors
at which a quorum is present may exercise all powers exercisable by the Directors.

26.2 **Good Faith**. Each Director shall exercise their powers for a proper purpose. Each Director, in exercising
their powers or performing their duties, shall act honestly and in good faith in what the Director believes to be the best interests of
the Company.

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26.3 **Acting in Vacancy**. The continuing Directors may act notwithstanding any vacancy in their body,
but if and for so long as their number is below any minimum number of Directors fixed by or pursuant to these Articles, the continuing
Directors may act for the purpose of passing a resolution to appoint further Directors to the Board and of convening a meeting of Members
to appoint further Directors but for no other purpose.

26.4 **Indebtedness and Security**. The Directors may exercise all the powers of the Company to incur indebtedness,
liabilities, or obligations and to issue debentures, debenture stock, mortgages, bonds, and other such securities and to secure indebtedness,
liabilities, or obligations whether of the Company or of any third party.

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| **27** | **PROCEEDINGS OF DIRECTORS** |

---

27.1 **Quorum**. The quorum for the transaction of the business of the Directors may be fixed by the Directors
and, unless so fixed, shall be a majority if there are two (2) or more Directors and shall be one (1) if there is only one (10 Director.
A person who holds office as an alternate Director shall be counted in the quorum. A Director who also acts as an alternate Director shall
count twice towards the quorum.

27.2 **Voting**. Subject to the provisions of these Articles, the Directors may regulate their proceedings
as they think fit. Questions arising at any meeting shall be decided by a majority of votes. A Director who is also an alternate Director
shall be entitled to a separate vote on behalf of their appointor in addition to their own vote.

27.3 **Conference Call**. A person may participate and vote in a meeting of the Directors or committee of
Directors by telephone or other Electronic means by means of which all the persons participating in the meeting are able to hear each
other. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chair is at the start
of the meeting.

27.4 **Unanimous Written Resolution**. A resolution in writing (in one or more counterparts) signed by all
the Directors or all the members of a committee of Directors (an alternate Director being entitled to sign any such resolution on behalf
of their appointor) shall be as valid and effectual as if it had been passed at a meeting of the Directors, or committee of Directors
as the case may be, duly convened and held.

27.5 **Notice of Meetings**. A Director may, or other Officer on the requisition of a Director shall, call
a meeting of the Directors by at least two (2) days' notice in writing to every Director which notice shall set forth the general nature
of the business to be considered unless notice is waived by all the Directors either at, before, or after the meeting is held.

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27.6 **Chair of the Board**. The Directors may elect a chair of the Board and determine the period for which
they are to hold office; but if no such chair is elected, or if at any meeting the chair is not present within five (5) minutes after
the time appointed for holding the same, the Directors present may choose one of their number to be chair of the meeting.

27.7 **Defects**. Absent fraud, all acts done by any meeting of the Directors or a committee of Directors
shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any Director or alternate Director,
or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and qualified to be a Director
or alternate Director as the case may be.

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| **28** | **PRESUMPTION OF ASSENT** |

---

28.1 A Director who is present at a meeting of the Board at which action on any Company matter is taken shall
be presumed to have assented to the action taken unless their dissent shall be entered in the minutes of the meeting or unless they shall
file their written dissent from such action with the person acting as the chair or secretary of the meeting before the adjournment thereof.
Such right to dissent shall not apply to a Director who voted in favour of such action.

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| **29** | **DIRECTORS' INTERESTS** |

---

29.1 **Other Office**. A Director may hold any other office or place of profit under the Company (other
than the office of Auditor) in conjunction with their office of Director for such period and on such terms as to remuneration and otherwise
as the Directors may determine. A Director may act by themself or their firm in a professional capacity for the Company and they or their
firm shall be entitled to remuneration for professional services as if they were not a Director or alternate Director.

29.2 **No Exclusivity**. A Director or alternate Director may be or become a director or other officer of
or otherwise interested in any company promoted by the Company or in which the Company may be interested as shareholder or otherwise,
and no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits received by them
as a director or officer of, or from their interest in, such other company.

29.3 **Disclosure of Interests**. No person shall be disqualified from the office of Director or alternate
Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract
or any other contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be
in any way interested be or be liable to be avoided, nor shall
any Director or alternate Director so contracting or being so interested be liable to account to the Company for any profit realised by
any such contract or transaction by reason of such Director holding office or of the fiduciary relation thereby established. A Director
(or their alternate Director in their absence) shall be at liberty to vote in respect of any contract or transaction in which they are
interested provided that the nature of the interest of any Director or alternate Director in any such contract or transaction shall be
disclosed by them at or prior to its consideration and any vote thereon.

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29.4 **General Notice of Interests**. A general notice that a Director or alternate Director is a shareholder,
director, officer, or employee of any specified firm or company and is to be regarded as interested in any transaction with such firm
or company shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which
they have an interest, and after such general notice it shall not be necessary to give special notice relating to any particular transaction.

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| **30** | **MINUTES** |

---

30.1 The Directors shall cause minutes to be made in books kept for the purpose of all appointments of Officers
made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees
of Directors including the names of the Directors or alternate Directors present at each meeting.

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| **31** | **DELEGATION OF DIRECTORS' POWERS** |

---

31.1 **Delegation**. The Directors may delegate any of their powers to any committee consisting of one or
more Directors (including, without limitation, the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance
Committee). They may also delegate to any managing director or any Director holding any other executive office such of their powers as
they consider desirable to be exercised by them provided that an alternate Director may not act as managing director and the appointment
of a managing director shall automatically terminate if they cease to be a Director. Any such delegation may be made subject to any conditions
the Directors may impose and may be revoked or altered. Subject to any such conditions, the proceedings of a committee of Directors shall
be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying.

31.2 **Committees**. The Directors may establish any committees, local boards, or agencies or appoint any
person to be a manager or agent for managing the affairs of the Company and may appoint any person to be a member of such committees or
local boards. Any such
appointment may be made subject to any conditions the Directors may impose, and may be revoked or altered. Subject to any such conditions,
the proceedings of any such committee, local board, or agency shall be governed by the Articles regulating the proceedings of Directors,
so far as they are capable of applying.

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31.3 **Committee Charters.** The Directors may adopt formal written charters for committees. Each of these
committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in the Articles and shall
have such powers as the Directors may delegate pursuant to the Articles and as required by the rules and regulations of the Designated
Stock Exchange, the SEC, and/or any other competent regulatory authority or otherwise under Applicable Law. Each of the Audit Committee,
the Compensation Committee, and the Nominating and Corporate Governance Committee, if established, shall consist of such number of Directors
as the Directors shall from time to time determine (or such minimum number as may be required from time to time by the rules and regulations
of the Designated Stock Exchange, the SEC, and/or any other competent regulatory authority or otherwise under Applicable Law).

31.4 **Third Party Delegation**. The Directors may by power of attorney or otherwise appoint any company,
firm, person, or body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory
of the Company for such purpose and with such powers, authorities, and discretions (not exceeding those vested in or exercisable by the
Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney
or other appointment may contain such provisions for the protection and convenience of persons dealing with any such attorneys or authorised
signatories as the Directors may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of
the powers, authorities, and discretions vested in them.

31.5 **Officers**. The Directors may appoint such Officers as they consider necessary on such terms, at
such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think
fit. Unless otherwise specified in the terms of their appointment an Officer may be removed by the Directors.

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| **32** | **ALTERNATE DIRECTORS** |

---

32.1 **Alternate Appointment**. Any Director (other than an alternate Director) may by writing in notice
to the Company appoint any other Director, or any other person willing to act, to be an alternate Director.

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32.2 **Conduct of Alternates**. An alternate Director shall be entitled to receive notice of all meetings
of Directors and of all meetings of committees of Directors of which their appointor is a member, to attend and vote at every such meeting
at which the Director appointing them is not personally present and, save as expressly provided herein, to perform all the functions and
exercise all of the powers of their appointor as a Director in their absence.

32.3 **Automatic termination**. An alternate Director shall cease to be an alternate Director if their appointor
ceases to be a Director.

32.4 **No Agency**. An alternate Director shall be deemed for all purposes to be a Director and shall alone
be responsible for their own acts and defaults and shall not be deemed to be the agent of the Director appointing them.

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| **33** | **NO MINIMUM SHAREHOLDING** |

---

33.1 The Company in general meeting may fix a minimum shareholding required to be held by a Director but, unless
and until such a shareholding qualification is fixed, a Director is not required to hold Shares.

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| **34** | **REMUNERATION OF DIRECTORS** |

---

34.1 **Office Remuneration**. The remuneration to be paid to the Directors, if any, shall be such remuneration
as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel, and other expenses properly incurred
by them in connection with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or
separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of
the Company, or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination of such methods.

34.2 **Additional Remuneration**. The Directors may by resolution approve additional remuneration to any
Director for any services other than their ordinary routine work as a Director. Any fees paid to a Director who is also counsel or solicitor
to the Company, or otherwise serves it in a professional capacity shall be in addition to their remuneration as a Director.

34.3 **Pensions**. The Directors, on behalf of the Company, may pay a gratuity or pension or allowance on
retirement to any Director who has held any other salaried office or place of profit with the Company or to their widow or dependants
and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension, or allowance.

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| **35** | **INDEMNIFICATION** |

---

35.1 **Indemnity and Exclusion of Liability**. Every Director, alternate Director, or Officer shall be indemnified
out of the assets of the Company against any liability incurred by them as a result of any act or failure to act in carrying out their
functions other than such liability (if any) that they may incur by their own actual fraud or wilful default. No such Director, alternate
Director, or Officer shall be liable to the Company for any loss or damage in carrying out their functions unless that liability arises
through the actual fraud or wilful default of such Director or Officer. References in this Article 35 to actual fraud or wilful default
mean a finding to such effect by a competent court in relation to the conduct of the relevant party.

35.2 **Advancement of Expenses**. Expenses, including legal fees, incurred by a Director, alternate Director,
or Officer, or former Director, alternate Director, or Officer in defending any legal, administrative, or investigative proceedings may
be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by such party to repay the
amount if it shall ultimately be determined that such Director, alternate Director, or Officer is not entitled to be indemnified by the
Company and upon such terms and conditions, if any, as the Company deems appropriate.

35.3 **Insurance**. The Company may purchase and maintain insurance in relation to any person who is or
was a Director, alternate Director, Officer, or liquidator of the Company, or who at the request of the Company is or was serving as a
Director, alternate Director, Officer, or liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership,
joint venture, trust, or other enterprise, against any liability asserted against the person and incurred by the person in that capacity.

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| **36** | **RECORDS** |

---

36.1 **Registered Office Records**. The Company shall keep the following documents at the Registered Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company and any certificate on change of name of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Memorandum and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Register of Directors and Officers; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the Company has created a security interest over any of its assets, the Register of Mortgages
and Charges required to be maintained by the Company under Section 54 of the Companies Act.

36.2 **Other Corporate Records**. The Company shall keep the following records at the Registered Office
or at such other place or places, within or outside the Cayman Islands, as the Directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings, Ordinary Resolutions, and Special Resolutions of Members and classes
of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) minutes of meetings and Resolutions of Directors and committees of Directors.

36.3 **Electronic Form**. All of the registers and records kept by the Company under these Articles shall
be in written form or either wholly or partly as Electronic Records complying with the requirements of the Electronic Transactions Act.

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| **37** | **AUTHENTICATION OF DOCUMENTS** |

---

37.1 **Authentication of Documents.** Any Director, the Secretary, or any person appointed by the Board
for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company, the
Board, or any committee, and any books, records, documents, and accounts relating to the business of the Company, and to certify copies
thereof or extracts therefrom as true copies or extracts, and if any books, records, documents, or accounts are elsewhere than at the
Registered Office or the head office of the local manager or other Officer having the custody thereof shall be deemed to be a person so
appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company
or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company
upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate
record of proceedings at a duly constituted meeting.

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| **38** | **DESTRUCTION** |

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38.1 **Destruction.** The Company shall be entitled to destroy the following documents at the following
times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date
of such cancellation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or
address at any time after the expiry of two (2) years from
the date such mandate variation cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any instrument of transfer of Shares which has been registered at any time after the expiry of seven (7)
years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of powers of attorney, grants of probate, and letters of administration at any time after the expiry
of seven (7) years after the account to which the relevant power of attorney, grant of probate, or letters of administration related has
been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register of Members purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the foregoing provisions of this Article 38 shall apply only to the destruction of a document in good
faith and without express notice to the Company that the preservation of such document was relevant to a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing contained in this Article 38 shall be construed as imposing upon the Company any liability in
respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso Article 38.1(e)(i)
above are not fulfilled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) references in this Article 38 to the destruction of any document include references
to its disposal in any manner.

38.2 **Good Faith.** Notwithstanding any provision contained in these Articles, the Directors may, if permitted
by Applicable Law, authorise the destruction of documents set out in Article 38.1
and any other documents in relation to Share registration which have been microfilmed or electronically stored by the Company or by the
share registrar on its behalf provided always that this Article 38 shall apply only to the destruction of a document in good faith and
without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

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| **39** | **SEAL** |

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39.1 **Use of Seal**. The Company may, if the Directors so determine, have a Seal. The Seal shall only be
used by the authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal
has been affixed shall be signed by at least one person who shall be either a Director or an Officer or other person appointed by the
Directors for the purpose.

39.2 **Duplicate Seal**. The Company may have for use in any place or places outside the Cayman Islands
a duplicate Seal or Seals each of which shall be a facsimile of the common Seal and, if the Directors so determine, with the addition
on its face of the name of every place where it is to be used.

39.3 **Authentication and Filing**. A Director, Officer, representative, or attorney of the Company may
without further authority of the Directors affix the Seal over their signature alone to any document required to be authenticated by them
under seal or to be filed with the Registrar or elsewhere wheresoever.

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| **40** | **DISTRIBUTIONS** |

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40.1 **Payment of Distributions**. Subject to the Companies Act and this Article 40, the Directors may declare
and pay out of the funds of the Company lawfully available for such purpose a Distribution at a time and of an amount they think fit.
No Distribution shall be paid except out of the realised and unrealised profits of the Company, and/or out of the share premium account
and/ or as otherwise permitted by the Companies Act.

40.2 **Ranking**. Except as otherwise provided by the rights attached to Shares, all Distributions shall
be declared and paid according to the par value of the Shares that a Member holds. The Company may pay Distributions in proportion to
the amount paid upon each Share where a larger amount is paid up on some Shares than on others. If any Share is issued on terms providing
that it shall rank for Distributions as from a particular date, that Share shall rank for Distributions accordingly.

40.3 **Deductions**. The Directors may deduct from any Distribution payable to any Member all sums of money,
if any, then payable by them to the Company on account of calls or otherwise.

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40.4 **Distribution in Kind**. The Directors may declare that any Distribution be paid wholly or partly
by the distribution of specific assets and in particular of shares, debentures, or securities of any other company or in any one or more
of such ways and the Directors may settle the same as they think expedient and in particular may issue fractional Shares and fix the value
for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the
basis of the value so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees as may seem
expedient to the Directors.

40.5 **Payment**. Any Distribution payable in cash in respect of Shares may be paid by electronic funds
transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or, in the case
of joint holders, to the registered address of the holder who is first named on the Register of Members or to such person and to such
address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the
person to whom it is sent. Any one of two (2) or more joint holders may give effectual receipts for any Distributions payable in respect
of the Shares held by them as joint holders.

40.6 **No Interest**. No Distribution shall bear interest as against the Company and no distribution shall
be paid on Treasury Shares.

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| **41** | **CAPITALISATIONS** |

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41.1 **Capitalisations**. The Directors may capitalise any sum standing to the credit of any of the Company's
reserve accounts (including share premium account and capital redemption reserve) or to the credit of profit and loss account or otherwise
available for distribution and appropriate such sum to Members in the proportions in which such sum would have been divisible amongst
them had the same been a Distribution of profits by way of dividend and apply such sum on their behalf in paying up in full unissued Shares
for issue, allotment, and distribution credited as fully paid-up to and amongst them in the proportions aforesaid. In such event the Directors
may make such provisions as they think fit in the case of Shares becoming distributable in fractions.

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| **42** | **CLOSING THE REGISTER OF MEMBERS OR FIXING RECORD DATE** |

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42.1 **Closing the Register of Members**. For the purpose of determining Members entitled to notice
 of, or to vote at any meeting of Members or any adjournment thereof, or Members entitled to receive payment of any Distribution, or
 in order to make a determination of Members for any other purpose, the Directors may, after notice has been given by advertisement
 in an appointed newspaper or any other newspaper or by any other means in accordance with the rules and regulations of the
 Designated Stock Exchange,
the SEC and/or any other competent regulatory authority or otherwise under Applicable Law, provide that the Register of Members shall
be closed for transfers for a stated period which shall not in any case exceed forty (40) days.

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42.2 **Record Date Determination**. In lieu of, or apart from, closing the Register of Members, the Directors
may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any
meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Distribution,
or in order to make a determination of Members for any other purpose.

42.3 **No Record Date Chosen**. If the Register of Members is not so closed and no record date is fixed
for the determination of Members entitled to attend meetings, receive payment of a dividend, or capitalisation, the date on which the
notice of the meeting is given or resolution of the Directors declaring such dividend or capitalisation is adopted, as the case may be,
shall be the record date for such determination of Members.

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| **43** | **REPRESENTATION** |

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43.1 **Representation of Legal Persons**. The right of any individual to speak for or represent a Member
or a Director being a legal person shall be determined by the law of the jurisdiction where, and by the documents by which, such legal
person is constituted or derives its existence but save where an objection has been raised by a Member or a Director, the Directors shall
not be obliged to verify the rights of individuals purporting to speak for or represent legal persons. In case of doubt, the Directors
may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule,
the Directors may rely and act upon such advice without incurring any liability to any Member or the Company.

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| **44** | **ACCOUNTS** |

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44.1 **Accounts**. The Company shall keep proper books of account with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums of money received and expended by the Company and the matters in respect of which the receipt
and expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all sales and purchases of goods by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the assets and liabilities of the Company, that in each case, are sufficient to give a true and fair view
of the Company's affairs and to explain its transactions.

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44.2 **Inspection**. The Directors shall from time to time determine whether and to what extent and at what
times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection
of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document
of the Company except as conferred by the Companies Act or authorised by the Directors or by the Company in general meeting.

44.3 **Financial Information**. The Directors may from time to time cause to be prepared and to be laid
before the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any), and such other reports and accounts
as may be required by law.

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| **45** | **INFORMATION** |

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45.1 **Information.** No Member shall be entitled to require discovery of or any information respecting
any detail of the Company's trading or any matter which is or may be in the nature of a trade secret or secret process which may relate
to the conduct of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the
Members to communicate to the Member or to the public.

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| **46** | **AUDIT** |

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46.1 **Auditor**. The Directors may appoint an Auditor who shall hold office until removed from office by
resolution of the Directors and may fix their remuneration.

46.2 **Access Right**. Every Auditor shall have a right of access at all times to the books and accounts
and vouchers of the Company and shall be entitled to require from the Directors and Officers such information and explanation as may be
necessary for any audit.

46.3 **Auditor Reports**. Auditors shall, if so required by the Directors, make a report on the accounts
of the Company during their tenure of office at such times as shall be required by the Directors or any meeting of the Members.

46.4 **Auditor Remuneration.** The remuneration of the Auditor shall be fixed by the Audit Committee (if
one exists).

46.5 **Audit Committee.** Without prejudice to the freedom of the Directors to establish any other committee,
if the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the Designated
Stock Exchange, the Directors shall establish and maintain an Audit Committee as a committee of the
Directors and shall adopt a formal written Audit Committee charter and review and assess the adequacy of the formal written charter on
an annual basis. The composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the SEC and
the Designated Stock Exchange. The Audit Committee shall meet at least once every financial quarter, or more frequently as circumstances
dictate.

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46.6 **Audit Committee Review.** If the Shares (or depositary receipts therefor) are listed or quoted on
the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and
shall utilise the Audit Committee for the review and approval of potential conflicts of interest.

46.7 **Vacancy.** If the office of Auditor becomes vacant by resignation or death of the Auditor, or by
their becoming incapable of acting by reason of illness or other disability at a time when their services are required, the Directors
shall fill the vacancy and determine the remuneration of such Auditor.

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| **47** | **NOTICES** |

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47.1 **Calculation of Elapsed Time**. Subject to the laws of the Cayman Islands, where any period of time
is expressed as required for the giving of any notice or in any other case where some other action is required to be undertaken within
or omitted from being taken during a specified period of time, the calculation of the requisite period of time will not include the day
on which the notice is given (or deemed to be given) or the day on which the event giving rise to the need to take or omit action occurred,
but shall include the day on which the period of time expires.

47.2 **Delivery of Notices**. Notices shall be in writing and may be given by the Company to any Member
either personally or by sending it by courier, post, telex, fax or email to such Member or to such Member's address as shown in the Register
of Members (or where the notice is given by email by sending it to the email address provided by such Member). Notice may also be served
by Electronic Communication in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange
Commission and/or any other competent regulatory authority or by placing it on the Company's Website.

47.3 **Deemed Receipt**. Where a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier; service of the notice shall be deemed to be effected by delivery of the notice to a courier company,
and shall be deemed to have been received on the third day (not
including Saturdays or Sundays or public holidays) following the day on which the notice was delivered to the courier;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) post; service of the notice shall be deemed to be effected by properly addressing, pre paying and posting
a letter containing the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public
holidays in the Cayman Islands) following the day on which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) telex or fax; service of the notice shall be deemed to be effected by properly addressing and sending
such notice and shall be deemed to have been received on the same day that it was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) email or other Electronic Communication; service of the notice shall be deemed to be effected by transmitting
the email to the email address provided by the intended recipient and shall be deemed to have been received on the same day that it was
sent, and it shall not be necessary for the receipt of the email to be acknowledged by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing it on the Company's Website; service of the notice shall be deemed to have been effected one hour
after the notice or document was placed on the Company's Website.

47.4 **Death or Bankruptcy.** A notice may be given by the Company to the person or persons which the Company
has been advised are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices
which are required to be given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased,
or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled,
or at the option of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy
had not occurred.

47.5 **Notices of General Meeting**. Notice of every general meeting shall be given in any manner authorised
by the Articles to every holder of Shares carrying an entitlement to receive such notice on the record date for such meeting except that
in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the Register of Members and every
person upon whom the ownership of a Share devolves because they are a legal personal representative or a trustee in bankruptcy of a Member
where the Member but for their death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled
to receive notices of general meetings.

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| **48** | **VOLUNTARY LIQUIDATION** |

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48.1 Subject to the Companies Act, the Company may by Special Resolution be wound up voluntarily.

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|:---|:---|
| **49** | **WINDING UP** |

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49.1 **Distribution of Assets**. If the Company shall be wound up, and the assets available for distribution
amongst the Members shall be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly
as may be, the losses shall be borne by the Members in proportion to the par value of the Shares held by them. If in a winding up the
assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the share capital at the commencement
of the winding up, the surplus shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the
commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable
to the Company for unpaid calls or otherwise. This Article 49 is without prejudice to the rights of the holders of Shares issued upon
special terms and conditions.

49.2 **Valuation of Assets**. If the Company shall be wound up, the liquidator may, with the sanction of
a Special Resolution and any other sanction required by the Companies Act, divide amongst the Members in kind the whole or any part of
the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets and
determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like
sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with
the like sanction, shall think fit, but so that no Member shall be compelled to accept any asset upon which there is a liability.

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| **50** | **CONTINUATION** |

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50.1 The Company may, subject to the provisions of the Companies Act and with the approval of a Special Resolution,
transfer and be registered by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the
Cayman Islands and be de-registered in the Cayman Islands.

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|:---|:---|
| **51** | **AMENDMENT OF THE MEMORANDUM AND ARTICLES** |

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51.1 Subject to the Companies Act and the rights attaching to any class or series of Shares, the Company may
by Special Resolution change its name or alter or amend these Articles and/ or the Memorandum in whole or in part.

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| **52** | **MERGERS AND CONSOLIDATIONS** |

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52.1 The Company shall have the power to merge or consolidate with one or more constituent companies (as defined
in the Companies Act) upon such terms as the Directors may determine and (to the extent required by the Companies Act) with the approval
of a Special Resolution.

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|:---|:---|
| **53** | **BUSINESS COMBINATION** |

---

53.1 Notwithstanding any other provision of the Articles, this Article 53 shall apply during the period commencing
upon the adoption of the Articles and terminating upon the first to occur of the consummation of a Business Combination and the full distribution
of the Trust Account pursuant to this Article. In the event of a conflict between this Article and any other Articles, the provisions
of this Article shall prevail.

53.2 Prior to the consummation of a Business Combination, the Company shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit such Business Combination to its Members for approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide Members with the opportunity to have their Shares repurchased by means of a tender offer for a
per-Share repurchase price payable in cash, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two (2)
business days prior to the consummation of such Business Combination, including interest earned on the Trust Account (net of taxes paid
or payable, if any), divided by the number of then issued Public Shares. Such obligation to repurchase Shares is subject to the completion
of the proposed Business Combination to which it relates.

53.3 If the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of the Exchange
Act in connection with a proposed Business Combination, it shall file tender offer documents with the SEC prior to completing such Business
Combination which contain substantially the same financial and other information about such Business Combination and the redemption rights
as is required under Regulation 14A of the Exchange Act. If, alternatively, the Company holds a general meeting to approve a proposed
Business Combination, the Company will conduct any redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of
the Exchange Act, and not pursuant to the tender offer rules, and file proxy materials with the SEC.

53.4 At a general meeting called for the purposes of approving a Business Combination pursuant to this Article
53, in the event that such Business Combination is approved by Ordinary Resolution, the Company shall be authorised to consummate such
Business Combination.

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53.5 Any Member holding Public Shares who is not
the Sponsor, a Founder, Officer or Director may, at least two (2) business days' prior to any vote on a Business Combination, elect
to have their Public Shares redeemed for cash, in accordance with any applicable requirements provided for in the related proxy materials
( ***Business Combination Redemption***), provided that no such Member acting together with any Affiliate of their or any other
person with whom they are acting in concert or as a partnership, limited partnership, syndicate, or other group (including, for the avoidance
of doubt, a "group" (as defined under Section 13 of the Exchange Act) for the purposes of acquiring, holding, or disposing
of Shares may exercise this redemption right with respect to more than fifteen per cent (15%) of the Public Shares in the aggregate without
the prior consent of the Company and provided further that any beneficial holder of Public Shares on whose behalf a redemption right
is being exercised must identify itself to the Company in connection with any redemption election in order to validly redeem such Public
Shares. If so demanded, the Company shall pay any such redeeming Member, regardless of whether they are voting for or against such proposed
Business Combination, a per-Share redemption price payable in cash, equal to the aggregate amount then on deposit in the Trust Account
calculated as of two (2) business days prior to the consummation of the Business Combination, including interest earned on the Trust
Account (such interest shall be net of taxes payable) and not previously released to the Company to pay its taxes, divided by the number
of then issued Public Shares (such redemption price being referred to herein as  ***Redemption Price***), but only in the event
that the applicable proposed Business Combination is approved and in connection with its consummation.

53.6 A Member may not withdraw a Redemption Notice once submitted to the Company unless the Directors determine
(in their sole discretion) to permit the withdrawal of such redemption request (which they may do in whole or in part). The Directors
(in their sole discretion) shall determine the timing of such Business Combination Redemption of Public Shares in order to facilitate
the consummation and/or closing of a Business Combination.

53.7 In the event that the Company does not consummate a Business Combination within twenty four (24) months
from the consummation of the IPO, or such later time as the Members may approve by Special Resolution in accordance with the Articles,
(the  ***Deadline Date***), the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cease all operations except for the purpose of winding up;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem the Public
Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company (less up to one hundred thousand dollars ($100,000)
of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then Public Shares
in issue, which redemption will completely extinguish public Members' rights as Members (including the right to receive further
liquidation distributions, if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as reasonably possible following such redemption, subject to the approval of the Company's
remaining Members and the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

53.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to modify the substance or timing of the Company's obligation to allow redemption in connection with a
Business Combination or redeem one hundred per cent (100%) of the Public Shares if the Company does not consummate a Business Combination
by the Deadline Date, or such later time as the Members may approve by Special Resolution in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other provision relating
to Members' rights or pre- Business Combination activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares (***Amendment Redemption***) upon the approval or effectiveness of any such amendment at a per- Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares. The Directors (in their sole discretion) shall determine the timing of any such Amendment Redemption.

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53.9 A holder of Public Shares shall be entitled to receive distributions from the Trust Account only in the
event of a Business Combination Redemption, an Amendment Redemption, a repurchase of Shares by means of a tender offer pursuant to this
Article 53, or a distribution of the Trust Account pursuant to this Article 53. In no other circumstance shall a holder of Public Shares
have any right or interest of any kind in the Trust Account.

53.10 Except in connection with the conversion of Class B Shares into Class A Shares pursuant to the Article
6 hereof where the holders of such Shares have waived any right to receive funds from the Trust Account, after the issue of Public Shares,
and prior to the consummation of a Business Combination, the Company shall not issue additional Shares or any other securities that would
entitle the holders thereof to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive funds from the Trust Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote as a class with Public Shares on a Business Combination.

53.11 A Director may vote in respect of a Business Combination in which such Director has a conflict of interest
with respect to the evaluation of such Business Combination. Such Director must disclose such interest or conflict to the other Directors.

53.12 As long as the securities of the Company are listed on the New York Stock Exchange, the Company must complete
one or more Business Combinations having an aggregate fair market value of at least eighty per cent (80%) of the assets held in the Trust
Account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount
held in trust) at the time of the Company's signing a definitive agreement in connection with a Business Combination. A Business Combination
must not be solely effectuated with another blank cheque company or a similar company with nominal operations.

53.13 The Company may enter into a Business Combination with a target business that is Affiliated with the Sponsor,
a Founder, a Director or an Officer. In the event the Company seeks to consummate a Business Combination with a target that is Affiliated
with the Sponsor, a Founder, a Director or an Officer, the Company, or a committee of Independent Directors, will obtain an opinion from
an independent investment banking firm or another valuation or appraisal firm that regularly renders fairness opinions on the type of
target business the Company is seeking to acquire that such a Business Combination is fair to the Company from a financial point of view.

---

| | |
|:---|:---|
| 52 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

---

| | |
|:---|:---|
| **54** | **CERTAIN TAX FILINGS** |

---

54.1 Each Tax Filing Authorised Person and any such other person, acting alone, as any Director shall designate
from time to time, are authorised to file IRS forms SS-4, W-8 BEN, W 8 IMY, W-9, 8832 and 2553 and such other similar tax forms as are
customary to file with any US state or federal governmental authorities or foreign governmental authorities in connection with the formation,
activities, and/or elections of the Company and such other tax forms as may be approved from time to time by any Director or Officer.
The Company further ratifies and approves any such filing made by any Tax Filing Authorised Person or such other person prior to the date
of the Articles.

---

| | |
|:---|:---|
| **55** | **BUSINESS OPPORTUNITY** |

---

55.1 To the fullest extent permitted by Applicable Law, no individual serving as a Director or an Officer shall
have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or
similar business activities or lines of business as the Company. To the fullest extent permitted by Applicable Law, the Company renounces
any interest or expectancy of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter
which may be a corporate opportunity for a Director or Officer, on the one hand, and the Company, on the other. Except to the extent expressly
assumed by contract, to the fullest extent permitted by Applicable Law, a Director or Officer shall have no duty to communicate or offer
any such corporate opportunity to the Company and shall not be liable to the Company or its Members for breach of any fiduciary duty as
a Member, Director, and/or Officer solely by reason of the fact that such party pursues or acquires such corporate opportunity for themselves,
directs such corporate opportunity to another person, or does not communicate information regarding such corporate opportunity to the
Company.

55.2 Except as provided elsewhere in this Article 55, the Company hereby renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate
opportunity for both the Company and a Director or Officer, about which a Director and/or Officer acquires knowledge.

55.3 To the extent a court might hold that the conduct of any activity related to a corporate opportunity that
is renounced in this Article 55 to be a breach of duty to the Company or its Members, the Company hereby waives, to the fullest extent
permitted by Applicable Law, any and all claims and causes of action that the Company may have for such activities. To the fullest extent
permitted by Applicable Law, the provisions of this Article 55 apply equally to activities
conducted in the future and that have been conducted in the past.

---

| | |
|:---|:---|
| **56** | **DISCLOSURE** |

---

56.1 **Disclosure.** The Directors, or any authorised service providers (including the Officers, the Secretary,
and the Registered Office agent of the Company), shall be entitled to disclose to any regulatory or judicial authority, or to any Designated
Stock Exchange, any information regarding the affairs of the Company including, without limitation, information contained in the Register
of Members and books of the Company.

---

| | |
|:---|:---|
| 53 | ![](ex3-4_002.jpg) |
| *www.verify.gov.ky File#: 419301* |  |

---

## Exhibit 3.5

**Exhibit 3.5**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **The Companies Act (as revised)**<br> **OF THE CAYMAN ISLANDS**<br>**TIMBER ROAD ACQUISITION CORP.**<br>Exempted Company Limited By Shares | &nbsp;&nbsp; **The Companies Act (as revised)**<br> **OF THE CAYMAN ISLANDS**<br>**TIMBER ROAD ACQUISITION CORP.**<br>Exempted Company Limited By Shares |
|  | &nbsp;&nbsp; <br> **THIRD AMENDED AND RESTATED**<br>**MEMORANDUM and articles OF ASSOCIATION**<br>|

---

Adopted by special resolution on 2025

![](ex3-5_001.jpg)

**THE Companies Act (as revised)<br> OF THE CAYMAN ISLANDS**

Exempted Company Limited By Shares

**THIRD amended and restated**

**MEMORANDUM OF ASSOCIATION**

**OF**

**TIMBER ROAD ACQUISITION CORP.**

Adopted by special resolution on 2025

---

| | |
|:---|:---|
| 1 | NAME |

---

1.1 The name of the Company is Timber Road Acquisition Corp.

---

| | |
|:---|:---|
| 2 | STATUS |

---

2.1 The Company is an exempted company limited by shares.

3 REGISTERED OFFICE

3.1 The registered office of the Company is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street,
P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands or at such other place as the Directors may from time to time decide.

4 OBJECTS AND CAPACITY

4.1 Subject to paragraph 9 of this Memorandum, the objects for which the Company is established are unrestricted and the Company shall
have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands. The
Company is a body corporate capable of exercising all the functions of a natural person of full capacity, irrespective of any question
of corporate benefit.

5 SHARE CAPITAL

5.1 The share capital of the Company is US$22,100 divided into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 200,000,000 Class A ordinary shares of a par value of US$0.0001 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 20,000,000 Class B ordinary shares of a par value of US$0.0001 each; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1,000,000 preference shares of a par value of US$0.0001 each.

5.2 Subject to the Companies Act and the Articles, the Company has power to do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem or repurchase any of its Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue any part of its capital (whether original, redeemed, increased, or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges, or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions, and unless the condition of issue expressly declares otherwise, every issue of Shares
(whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter any of those rights, privileges, conditions, limitations, or restrictions.

6 LIABILITY OF MEMBERS

6.1 The liability of each Member is limited to the amount from time to time unpaid on such Member's Shares.

7 CONTINUATION

7.1 The Company may exercise the powers contained in the Companies Act to transfer and be registered by way of continuation as a body
corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be de-registered in the Cayman Islands.

8 DEFINITIONS

8.1 Capitalised terms used and not defined in this Memorandum shall bear the same meaning as those given in the Articles.

9 EXEMPTED COMPANY

9.1 The Company will not trade in the Cayman Islands with any person, firm, or corporation except in furtherance of the business of the
Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent the Company effecting
and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of
its business outside the Cayman Islands.

10 Financial Year

10.1 The financial year end of the Company is 31 December or such other date as the Directors may from time to time decide and annex to
this Memorandum.

**THE Companies Act (as revised)<br> OF THE CAYMAN ISLANDS**

Exempted Company Limited By Shares

**THIRD AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**TIMBER ROAD ACQUISITION CORP.**

Adopted by special resolution on 2025

1 DEFINITIONS AND INTERPRETATION

1.1 **Definitions.** The Regulations contained in Table A in the First Schedule to the Companies Act do not apply to the Company. In
these Articles, if not inconsistent with the context, the following words and expressions shall have the following meanings:

 ****

***Affiliate*** in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law,
father-in-law, brother-in-law, sister-in-law, whether by blood, marriage, or adoption or anyone residing in such person's home,
a trust for the benefit of any of the foregoing, a company, partnership, or any natural person or entity wholly or jointly owned by any
of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an entity, shall include a partnership, a corporation, or any natural person or entity which directly, or indirectly
through one or more intermediaries, controls, in controlled by, or is under common control with, such entity;

 ****

 ****

***Amendment Redemption*** has the meaning given to it at Article 53.8;

 ****

***Applicable Law*** means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees, or orders of any governmental authority applicable to such person;

 ****

***Articles*** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two (2) or more particular Articles of these Articles,

and ***Article*** refers to a particular Article of these Articles;

 ****

***Audit Committee*** means the audit committee of the Company formed pursuant to Article 46.5 hereof, or any successor audit committee;

 ****

***Auditor*** means the person for the time being performing the duties of auditor of the Company;

 ****

***Board*** means the board of Directors;

 ****

***Business Combination*** means a merger, share exchange, asset acquisition, share purchase, reorganisation, or similar business combination involving the Company, with one or more businesses or entities (***target business***), which Business Combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as long as the securities of the Company are listed on the New York Stock Exchange, must occur with one or more target businesses
that together have an aggregate fair market value of at least eighty per cent (80%) of the assets held in the Trust Account (net of amounts
disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) at
the time of the signing of the definitive agreement to enter into such Business Combination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations;

 ****

***Business Combination Redemption*** has the meaning given to it at Article 53.5;

 ****

***business day*** means a day other than a Saturday, a Sunday, or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City or the Cayman Islands;

 ****

***Class A Share*** means a Class A ordinary shares of a par value of US$0.0001 in the share capital of the Company;

 ****

 ****

***Class B Share*** means a Class B ordinary shares of a par value of US$0.0001 in the share capital of the Company;

 ****

***Class B Share Conversion*** means a conversion of Class B Shares in accordance with Article 6;

 ****

***clear day*** means the period excluding the day on which the notice is given, or deemed to be given, and the day the notice is received, or deemed received;

 ****

***Clearing House*** means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction;

 ****

***Companies Act*** means the Companies Act (Revised) of the Cayman Islands;

 ****

***Company*** means the above named company;

 ****

***Company's Website*** means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the SEC in connection with its IPO, or which has otherwise been notified to Members;

 ****

***Compensation Committee*** means the compensation committee of the Board established pursuant to the Articles, or any successor committee;

 ****

***Deadline Date*** has the meaning ascribed to it at Article 53.7;

 ****

***Designated Stock Exchange*** means any United States national securities exchange on which the securities of the Company are listed for trading, including the New York Exchange;

 ****

***Director*** means a director of the Company appointed in accordance with these Articles;

 ****

***Distribution*** means a distribution, dividend (including an interim dividend), or other payment or transfer of property of the Company on or in respect of a Share (save in respect of its redemption or repurchase);

 ****

***Electronic*** has the meaning given to that term in the Electronic Transactions Act;

 ****

***Electronic Communication*** means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the SEC) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board;

 ****

***Electronic Record*** has the meaning given to that term in the Electronic Transactions Act;

 ****

***Electronic Transactions Act*** means the Electronic Transactions Act (As Revised) of the Cayman Islands;

 ****

***Equity-Linked Securities*** means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt;

 ****

***Exchange Act*** means the United States Securities Exchange Act of 1934 or any similar U.S. federal statute and the rules and regulations of the SEC;

 ****

***Founders*** means all Members immediately prior to the consummation of the IPO;

 ****

***Fully Paid*** and ***Paid Up*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable in respect of the issue of
that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully paid or credited as paid
in money or money's worth;

 ****

***Independent Director*** means a Director who is an "independent director" as defined in the rules and regulations of the Designated Stock Exchange as determined by the Directors;

 ****

***Initial Conversion Ratio*** has the meaning given to it at Article 6.2;

 ****

***IPO*** means the Company's initial public offering of securities;

 ****

***Lien Amounts*** has the meaning given to it at Article 10.1;

 ****

***Member*** has the same meaning as in the Companies Act;

 ****

***Memorandum*** means the memorandum of association of the Company;

 ****

***Nominating and Corporate Governance Committee*** means the nominating and corporate governance committee of the Board established pursuant to the Articles, or any successor committee;

 ****

 ****

***Officer*** means a person then appointed to hold an office in the Company;

 ****

***Ordinary Resolution*** means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by a majority of such Members as, being entitled to do so, vote in person or by proxy at a general meeting of the Company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed
by one or more of the Members;

 ****

***Over-Allotment Option*** means the option of the Underwriters to purchase up to an additional 15% of the firm units issued in the IPO at a price equal to US$10.00 per unit, less underwriting discounts and commissions;

 ****

***person*** means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, trust, estate, joint venture, joint stock company, governmental authority or instrumentality or other entity of any kind;

 ****

***Preference Share*** means a preference share of a par value of US$0.0001 in the share capital of the Company;

 ****

***Public Share*** means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO;

 ****

***Redemption Notice*** means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein;

 ****

***Redemption Price*** has the meaning given to it at Article 53.5;

 ****

***Register of Directors and Officers*** means the register of Directors and Officers maintained by the Company in accordance with these Articles;

 ****

***Register of Members*** means the register of Members referred to in these Articles;

 ****

***Registrar*** means the Cayman Islands Registrar of Companies and includes the Deputy Registrar of Companies;

 ****

***Registered Office*** means the registered office for the time being of the Company;

 ****

***relevant period*** has the meaning given to it at Article 9.2;

 ****

***Representative*** has the meaning given to it at Article 13.2;

 ****

 ****

***Seal*** means any seal which has been duly adopted as the common seal of the Company and includes every duplicate seal;

 ****

***SEC*** means the United States Securities and Exchange Commission;

 ****

***Secretary*** means the person appointed to perform any or all of the duties of secretary of the Company, including any assistant secretary;

 ****

***Share*** means a share in the capital of the Company, including a fraction of a share issued or authorised to be issued by the Company;

 ****

***Special Resolution*** means a special resolution passed in accordance with Section 60 of the Companies Act, being a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by a majority of not less than two-thirds (66.66%) of such Members as, being entitled to do so, vote in person or by proxy
at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been
duly given; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed
by one or more of the Members;

 ****

***Sponsor*** means Timber Road Acquisition Sponsor LLC, a Delaware limited liability company, and its successors or assigns;

 ****

***Tax Filing Authorised Person*** means such person as any Director shall designate from time to time, acting severally;

 ****

***Transmission Event*** has the meaning given to it at Article 13.2;

 ****

***Treasury Share*** means a Share that has been repurchased, redeemed, surrendered to, or otherwise acquired by the Company and not cancelled;

 ****

***Trust Account*** means the trust account established by the Company upon the consummation of the IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of securities simultaneously with the closing date of the IPO or otherwise, will be deposited;

 ****

***Underwriter*** means an underwriter of the IPO from time to time and any successor Underwriter;

 ****

***Underwriter Representative*** means a representative of the Underwriter; and

 ****

 ****

***Written*** includes information generated, sent, received, or stored by Electronic, electrical, digital, magnetic, optical, electromagnetic, biometric, or photonic means, including electronic data interchange and electronic mail in accordance with the Electronic Transactions Act and in writing shall be construed accordingly.

1.2 **Interpretation.** In the Memorandum and these Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation, is a reference to such law or regulation as amended or re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person includes all legal persons and natural persons; and

with the laws or regulations of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the word "may" shall be construed as permissive and the word "shall" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any determination by the Directors shall be construed as a determination by the Directors in their sole and absolute
discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any phrase introduced by the terms "including", "include" or "in particular" or similar expression
shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) reference to "in writing" shall be construed as written or represented by any means reproducible in writing, including
any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format for storage or transmission
for writing including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any requirements as to delivery under the Articles include delivery in the form of an Electronic Record or an Electronic Communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any requirements as to execution or signature under the Articles, including the execution of the Articles themselves, can be satisfied
in the form of an electronic signature as defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

1.3 **Companies Act.** Subject to this Article 1, any words defined in the Companies Act shall, if not inconsistent with the subject
or context, bear the same meaning in these Articles.

2 COMMENCEMENT OF BUSINESS

2.1 **Commencement**. The business of the Company may be commenced at such time as determined by the Directors.

2.2 **Commencement Costs and Expenses**. The Directors may pay, out of capital or other money of the Company, all costs and expenses
incurred in the establishment and registration of the Company.

3 REGISTERED SHARES

3.1 **Registered Shares**. The Company shall issue registered Shares only.

3.2 **No Bearer Shares**. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares, or exchange
registered Shares for bearer Shares.

4 SHARE CERTIFICATES

4.1 **Share Certificates**. Unless and until the Directors resolve to issue share certificates, no share certificate shall be issued,
and the records of the shareholdings of each Member shall be in uncertified book entry form. If the Directors do resolve to issue share
certificates in respect of any one or more classes of Shares, then every Member holding such Shares shall be entitled, upon written request
only, to a certificate signed by a Director or Secretary, or any other person authorised by a resolution of the Directors, or under the
Seal specifying the number of Shares held by them and the signature of the Director, Secretary or authorised person and the Seal may be
facsimiles or affixed by Electronic means pursuant to the Electronic Transactions Act.

4.2 **Indemnity and Replacement**. Any Member receiving a certificate shall indemnify and hold the Company and its Directors and Officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any
person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed or, in connection with any
proposed Share transfer, a new certificate may be issued, on production of the worn out certificate or on satisfactory proof of its loss
together with such indemnity as may be required by the Directors.

4.3 **Joint Holders**. If several Members are registered as joint holders of any Shares, any one of such Members may give an effectual
receipt for any share certificate.

5 ISSUE OF SHARES

5.1 **Issue**. Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general
meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange, the SEC, and/or any other competent regulatory
authority or otherwise under Applicable Law, and without prejudice to any rights attached to any existing Shares, the Directors may allot,
issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred, deferred or other
rights or restrictions, whether in regard to Distributions, voting, return of capital or otherwise and to such persons, at such times
and on such other terms as they thing proper, and may also (subject to the Companies Act and the Articles) vary such rights, save that
the Directors shall not allot, issue, grant options over, or otherwise dispose of Shares (including fractions of a Share) to the extent
that it may affect the ability of the Company to carry out a Class B Share Conversion.

5.2 **Securities.** The Company may issue rights, options, warrant or convertible securities of similar nature conferring the right
upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company on such terms as
the Directors may from time to time determine.

5.3 **Units.** The Company may issue units of securities in the Company, which may be comprised of whole or fractional Shares, rights,
options, warrants, or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe
for, purchase, or receive any class of Shares or other securities in the Company, upon such terms as the Directors may from time to time
determine. The securities comprising any such units which are issued pursuant to the IPO can only be traded separately from one another
on the fifty second (52<sup>nd</sup>) day following the date of the prospectus relating to the IPO unless the Underwriter Representative(s)
determines that an earlier date is acceptable, subject to the Company having filed a current report on Form 8-K with the SEC and a press
release announcing when such separate trading will being. Prior to such date, the units can be traded, but the securities comprising such
units cannot be traded separately from one another.

5.4 **Unissued Shares.** The Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred, or other special rights or restrictions whether in regard to dividend, voting, return of capital,
or otherwise.

5.5 **Consideration for Share Issue**. A Share may be issued for consideration in any form, including money, a promissory note or other
written obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered,
or a contract for future services.

5.6 **Power to issue fractions of a Share.** Subject to the Companies Act, the Company may issue fractions of a Share of any class.
A fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise),
limitations, preferences, privileges, qualifications, restrictions, rights, and other attributes of a Share of that class of Shares.

5.7 **Register of Members**. The Register of Members kept by the Company shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a statement of the Shares held by each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the distinguishing numbers of the Shares of each Member (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount paid, or agreed to be considered as paid, on the Shares of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date on which the name of each person was entered on the register as a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the date on which any person ceased to be a Member.

5.8 **Commission**. The Company is authorised to pay a commission to any person in consideration of their subscribing or agreeing to
subscribe (whether absolutely or conditionally) for any Shares or procuring or agreeing to procure subscriptions (whether absolute or
conditional) for any Shares. The Company may employ a broker in the issue of its capital and pay them any proper commission or brokerage.

5.9 **Trusts not recognised.** Except as required by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future, or
partial interest in any Share, or (except only as is otherwise provided by the Articles or the Companies Act) any other rights in respect
of any Share other than an absolute right to the entirety thereof in the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

5.10 **Capital contributions without issue of further Shares.** With the consent of a Member, the Directors may accept a voluntary contribution
to the capital of the Company from that Member without issuing Shares in consideration for that contribution. In that event, the contribution
shall be dealt with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall be treated as if it were a share premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Member holds Shares in a single class of Shares, it shall be credited to the share premium account for that class of Shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Member holds Shares of more than one class, it shall be credited ratably to the share premium accounts for those classes of
Shares (in the proportion that the sum of the issue prices for each class of Shares that the Member holds bears to the total issue prices
for all classes of Shares that the Member holds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it shall be subject to the provisions of the Companies Act and these Articles applicable to share premiums.

6 SHARE RIGHTS

6.1 **Ordinary Shares.** The rights attaching to the Class A Shares and Class B Shares shall rank *pari passu* in all respects,
and the Class A Shares and Class B Shares shall vote together as a single class on all matters (subject to Article 7 and the Article 24)
with the exception that the holder of a Class B Share shall have the conversion rights referred to in this Article 6.

6.2 **Class B Share Conversion.** Class B Shares shall automatically convert into Class A Shares on a one-for-one basis ( ***Initial Conversion Ratio***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time and from time to time at the option of the holders thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with the consummation of a Business Combination.

6.3 **Adjustment of Ratio.** Notwithstanding the Initial Conversion Ratio, in the case that additional Class A Shares or any other
Equity-Linked Securities, are issued, or deemed issued, by the Company in excess of the amounts offered in the IPO and in connection with
the consummation of a Business Combination, all Class B Shares in issue shall automatically convert into Class A Shares in connection
with the consummation of the Business Combination at a ratio for which the Class B Shares shall convert into Class A Shares will be adjusted
(unless the holders of a majority of the Class B Shares in issue agree to waive such anti-dilution adjustment with respect to any such
issuance or deemed issuance) so that the number of Class A Shares issuable upon conversion of all Class B Shares will equal, on an as-converted
basis, in the aggregate, 20% of the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Class A Shares issued and outstanding upon the completion of the IPO; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Class A Shares and Equity-linked Securities issued or deemed issued in connection with an initial Business Combination, excluding
any Shares or Equity-linked Securities issued, or to be issued, to any seller in a Business Combination; and less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any redemptions of Public Shares in connection with an initial Business Combination.

6.4 **Waiver of Adjustment.** Notwithstanding anything to the contrary contained herein, the foregoing adjustment to the Initial Conversion
Ratio may be waived as to any particular issuance or deemed issuance of additional Class A Shares or Equity-linked Securities by the written
consent or agreement of holders of a majority of the Class B Shares then in issue consenting or agreeing separately as a separate class
in the manner provided in Article 7.

6.5 **Subdivision.** The foregoing conversion ratio shall also be adjusted to account for any subdivision (by share subdivision, exchange,
capitalisation, rights issue, reclassification, recapitalisation, or otherwise) or combination (by share consolidation, exchange, reclassification,
recapitalisation, or otherwise) or similar reclassification or recapitalisation of the Class A Shares in issue into a greater or lesser
number of Shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination,
or similar reclassification or recapitalisation of the Class B Shares in issue.

6.6 **Pro Rata Determination.** Each Class B Shares shall convert into its pro rata number of Class A Shares pursuant to this Article
6. The pro rata share for each holder of Class B Shares will be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Class B Share shall convert into such number of Class A Shares as is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of 1 multiplied by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the numerator of which shall be the total number of Class A Shares into which all of the Class B shares in issue shall be converted
pursuant to this Article 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the denominator of which shall be the total number of Class B Shares in issue at the time of conversion.

6.7 **Process of Conversion.** References in this Article 6 to "converted", "conversion" or "exchange"
shall mean the compulsory redemption without notice of Class B Shares of any Member and, on behalf of such Members, automatic application
of such redemption proceeds in paying for such new Class A Shares into which the Class B Shares have been converted or exchanged at a
price per Class B Share necessary to give effect to a conversion or exchange calculated on the basis that the Class A Shares to be issued
as part of the conversion or exchange will be issued at par. The Class A Shares to be issued on an exchange or conversion shall be registered
in the name of such Member or in such name as the Member may direct.

6.8 **Minimum Conversion Ratio.** Notwithstanding anything to the contrary in this Article 6, in no event may any Class B Share convert
into Class A Shares at a ratio that is less than one-for-one.

6.9 **Preferred Shares**. Shares and other securities of the Company may be issued by the Directors with such preferred, deferred,
or other special rights, restrictions, or privileges whether in regard to voting, Distributions, a return of capital, or otherwise and
in such classes and series, if any, as the Directors may determine.

7 VARIATION OF RIGHTS

7.1 **Class Variation**. Subject to Article 5.1, if at any time the share capital of the Company is divided into different classes
of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class)
may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where
such variation shall be made only with the consent in writing of the holders of not less than two-thirds (2/3) of the issued Shares of
that class (other than with respect to a waiver of the provisions of Article 6, which as stated therein shall only require the consent
in writing of the holders of a majority of the issued Shares of that class), or with the approval of a resolution passed by a majority
of not less than two-thirds (2/3) of the votes cast at a separate meeting of the holders of the Shares of that class. For the avoidance
of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent
from the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings
shall apply mutatis mutandis, except that the necessary quorum shall be one (1) person holding or representing by proxy at least one-third
(1/3) of the issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll.

7.2 **Grouping of classes.** For the purposes of a separate class meeting, the Directors may treat two (2) or more or all the classes
of Shares as forming one (1) class of Shares if the Directors consider that such class of Shares would be affected in the same way by
the proposals under consideration, but in any other case shall treat them as separate classes of Shares.

7.3 **No Variation**. The rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly provided
by the terms of issue of the Shares of that class, be deemed to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the creation or issue of further Shares ranking *pari passu* therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the constitutional documents of the Company are amended or new constitutional documents of the Company are adopted, in each
case, as a result of the Company registering by way of continuation as a body corporate under the laws of any jurisdiction outside the
Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the conversion of any Class B Shares pursuant to Article 6.

8 REDEMPTION, PURCHASE, AND SURRENDER OF SHARES AND TREASURY SHARES

8.1 **Public and Class B Shares.** Subject to the provisions of the Companies Act, and, where applicable, the rules and regulations
of the Designated Stock Exchange, the SEC, and/or any other competent regulatory authority or otherwise under Applicable Law, the Company
may issue Shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company. The redemption of such
Shares, except Public Shares, shall be effected in such manner and upon such other terms as the Company, by Ordinary Resolution, may determine
before the issue of such Shares. With respect to redeeming or repurchasing Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Members who hold Public Share are entitled to request the redemption of such Shares in the circumstances described in Article 53;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class B Shares held by the Sponsor shall be surrendered for no consideration to the extent that the Over-Allotment Option is not exercised
in full so that the Sponsor will own twenty per cent (20%) of the Company's issued Shares after the IPO (exclusive of any securities
purchased in a private placement simultaneously with the IPO); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Public Shares shall be repurchased by way of tender offer in the circumstances set out in Article 53.

8.2 **Redemption, Purchase, and Surrender**. Subject to the provisions of the Companies Act, the rules of the Designated Stock Exchange,
and/or any competent regulatory authority, and to the rights attaching to any class of Share, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Member on such
terms and in such manner as the Directors may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner as the Directors determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the Companies Act including out
of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit the surrender of fully paid Shares for no consideration.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Companies Act, including out of any combination of the following: capital, its profits, and the proceeds of a fresh issue of Shares.

8.3 **Effect of Redemption, Purchase, and Surrender**. Shares that the Company redeems, purchases, accepts by way of surrender, or
otherwise acquires pursuant to Article 8.1 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be cancelled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be held as Treasury Shares on such terms and in such manner as the Directors determine prior to such acquisition.

8.4 **Power to pay for redemption or purchase in cash or in specie.** When making a payment in respect of the redemption or purchase
of Shares, the Directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorised by the
terms of the allotment of those Shares, or by the terms applying to those Shares in accordance with Article 8.1, or otherwise by agreement
with the Member holding those Shares.

8.5 **Effect of redemption or purchase of a Share.** Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the Register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Shares, as the Directors may determine.

For the purpose of this Article 8.5, the date of redemption or purchase is the date when the redemption or purchase falls due.

8.6 **Treasury Shares**. All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the Company
while it holds the Share as a Treasury Share, other than as set out in this Article 8. The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Treasury Shares on such terms and in such a manner as the Directors may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer the Treasury Shares in accordance with Article 14.

8.7 **Rights attaching to Treasury Shares and related matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's assets (including
any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall be entered in the Register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect of the Treasury Shares, and
any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not be counted in determining
the total number of issued Shares at any given time, whether for the purposes of these Articles or the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in Article 8.7(b) prevents an allotment of Shares as fully paid bonus Shares in respect of a Treasury Share and Shares allotted
as fully paid bonus Shares in respect of a Treasury Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Treasury Shares may be disposed of by the Company in accordance with the Companies Act and otherwise on such terms and conditions
as the Directors determine.

8.8 **No Participation**. Any Share in respect of which notice of redemption has been given shall not be entitled to participate in
the profits of the Company in respect of the period after the date specified as the date of redemption in the notice of redemption.

8.9 **No other Redemption**. The redemption, purchase, or surrender of any Share shall not be deemed to give rise to the redemption,
purchase, or surrender of any other Share.

8.10 **Redemption in Kind**. The Directors may, when making payments in respect of redemption or purchase of Shares, if authorised by
the terms of issue of the Shares being redeemed or purchased or with the agreement of the holder of such Shares, make such payments either
in cash or in kind.

9 UNTRACEABLE MEMBERS

9.1 **Unclaimed Distributions.** Any Distribution which cannot be paid to a Member and/or which remains unclaimed after six (6) months
from the date on which such Distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the
Company's name, provided that the Company shall not be constituted as a trustee in respect of that account and the Distribution
shall remain as a debt due to the Member. Any Distribution which remains unclaimed after a period of six (6) years from the date on which
such Distribution becomes payable shall be forfeited and shall revert to the Company.

9.2 **Sale of Shares.** The Company shall have the power to sell, in such manner as the Board thinks fit, any Shares of a Member who
is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the Shares in question, being not less than three (3) in total number, for any
sum payable in cash to the holder of such Shares in respect of them sent during the relevant period in the manner authorised by the Articles
have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant period received any indication
of the existence of the Member who is the holder of such Shares or of a person entitled to such Shares by death, bankruptcy, or operation
of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange, has given notice to, and
caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange of its intention to
sell such Shares in the manner required by the Designated Stock Exchange, and a period of three (3) months, or such shorter period as
may be allowed by the Designated Stock Exchange, has elapsed since the date of such advertisement.

For the purpose of the foregoing, the ***relevant period*** means the period commencing twelve (12) years before the date of publication of the advertisement referred to in Article 9.2(c) and ending at the expiry of the period referred to in Article 9.2(c).

9.3 **Authority to Sell.** To give effect to any such sale the Board may authorise some person to transfer the said Shares and an instrument
of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered
holder or the person entitled by transmission to such Shares, and the purchaser shall not be bound to see to the application of the purchase
money nor shall their title to the Shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net
proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former
Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in
respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the
business of the Company or as it thinks fit. Any sale under this Article 9.3 shall be valid and effective notwithstanding that the Member
holding the Shares sold is dead, bankrupt, or otherwise under any legal disability or incapacity.

---

| | |
|:---|:---|
| 10 | LIEN |

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10.1 **All Monies Payable**. The Company shall have a first and paramount lien on every Share, whether or not it is a fully paid Share,
for all moneys, whether presently payable or not, called or payable at a fixed time in respect of that Share and for all debts, liabilities,
or other obligations owed, whether presently or not, by the Member or by one or more joint Members or by any of their estates to the Company
(together, the  ***Lien Amounts***) but the Directors may, at any time, declare any Share to be wholly or in part exempt from this
Article 10. The Company's lien, if any, on a Share shall extend to all Distributions payable thereon. Any registration of the transfer
of a Share shall operate to extinguish the Company's lien on that Share.

10.2 **Sale**. The Company may sell, in such manner as the Directors think fit, any Shares in which the Company has a lien, but no sale
shall be made unless some amount in respect of which the lien exists is presently payable and the period of fourteen (14) days has elapsed
after the Company has given a notice in writing, stating and demanding payment of such part of the presently payable amount, to the relevant
Member.

10.3 **Registration of Purchase**. The Directors may authorise any person to transfer the Shares sold in accordance with this Article
10 to the purchaser of such Shares. The purchaser shall be registered as the holder of the Shares so transferred and they shall not be
bound to see to the application of the purchase money, nor shall their title to the Shares be affected by any irregularity or invalidity
in the sale of the Shares in accordance with this Article 10.

10.4 **Application of Proceeds**. The proceeds of the sale, net of any costs incurred by the Company in relation to the sale, shall
be applied by the Company in payment of such part of the amount in respect of which the lien exists as is presently payable. The Company
shall retain and have a lien over such part of the remainder of the proceeds as is equal to the Lien Amounts which exist but are not presently
payable by the Member and may apply such proceeds against the Lien Amounts as and when they become payable and the residue shall be paid
to the person entitled to the Shares at the date of the sale.

11 CALLS ON SHARES

11.1 **Calls**. The Directors may, from time to time, make calls upon the Members in respect of some or all of any moneys unpaid on
their Shares, whether in respect of their par value or the premium payable on those Shares; each Member shall (subject to receiving at
least fourteen (14) days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the
amount called on their Shares. A call may be required to be paid in instalments. The Directors may revoke or postpone a call at any time.

11.2 **Joint Holders**. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof and the holder
or joint holders of a Share at the time of a call shall remain liable to pay the call on that Share, notwithstanding any subsequent transfer
of the Share being registered by the Company.

11.3 **Interest on Calls**. If a sum called in respect of a Share is not paid before or on the day appointed for payment of that call,
the Member from whom such amount is due shall pay interest upon the sum at such rate as the Directors may determine from the day appointed
for payment of the call to the time of the actual payment. The Directors shall have the discretion to waive payment of any such interest
in full or in part.

11.4 **Fixed Payment Dates**. The provisions contained in these Articles in respect of calls shall apply to payments, whether on account
of the amount of the Share, or by way of premium, to be made on the allotment of a Share or any date fixed on the issue of the Share as
if the same had become payable by virtue of a call duly made and notified.

12 FORFEITURE

12.1 **Failure to pay Call**. If a Member fails to pay any call or instalment of a call in respect of Shares on the day appointed for
payment, the Directors may serve a notice on such Member naming a further date not earlier than the expiration of fourteen (14) days from
the date of service on or before which the payment required by the notice is to be made and containing a statement that in the event of
non-payment the Shares, or any of them, will be liable to be forfeited.

12.2 **Forfeiture**. If the requirements of the notice referenced in this Article 12 are not complied with the Company may forfeit the
Shares together with any Distributions declared payable in respect of the forfeited Shares and not paid at any time before tender of payment.

12.3 **No Refund**. The Company is under no obligation to refund any moneys to the Member whose Shares have been forfeited.

12.4 **Sale of Forfeited Share**. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit. The
proceeds of any sale or disposition of the forfeited Share may be received and used by the Company as the Directors determine.

12.5 **Outstanding Liability**. A person whose Shares have been forfeited shall cease to be a Member in respect of the forfeited Shares,
but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by them to the
Company in respect of the Shares together with interest.

12.6 **Certificate of Forfeiture**. A certificate in writing under the hand of a Director or Officer stating that a Share has been duly
forfeited on the date stated in the certificate shall be conclusive evidence of the facts stated in the certificate as against all persons
claiming to be entitled to the Share. The Directors may authorise any person to transfer the Shares sold in accordance with this Article
12 to the purchaser of such Shares. The purchaser shall be registered as the holder of the Shares so transferred and they shall not be
bound to see to the application of the purchase money, nor shall their title to the Shares be affected by any irregularity or invalidity
in the sale of the Shares in accordance with this Article 12.

12.7 **Fixed Payment Dates**. The provisions of this Article 12 applying to forfeiture for failure to pay any call or instalment of
a call shall apply to the failure to make payments, whether on account of the amount of the Share, or by way of premium, to be made on
the allotment of a Share or any date fixed on the issue of the Share as if the same had become payable by virtue of a call duly made and
notified.

13 TRANSMISSION OF SHARES

13.1 **Legal Personal Representative**. The legal personal representative of a deceased sole holder of a Share shall be the only person
recognised by the Company as having any title to the Share. In the case of a Share registered in the names of two (2) or more holders,
the survivors, survivor, or the legal personal representatives of the deceased survivor, shall be the only person(s) recognised by the
Company as having any title to the Share.

13.2 **Transmission**. Any person becoming entitled to a Share in consequence of the death or bankruptcy of or any analogous event affecting
a Member (each such event a  ***Transmission Event*** and each such person a  ***Representative***) shall, upon such evidence
being produced as may from time to time be required by the Directors, have the right either to be registered as a Member in respect of
the Share or, instead of being registered themself, to make such transfer of the Share as the Member could have made; but the Directors
shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the
Share by such Member before the occurrence of a Transmission Event.

13.3 **Pre-Registration Status**. Representatives shall be entitled to the same notices, dividends and other advantages to which they
would be entitled if they were the registered holder of the Share, except that they shall not, before being registered as a Member in
respect of the Share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the Company.

13.4 **Requirement for Registration**. The Directors may at any time give notice requiring a Representative to elect either to be registered
themself or to have some person nominated by them become the holder of the Share (but the Directors shall, in either case, have the same
right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before the
Transmission Event). If the notice is not complied with within ninety (90) days the Directors may thereafter withhold payment of all dividends,
bonuses, or other monies payable in respect of the Share until the requirements of the notice have been complied with.

14 TRANSFER OF SHARES

14.1 **Right to Transfer.** Subject to these Articles and the rules or regulations of the Designated Stock Exchange or any relevant
rules of the SEC or securities laws (including, but not limited to the Exchange Act), a Shareholder may transfer all or any of their Shares.
If the Shares in question were issued in conjunction with rights, options, or warrants issued pursuant to the Articles on terms that one
cannot be transferred without the other, the Directors shall refuse to register the transfer of any such Share without evidence satisfactory
to them of the like transfer of such option or warrant.

14.2 **Directors' Consent**. Shares and Treasury Shares are transferable, subject to the consent of the Directors who may, subject
to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange or any relevant rules of the SEC or securities
laws (including, but not limited to the Exchange Act), in their absolute discretion, refuse to consent to any transfer and decline to
register the transfer without giving any reason.

14.3 **Instrument of Transfer**. The instrument of transfer of any Share shall be in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any usual or common form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such form as is prescribed by the Designated Stock Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other form as the Directors may determine,

and shall be executed by or on behalf of the transferor (or otherwise as prescribed by the rules and regulations of the Designated Stock Exchange) and if in respect of a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee.

14.4 **Certificates**. Subject to Article 4.2, where the Company has issued a certificate in respect of a Share proposed to be transferred,
the transferor shall lodge, with the instrument of transfer, the original certificate relating to the Share being transferred.

14.5 **Effective Date**. The transfer of a Share is effective when the name of the transferee is entered on the Register of Members.
Until such time, the transferor shall be deemed to remain a Member.

14.6 **Lost Certificate**. If the Directors are satisfied that an instrument of transfer relating to Shares has been signed but that
the instrument has been lost or destroyed, they may, on receipt of such indemnities as they may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proceed to register the transferee's name in the Register of Members.

14.7 **Notification of Refusal**. Where the Directors refuse to register a transfer of a Share, they shall, within two (2) months after
the date on which the transfer was lodged with the Company, notify the transferee of the refusal.

14.8 **Transfer of Treasury Shares**. The transfer of Treasury Shares may be for valuable consideration or otherwise, and at a discount
to the par value of the Shares.

15 REGISTERED HOLDER DEEMED ABSOLUTE OWNER

15.1 The registered holder of a Share shall be treated as the absolute owner of such Share. No person shall be recognised by the Company
as holding any Share upon trust and the Company shall not register nor be bound by or required to recognise any equitable or other interest
of whatever nature in a Share other than an absolute right to the Share, irrespective of whether the Company has notice of such interest.

16 ALTERATION OF SHARE CAPITAL

16.1 **Increase or Amendment**. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the share capital by such sum, to be divided into Shares of such amount, and with such rights, privileges, priorities, and
restrictions attached to them as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to section 13 of the Companies Act, sub-divide its existing Shares, or any of them, into Shares of smaller amounts than is
fixed by the Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any Shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person.

16.2 **Reduction**. Subject to the provisions of the Companies Act and these Articles, the Company may, by Special Resolution, reduce
its share capital and any capital redemption reserve in any manner.

17 MEETINGS AND CONSENTS OF MEMBERS

17.1 **Meetings**. All meetings of Members shall be referred to as extraordinary general meetings unless the general meeting is an annual
general meeting.

17.2 **AGM**. The Company may, but shall not (unless required by the Companies Act) be obliged to, in each year hold a general meeting
as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting shall be held
at such time and place as the Directors shall appoint. At these meetings the report of the Directors (if any) shall be presented.

17.3 **Members AGM Business.** Members seeking to bring business before the annual general meeting or to nominate candidates for appointment
as Directors at the annual general meeting must deliver notice to the principal executive offices of the Company not less than one hundred
and twenty (120) calendar days before the date of the Company's proxy statement released to Members in connection with the previous
year's annual general meeting or, if the Company did not hold an annual general meeting the previous year, or if the date of the
current year's annual general meeting has been changed by more than thirty (30) days from the date of the previous year's
annual general meeting, then the deadline shall be set by the Board with such deadline being a reasonable time before the Company begins
to print and send its related proxy materials.

17.4 **Agenda**. The agenda of the annual general meeting shall be set by the Directors and shall include the presentation of the Company's
annual accounts and the report of the Directors (if any).

17.5 **Directors Convene and Cancel**. The Directors may convene a general meeting at such time and in such manner and place within
or outside the Cayman Islands as the Directors consider necessary or desirable and the Directors may cancel a general meeting with such
notice, in such manner and for such reason as the Directors consider necessary. Members shall not have the ability to call general meetings.

17.6 **Meeting for Appointing Additional Directors**. If there are insufficient Directors to constitute a quorum and the remaining Directors
are unable to agree on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing
additional Directors.

17.7 **Notice of Meeting**. The Director convening a meeting shall give not less than five (5) clear days' notice of a meeting
of Members to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Members whose names on the date the notice is given appear as Members in the Register of Members and are entitled to vote at
the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Directors.

Every notice shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the place, the day, and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the meeting is to be held in two (2) or more places, the technology that will be used to facilitate the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to Article 17.7 (iv), the general nature of the business to be conducted at the general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a resolution is proposed as a Special Resolution, the text of that resolution.

17.8 **Publication of a Notice on a Website.** Subject to the Companies Act or the rules of the Designated Stock Exchange, a notice
of a general meeting may be published on a website providing the recipient is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the place, date, and time of the general meeting.

17.9 **Inability to Access Website.** If a Member notifies the Company that they are unable for any reason to access the website, the
Company must as soon as practicable give notice of the meeting to that Member by any other means permitted by these Articles. This will
not affect when that Member is deemed to have received notice of the meeting.

17.10 **Time a Website Notice is Deemed to be Given.** A website notice is deemed to be given when the Member is given notice of its
publication.

17.11 **Required Duration of Publication on a Website.** Where the notice of meeting is published on a website, it shall continue to
be published in the same place on that website from the date of the notification until at least the conclusion of the meeting to which
the notice relates.

17.12 **Failure to Give General Notice**. A meeting of Members held in contravention of the requirement to give notice is valid if Members
holding at least ninety five per cent (95%) of the total voting rights on all the matters to be considered at the meeting have waived
notice of the meeting and, for this purpose, the presence of a Member at the meeting shall constitute waiver in relation to all the Shares
which that Member holds.

17.13 **Failure to Give Individual Notice**. The inadvertent failure of a Director who convenes a meeting to give notice of a meeting
to a Member or another Director, or the fact that a Member or another Director has not received notice, does not invalidate the meeting.

17.14 **Voting**. No person shall be entitled to vote at any meeting of Members unless they are registered as a Member on the record
date for such meeting and all calls or other moneys payable by them in respect of Shares have been paid at or before the record date.
Subject to the rights and restrictions attached to any Shares and the provisions of this Article 17, each Member who is present in person,
by its duly authorised representative or by proxy, shall have one vote and on a poll each Member shall have one vote for every Share of
which they are the holder.

17.15 **Meeting Prior to a Business Combination.** If, prior to a Business Combination, a notice is issued in respect of a general meeting
and the Directors, in their absolute discretion, consider that it is impractical or undesirable for any reason to hold that general meeting
at the place, the day, and the hour specified in the notice calling such general meeting, the Directors may postpone the general meeting
to another place, day, and/or hour provided that notice of the place, the day, and the hour of the rearranged general meeting is promptly
given to all Members. No business shall be transacted at any postponed meeting other than the business specified in the notice of the
original meeting.

17.16 **Postponed Meeting.** When a general meeting is postponed for thirty (30) days or more, notice of the postponed meeting shall
be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of a postponed meeting. All
proxy forms submitted for the original general meeting shall remain valid for the postponed meeting. The Directors may postpone a general
meeting which has already been postponed.

18 ADVANCE NOTICE FOR BUSINESS

18.1 **Appointment of Directors.** At each annual general meeting, the Members shall appoint the Directors then subject to appointment
in accordance with the procedures set forth in the Articles and subject to the rules and regulations of the Designated Stock Exchange,
the SEC, and/or any other competent regulatory authority or otherwise under Applicable Law. At any such annual general meeting any other
business properly brought before the annual general meeting may be transacted.

18.2 **Proper Business.** To be properly brought before an annual general meeting, business (other than nominations of Directors, which
must be made in compliance with, and shall be exclusively governed by, Article 23) must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the notice of the annual general meeting (or any supplement thereto) given to Members by or at the direction of the Directors
in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise properly brought before the annual general meeting by or at the direction of the Directors.

18.3 **Compliance with the Exchange Act.** In addition to the provisions of this Article 18, and not withstanding, a Member shall comply
with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth herein.
Nothing in this Article 18 shall be deemed to affect any rights of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Members to request inclusion of proposals in the Company's proxy statement pursuant to applicable rules and regulations under
the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other class of Shares authorised to be issued by the Company, to make proposals pursuant to any applicable provisions thereof.

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| | |
|:---|:---|
| 19 | PROXIES |

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19.1 **Proxies**. A Member may be represented at a meeting of Members by a proxy who may speak and vote on behalf of the Member.

19.2 **Production of Proxies**. The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative
or additional place or time at which the proxy shall be presented.

19.3 **Form of Proxy**. An instrument appointing a proxy may be in any usual or common form (or such other form as the Directors may
approve) and may be expressed to be for a particular meeting or any adjournment thereof or may appoint a standing proxy until notice of
revocation is received at the Registered Office or at such place or places as the Directors may otherwise specify for the purpose.

19.4 **Joint Ownership and Proxies**. Where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two (2) or more persons hold Shares jointly, each of them may be present in person or by proxy at a meeting of Members and may
speak as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy they may vote on behalf of all joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two (2) or more of the joint owners are present in person or by proxy they must vote as one.

20 CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS

20.1 **Corporations Acting by Representatives at Meetings.** Any corporation which is a Member or a Director may by resolution of its
directors, or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company
or of any meeting of holders of a class or of the Directors or of a committee of Directors, and the person so authorised shall be entitled
to exercise the same powers on behalf of the corporation which they represent as that corporation could exercise if it were an individual
Member or Director.

21 CLEARING HOUSES

21.1 **Clearing Houses.** If a Clearing House (or its nominee) is a Member it may, by resolution of its directors or other governing
body or by power of attorney, authorise such person or persons as it thinks fit to act as its representative or representatives at any
general meeting of the Company or at any general meeting of any class of Members; provided that, if more than one person is so authorised,
the authorisation shall specify the number and class of Shares in respect of which each such person is so authorised. A person so authorised
pursuant to this Article 21 shall be entitled to exercise the same powers on behalf of the Clearing House (or its nominee) which they
represent as that Clearing House (or its nominee) could exercise if it were an individual Member holding the number and class of Shares
specified in such authorisation.

22 PROCEEDINGS OF SHAREHOLDER MEETINGS

22.1 **Chair of Member Meeting**. At every meeting of Members, the chair of the Board shall preside as chair of the meeting. If there
is no chair of the Board or if they are not present at the meeting within fifteen (15) minutes of the time appointed after the meeting,
or if they are unwilling to act, the Directors present shall elect the chair of the meeting.

22.2 **Adjournment**. The chair may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place,
but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment
took place.

22.3 **Conference Call**. A Member, or their duly authorised representative or proxy, shall be deemed to be present at a meeting of
Members if they participate by telephone or other Electronic means by means of which all the persons participating in the meeting are
able to hear each other.

22.4 **Objections**. No objection shall be raised to the qualification of any voter except at the meeting of Members or adjourned meeting
of Members at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection
made in due time shall be referred to the chair whose decision shall be final and binding on all parties.

22.5 **Casting of Votes**. A Member holding more than one (1) Share need not cast the votes in respect of the Shares held by them in
the same way on any resolution for which a poll is taken. A person appointed as the authorised representative or proxy of a Member may
cast the votes in respect of the Shares for which they are appointed in a like manner.

22.6 **Quorum**. A meeting of Members is duly constituted if, at the commencement of the meeting, there are present in person, through
their authorised representative or by proxy, Members holding Shares entitled to vote which represent a majority of all votes, except where
there is only one (1) Member entitled to vote on resolutions of Members to be considered at the meeting in which case the quorum shall
be one Member. Where a quorum comprises a single Member or proxy, such person may pass a resolution of Members and a certificate signed
by such person accompanied, where such person be a proxy, by a copy of the proxy instrument shall constitute a valid resolution of Members.

22.7 **No Quorum**. If within thirty (30) minutes from the time appointed for the meeting a quorum is not present, the meeting shall
stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or
to such other time and place as the Directors may determine. New notice will be required to be given if the meeting is adjourned for thirty
(30) days or more.

22.8 **Polls**. At any meeting of the Members the chair is responsible for deciding in such manner as they consider appropriate whether
any resolution proposed has been carried or not and the result of their decision shall be announced to the meeting and recorded in the
minutes of the meeting. If the chair has any doubt as to the outcome of the vote on a proposed resolution, they shall cause a poll to
be taken of all votes cast upon such resolution. If the chair fails to take a poll then any Member present in person or by proxy who disputes
the announcement by the chair of the result of any vote may immediately following such announcement demand that a poll be taken and the
chair shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in
the minutes of the meeting. The minutes of the meeting shall be conclusive evidence of the fact that a resolution was carried or not without
proof of the number or proportion of the votes recorded in favour of or against such resolution.

22.9 **Director Participation**. Directors may attend and speak at any meeting of Members and at any separate meeting of the holders
of any class or series of Shares.

23 DIRECTORS

23.1 **Number of Directors.** The Company shall have a Board consisting of not less than one (1) Director. The Company may by Ordinary
Resolution impose a maximum or minimum number of Directors required to hold office at any time and vary such limits from time to time.

23.2 **Term.** Commencing at the Company's first annual general meeting, and at each annual general meeting thereafter, Directors
appointed to succeed those Directors whose terms expire shall be appointed for a term of office to expire at the third (3<sup>rd</sup>)
succeeding annual general meeting after their appointment. Except as the Companies Act or other Applicable Law may otherwise require,
in the interim between annual general meetings or extraordinary general meetings called for the appointment of Directors and/or the removal
of one (1) or more Directors and the filling of any vacancy in that connection, additional Directors and any vacancies in the Board, including
unfilled vacancies resulting from the removal of Directors for cause, may be filled by the vote of a majority of the remaining Directors
then in office, although less than a quorum, or by the sole remaining Director. All Directors shall hold office until the expiration of
their respective terms of office and until their successors shall have been appointed and qualified. A Director appointed to fill a vacancy
resulting from the death, resignation, or removal of a Director shall serve for the remainder of the full term of the Director whose death,
resignation, or removal shall have created such vacancy and until their successor shall have been appointed and qualified.

24 APPOINTMENT AND REMOVAL OF DIRECTORS

24.1 **Appointment by Members.** The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution
remove any Director, provided that prior to the consummation of a Business Combination and for so long as there are Class B Shares in
issue, only the holders of the Class B Shares shall be entitled to vote on any such Ordinary Resolution. Prior to the consummation of
a Business Combination, if there are any Class B Shares in issue holders of Class A Shares shall have no right to vote on the appointment
or removal of any Director.

24.2 **Pre Business Combination.** Prior to the consummation of a Business Combination, Article 24.1 may only be amended by a Special
Resolution passed by at least ninety (90%) of such Members as, being entitled to do so, vote in person or, where proxies are allowed,
by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been given,
or by way of unanimous written resolution.

24.3 **Post Business Combination.** After the consummation of a Business Combination, the Company may by Ordinary Resolution appoint
any person to be a Director or may by Ordinary Resolution remove any Director.

24.4 **Appointment by Director.** The Directors may appoint any person to be a Director, either to fill a vacancy or as an additional
Director provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the
Articles as the maximum number of Directors.

24.5 **Vacation of Office.** The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director gives notice in writing to the Company that they resign the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director is absent (for the avoidance of doubt, without being represented by proxy) from three (3) consecutive meetings of the
Board without special leave of absence from the Directors, and the Directors pass a resolution that they have by reason of such absence
vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with their creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two (2) in number) determine that the Director should be removed as a Director, either
by a resolution passed by all of the other Directors at a meeting of the Directors duly convened and held in accordance with the Articles
or by a resolution in writing signed by all of the other Directors.

24.6 **Resignation of Directors**. A Director may at any time resign office by giving to the Company notice in writing or, if permitted
pursuant to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions. Unless the notice
specifies a different date, the Director shall be deemed to have resigned on the date that the notice is delivered to the Company.

25 REGISTER OF DIRECTORS AND OFFICERS

25.1 **Details**. The Register of Directors and Officers shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are Directors and Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a Director or Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a Director or Officer ceased to be a Director or Officer.

26 POWERS OF DIRECTORS

26.1 **Management by Directors**. Subject to the provisions of the Companies Act, the Memorandum, these Articles and any directions
given by Ordinary Resolution, the business and affairs of the Company shall be managed by, or under the direction or supervision of, the
Directors. The Directors shall have all the powers necessary for managing, and for directing and supervising, the business and affairs
of the Company as are not by the Companies Act, the Memorandum, these Articles, or the terms of any Special Resolution required to be
exercised by the Members. No alteration of the Memorandum or these Articles or any direction given by Ordinary or Special Resolution shall
invalidate any prior act of the Directors that was valid at the time undertaken. A duly convened meeting of Directors at which a quorum
is present may exercise all powers exercisable by the Directors.

26.2 **Good Faith**. Each Director shall exercise their powers for a proper purpose. Each Director, in exercising their powers or performing
their duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.

26.3 **Acting in Vacancy**. The continuing Directors may act notwithstanding any vacancy in their body, but if and for so long as their
number is below any minimum number of Directors fixed by or pursuant to these Articles, the continuing Directors may act for the purpose
of passing a resolution to appoint further Directors to the Board and of convening a meeting of Members to appoint further Directors but
for no other purpose.

26.4 **Indebtedness and Security**. The Directors may exercise all the powers of the Company to incur indebtedness, liabilities, or
obligations and to issue debentures, debenture stock, mortgages, bonds, and other such securities and to secure indebtedness, liabilities,
or obligations whether of the Company or of any third party.

27 PROCEEDINGS OF DIRECTORS

27.1 **Quorum**. The quorum for the transaction of the business of the Directors may be fixed by the Directors and, unless so fixed,
shall be a majority if there are two (2) or more Directors and shall be one (1) if there is only one (10 Director. A person who holds
office as an alternate Director shall be counted in the quorum. A Director who also acts as an alternate Director shall count twice towards
the quorum.

27.2 **Voting**. Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit. Questions
arising at any meeting shall be decided by a majority of votes. A Director who is also an alternate Director shall be entitled to a separate
vote on behalf of their appointor in addition to their own vote.

27.3 **Conference Call**. A person may participate and vote in a meeting of the Directors or committee of Directors by telephone or
other Electronic means by means of which all the persons participating in the meeting are able to hear each other. Unless otherwise determined
by the Directors the meeting shall be deemed to be held at the place where the chair is at the start of the meeting.

27.4 **Unanimous Written Resolution**. A resolution in writing (in one or more counterparts) signed by all the Directors or all the
members of a committee of Directors (an alternate Director being entitled to sign any such resolution on behalf of their appointor) shall
be as valid and effectual as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened
and held.

27.5 **Notice of Meetings**. A Director may, or other Officer on the requisition of a Director shall, call a meeting of the Directors
by at least two (2) days' notice in writing to every Director which notice shall set forth the general nature of the business to be considered
unless notice is waived by all the Directors either at, before, or after the meeting is held.

27.6 **Chair of the Board**. The Directors may elect a chair of the Board and determine the period for which they are to hold office;
but if no such chair is elected, or if at any meeting the chair is not present within five (5) minutes after the time appointed for holding
the same, the Directors present may choose one of their number to be chair of the meeting.

27.7 **Defects**. Absent fraud, all acts done by any meeting of the Directors or a committee of Directors shall, notwithstanding that
it be afterwards discovered that there was some defect in the appointment of any Director or alternate Director, or that they or any of
them were disqualified, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director
as the case may be.

28 PRESUMPTION OF ASSENT

28.1 A Director who is present at a meeting of the Board at which action on any Company matter is taken shall be presumed to have assented
to the action taken unless their dissent shall be entered in the minutes of the meeting or unless they shall file their written dissent
from such action with the person acting as the chair or secretary of the meeting before the adjournment thereof. Such right to dissent
shall not apply to a Director who voted in favour of such action.

29 DIRECTORS' INTERESTS

29.1 **Other Office**. A Director may hold any other office or place of profit under the Company (other than the office of Auditor)
in conjunction with their office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine.
A Director may act by themself or their firm in a professional capacity for the Company and they or their firm shall be entitled to remuneration
for professional services as if they were not a Director or alternate Director.

29.2 **No Exclusivity**. A Director or alternate Director may be or become a director or other officer of or otherwise interested in
any company promoted by the Company or in which the Company may be interested as shareholder or otherwise, and no such Director or alternate
Director shall be accountable to the Company for any remuneration or other benefits received by them as a director or officer of, or from
their interest in, such other company.

29.3 **Disclosure of Interests**. No person shall be disqualified from the office of Director or alternate Director or prevented by
such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any other contract
or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way interested
be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable to account
to the Company for any profit realised by any such contract or transaction by reason of such Director holding office or of the fiduciary
relation thereby established. A Director (or their alternate Director in their absence) shall be at liberty to vote in respect of any
contract or transaction in which they are interested provided that the nature of the interest of any Director or alternate Director in
any such contract or transaction shall be disclosed by them at or prior to its consideration and any vote thereon.

29.4 **General Notice of Interests**. A general notice that a Director or alternate Director is a shareholder, director, officer, or
employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which they have an interest, and after
such general notice it shall not be necessary to give special notice relating to any particular transaction.

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| | |
|:---|:---|
| 30 | MINUTES |

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30.1 The Directors shall cause minutes to be made in books kept for the purpose of all appointments of Officers made by the Directors,
all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of Directors
including the names of the Directors or alternate Directors present at each meeting.

31 DELEGATION OF DIRECTORS' POWERS

31.1 **Delegation**. The Directors may delegate any of their powers to any committee consisting of one or more Directors (including,
without limitation, the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee). They may
also delegate to any managing director or any Director holding any other executive office such of their powers as they consider desirable
to be exercised by them provided that an alternate Director may not act as managing director and the appointment of a managing director
shall automatically terminate if they cease to be a Director. Any such delegation may be made subject to any conditions the Directors
may impose and may be revoked or altered. Subject to any such conditions, the proceedings of a committee of Directors shall be governed
by the Articles regulating the proceedings of Directors, so far as they are capable of applying.

31.2 **Committees**. The Directors may establish any committees, local boards, or agencies or appoint any person to be a manager or
agent for managing the affairs of the Company and may appoint any person to be a member of such committees or local boards. Any such appointment
may be made subject to any conditions the Directors may impose, and may be revoked or altered. Subject to any such conditions, the proceedings
of any such committee, local board, or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

31.3 **Committee Charters.** The Directors may adopt formal written charters for committees. Each of these committees shall be empowered
to do all things necessary to exercise the rights of such committee set forth in the Articles and shall have such powers as the Directors
may delegate pursuant to the Articles and as required by the rules and regulations of the Designated Stock Exchange, the SEC, and/or any
other competent regulatory authority or otherwise under Applicable Law. Each of the Audit Committee, the Compensation Committee, and the
Nominating and Corporate Governance Committee, if established, shall consist of such number of Directors as the Directors shall from time
to time determine (or such minimum number as may be required from time to time by the rules and regulations of the Designated Stock Exchange,
the SEC, and/or any other competent regulatory authority or otherwise under Applicable Law).

31.4 **Third Party Delegation**. The Directors may by power of attorney or otherwise appoint any company, firm, person, or body of persons,
whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose
and with such powers, authorities, and discretions (not exceeding those vested in or exercisable by the Directors under these Articles)
and for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain
such provisions for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors
may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities, and
discretions vested in them.

31.5 **Officers**. The Directors may appoint such Officers as they consider necessary on such terms, at such remuneration and to perform
such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified
in the terms of their appointment an Officer may be removed by the Directors.

32 ALTERNATE DIRECTORS

32.1 **Alternate Appointment**. Any Director (other than an alternate Director) may by writing in notice to the Company appoint any
other Director, or any other person willing to act, to be an alternate Director.

32.2 **Conduct of Alternates**. An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which their appointor is a member, to attend and vote at every such meeting at which the Director appointing
them is not personally present and, save as expressly provided herein, to perform all the functions and exercise all of the powers of
their appointor as a Director in their absence.

32.3 **Automatic termination**. An alternate Director shall cease to be an alternate Director if their appointor ceases to be a Director.

32.4 **No Agency**. An alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible for their
own acts and defaults and shall not be deemed to be the agent of the Director appointing them.

33 NO MINIMUM SHAREHOLDING

33.1 The Company in general meeting may fix a minimum shareholding required to be held by a Director but, unless and until such a shareholding
qualification is fixed, a Director is not required to hold Shares.

34 REMUNERATION OF DIRECTORS

34.1 **Office Remuneration**. The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall
determine. The Directors shall also be entitled to be paid all travelling, hotel, and other expenses properly incurred by them in connection
with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or separate meetings of
the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of the Company, or to receive
a fixed allowance in respect thereof as may be determined by the Directors, or a combination of such methods.

34.2 **Additional Remuneration**. The Directors may by resolution approve additional remuneration to any Director for any services other
than their ordinary routine work as a Director. Any fees paid to a Director who is also counsel or solicitor to the Company, or otherwise
serves it in a professional capacity shall be in addition to their remuneration as a Director.

34.3 **Pensions**. The Directors, on behalf of the Company, may pay a gratuity or pension or allowance on retirement to any Director
who has held any other salaried office or place of profit with the Company or to their widow or dependants and may make contributions
to any fund and pay premiums for the purchase or provision of any such gratuity, pension, or allowance.

35 INDEMNIFICATION

35.1 **Indemnity and Exclusion of Liability**. Every Director, alternate Director, or Officer shall be indemnified out of the assets
of the Company against any liability incurred by them as a result of any act or failure to act in carrying out their functions other than
such liability (if any) that they may incur by their own actual fraud or wilful default. No such Director, alternate Director, or Officer
shall be liable to the Company for any loss or damage in carrying out their functions unless that liability arises through the actual
fraud or wilful default of such Director or Officer. References in this Article 35 to actual fraud or wilful default mean a finding to
such effect by a competent court in relation to the conduct of the relevant party.

35.2 **Advancement of Expenses**. Expenses, including legal fees, incurred by a Director, alternate Director, or Officer, or former
Director, alternate Director, or Officer in defending any legal, administrative, or investigative proceedings may be paid by the Company
in advance of the final disposition of such proceedings upon receipt of an undertaking by such party to repay the amount if it shall ultimately
be determined that such Director, alternate Director, or Officer is not entitled to be indemnified by the Company and upon such terms
and conditions, if any, as the Company deems appropriate.

35.3 **Insurance**. The Company may purchase and maintain insurance in relation to any person who is or was a Director, alternate Director,
Officer, or liquidator of the Company, or who at the request of the Company is or was serving as a Director, alternate Director, Officer,
or liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust, or other
enterprise, against any liability asserted against the person and incurred by the person in that capacity.

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| 36 | RECORDS |

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36.1 **Registered Office Records**. The Company shall keep the following documents at the Registered Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company and any certificate on change of name of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Memorandum and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Register of Directors and Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the Company has created a security interest over any of its assets, the Register of Mortgages and Charges required to
be maintained by the Company under Section 54 of the Companies Act.

36.2 **Other Corporate Records**. The Company shall keep the following records at the Registered Office or at such other place or places,
within or outside the Cayman Islands, as the Directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings, Ordinary Resolutions, and Special Resolutions of Members and classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) minutes of meetings and Resolutions of Directors and committees of Directors.

36.3 **Electronic Form**. All of the registers and records kept by the Company under these Articles shall be in written form or either
wholly or partly as Electronic Records complying with the requirements of the Electronic Transactions Act.

37 AUTHENTICATION OF DOCUMENTS

37.1 **Authentication of Documents.** Any Director, the Secretary, or any person appointed by the Board for the purpose may authenticate
any documents affecting the constitution of the Company and any resolution passed by the Company, the Board, or any committee, and any
books, records, documents, and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as
true copies or extracts, and if any books, records, documents, or accounts are elsewhere than at the Registered Office or the head office
of the local manager or other Officer having the custody thereof shall be deemed to be a person so appointed by the Board. A document
purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee
which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such
resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a
duly constituted meeting.

38 Destruction

38.1 **Destruction.** The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or address at any time after the
expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any instrument of transfer of Shares which has been registered at any time after the expiry of seven (7) years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of powers of attorney, grants of probate, and letters of administration at any time after the expiry of seven (7) years after
the account to which the relevant power of attorney, grant of probate, or letters of administration related has been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register of Members purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the foregoing provisions of this Article 38 shall apply only to the destruction of a document in good faith and without express notice
to the Company that the preservation of such document was relevant to a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing contained in this Article 38 shall be construed as imposing upon the Company any liability in respect of the destruction of
any such document earlier than as aforesaid or in any case where the conditions of proviso Article 38.1(e)(i) above are not fulfilled;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) references in this Article 38 to the destruction of any document include references to its disposal in any manner.

38.2 **Good Faith.** Notwithstanding any provision contained in these Articles, the Directors may, if permitted by Applicable Law, authorise
the destruction of documents set out in Article 38.1 and any other documents in relation to Share registration which have been microfilmed
or electronically stored by the Company or by the share registrar on its behalf provided always that this Article 38 shall apply only
to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation
of such document was relevant to a claim.

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| 39 | SEAL |

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39.1 **Use of Seal**. The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the
Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall be
signed by at least one person who shall be either a Director or an Officer or other person appointed by the Directors for the purpose.

39.2 **Duplicate Seal**. The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each
of which shall be a facsimile of the common Seal and, if the Directors so determine, with the addition on its face of the name of every
place where it is to be used.

39.3 **Authentication and Filing**. A Director, Officer, representative, or attorney of the Company may without further authority of
the Directors affix the Seal over their signature alone to any document required to be authenticated by them under seal or to be filed
with the Registrar or elsewhere wheresoever.

40 DISTRIBUTIONS

40.1 **Payment of Distributions**. Subject to the Companies Act and this Article 40, the Directors may declare and pay out of the funds
of the Company lawfully available for such purpose a Distribution at a time and of an amount they think fit. No Distribution shall be
paid except out of the realised and unrealised profits of the Company, and/or out of the share premium account and/ or as otherwise permitted
by the Companies Act.

40.2 **Ranking**. Except as otherwise provided by the rights attached to Shares, all Distributions shall be declared and paid according
to the par value of the Shares that a Member holds. The Company may pay Distributions in proportion to the amount paid upon each Share
where a larger amount is paid up on some Shares than on others. If any Share is issued on terms providing that it shall rank for Distributions
as from a particular date, that Share shall rank for Distributions accordingly.

40.3 **Deductions**. The Directors may deduct from any Distribution payable to any Member all sums of money, if any, then payable by
them to the Company on account of calls or otherwise.

40.4 **Distribution in Kind**. The Directors may declare that any Distribution be paid wholly or partly by the distribution of specific
assets and in particular of shares, debentures, or securities of any other company or in any one or more of such ways and the Directors
may settle the same as they think expedient and in particular may issue fractional Shares and fix the value for distribution of such specific
assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order
to adjust the rights of all Members and may vest any such specific assets in trustees as may seem expedient to the Directors.

40.5 **Payment**. Any Distribution payable in cash in respect of Shares may be paid by electronic funds transfer to the holder or by
cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the registered
address of the holder who is first named on the Register of Members or to such person and to such address as such holder or joint holders
may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two
(2) or more joint holders may give effectual receipts for any Distributions payable in respect of the Shares held by them as joint holders.

40.6 **No Interest**. No Distribution shall bear interest as against the Company and no distribution shall be paid on Treasury Shares.

41 CAPITALISATIONS

41.1 **Capitalisations**. The Directors may capitalise any sum standing to the credit of any of the Company's reserve accounts (including
share premium account and capital redemption reserve) or to the credit of profit and loss account or otherwise available for distribution
and appropriate such sum to Members in the proportions in which such sum would have been divisible amongst them had the same been a Distribution
of profits by way of dividend and apply such sum on their behalf in paying up in full unissued Shares for issue, allotment, and distribution
credited as fully paid-up to and amongst them in the proportions aforesaid. In such event the Directors may make such provisions as they
think fit in the case of Shares becoming distributable in fractions.

42 CLOSING THE REGISTER OF MEMBERS OR FIXING RECORD DATE

42.1 **Closing the Register of Members**. For the purpose of determining Members entitled to notice of, or to vote at any meeting of
Members or any adjournment thereof, or Members entitled to receive payment of any Distribution, or in order to make a determination of
Members for any other purpose, the Directors may, after notice has been given by advertisement in an appointed newspaper or any other
newspaper or by any other means in accordance with the rules and regulations of the Designated Stock Exchange, the SEC and/or any other
competent regulatory authority or otherwise under Applicable Law, provide that the Register of Members shall be closed for transfers for
a stated period which shall not in any case exceed forty (40) days.

42.2 **Record Date Determination**. In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or
arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members
or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Distribution, or in order
to make a determination of Members for any other purpose.

42.3 **No Record Date Chosen**. If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to attend meetings, receive payment of a dividend, or capitalisation, the date on which the notice of the meeting is given or
resolution of the Directors declaring such dividend or capitalisation is adopted, as the case may be, shall be the record date for such
determination of Members.

43 REPRESENTATION

43.1 **Representation of Legal Persons**. The right of any individual to speak for or represent a Member or a Director being a legal
person shall be determined by the law of the jurisdiction where, and by the documents by which, such legal person is constituted or derives
its existence but save where an objection has been raised by a Member or a Director, the Directors shall not be obliged to verify the
rights of individuals purporting to speak for or represent legal persons. In case of doubt, the Directors may in good faith seek legal
advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Directors may rely and
act upon such advice without incurring any liability to any Member or the Company.

44 ACCOUNTS

44.1 **Accounts**. The Company shall keep proper books of account with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all sales and purchases of goods by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the assets and liabilities of the Company, that in each case, are sufficient to give a true and fair view of the Company's affairs
and to explain its transactions.

44.2 **Inspection**. The Directors shall from time to time determine whether and to what extent and at what times and places and under
what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being
Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except
as conferred by the Companies Act or authorised by the Directors or by the Company in general meeting.

44.3 **Financial Information**. The Directors may from time to time cause to be prepared and to be laid before the Company in general
meeting profit and loss accounts, balance sheets, group accounts (if any), and such other reports and accounts as may be required by law.

45 information

45.1 **Information.** No Member shall be entitled to require discovery of or any information respecting any detail of the Company's
trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business
of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the Members to communicate to the
Member or to the public.

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| 46 | AUDIT |

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46.1 **Auditor**. The Directors may appoint an Auditor who shall hold office until removed from office by resolution of the Directors
and may fix their remuneration.

46.2 **Access Right**. Every Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company
and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for any audit.

46.3 **Auditor Reports**. Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their
tenure of office at such times as shall be required by the Directors or any meeting of the Members.

46.4 **Auditor Remuneration.** The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).

46.5 **Audit Committee.** Without prejudice to the freedom of the Directors to establish any other committee, if the Shares (or depositary
receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the Designated Stock Exchange, the Directors
shall establish and maintain an Audit Committee as a committee of the Directors and shall adopt a formal written Audit Committee charter
and review and assess the adequacy of the formal written charter on an annual basis. The composition and responsibilities of the Audit
Committee shall comply with the rules and regulations of the SEC and the Designated Stock Exchange. The Audit Committee shall meet at
least once every financial quarter, or more frequently as circumstances dictate.

46.6 **Audit Committee Review.** If the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange,
the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilise the Audit Committee
for the review and approval of potential conflicts of interest.

46.7 **Vacancy.** If the office of Auditor becomes vacant by resignation or death of the Auditor, or by their becoming incapable of
acting by reason of illness or other disability at a time when their services are required, the Directors shall fill the vacancy and determine
the remuneration of such Auditor.

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| 47 | NOTICES |

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47.1 **Calculation of Elapsed Time**. Subject to the laws of the Cayman Islands, where any period of time is expressed as required for
the giving of any notice or in any other case where some other action is required to be undertaken within or omitted from being taken
during a specified period of time, the calculation of the requisite period of time will not include the day on which the notice is given
(or deemed to be given) or the day on which the event giving rise to the need to take or omit action occurred, but shall include the day
on which the period of time expires.

47.2 **Delivery of Notices**. Notices shall be in writing and may be given by the Company to any Member either personally or by sending
it by courier, post, telex, fax or email to such Member or to such Member's address as shown in the Register of Members (or where
the notice is given by email by sending it to the email address provided by such Member). Notice may also be served by Electronic Communication
in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other
competent regulatory authority or by placing it on the Company's Website.

47.3 **Deemed Receipt**. Where a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier; service of the notice shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed
to have been received on the third day (not including Saturdays or Sundays or public holidays) following the day on which the notice was
delivered to the courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) post; service of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter containing the
notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays in the Cayman
Islands) following the day on which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) telex or fax; service of the notice shall be deemed to be effected by properly addressing and sending such notice and shall be deemed
to have been received on the same day that it was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) email or other Electronic Communication; service of the notice shall be deemed to be effected by transmitting the email to the email
address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall not
be necessary for the receipt of the email to be acknowledged by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing it on the Company's Website; service of the notice shall be deemed to have been effected one hour after the notice or
document was placed on the Company's Website.

47.4 **Death or Bankruptcy.** A notice may be given by the Company to the person or persons which the Company has been advised are entitled
to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be
given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the
bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

47.5 **Notices of General Meeting**. Notice of every general meeting shall be given in any manner authorised by the Articles to every
holder of Shares carrying an entitlement to receive such notice on the record date for such meeting except that in the case of joint holders
the notice shall be sufficient if given to the joint holder first named in the Register of Members and every person upon whom the ownership
of a Share devolves because they are a legal personal representative or a trustee in bankruptcy of a Member where the Member but for their
death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices of general
meetings.

48 VOLUNTARY LIQUIDATION

48.1 Subject to the Companies Act, the Company may by Special Resolution be wound up voluntarily.

49 WINDING UP

49.1 **Distribution of Assets**. If the Company shall be wound up, and the assets available for distribution amongst the Members shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Members in proportion to the par value of the Shares held by them. If in a winding up the assets available for distribution
amongst the Members shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus
shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the commencement of the winding
up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for unpaid
calls or otherwise. This Article 49 is without prejudice to the rights of the holders of Shares issued upon special terms and conditions.

49.2 **Valuation of Assets**. If the Company shall be wound up, the liquidator may, with the sanction of a Special Resolution and any
other sanction required by the Companies Act, divide amongst the Members in kind the whole or any part of the assets of the Company (whether
they shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall
be carried out as between the Members or different classes of Members. The liquidator may, with the like sanction, vest the whole or any
part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like sanction, shall think
fit, but so that no Member shall be compelled to accept any asset upon which there is a liability.

50 CONTINUATION

50.1 The Company may, subject to the provisions of the Companies Act and with the approval of a Special Resolution, transfer and be registered
by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and be de-registered
in the Cayman Islands.

51 AMENDMENT OF THE MEMORANDUM AND ARTICLES

51.1 Subject to the Companies Act and the rights attaching to any class or series of Shares, the Company may by Special Resolution change
its name or alter or amend these Articles and/ or the Memorandum in whole or in part.

52 MERGERS AND CONSOLIDATIONS

52.1 The Company shall have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act)
upon such terms as the Directors may determine and (to the extent required by the Companies Act) with the approval of a Special Resolution.

53 BUSINESS COMBINATION

53.1 Notwithstanding any other provision of the Articles, this Article 53 shall apply during the period commencing upon the adoption of
the Articles and terminating upon the first to occur of the consummation of a Business Combination and the full distribution of the Trust
Account pursuant to this Article. In the event of a conflict between this Article and any other Articles, the provisions of this Article
shall prevail.

53.2 Prior to the consummation of a Business Combination, the Company shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit such Business Combination to its Members for approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide Members with the opportunity to have their Shares repurchased by means of a tender offer for a per-Share repurchase price
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two (2) business days prior to the
consummation of such Business Combination, including interest earned on the Trust Account (net of taxes paid or payable, if any), divided
by the number of then issued Public Shares. Such obligation to repurchase Shares is subject to the completion of the proposed Business
Combination to which it relates.

53.3 If the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of the Exchange Act in connection with
a proposed Business Combination, it shall file tender offer documents with the SEC prior to completing such Business Combination which
contain substantially the same financial and other information about such Business Combination and the redemption rights as is required
under Regulation 14A of the Exchange Act. If, alternatively, the Company holds a general meeting to approve a proposed Business Combination,
the Company will conduct any redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, and
not pursuant to the tender offer rules, and file proxy materials with the SEC.

53.4 At a general meeting called for the purposes of approving a Business Combination pursuant to this Article 53, in the event that such
Business Combination is approved by Ordinary Resolution, the Company shall be authorised to consummate such Business Combination.

53.5 Any Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may, at least two (2) business days'
prior to any vote on a Business Combination, elect to have their Public Shares redeemed for cash, in accordance with any applicable requirements
provided for in the related proxy materials ( ***Business Combination Redemption***), provided that no such Member acting together
with any Affiliate of their or any other person with whom they are acting in concert or as a partnership, limited partnership, syndicate,
or other group (including, for the avoidance of doubt, a "group" (as defined under Section 13 of the Exchange Act) for the
purposes of acquiring, holding, or disposing of Shares may exercise this redemption right with respect to more than fifteen per cent (15%)
of the Public Shares in the aggregate without the prior consent of the Company and provided further that any beneficial holder of Public
Shares on whose behalf a redemption right is being exercised must identify itself to the Company in connection with any redemption election
in order to validly redeem such Public Shares. If so demanded, the Company shall pay any such redeeming Member, regardless of whether
they are voting for or against such proposed Business Combination, a per-Share redemption price payable in cash, equal to the aggregate
amount then on deposit in the Trust Account calculated as of two (2) business days prior to the consummation of the Business Combination,
including interest earned on the Trust Account (such interest shall be net of taxes payable) and not previously released to the Company
to pay its taxes, divided by the number of then issued Public Shares (such redemption price being referred to herein as  ***Redemption Price***), but only in the event that the applicable proposed Business Combination is approved and in connection with its consummation.

53.6 A Member may not withdraw a Redemption Notice once submitted to the Company unless the Directors determine (in their sole discretion)
to permit the withdrawal of such redemption request (which they may do in whole or in part). The Directors (in their sole discretion)
shall determine the timing of such Business Combination Redemption of Public Shares in order to facilitate the consummation and/or closing
of a Business Combination.

53.7 In the event that the Company does not consummate a Business Combination within eighteen (18) months from the consummation of the
IPO, or such later time as the Members may approve by Special Resolution in accordance with the Articles, (the  ***Deadline Date***),
the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cease all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem the Public Shares, at a per-Share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company (less up to one hundred thousand dollars ($100,000) of interest to pay dissolution
expenses and which interest shall be net of taxes payable), divided by the number of then Public Shares in issue, which redemption will
completely extinguish public Members' rights as Members (including the right to receive further liquidation distributions, if any);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining Members and
the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

53.8 In the event that any amendment is made to the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to modify the substance or timing of the Company's obligation to allow redemption in connection with a Business Combination
or redeem one hundred per cent (100%) of the Public Shares if the Company does not consummate a Business Combination by the Deadline Date,
or such later time as the Members may approve by Special Resolution in accordance with the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other provision relating to Members' rights or pre-Business Combination activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares (***Amendment Redemption***) upon the approval or effectiveness of any such amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares. The Directors (in their sole discretion) shall determine the timing of any such Amendment Redemption.

53.9 A holder of Public Shares shall be entitled to receive distributions from the Trust Account only in the event of a Business Combination
Redemption, an Amendment Redemption, a repurchase of Shares by means of a tender offer pursuant to this Article 53, or a distribution
of the Trust Account pursuant to this Article 53. In no other circumstance shall a holder of Public Shares have any right or interest
of any kind in the Trust Account.

53.10 Except in connection with the conversion of Class B Shares into Class A Shares pursuant to the Article 6 hereof where the holders
of such Shares have waived any right to receive funds from the Trust Account, after the issue of Public Shares, and prior to the consummation
of a Business Combination, the Company shall not issue additional Shares or any other securities that would entitle the holders thereof
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive funds from the Trust Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote as a class with Public Shares on a Business Combination.

53.11 A Director may vote in respect of a Business Combination in which such Director has a conflict of interest with respect to the evaluation
of such Business Combination. Such Director must disclose such interest or conflict to the other Directors.

53.12 As long as the securities of the Company are listed on the New York Stock Exchange, the Company must complete one or more Business
Combinations having an aggregate fair market value of at least eighty per cent (80%) of the assets held in the Trust Account (net of amounts
disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) at
the time of the Company's signing a definitive agreement in connection with a Business Combination. A Business Combination must
not be solely effectuated with another blank cheque company or a similar company with nominal operations.

53.13 The Company may enter into a Business Combination with a target business that is Affiliated with the Sponsor, a Founder, a Director
or an Officer. In the event the Company seeks to consummate a Business Combination with a target that is Affiliated with the Sponsor,
a Founder, a Director or an Officer, the Company, or a committee of Independent Directors, will obtain an opinion from an independent
investment banking firm or another valuation or appraisal firm that regularly renders fairness opinions on the type of target business
the Company is seeking to acquire that such a Business Combination is fair to the Company from a financial point of view.

54 CERTAIN TAX FILINGS

54.1 Each Tax Filing Authorised Person and any such other person, acting alone, as any Director shall designate from time to time, are
authorised to file IRS forms SS-4, W-8 BEN, W 8 IMY, W-9, 8832 and 2553 and such other similar tax forms as are customary to file with
any US state or federal governmental authorities or foreign governmental authorities in connection with the formation, activities, and/or
elections of the Company and such other tax forms as may be approved from time to time by any Director or Officer. The Company further
ratifies and approves any such filing made by any Tax Filing Authorised Person or such other person prior to the date of the Articles.

55 BUSINESS OPPORTUNITY

55.1 To the fullest extent permitted by Applicable Law, no individual serving as a Director or an Officer shall have any duty, except and
to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as the Company. To the fullest extent permitted by Applicable Law, the Company renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate
opportunity for a Director or Officer, on the one hand, and the Company, on the other. Except to the extent expressly assumed by contract,
to the fullest extent permitted by Applicable Law, a Director or Officer shall have no duty to communicate or offer any such corporate
opportunity to the Company and shall not be liable to the Company or its Members for breach of any fiduciary duty as a Member, Director,
and/or Officer solely by reason of the fact that such party pursues or acquires such corporate opportunity for themselves, directs such
corporate opportunity to another person, or does not communicate information regarding such corporate opportunity to the Company.

55.2 Except as provided elsewhere in this Article 55, the Company hereby renounces any interest or expectancy of the Company in, or in
being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for both the
Company and a Director or Officer, about which a Director and/or Officer acquires knowledge.

55.3 To the extent a court might hold that the conduct of any activity related to a corporate opportunity that is renounced in this Article
55 to be a breach of duty to the Company or its Members, the Company hereby waives, to the fullest extent permitted by Applicable Law,
any and all claims and causes of action that the Company may have for such activities. To the fullest extent permitted by Applicable Law,
the provisions of this Article 55 apply equally to activities conducted in the future and that have been conducted in the past.

56 disclosure

56.1 **Disclosure.** The Directors, or any authorised service providers (including the Officers, the Secretary, and the Registered Office
agent of the Company), shall be entitled to disclose to any regulatory or judicial authority, or to any Designated Stock Exchange, any
information regarding the affairs of the Company including, without limitation, information contained in the Register of Members and books
of the Company.

## Exhibit 5.1

**Exhibit 5.1**

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|:---|:---|
| ![](ex5-1_002.jpg) | Harney Westwood & Riegels (Cayman) LLP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

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**16 July 2025**

christopher.hall@harneys.com

065766.0001-CH-GYW

**Timber Road Acquisition Corp.**

Harneys Fiduciary (Cayman) Limited

4th Floor, Harbour Place

103 South Church Street

P.O. Box 10240

Grand Cayman

KY1-1002

Cayman Islands

Dear Sir or Madam

**Timber Road Acquisition Corp<u>.</u> (*Company*)**

We are lawyers qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's amended registration statement on Form S-1 to be filed with the Securities and Exchange Commission (***Commission***) on or about the date of this opinion (***Registration Statement***), relating to the registration of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. 20,000,000 units consisting of one Class A Share (as defined below) and one right to receive one-eighth (1/8)
of a Class A Share ( ***Right***) upon the consummation of the initial business combination ( ***Units***);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. up to 3,000,000 Units, which may be issued upon exercise of an option granted to the underwriter(s) to cover
over-allotments, if any, exercisable for a period of 45 days after the closing of the offering ( ***Over-Allotment Units***);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. all Class A Shares and all Rights issued as part of the Units and the Over-Allotment Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. all Class A Shares that may be issued upon the consummation of an initial business combination in respect
of the Rights included in the Units and the Over-Allotment Units,

in each case under the United States Securities Act of 1933, as amended (***Securities Act***) and pursuant to the terms of the Registration Statement. In this opinion ***Companies Act*** means the Companies Act, as amended, of the Cayman Islands.

The Class A Shares underlying the Units and the Over-Allotment Units are referred to herein as the ***Unit Shares*** and the Class A Shares to be issued in accordance with the Rights are referred to herein as the ***Rights Shares***.

We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which are all the documents which we consider necessary and appropriate for the matters set out in this legal opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

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|:---|:---|
| ![](ex5-1_002.jpg) | Harney Westwood & Riegels (Cayman) LLP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

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In giving this opinion, we have relied upon the assumptions set out in Schedule 2 which we have not independently verified.

Based solely upon the foregoing examinations and assumptions and upon such searches as we have conducted and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

1 Existence and Good Standing. The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing under the laws of the Cayman Islands.

2 Capacity and Power. The delivery of the Registration Statement by the Company and the performance of its obligations thereunder are within the corporate capacity and power of the Company and have been duly authorised and approved by all necessary corporate action of the Company.

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|:---|:---|
| 3 | Authorised Share Capital. Based on our review of the Mem & Arts, the authorised share capital of the Company is US$22,100 divided into: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 200,000,000 Class A ordinary shares of a par value of US$0.0001 each ( ***Class A Shares***);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 20,000,000 Class B ordinary shares of a par value of US$0.0001 each ( ***Class B Shares***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1,000,000 Preference shares of a par value of US$0.0001 each ( ***Preference Shares***).

4 Issued Securities. As of the date of the Certificate of Incumbency (as defined in Schedule 1), the Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 0 Class A Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 5,750,000 Class B Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0 Preference Shares,

issued and outstanding.

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|:---|:---|
| 5 | Unit Shares. The Unit Shares to be issued by the Company as contemplated by the Registration Statement have been duly authorised and, when allotted, issued and fully paid for in accordance with the Resolutions (as defined in Schedule 1), and when the name of the shareholder is entered in the register of members of the Company (*Register of Members*), the shares will be validly issued, allotted and fully paid and there will be no further obligation on the holder of any of the Shares to make any further payment to the Company in respect of such Unit Shares. |

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|:---|:---|
| 6 | Rights Shares. The Rights Shares to be issued by the Company as contemplated by the Registration Statement have been duly authorised and, when allotted, issued and fully paid for in accordance with the Resolutions, the terms of the Rights, and when the name of the shareholder is entered in the Register of Members, the shares will be validly issued, allotted and fully paid and there will be no further obligation on the holder of any of the shares to make any further payment to the Company in respect of such Rights Shares. |

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|:---|:---|
| ![](ex5-1_002.jpg) | Harney Westwood & Riegels (Cayman) LLP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

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|:---|:---|
| 7 | Cayman Islands Law. The statements under the caption "Taxation" in the prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. Except as specifically stated herein, we express no opinion as to matters of fact.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our name under the headings, "Certain Differences in Corporate Law" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

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|:---|
| Yours faithfully |
| ![](ex5-1_001.jpg) |
| **Harney Westwood & Riegels (Cayman) LLP** |

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| | |
|:---|:---|
| ![](ex5-1_002.jpg) | Harney Westwood & Riegels (Cayman) LLP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

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**SCHEDULE 1**

List of Documents and Records Examined

1 The Certificate of Incorporation dated 6 March 2025.

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|:---|:---|
| 2 | The Second Amended and Restated Memorandum and Articles of Association of the Company dated 16 May 2025 (the ***Mem & Arts***). |

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|:---|:---|
| 3 | A Certificate of Incumbency in respect of the Company, issued by Harneys Fiduciary (Cayman) Limited on 15 July 2025, as Registered Office provider to the Company (***Certificate of Incumbency***). |

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4 A Certificate of Good Standing in respect of the Company issued by the Cayman Registrar of Companies dated 16 July 2025.

5 The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands via the Court's Digital System from the incorporation date of the Company to 15 July 2025.

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|:---|:---|
| 6 | A copy of the written resolutions of the directors of the Company dated 16 May 2025 (the ***Resolutions***). |

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Items 1 to 6 above are together referred to as the ***Corporate Documents***.

7 A certificate provided by a director of the Company confirming certain matters to us which are relevant to our opinion.

8 The Registration Statement.

1 to 8 above are collectively referred to in this opinion as the ***Documents***.

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| | |
|:---|:---|
| ![](ex5-1_002.jpg) | Harney Westwood & Riegels (Cayman) LLP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

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**Schedule 2**

Assumptions

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| | |
|:---|:---|
| 1 | **Validity under Foreign Laws.** That: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all formalities required under any applicable laws (other than the laws of the Cayman Islands) have been
complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no other matters arising under any foreign law will affect the views expressed in this opinion.

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|:---|:---|
| 2 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, all copies of Documents are true and correct copies and the Registration Statement conforms in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated. |

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|:---|:---|
| 3 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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| | |
|:---|:---|
| ![](ex5-1_002.jpg) | Harney Westwood & Riegels (Cayman) LLP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

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**Schedule 3**

Qualifications

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|:---|:---|
| 1 | **Non-assessable.** The term ***non-assessable*** means, with respect to shares in the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

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|:---|:---|
| 2 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

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|:---|:---|
| 3 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Companies Act (as revised) of the Cayman Islands (the ***Companies Act***) have been paid and the Registrar of Companies in the Cayman Islands has no knowledge that the Company is in default under the Companies Act. |

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|:---|:---|
| 4 | **Economic Substance**. We have undertaken no enquiry and express no view as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (2024 Revision). |

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## Exhibit 10.6

**Exhibit 10.6**

**UNIT SUBSCRIPTION AGREEMENT** 

THIS UNIT SUBSCRIPTION AGREEMENT (as it may from time to time be amended, this "**Agreement**"), dated as of [●], 2025, is entered into by and among Timber Road Acquisition Corp., a Cayman Islands exempted company (the "**Company**"), and Roth Capital Partners, LLC, a California limited liability company (the "**Purchaser**").

WHEREAS, the Company intends to consummate an initial public offering of the Company's units (the "**Public Offering**"), each unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (each, a "**Share**"), and one right, each Right entitling the holder thereof to receive one-eighth (1/8) of one Share, as set forth in the Company's Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission, File Number 333-286508 (the "**Registration Statement**"), under the Securities Act of 1933, as amended (the "**Securities Act**").

WHEREAS, the Purchaser has agreed to purchase, at a price of $10.00 per unit, an aggregate of 200,000 units (and up to 230,000 units if the underwriters in the Public Offering exercise their over-allotment option in full) (the "Private Placement Units"), each Private Placement Unit consisting of one Share (a "Private Placement Share") and one right (a "Private Placement Right"), each Private Placement Right entitling the holder thereof to receive one-eighth (1/8) of one Share.

NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

**<u>AGREEMENT</u>**

**Section 1. Authorization, Purchase and Sale; Terms of the Private Placement Units**.

A. <u>Authorization of the Private Placement Securities</u>. The Company has duly authorized the issuance and sale of the Private Placement Units, including the Private Placement Shares and the Private Placement Rights included in the Private Placement Units, and, subject to proper exchange of the Private Placement Rights, the Shares underlying such Private Placement Rights, to the Purchaser.

B. <u>Purchase and Sale of the Private Placement Units</u>.

(i) On the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the "**IPO Closing Date**"), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 200,000 Private Placement Units at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $2,000,000 (the "**Purchase Price**"). The Purchaser shall pay, at least one (1) business day prior to the IPO Closing Date, the Purchase Price by wire transfer of immediately available funds, to accounts designated by the Company, including to the trust account (the "**Trust Account**"), at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee, in accordance with the Company's wiring instructions. On the IPO Closing Date, subject to receipt of funds pursuant to the immediately prior sentence, the Company shall effect such delivery in book-entry form.

(ii) On the date of the consummation of the closing of the over-allotment option, if any, in connection with the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (an "**Over-allotment Closing Date**," and each Over-allotment Closing Date (if any) and the IPO Closing Date, a "**Closing Date**"), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 230,000 Private Placement Units (or, to the extent the over-allotment option is not exercised in full, a lesser number of Private Placement Units in proportion to the portion of the over-allotment option that is then exercised) at a price of $10.00 per Private Placement Unit for an aggregate purchase price of up to $2,300,000 (if the over-allotment option is exercised in full) (the "**Over-allotment Purchase Price**"). The Purchaser shall pay the Over-allotment Purchase Price in accordance with the Company's wire instruction by wire transfer of immediately available funds to the Company or the Trust Account (as set forth in the wire instructions), at least one (1) business day prior to the applicable Over-allotment Closing Date. On each Over-allotment Closing Date, subject to receipt of funds pursuant to the immediately prior sentence, the Company shall effect such delivery in book-entry form.

C. <u>Terms of the Private Placement Securities</u>.

(i) The Private Placement Units are substantially identical to the units to be offered in the Public Offering except that (a) the Private Placement Units (including the underlying Shares, Private Placement Rights and the Shares issuable upon exchange of the Private Placement Rights) will not, except in limited circumstances, be transferable or salable until 30 days after the completion of the Company's initial business combination (the "**Business Combination**") so long as they are held by the Purchaser or its permitted transferees, (b) the Private Placement Units are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (a) and they are registered pursuant to the Registration Rights Agreement (as defined below) or an exemption from registration is available, and the restrictions described above in clause (a) have expired and (c) each Private Placement Right shall have the terms set forth for private placement rights in a Rights Agreement to be entered into by the Company and a rights agent in connection with the Public Offering (the "**Rights Agreement**").

(ii) The Private Placement Units and their component parts and the related registration rights will be deemed compensation by the Financial Industry Regulatory Authority ("**FINRA**") and will therefore, pursuant to Rule 5110(e) of the FINRA Manual, be subject to a lock-up for a period of 180 days immediately following the date of effectiveness or commencement of sales in the Public Offering, subject to certain limited exceptions to permitted transferees hereunder and in accordance with FINRA Rule 5110(e)(2). Additionally, the Private Placement Units and their component parts and the related registration rights may not be sold, transferred, assigned, pledged or hypothecated during the foregoing 180-day period following the commencement of sales in the Public Offering except to any underwriter or selected dealer participating in the Public Offering and the bona fide officers, partners or affiliates of the Purchaser and any such participating underwriter or selected dealer. Additionally, the Private Placement Units and their component parts and the related registration rights will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of such securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales in the Public Offering

(iii) At the time of, or prior to, the IPO Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the "**Registration Rights Agreement**") pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Units, including the Private Placement Shares and the Private Placement Rights included in the Private Placement Units, and the Shares underlying the Private Placement Rights.

**Section 2. Representations and Warranties of the Company**.

As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Units, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that:

A. <u>Incorporation and Corporate Power</u>. The Company is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Rights Agreement.

B. <u>Authorization; No Breach</u>.

(i) The execution, delivery and performance of this Agreement and the Private Placement Units, including the Private Placement Shares and the Private Placement Rights included in the Private Placement Units, and, subject to proper exchange of the Private Placement Rights, the Shares underlying such Private Placement Rights, have been duly authorized by the Company. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with the terms of the Rights Agreement (as applicable) and this Agreement, the Private Placement Units, including the Private Placement Rights included in the Private Placement Units, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of each Closing Date.

(ii) The execution and delivery by the Company of this Agreement and the Private Placement Units, the issuance and sale of the Private Placement Units, the issuance of the Private Placement Shares and the Private Placement Rights included in the Private Placement Units and the Shares upon exchange of the Private Placement Rights and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company's share capital or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the Company's certificate of incorporation and bylaws or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

C. <u>Title to Securities</u>. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Rights Agreement (as applicable), the Private Placement Shares included in the Private Placement Units and the Shares issuable upon exchange of the Private Placement Rights will be duly and validly issued, fully paid and nonassessable. On the date of issuance of the Private Placement Units, the Private Placement Shares and the Shares issuable upon exchange of the Private Placement Rights shall have been reserved for issuance. Upon issuance in accordance with the terms hereof and the Rights Agreement (as applicable), the Purchaser will have good title to the Private Placement Units, including the Private Placement Shares and the Private Placement Rights included in the Private Placement Units, and the Shares issuable upon exchange of the Private Placement Rights, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

D. <u>Governmental Consents</u>. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for applicable requirements of the Securities Act.

**Section 3. Representations and Warranties of the Purchaser**.

As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Units to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that:

A. <u>Organization and Requisite Authority</u>. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

B. <u>Authorization; No Breach</u>.

(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law).

(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser do not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Purchaser's equity or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the Purchaser's organizational documents in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering, or any material law, statute, rule or regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the date hereof under federal or state securities laws.

C. <u>Investment Representations</u>.

(i) The Purchaser is acquiring the Private Placement Units, including the Private Placement Shares and the Private Placement Rights included in the Private Placement Units, and, upon exchange of the Private Placement Rights, the Shares issuable upon such exchange (collectively, the "**Securities**") for its own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

(ii) The Purchaser is an "accredited investor" as such term is defined in Rule 501(a)(3) of Regulation D, and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

(iii) The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser's compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

(iv) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act.

(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.

(vi) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

(vii) The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder; and (c) Rule 144 adopted pursuant to the Securities Act will not be available for resale transactions of Securities prior to a Business Combination and may not be available for resale transactions of Securities after a Business Combination.

(viii) The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities.

(ix) The Purchaser understands that the Private Placement Units and the Shares included in the Private Placement Units shall bear the legend substantially in the form of the following and be subject to appropriate "stop transfer restrictions":

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG TIMBER ROAD ACQUISITION CORP. (THE "COMPANY"), TIMBER ROAD SPONSOR, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN ITS AMENDED AND RESTATED CERTIFICATE OF INCORPORATION) EXCEPT TO A PERMITTED TRANSFEREE (AS DESCRIBED IN THE LETTER AGREEMENT REFERENCED ABOVE) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

SECURITIES EVIDENCED HEREBY SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT WITH THE COMPANY."

(x) The Purchaser understands that the Private Placement Rights shall bear the legend substantially in the form set forth in the Rights Agreement and be subject to appropriate "stop transfer restrictions."

**Section 4. Conditions of the Purchaser's Obligations**.

The obligations of the Purchaser to purchase and pay for the Private Placement Units are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

A. <u>Representations and Warranties</u>. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of such Closing Date as though then made.

B. <u>Performance</u>. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date.

C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Rights Agreement.

D. <u>Rights Agreement and Registration Rights Agreement</u>. The Company shall have entered into the Rights Agreement and the Registration Rights Agreement, in each case on terms satisfactory to the Purchaser.

**Section 5. Conditions of the Company's Obligations**.

The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

A. <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing Date as though then made.

B. <u>Performance</u>. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date.

C. <u>Corporate Consents</u>. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the Rights Agreement and the issuance and sale of the Private Placement Units, including the Private Placement Shares and the Private Placement Rights included in the Private Placement Units, hereunder.

D. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Rights Agreement.

E. <u>Rights Agreement</u> . The Company shall have entered into the Rights Agreement.

**Section 6. Termination**.

This Agreement may be terminated by the Company or the Purchaser at any time after December 31, 2025 upon written notice to the other party hereto if the closing of the Public Offering does not occur prior to such date.

**Section 7. Survival of Representations and Warranties**.

All of the representations and warranties contained herein shall survive each Closing Date.

**Section 8. Definitions**.

Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

**Section 9. Miscellaneous**.

A. <u>Successors and Assigns</u>. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members).

B. <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

C. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and effective to bind the party so signing.

D. <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word "including" in this Agreement shall be by way of example rather than by limitation.

E. <u>Governing Law</u>. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the laws of another jurisdiction.

F. <u>Amendments</u>. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

[*Signature page follows*]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **TIMBER ROAD ACQUISITION CORP.** | **TIMBER ROAD ACQUISITION CORP.** |
| By: |  |
| Name: | Patrick Fisher |
| Title: | Chief Executive Officer |
| **PURCHASER:** | **PURCHASER:** |
| **ROTH CAPITAL PARTNERS, LLC** | **ROTH CAPITAL PARTNERS, LLC** |
| By: |  |
| Name: |  |
| Title: |  |

---

[Signature Page to Unit Subscription Agreement – Roth]

## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the inclusion in this Registration Statement on Form S-1 of our report dated April 14, 2025, with respect to the financial statements of Timber Road Acquisition Corp. included in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ CBIZ CPAs P.C.

New York, NY

July 16, 2025