# EDGAR Filing Document

**Accession Number:** 0001965052
**File Stem:** 0000950123-23-002544
**Filing Date:** 2023-2
**Character Count:** 1227703
**Document Hash:** 8b652d7cd1f1b26adbddc4ea7844e50c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-002544.hdr.sgml**: 20241210

**ACCESSION NUMBER**: 0000950123-23-002544

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marblegate Capital Corp
- **CENTRAL INDEX KEY:** 0001965052
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 02 Finance
- **IRS NUMBER:** 922142791
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-06602
- **FILM NUMBER:** 23627666

**BUSINESS ADDRESS:**
- **STREET 1:** 411 THEODORE FREMD AVENUE, SUITE 206S
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** (914) 415-4081

**MAIL ADDRESS:**
- **STREET 1:** 411 THEODORE FREMD AVENUE, SUITE 206S
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

##### [**Table of Contents**](#toc)
**As confidentially submitted to the Securities and Exchange Commission on February 14, 2023. This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM S-4** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## Marblegate Capital Corporation
**(Exact name of Registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **6770** | **92-2142791** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary standard industrial**<br> **classification code number)** | **(I.R.S. Employer**<br> **Identification Number)** |

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**411 Theodore Fremd Avenue** 

**Suite 206S** 

**Rye, New York 10580** 

**Telephone: 914-415-4082** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

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**Andrew Milgram** 

**411 Theodore Fremd Avenue** 

**Suite 206S** 

**Rye, New York 10580** 

**Telephone: 914-415-4082** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

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| | | |
|:---|:---|:---|
| ***With copies to:*** | ***With copies to:*** | ***With copies to:*** |
| **Brandon Bortner** <br> **Paul Hastings LLP** <br> **2050 M Street NW** <br> **Washington, DC 20036** <br> **(202) 551-1700** | **Jonathan Ko** <br> **Paul Hastings LLP** <br> **515 South Flower Street** <br> **Twenty-Fifth Floor** <br> **Los Angeles, CA 90071** <br> **(213) 683-6000** | **Tadashi Okamoto** <br> **Lynwood Reinhardt** <br> **Louis A. Curcio** <br> **Reed Smith LLP** <br> **599 Lexington Avenue** <br> **New York, NY 10022** <br> **(212) 521-5400** |

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**Approximate date of commencement of proposed sale of the securities to the public:** As soon as practicable after this Registration Statement becomes effective and all other conditions to the transactions contemplated by the Business Combination Agreement described in the included proxy statement/prospectus have been satisfied or waived.

If the securities being registered on this form are to be offered in connection with the formation of a holding company and there is compliance with General Instruction G, 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(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.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☐ | Accelerated filer | ☐ |
| Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

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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. ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e 4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d 1(d) (Cross-Border Third-Party Tender Offer) ☐

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**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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**Explanatory Note** 

Pursuant to applicable legislation, we are omitting any financial statements for the nine months ended September 30, 2022, the year ended December 31, 2020 and certain pro forma financial data for the year ended December 31, 2021 because these financial statements and pro forma data relate to historical periods that we believe will not be required to be included in this proxy statement/prospectus at the time of the effectiveness of the Registration Statement of which this proxy statement/prospectus forms a part. We intend to amend this Registration Statement to include all financial information required by Regulation S-X prior to effectiveness of this Registration Statement.

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**The information in this preliminary proxy statement/prospectus is not complete and may be changed. We may not issue these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary proxy statement/prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.** 

**PRELIMINARY PROXY STATEMENT AND PROSPECTUS** 

**SUBJECT TO COMPLETION, DATED FEBRUARY 14, 2023** 

**PROXY STATEMENT FOR** 

**SPECIAL MEETING OF STOCKHOLDERS OF** 

**MARBLEGATE ACQUISITION CORP.** 

**(A DELAWARE CORPORATION)** 

**PROSPECTUS FOR** 

**[**●**] SHARES OF COMMON STOCK** 

**[**●**] WARRANTS TO PURCHASE SHARES OF COMMON STOCK AND** 

**[**●**] SHARES OF COMMON STOCK UNDERLYING WARRANTS** 

**OF MARBLEGATE CAPITAL CORPORATION,** 

**A DELAWARE CORPORATION** 

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Dear Marblegate Acquisition Corp. Stockholders:

On February 14, 2023, Marblegate Acquisition Corp., a Delaware corporation ("<u>MAC</u>", "<u>we</u>", "<u>our</u>" , "<u>our company</u>" or "<u>us</u>"), entered into a business combination agreement (as it may be amended or restated from time to time, the "<u>Business Combination Agreement</u>"), with Marblegate Asset Management, LLC, a Delaware limited liability company ("<u>MAM</u>" or the "<u>Manager</u>"), Marblegate Capital Corporation, a Delaware corporation ("<u>New MAC</u>"), MAC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of New MAC ("<u>Merger Sub</u>"), DePalma Acquisition I LLC, a Delaware limited liability company ("<u>DePalma I</u>"), and DePalma Acquisition II LLC, a Delaware limited liability company ("<u>DePalma II</u>," and each of DePalma I and DePalma II, a "<u>DePalma Company</u>" and together, the "<u>DePalma Companies</u>" or "<u>DePalma</u>"), pursuant to which MAC agreed to combine with DePalma in a series of transactions that will result in New MAC becoming a public company on the Nasdaq Global Market ("<u>Nasdaq</u>") (collectively, the "<u>Business Combination</u>").

Pursuant to the Business Combination Agreement, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Immediately prior to the consummation of the transactions contemplated by the Business Combination Agreement,
New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC (the " <u>Related Transactions</u> "); and

(ii) Merger Sub will merge with and into MAC (the " <u>Merger</u> "), with MAC surviving the Merger as a wholly-owned subsidiary of New MAC, in accordance with the terms and subject to the conditions of the Business Combination Agreement as more fully described in the accompanying proxy statement/prospectus, and (x) each share of MAC's Class A common stock, par value $0.0001 per share (" <u>MAC Class</u> <u>A Common Stock</u> "), outstanding immediately prior to the effectiveness of the Merger is being converted into the right to receive a number of shares of common stock, par value $0.0001 per share, of New MAC (" <u>New MAC Common Stock</u> "), determined in accordance with the Business Combination Agreement, having an aggregate value of $[●] (at a deemed value of $10.00 per share and assuming no redemptions of MAC Class A Common Stock), (y) each share of MAC's Class B common stock, par value $0.0001 per share (" <u>MAC Class</u> <u>B Common Stock</u>," and, together with the MAC Class A Common Stock, the " <u>MAC Common Stock</u> "), outstanding immediately prior to the effectiveness of the Merger is being converted into the right to receive a number of shares of New MAC Common Stock, determined in accordance with the Business Combination Agreement, having an aggregate value of $[●] (at a deemed value of $10.00 per share and assuming no redemptions of MAC Class A Common Stock and giving effect to the forfeiture and donation of shares), and (z) each warrant of MAC outstanding immediately prior to the effectiveness of the Merger is being converted into the right to receive one warrant of New MAC (the " <u>New MAC Warrants</u> "), with New MAC assuming MAC's obligations under the existing warrant agreement.

MAC's equity securities trade on the Nasdaq Global Market. Each of MAC's units ("<u>MAC Unit</u>" or "<u>Unit</u>") consists of one share of MAC Class A Common Stock and one-half of one warrant ("<u>Public</u>

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 <u>Warrant</u>") and trades under the symbol "GATEU". The MAC Class A Common Stock and Public Warrants trade under the symbols "GATE" and "GATEW", respectively. Each whole warrant entitles the holder to purchase one share of MAC Class A Common Stock at a price of $11.50 per share, subject to adjustment. The Units that have not previously been separated at the election of holders will automatically separate into the component securities upon the closing of the Business Combination (the "<u>Closing</u>") and, as a result, will no longer trade as a separate security. New MAC intends to apply to list the New MAC Common Stock and New MAC Warrants on the Nasdaq under the symbols "GATE" and "GATEW", respectively.

MAC cordially invites you to attend a special meeting of its stockholders (the "<u>Special Meeting</u>") to consider matters related to the proposed Business Combination. MAC and DePalma cannot complete the Business Combination unless MAC's stockholders consent to the approval of the Business Combination Agreement and the transactions contemplated thereby. MAC is sending you this proxy statement/prospectus to ask you to vote in favor of these and the other matters described in this proxy statement/prospectus in order to obtain stockholder approvals of the proposals necessary to complete the Business Combination, and these proposals are described in this proxy statement/prospectus.

The Special Meeting will be held on , 2023, at :00 a.m., Eastern time, via a virtual meeting. In light of the novel coronavirus (referred to as "<u>COVID-19</u>") pandemic and to support the wellbeing of MAC's stockholders and partners, the Special Meeting will be completely virtual. You may attend the Special Meeting and vote your shares electronically during the Special Meeting via live webcast by visiting https://[●]. You will need the 12-digit meeting control number that is printed on your proxy card to enter the Special Meeting. MAC recommends that you log in at least 15 minutes before the Special Meeting to ensure you are logged in when the Special Meeting starts. Please note that you will not be able to attend the Special Meeting in person.

The board of directors of MAC (the "<u>MAC Board</u>") formed a special committee comprised entirely of an independent and disinterested director (the "<u>Special Committee</u>") to consider and negotiate the terms and conditions of the Business Combination and to recommend to the MAC Board whether to pursue the Business Combination and, if so, on what terms and conditions.

After careful consideration, the MAC Board, based in part upon the recommendation of the Special Committee, has unanimously approved and adopted the Business Combination Agreement and the other proposals described in this proxy statement/prospectus, and the MAC Board has determined that it is advisable to consummate the Business Combination. The MAC Board recommends that you vote "FOR" adoption of the Business Combination Agreement, and approval of the transactions contemplated thereby, including the Business Combination, and "FOR" all other proposals (including each of the sub-proposals) presented to MAC's stockholders in this proxy statement/prospectus. In arriving at its recommendations, the MAC Board and the Special Committee carefully considered a number of factors described in the accompanying proxy statement/prospectus. When you consider the recommendations of the MAC Board and the Special Committee, you should keep in mind that MAC's Sponsor and certain of its directors and officers have interests in the Business Combination that may conflict with your interests as a stockholder. See the section entitled "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*" in the accompanying proxy statement/prospectus.

MAC is providing the accompanying proxy statement/prospectus and proxy card to you in connection with the solicitation of proxies to be voted at the Special Meeting and at any adjournments or postponements of the Special Meeting. Your vote is very important. If you are a registered stockholder, please vote your shares as soon as possible by signing, dating and returning the enclosed proxy card in the postage-paid envelope provided. If you hold your shares in "street name" through a bank, broker or other nominee, you will need to follow the instructions provided to you by your bank, broker or other nominee to ensure that your shares are represented and voted at the Special Meeting.

More information about MAC, the DePalma Companies and the Business Combination is contained in this proxy statement/prospectus. MAC and the DePalma Companies urge you to read the accompanying proxy statement/prospectus, including the financial statements and annexes and other documents referred to herein,

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carefully and in their entirety. **In particular, you should carefully consider the matters discussed in the section entitled "*[Risk Factors](#toc441116_8)*" beginning on page 51 of this proxy statement/prospectus.**

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TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST ELECT TO HAVE MAC REDEEM YOUR SHARES FOR A PRO RATA PORTION OF THE FUNDS HELD IN THE TRUST ACCOUNT AND TENDER YOUR SHARES TO MAC'S TRANSFER AGENT AT LEAST TWO BUSINESS DAYS PRIOR TO THE VOTE AT THE SPECIAL MEETING. YOU MAY TENDER YOUR SHARES BY EITHER DELIVERING YOUR SHARE CERTIFICATE TO THE TRANSFER AGENT OR BY DELIVERING YOUR SHARES ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY'S DWAC (DEPOSIT WITHDRAWAL AT CUSTODIAN) SYSTEM. IF THE BUSINESS COMBINATION IS NOT COMPLETED, THEN THESE SHARES WILL NOT BE REDEEMED FOR CASH. IF YOU HOLD THE SHARES IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK OR BROKER TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS.

On behalf of the MAC Board, I thank you for your support and look forward to the successful completion of the Business Combination.

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| |
|:---|
| By Order of the Board of Directors |
| Harvey Golub |
| Chairman of the Board |

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The accompanying proxy statement/prospectus is dated , 2023, and is first being mailed to the stockholders of MAC on or about that date.

**NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE BUSINESS COMBINATION DESCRIBED IN THIS PROXY STATEMENT/PROSPECTUS OR ANY OF THE SECURITIES TO BE ISSUED IN THE BUSINESS COMBINATION, OR PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION.** 

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**Marblegate Acquisition Corp.** 

**411 Theodore Fremd Avenue** 

**Suite 206S** 

**Rye, New York 10580** 

**NOTICE OF SPECIAL MEETING** 

**TO BE HELD ON , 2023** 

TO THE STOCKHOLDERS OF MARBLEGATE ACQUISITION CORP.:

NOTICE IS HEREBY GIVEN that a special meeting of stockholders (the "<u>Special Meeting</u>") of Marblegate Acquisition Corp. ("<u>MAC</u>", "<u>we</u>", "<u>our</u>" "<u>our company</u>" or "<u>us</u>"), a Delaware corporation, will be held at :00 a.m., Eastern time, on , 2023, in a virtual format. You are cordially invited to attend the Special Meeting, which will be held for the following purposes:

In connection with the Business Combination, you are cordially invited to attend a Special Meeting. At the Special Meeting, MAC's stockholders will be asked to consider and vote on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Proposal No. 1 — The Business Combination Proposal —** To consider and vote upon a proposal to approve and adopt the Business Combination Agreement, dated as of February 14, 2023 (as may be amended or restated from time to time, the " <u>Business Combination Agreement</u> "), by and among MAC, MAM, New MAC, Merger Sub, DePalma I and DePalma II, a copy of which is attached to this proxy statement/prospectus as <u>Annex A</u>. The Business Combination Agreement provides for, among other things, the
merger of Merger Sub with and into MAC, with MAC surviving the Merger as a wholly-owned subsidiary of New MAC, in accordance with the terms and subject to the conditions of the Business Combination Agreement as more fully described elsewhere in this
proxy statement/prospectus (the transactions contemplated by the Business Combination Agreement, the Business Combination, and such proposal, the " <u>Business Combination Proposal</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Proposal No. 2 — The Organizational Document Proposals** — To consider and vote upon an amendment and restatement of MAC's current Amended and Restated Certificate of Incorporation, (the " <u>Existing Charter</u> " and, together with the Amended and Restated Bylaws of MAC
the " <u>Existing Bylaws</u> " and, together with the <u>Existing Charter</u>, the " <u>Existing Organizational Documents</u> ") and the following material differences between the proposed Amended and Restated Certificate of
Incorporation of New MAC, a copy of which is attached to this proxy statement/prospectus as <u>Annex B</u> (the " <u>Proposed Charter</u> " and, together with the proposed Amended and Restated Bylaws of New MAC, a copy of which is
attached to this proxy statement/prospectus as <u>Annex C</u> (the " <u>Proposed Bylaws</u> ", the " <u>Proposed Organizational Documents</u> ") and the Existing Charter (such proposals, collectively, the " <u>Organizational Document Proposals</u> "):

(i) **Proposal No. 2a** — to approve the provision in the Proposed Charter changing the authorized capital stock of 221,000,000 shares, consisting of 200,000,000 shares of MAC Class A Common Stock, par value $0.0001 per share, 20,000,000 shares of MAC Class B Common Stock, par value $0.0001 per share, and 1,000,000 preferred shares, par value $0.0001 per share, to authorized capital stock of [●] shares, consisting of [●] shares of New MAC Common Stock, par value $0.0001 per share and [●] shares of undesignated preferred stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Proposal No. 2b** — to approve the provision in the Proposed Charter pursuant to which: the
affirmative vote of the holders of at least 66 2/3% of the total voting power of all then outstanding shares of New MAC Common Stock entitled to vote generally in the election of directors, voting together as a single class is required to amend
provisions relating to, among other matters: (i) stockholder meetings, (ii) the board of directors and (iii) amendment of the Proposed Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Proposal No. 2c** — to approve all other changes in connection with the replacement of the
Existing Organizational Documents of MAC with the Proposed Organizational Documents of New MAC, including, among other things, changing from a blank check company seeking a business combination within a certain period (as provided in the Existing
Organizational Documents), to a corporation having perpetual existence (as provided in the Proposed Charter);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Proposal No. 2d** — to provide for a single class of board of directors and direct that
board vacancies be filled by the majority of directors then in office, unless specified otherwise in the Proposed Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Proposal No. 3 — The Adjournment Proposal** — To consider
and vote upon a proposal to adjourn the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Special Meeting, there are not sufficient votes
to approve one or more proposals presented to stockholders for vote at the Special Meeting (such proposal, the " <u>Adjournment Proposal</u> ").

We may not consummate the Business Combination unless the Business Combination Proposal and each of the Organizational Document Proposals (together, the "<u>Condition Precedent Proposals</u>") are approved at the Special Meeting. Each of the Condition Precedent Proposals is cross-conditioned on the approval of each other. The Adjournment Proposal is not conditioned upon the approval of any other proposal set forth in this proxy statement/prospectus.

These items of business are described in the attached proxy statement/prospectus.

Only holders of record of MAC Class A Common Stock and MAC Class B Common Stock at the close of business on , 2023, are entitled to notice of and to vote and have their votes counted at the Special Meeting and any adjournment of the Special Meeting. A complete list of our stockholders of record entitled to vote at the Special Meeting will be available for ten days before the Special Meeting at our principal executive offices for inspection by stockholders during ordinary business hours for any purpose germane to the Special Meeting.

This proxy statement/prospectus and accompanying proxy card is being provided to MAC's stockholders in connection with the solicitation of proxies to be voted at the Special Meeting and at any adjournment of the Special Meeting. **Whether or not you plan to attend the Special Meeting, all of MAC's stockholders are urged to read this proxy statement/prospectus, including the Annexes and the documents referred to herein, carefully and in their entirety. You should also carefully consider the risk factors described in the section entitled "*Risk Factors***" beginning on page 51 of this proxy statement/prospectus.

Pursuant to our Existing Charter, a holder of shares of MAC Class A Common Stock originally sold in our IPO, including as part of the Units issued in our IPO (such shares, the "<u>Public Shares</u>"), may request of MAC that MAC redeem all or a portion of such holder's MAC Class A Common Stock for cash if the Business Combination is consummated. As a holder of MAC Class A Common Stock, you will be entitled to receive cash for any such shares to be redeemed only if you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (a) hold MAC Class A Common Stock, or (b) hold MAC Class A Common Stock through Units, you elect
to separate your Units into the underlying MAC Class A Common Stock and Public Warrants prior to exercising your redemption rights with respect to the MAC Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) submit a written request to Continental Stock Transfer & Trust Company
(" <u>Continental</u> "), MAC's transfer agent, that MAC redeem all or a portion of your Public Shares for cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deliver your Public Shares to Continental, MAC's transfer agent, physically or electronically through The
Depository Trust Company (the " <u>Depository Trust Company</u> ").

**Holders must complete the procedures for electing to redeem their MAC Class A Common Stock in the manner described above prior to 5:00 p.m., Eastern time, on , 2023 (two business days before the Special Meeting) in order for their shares to be redeemed.** 

**Holders of Units must elect to separate the Units into the underlying MAC Class A Common Stock and Public Warrants prior to exercising redemption rights with respect to the MAC Class A Common Stock. If holders hold their Units in an account at a brokerage firm or bank, holders must notify their broker or bank that they elect to separate the Units into the underlying MAC Class A Common Stock and Public Warrants, or if a holder holds Units registered in its own name, the holder must contact Continental, MAC's transfer agent, directly and instruct them to do so. Public Stockholders (as defined** 

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 **herein) may elect to redeem MAC Class A Common Stock regardless of if or how they vote with respect to the Business Combination Proposal. If the Business Combination is not consummated, the Public Shares will be returned to the respective holder, broker or bank.** 

If the Business Combination is consummated, and if a Public Stockholder properly exercises its right to redeem all or a portion of the MAC Class A Common Stock that it holds and timely delivers its shares to Continental, MAC's transfer agent, New MAC will redeem such MAC Class A Common Stock for a per-share price, payable in cash, equal to the pro rata portion of the trust account established at the consummation of our IPO (the "<u>Trust Account</u>"), calculated as of two business days prior to the consummation of the Business Combination. For illustrative purposes, based on funds in the Trust Account as of December 31, 2022 of approximately $10.3 million, the estimated per share redemption price would have been approximately $10.22. If a Public Stockholder exercises its redemption rights in full, then it will be electing to exchange its MAC Class A Common Stock for cash and will no longer own MAC Class A Common Stock. The redemption takes place following the Business Combination and, accordingly, it is shares of New MAC Common Stock that will be redeemed promptly after consummation of the Business Combination. See the section entitled "*Special Meeting of MAC Stockholders — Redemption Rights*" in this proxy statement/prospectus for a detailed description of the procedures to be followed if you wish to redeem your Public Shares for cash.

Notwithstanding the foregoing, a Public Stockholder, together with any affiliate of such Public Stockholder or any other person with whom such Public Stockholder is acting in concert or as a "group" (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended ("<u>Exchange Act</u>")), will be restricted from redeeming its MAC Class A Common Stock with respect to more than an aggregate of 15% of the MAC Class A Common Stock, without the consent of MAC. Accordingly, if a Public Stockholder, alone or acting in concert or as a group, seeks to redeem more than 15% of the MAC Class A Common Stock, then any such shares in excess of that 15% limit would not be redeemed for cash.

Our initial stockholders, including the Sponsor, and certain of our directors and officers have agreed to vote any shares of MAC Common Stock owned by them in favor of the Business Combination, including their shares of MAC Class B Common Stock and any Public Shares purchased after our IPO (including in open market and privately negotiated transactions). The Anchor Investors (as defined herein) are not required to vote any of their Public Shares in favor of our initial business combination, including the Business Combination, or for or against any other matter presented for a stockholder vote. As a result, the parties to the Sponsor Support Agreement (as defined herein) agreed to, among other things, vote at least 610,000 Private Placement Shares and 7,829,469 shares of MAC Class B Common Stock in favor of the Business Combination Agreement and the transactions contemplated thereby, in each case, subject to the terms and conditions contemplated by the Sponsor Support Agreement. As of the date of this proxy statement/prospectus, our Sponsor beneficially owns an aggregate of approximately 69% of the outstanding shares of MAC Common Stock. Subject to the terms and conditions contemplated by the Sponsor Support Agreement, the MAC Common Stock held by the Sponsor will be excluded from the pro rata calculation used to determine the per-share redemption price.

Pursuant to the Organizational Documents, in no event will MAC redeem Public Shares in an amount that would cause New MAC's net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) to be less than $5,000,001 upon consummation of the Business Combination.

The Business Combination Agreement is also subject to the satisfaction or waiver of certain other closing conditions as described in this proxy statement/prospectus. There can be no assurance that the parties to the Business Combination Agreement would waive any such provision of the Business Combination Agreement.

The approval of each of the Business Combination Proposal, the Adjournment Proposal and Proposals No. 2b and No. 2c of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. The approval of Proposal No. 2a of the Organizational Document Proposals requires the affirmative vote in person (which would

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include presence at a virtual meeting) or by proxy of (i) the holders of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting separately, and (ii) the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, in each case present and entitled to vote at the Special Meeting and voted in connection with such proposal.

As of the date of this proxy statement/prospectus, the Sponsor owns 69% of the outstanding shares of MAC Common Stock, including 76% of the outstanding shares of MAC Class B Common Stock, and has agreed to vote all shares of MAC Common Stock owned by it in favor of the Business Combination Proposal and the Organizational Document Proposals.

The transactions contemplated by the Business Combination Agreement will be consummated only if the Business Combination Proposal and the Organizational Document Proposals are approved at the Special Meeting. The Adjournment Proposal is not conditioned on the approval of any other proposal set forth in the proxy statement/prospectus.

The MAC Board formed a special committee comprised of an independent and disinterested director (the "<u>Special Committee</u>") to consider and negotiate the terms and conditions of the Business Combination and to recommend to the MAC Board whether to pursue the Business Combination and, if so, on what terms and conditions.

**After careful consideration, the MAC Board, based in part upon the recommendation of the Special Committee, has unanimously approved and adopted the Business Combination Agreement and the other proposals described in this proxy statement/prospectus, and the MAC Board has determined that it is advisable to consummate the Business Combination. The MAC Board recommends that you vote "FOR" adoption of the Business Combination Agreement, and approval of the transactions contemplated thereby, including the Business Combination, and "FOR" all other proposals (including each of the sub-proposals) presented to MAC's stockholders in this proxy statement/prospectus. In arriving at its recommendations, the MAC Board and the Special Committee carefully considered a number of factors described in the accompanying proxy statement/prospectus. When you consider the recommendations of the Special Committee and the MAC Board, you should keep in mind that MAC's Sponsor and certain of MAC's directors and officers have interests in the Business Combination that may conflict with your interests as a stockholder. See the section entitled "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*" in the accompanying proxy statement/prospectus.** 

***Your vote is very important*. Whether or not you plan to virtually attend the Special Meeting, please vote as soon as possible by following the instructions in this proxy statement/prospectus to make sure that your shares are represented at the Special Meeting. If you hold your shares in "street name" through a bank, broker or other nominee, you will need to follow the instructions provided to you by your bank, broker or other nominee to ensure that your shares are represented and voted at the Special Meeting. The transactions contemplated by the Business Combination Agreement will be consummated only if the Condition Precedent Proposals are approved at the Special Meeting. Each of the Condition Precedent Proposals is cross-conditioned on the approval of each other. The Adjournment Proposal is not conditioned upon the approval of any other proposal set forth in this proxy statement/prospectus.** 

If you sign, date and return your proxy card without indicating how you wish to vote, your proxy will be voted "FOR" each of the proposals presented at the Special Meeting. If you fail to return your proxy card or fail to instruct your bank, broker or other nominee how to vote, and do not attend the Special Meeting virtually, the effect will be, among other things, that your shares will not be counted for purposes of determining whether a quorum is present at the Special Meeting and will not be voted. An abstention or broker non-vote on any proposal will be counted toward the quorum requirement for the Special Meeting. If you are a stockholder of record and you attend the Special Meeting and wish to vote virtually, you may withdraw your proxy and vote while attending virtually.

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Your attention is directed to the remainder of the proxy statement/prospectus following this notice (including the Annexes and other documents referred to herein) for a more complete description of the proposed Business Combination and related transactions and each of the proposals. You are encouraged to read this proxy statement/prospectus carefully and in its entirety, including the Annexes and other documents referred to herein. If you have any questions or need assistance voting your stock, please contact Advantage Proxy, Inc., our proxy solicitor, by calling at 1-877-870-8565, or banks and brokers can call collect at 1-206-870-8565 or email <u>ksmith@advantageproxy.com</u>.

Thank you for your participation. We look forward to your continued support.

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| |
|:---|
| By Order of the Board of Directors |
| Harvey Golub |
| Chairman of the Board |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023

TO EXERCISE REDEMPTION RIGHTS, HOLDERS MUST TENDER THEIR STOCK TO CONTINENTAL STOCK TRANSFER & TRUST COMPANY, MAC'S TRANSFER AGENT, NO LATER THAN TWO (2) BUSINESS DAYS PRIOR TO THE SPECIAL MEETING. YOU MAY TENDER YOUR STOCK EITHER BY DELIVERING YOUR STOCK CERTIFICATE TO THE TRANSFER AGENT OR BY DELIVERING YOUR SHARES ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY'S DEPOSIT WITHDRAWAL AT CUSTODIAN ("<u>DWAC</u>") SYSTEM. IF THE BUSINESS COMBINATION IS NOT COMPLETED, THEN THESE SHARES WILL NOT BE REDEEMED FOR CASH. IF YOU HOLD THE SHARES IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK OR BROKER TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS. SEE THE SECTION ENTITLED "*SPECIAL MEETING OF MAC STOCKHOLDERS — REDEMPTION RIGHTS*" FOR MORE SPECIFIC INSTRUCTIONS.

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [SELECTED DEFINITIONS](#toc441116_1) | 2 |
|  [MARKET INDUSTRY AND DATA](#toc441116_2) | 6 |
|  [QUESTIONS AND ANSWERS](#toc441116_3) | 7 |
|  [SUMMARY OF THE PROXY STATEMENT/PROSPECTUS](#toc441116_4) | 24 |
|  [SELECTED HISTORICAL FINANCIAL INFORMATION OF THE DEPALMA COMPANIES](#toc441116_5) | 46 |
|  [SELECTED HISTORICAL FINANCIAL INFORMATION OF MAC](#toc441116_6) | 48 |
|  [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#toc441116_7) | 49 |
|  [RISK FACTORS](#toc441116_8) | 51 |
|  [MARKET PRICE AND DIVIDEND INFORMATION](#toc441116_9) | 100 |
|  [COMPARATIVE SHARE INFORMATION](#toc441116_10) | 101 |
|  [SPECIAL MEETING OF MAC STOCKHOLDERS](#toc441116_11) | 102 |
|  [PROPOSAL NO. 1 — THE BUSINESS COMBINATION PROPOSAL](#toc441116_12) | 107 |
|  [THE BUSINESS COMBINATION AGREEMENT](#toc441116_13) | 132 |
|  [UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#toc441116_14) | 144 |
|  [CERTAIN AGREEMENTS RELATED TO THE BUSINESS COMBINATION](#toc441116_15) | 150 |
|  [PROPOSAL NO. 2 — THE ORGANIZATIONAL DOCUMENT PROPOSALS](#toc441116_16) | 153 |
|  [PROPOSAL NO. 3 — THE ADJOURNMENT PROPOSAL](#toc441116_17) | 157 |
|  [INFORMATION ABOUT DEPALMA](#toc441116_18) | 158 |
|  [DEPALMA'S EXECUTIVE COMPENSATION](#toc441116_19) | 169 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF DEPALMA](#toc441116_20) | 170 |
|  [INFORMATION ABOUT MAC](#toc441116_21) | 185 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF MAC](#toc441116_22) | 193 |
|  [CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS](#toc441116_23) | 200 |
|  [MANAGEMENT AFTER THE BUSINESS COMBINATION](#toc441116_24) | 203 |
|  [BENEFICIAL OWNERSHIP OF SECURITIES](#toc441116_25) | 208 |
|  [DESCRIPTION OF NEW MAC SECURITIES](#toc441116_26) | 210 |
|  [COMPARISON OF CORPORATE GOVERNANCE AND STOCKHOLDERS' RIGHTS](#toc441116_27) | 222 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#toc441116_28) | 227 |
|  [OTHER STOCKHOLDER COMMUNICATIONS](#toc441116_29) | 229 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#toc441116_30) | 230 |
|  [LEGAL MATTERS](#toc441116_31) | 243 |
|  [EXPERTS](#toc441116_32) | 244 |

---

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| | |
|:---|:---|
|  [DELIVERY OF DOCUMENTS TO STOCKHOLDERS](#toc441116_33) | 245 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#toc441116_34) | 246 |
|  [INDEX TO FINANCIAL STATEMENTS](#toc441116_35) | F-1 |
|  **[Annexes](#toc441116_36)** |  |
|  [ANNEX A — BUSINESS COMBINATION AGREEMENT](#toc441116_37) | A-1 |
|  [ANNEX B — FORM OF PROPOSED CHARTER OF NEW MAC](#toc441116_38) | B-1 |
|  [ANNEX C — FORM OF PROPOSED BYLAWS OF NEW MAC](#toc441116_39) | C-1 |
|  [ANNEX D — FORM OF SPONSOR SUPPORT AGREEMENT](#toc441116_40) | D-1 |
|  [ANNEX E — FORM OF REGISTRATION RIGHTS AGREEMENT](#toc441116_41) | E-1 |
|  [ANNEX F — FORM OF MANAGEMENT SERVICES AGREEMENT](#toc441116_42) | F-1 |
|  [ANNEX G — OPINION OF HURON TRANSACTION ADVISORY LLC](#toc441116_43) | G-1 |

---

**You should rely only on the information contained in this proxy statement/prospectus in determining whether to vote in favor of the Business Combination and the other proposals. No one has been authorized to provide you with information that is different from that contained in this proxy statement/prospectus. This proxy statement/prospectus is dated , 2023. You should not assume that the information contained in this proxy statement/prospectus is accurate as of any date other than that date. Neither the mailing of this proxy statement/prospectus to MAC stockholders nor the issuance by New MAC of New MAC Common Stock and New MAC Warrants in connection with the Business Combination will create any implication to the contrary.** 

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROXY STATEMENT/PROSPECTUS** 

This document, which forms part of a registration statement on Form S-4 filed with the SEC, by New MAC (File No. 333-) (the "<u>Registration Statement</u>"), constitutes a prospectus of New MAC under Section 5 of the Securities Act, with respect to the shares of its New MAC Common Stock and New MAC Warrants to be issued to MAC stockholders if the Business Combination described herein is consummated. This document also constitutes a notice of meeting and a proxy statement/prospectus under Section 14(a) of the Exchange Act with respect to the Special Meeting of MAC stockholders at which MAC stockholders will be asked to consider and vote upon a proposal to approve the Business Combination by the approval and adoption of the Business Combination Agreement, among other matters.

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##### [**Table of Contents**](#toc)
**SELECTED DEFINITIONS** 

Unless otherwise stated in this proxy statement/prospectus or the context otherwise requires, references to the following capitalized terms have the meanings set forth below:

"<u>Acquiror Parties</u>" means, collectively, MAC, New MAC and Merger Sub,

"<u>Adjournment Proposal</u>" means the proposal to adjourn the Special Meeting of to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Special Meeting, there are not sufficient votes to approve one or more proposals presented to stockholders for vote at the Special Meeting.

"<u>Aggregate Equity Value</u>" means the sum of (i) the MAC Equity Value, plus (ii) the "DePalma Equity Value" as defined in and determined in accordance with the Business Combination Agreement.

"<u>Aggregate New MAC Capitalization</u>" means the quotient obtained by dividing (i) the Aggregate Equity Value, by (ii) $10.00.

"<u>Anchor Investors</u>" means the qualified institutional buyers or institutional accredited investors which are not affiliated with MAC, the Sponsor, MAC's directors or any member of MAC's management and that purchased Units in the IPO, and purchased from the Sponsor an aggregate of 2,473,864 Founder Shares at their original purchase price of approximately $0.002 per share.

"<u>Business Combination</u>" means the transactions contemplated by the Business Combination Agreement.

"<u>Business Combination Agreement</u>" means the Business Combination Agreement, dated as of February 14, 2023, by and among MAC, MAM, New MAC, Merger Sub, DePalma I and DePalma II, as it may further be amended or restated from time to time.

"<u>Business Combination Period</u>" means the time specified in the MAC charter to consummate its initial business combination.

"<u>Business Combination Proposal</u>" means the proposal to approve the adoption of the Business Combination Agreement and the Business Combination.

"<u>Cantor</u>" means Cantor Fitzgerald & Co.

"<u>Closing</u>" means the consummation of the Business Combination.

"<u>Closing Date</u>" means the date on which the Closing occurs.

"<u>Condition Precedent Proposals</u>" means, collectively, the Business Combination Proposal and each of the Organizational Document Proposals.

"<u>Continental</u>" means Continental Stock Transfer & Trust Company, as trustee and warrant agent, as the context requires.

"<u>Conversion Shares</u>" means all or a portion of the unpaid principal amount of the June 2022 Note and February 2023 Note issued by MAC to the Master Fund that is converted into shares of MAC Class A Common Stock.

"<u>DePalma</u>" or the "DePalma Companies" means DePalma Acquisition I, a Delaware limited liability company, and DePalma Acquisition II, a Delaware limited liability company.

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"<u>DePalma Equityholders</u>" means Marblegate Special Opportunities Master Fund, L.P., as the Master Fund, Marblegate Partners Master Fund I L.P., Marblegate Partners Master Fund II L.P., Marblegate Strategic Opportunities Master Fund I L.P., Marblegate Tactical Master Fund I L.P., Marblegate Tactical Master Fund II L.P., Marblegate Tactical III Master Fund I L.P., Marblegate Tactical III Master Fund II L.P. Marblegate Cobblestone Master Fund I L.P. (and their respective feeder funds and affiliates).

"<u>Depository Trust Company</u>" means The Depository Trust Company.

"<u>DGCL</u>" means the Delaware General Corporation Law.

"<u>Effective Time</u>" means the time at which the Merger becomes effective.

"<u>Existing Charter</u>" means the Amended and Restated Certificate of Incorporation of MAC.

"<u>Existing Bylaws</u>" means the Amended and Restated Bylaws of MAC.

"<u>Existing Organizational Documents</u>" means, collectively, the Existing Charter and the Existing Bylaws.

"<u>Exchange Act</u>" means the U.S. Securities Exchange Act of 1934, as amended.

"<u>Extension Meeting</u>" means the special meeting of MAC stockholders held on December 2, 2022 to amend the Amended and Restated Certificate of Incorporation of MAC then in effect to extend the date by which MTAC must consummate its initial business combination from January 5, 2023 to July 5, 2023, or such earlier date as determined by the MAC Board.

"<u>Extension Redemptions</u>" means the redemption of shares of MAC Class A Common Stock in connection with the Extension Meeting.

"<u>February 2023 Note</u>" means that certain promissory note, dated as of February 13, 2023, issued by MAC to the Master Fund, in the principal amount of up to $1,100,000, the principal balance of which may be converted into Conversion Shares.

"<u>Field Point</u>" means Field Point Servicing, LLC.

"<u>Founder Shares</u>" means shares of MAC Class B Common Stock initially purchased by the Sponsor in a private placement in connection with MAC's IPO, and the shares of MAC Class A Common Stock issued upon conversion thereof.

"<u>HSR Act</u>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>IPO</u>" means MAC's initial public offering of Units, which was consummated on October 5, 2021.

"<u>January 2021 Note</u>" means that certain unsecured promissory note, dated January 15, 2021, issued by MAC to the Sponsor, in the principal amount of up to $300,000.

"<u>June 2022 Note</u>" means that certain promissory note, dated as of June 30, 2022, issued by MAC to the Master Fund, in the principal amount of up to $600,000, the principal balance of which may be converted into Conversion Shares.

"<u>MAC</u>," "Company" "we," "us" and "our" means Marblegate Acquisition Corp., a Delaware corporation, prior to the consummation of the Business Combination, unless the context provides otherwise.

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"<u>MAC Board</u>" means the board of directors of MAC.

"<u>MAC Class</u> <u>A Common Stock</u>" means MAC's Class A Common Stock, par value $0.0001 per share.

"<u>MAC Class</u> <u>B Common Stock</u>" means shares of MAC Class B Common Stock, par value $0.0001 per share, which are automatically convertible into shares of MAC Class A Common Stock at the time of an initial business combination, including the Business Combination contemplated hereby.

"<u>MAC Common Stock</u>" means, collectively, the MAC Class A Common Stock and the MAC Class B Common Stock.

"<u>MAC Equity Value</u>" means the product obtained by multiplying (i) the aggregate number of shares of MAC Common Stock outstanding immediately prior to the Merger becoming effective and after giving effect to redemptions of shares of MAC Common Stock, by (ii) $10.00.

"<u>MAC Exchange Ratio</u>" means an amount equal to the quotient obtained by dividing (i) the MAC Equity Value by (ii) the Aggregate Equity Value.

"<u>MAC Per Share Consideration</u>" means, with respect to each one (1) share of MAC Class A Common Stock or Class B Common Stock, as applicable, a number of shares of New MAC Common Stock, rounded up to the nearest whole share, equal to the quotient obtained by dividing (i) the product obtained by multiplying (A) the MAC Exchange Ratio by (B) the Aggregate New MAC Capitalization, by (ii) the total number of shares of MAC Common Stock outstanding immediately prior to the Merger becoming effective and after giving effect to any redemptions of shares of MAC Common Stock.

"<u>MAC Units</u>" or "<u>Units</u>" are the units of MAC, each unit representing one share of MAC Class A Common Stock and one-half of one redeemable Public Warrant to acquire one share of MAC Class A Common Stock, that were offered and sold in the IPO (less the number of Units that have been separated into the underlying Public Shares and underlying Public Warrants upon the request of the holder thereof).

"<u>Manager</u>," "<u>Marblegate</u>" or "<u>MAM</u>" means Marblegate Asset Management, LLC.

"<u>MSA</u>" means Management Services Agreement.

"<u>Master Fund</u>" means Marblegate Special Opportunities Master Fund, L.P, the majority owner of the Sponsor.

"<u>Merger</u>" means the merger of Merger Sub with and into MAC with MAC being the surviving corporation and becoming a wholly-owned subsidiary of New MAC.

"<u>Merger Sub</u>" means MAC Merger Sub, Inc., a Delaware corporation, and wholly-owned subsidiary of New MAC.

"<u>New MAC</u>" means Marblegate Capital Corporation, a Delaware corporation.

"<u>New MAC Board</u>" means the board of directors of New MAC.

"<u>New MAC Common Stock</u>" means the common stock, par value $0.0001 per share, of New MAC.

"<u>New MAC Warrants</u>" means warrants of New MAC each exercisable for one share of New MAC Common Stock.

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"<u>Organizational Document Proposals</u>" means the proposals to approve the adoption of the Proposed Organizational Documents.

"<u>Owned Medallions</u>" means, collectively, all NYC taxi medallions owned, directly and indirectly, by DePalma, or which DePalma has the right to acquire.

"<u>Private Placement</u>" means the private placement of 910,000 Private Placement Units purchased by the Sponsor and Cantor, which occurred simultaneously with the completion of the IPO, at a purchase price of $10.00 per Private Placement Unit for an aggregate purchase price of $9,100,000.

"<u>Private Placement Shares</u>" means the shares of MAC Class A Common Stock included as part of the Private Placement Units sold in the Private Placement concurrent with the IPO.

"<u>Private Placement Units</u>" means the units of MAC, each comprised of one Private Placement Share and one half of one Private Placement Warrant, purchased by the Sponsor and Cantor in the Private Placement.

"<u>Private Placement Warrants</u>" means the warrants to purchase MAC Class A Common Stock included as part of the Private Placement Units sold in the Private Placement concurrent with the IPO.

"<u>Projections</u>" means projections prepared by MAC's management for the Special Committee and the MAC Board based on certain internal, forward-looking, unaudited prospective financial information provided by DePalma.

"<u>Proposed Bylaws</u>" the proposed Amended and Restated Bylaws of New MAC.

"<u>Proposed Charter</u>" means the proposed Amended and Restated Certificate of Incorporation of New MAC.

"<u>Proposed Organizational Documents</u>" means, collectively, the Proposed Bylaws and Proposed Charter.

"<u>Public Shares</u>" means shares of MAC Class A Common Stock issued as a component of the Units sold in the IPO (whether such shares were purchased in the IPO or in the secondary market following the IPO).

"<u>Public Stockholders</u>" means the holders of the Public Shares.

"<u>Public Warrants</u>" means the warrants included as a component of the Units sold in the IPO, each of which is exercisable for one share of MAC Class A Common Stock, in accordance with its terms.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the U.S. Securities Act of 1933, as amended.

"<u>Special Committee</u>" means the Special Committee of the MAC Board, comprised of Patrick J. Bartels, Jr., an independent and disinterested director of MAC.

"<u>Sponsor</u>" means Marblegate Acquisition LLC, a Delaware limited liability company.

"<u>Stockholder Proposals</u>" means, individually or collectively as the context requires, the Business Combination Proposal, the Organizational Document Proposals and/or the Adjournment Proposal.

"<u>TLC</u>" means the New York City Taxi and Limousine Commission.

"<u>Trust Account</u>" means the trust account that holds a portion of the proceeds from the sale of Units in the IPO and the sale of the Private Placement Units and that is maintained by Continental as trustee.

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**MARKET INDUSTRY AND DATA** 

Information contained in this proxy statement/prospectus concerning the market and the industry in which New MAC competes, including its market position, general expectations of market opportunity and market size, is based on information from various third-party sources, assumptions made by DePalma based on such sources and DePalma's knowledge of the markets for its services and solutions. Any estimates provided herein involve numerous assumptions and limitations, and you are cautioned not to give undue weight to such information. Third-party sources generally state that the information contained in such source has been obtained from sources believed to be reliable; however, neither DePalma nor MAC has verified the accuracy or completeness of third-party data. The industry in which New MAC operates is subject to a high degree of uncertainty and risk. As a result, the estimates and market and industry information provided in this proxy statement/prospectus are subject to change based on various factors, including those described in the section entitled "*Risk Factors*" and elsewhere in this proxy statement/prospectus.

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**QUESTIONS AND ANSWERS** 

*The questions and answers below highlight only selected information from this proxy statement/prospectus and only briefly address some commonly asked questions about the Special Meeting and the proposals to be presented at the Special Meeting, including with respect to the proposed Business Combination. The following questions and answers do not include all the information that may be important to MAC stockholders. Stockholders are urged to read this entire proxy statement/prospectus, including the Annexes and the other documents referred to herein, the proposed Business Combination and the voting procedures for the Special Meeting.* 

**Q.** **Why am I receiving this proxy statement/prospectus?** 

**A.** MAC has entered into the Business Combination Agreement, pursuant to which Merger Sub will merge with
and into MAC, with MAC as the surviving company and wholly-owned subsidiary of New MAC. A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as <u>Annex A</u>, and MAC encourages its stockholders to read it in
its entirety. MAC's stockholders are being asked to consider and vote upon the Business Combination Proposal to approve and adopt the Business Combination Agreement, among other Stockholder Proposals. See the section entitled "*Proposal No. 1   —   The Business Combination Proposal*."

The MAC Units, MAC Class A Common Stock and Public Warrants are currently listed on the Nasdaq under the symbols "GATEU", "GATE" and "GATEW", respectively. New MAC intends to apply to list the shares of its New MAC Common Stock and New MAC Warrants on the Nasdaq under the symbols "GATE" and "GATEW", respectively, upon the Closing.

This proxy statement/prospectus and its annexes contain important information about the proposed Business Combination and the proposals to be acted upon at the Special Meeting. You should read this proxy statement/prospectus and its annexes carefully and in their entirety. This document also constitutes a prospectus of New MAC with respect to its New MAC Common Stock and New MAC Warrants.

**Q.** **When and where is the Special Meeting?** 

**A.** In light of the ongoing health concerns relating to the COVID-19 pandemic and to best protect the health and welfare of MAC's stockholders and personnel, the Special Meeting will be held completely virtually, conducted only via webcast at the following address: https://[●]. There will be no physical
meeting location and you will only be able to access the Special Meeting by means of remote communication. MAC stockholders are nevertheless urged to submit their proxies by completing, signing, dating and returning the enclosed proxy card in the
accompanying pre-addressed postage paid envelope.

**Q.** **What matters will stockholders consider at the Special Meeting?** 

**A.** At the MAC Special Meeting, MAC will ask its stockholders to vote in favor of the following Stockholder
Proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Business Combination Proposal — a proposal to approve and adopt the Business Combination
Agreement and the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Organizational Document Proposals — a proposal to approve and adopt an amendment and
restatement of the Existing Charter and proposals relating to approval and adoption of the Proposed Organizational Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adjournment Proposal — a proposal to approve the adjournment of the Special Meeting to a later
date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for the approval of one or more proposals at the Special Meeting.

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If MAC's stockholders do not approve each of the Condition Precedent Proposals, then unless certain conditions in the Business Combination Agreement are waived by the applicable parties to the Business Combination Agreement, the Business Combination Agreement could terminate and the Business Combination may not be consummated. The applicable parties to the Business Combination Agreement would not be able to waive the Organizational Document Proposals and still complete the Business Combination on the terms contemplated by the Business Combination Agreement because there will not be a sufficient number of authorized shares of capital stock of New MAC to issue the shares required to be issued in the Business Combination if the Organizational Document Proposals are not approved. See the sections entitled "*Proposal No. 1 — The Business Combination Proposal*," "*Proposal No. 2 — The Organizational Document Proposals*," and "*Proposal No. 3 — The Adjournment Proposal*."

MAC will hold the Special Meeting to consider and vote upon these proposals. This proxy statement/prospectus contains important information about the Business Combination and the other matters to be acted upon at the Special Meeting. Stockholders of New MAC should read it carefully.

**After careful consideration, the MAC Board, based in part upon the recommendation of the Special Committee, has determined that the Business Combination Proposal, each of the Organizational Document Proposals and the Adjournment Proposal are in the best interests of MAC and its stockholders and unanimously recommends that you vote or give instruction to vote "FOR" each of those proposals.** 

The existence of financial and personal interests of one or more of MAC's Sponsor, directors and officers may result in a conflict of interest on the part of the Sponsor, such director(s) or officer(s) between what he, she, it or they may believe is in the best interests of MAC and its stockholders and what he, she, it or they may believe is best for himself, herself, itself or themselves in determining to recommend that stockholders vote for the proposals. See the section entitled "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*" for a further discussion of these considerations.

**Q.** **Are any of the proposals conditioned on one another?** 

**A.** Yes. Each of the Condition Precedent Proposals are cross-conditioned on the approval of one another. The
Adjournment Proposal is not conditioned upon the approval of any other proposal.

**Q.** **Why is MAC proposing the Business Combination?** 

**A.** MAC was organized for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses. MAC is not limited to any particular industry or sector.

MAC received a total of $301,500,000 from the IPO and sale of the Private Placement Units, which was placed into the Trust Account immediately following the IPO. Following the Extension Redemptions in December 2022, where a total of 28,989,609 Public Shares were redeemed for an aggregate payment of $293.5 million, MAC held approximately $10.3 million of funds in the Trust Account. In accordance with the Existing Charter, the funds held in the Trust Account will be released upon the consummation of the Business Combination. See the question entitled "*What happens to the funds held in the Trust Account upon consummation of the Business Combination?*"

There currently are 1,010,391 shares of MAC Class A Common Stock issued and outstanding, 10,303,333 shares of MAC Class B Common Stock issued and outstanding and 910,000 Private Placement Shares issued and outstanding. In addition, there currently are 15,455,000 warrants issued and outstanding, consisting of 15,000,000 Public Warrants and 455,000 Private Placement Warrants. Each whole warrant entitles the holder thereof to purchase one share of MAC Class A Common Stock at a price of $11.50 per share. The warrants will become exercisable on the later of 30 days after the completion of a business combination and 12 months from the closing of the IPO, and expire at 5:00 p.m., New York City time, five

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years after the completion of a business combination or earlier upon redemption or liquidation. The Private Placement Warrants, however, are non-redeemable so long as they are held by the Sponsor, Cantor or their permitted transferees.

Under the Existing Charter, MAC must provide all holders of Public Shares with the opportunity to have their Public Shares redeemed upon the consummation of MAC's initial business combination in conjunction with a stockholder vote.

**Q.** **What are some of the positive and negative factors that the MAC Board considered when determining whether to enter into the Business Combination Agreement and its rationale for approving the Business Combination?** 

**A.** The positive factors considered by the MAC Board include, but were not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consistent With Prospectus Investment Criteria.* The DePalma Companies met the investment criteria
identified in the prospectus for MAC's IPO related to a high quality business that has recently undergone a restructuring  *.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Team.* The DePalma Companies have been managed since their inception by MAM. MAM's team
possesses deep knowledge of the industry, has a proven track record in managing the DePalma Companies and is well suited to realize the investment potential from the Business Combination. Through MAC's due diligence investigation, MAC's
management had knowledge of, and was familiar with, the DePalma Companies' businesses and financial condition, including its historical financial results, financial plan and future prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Critical and Perpetual New York City Infrastructure Assets.* NYC's financial support of the MRP+
evidences the critical nature of taxicabs as a key transportation modality in the City of New York. Additionally, the 25-year duration of the program underscores the long-term nature and durability of cash
flows from medallions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scale and Market Penetration.* The DePalma Companies own, either directly or indirectly, including via
collateral backing medallion loans, interests in NYC taxi medallions representing approximately 30% of the outstanding NYC taxi medallions. The DePalma Companies' scale provides a competitive advantage in executing their business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stable Cash Flow From MRP+ Portfolio.* The medallion loans that have been restructured pursuant to the MRP+
provide stable and predictable cash flows while the remainder of the loan portfolio is restructured and reperformed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Historical Cash Collections and Restructurings.* The DePalma Companies have successfully restructured,
resolved or reperformed approximately 2,000 medallions and have generated significant cash collections since inception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Vertical Integration.* As a lender and operator, the DePalma Companies have a differentiated business that
provides for flexibility and optionality in generating cash flow and earnings from its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Consideration for All Parties in Equity.* All parties, including DePalma, the Sponsor and the
Public Stockholders will receive the same consideration in the transaction and there is no party who is receiving cash consideration.

The MAC Board also considered a variety of uncertainties, risks and other potentially negative factors relevant to the Business Combination, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Macroeconomic Risks Generally*. Macroeconomic uncertainty, particularly the potential impact of the COVID-19 pandemic and future COVID-19 developments, and the effects they could have on New MAC's revenues and financial performance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business Plan May Not be Achieved*. The risk that DePalma may not be able to execute on its business plan
and realize its future financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Brand and Reputation*. MAM and DePalma's brand and reputation are critical to DePalma's success,
and any publicity, regardless of accuracy, that portrays either party negatively could adversely impact operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Valuation*. The risk that the MAC Board may not have properly valued DePalma's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stockholder Vote and Other Actions*. The risk that MAC stockholders may object to and challenge the
Business Combination and take action that may prevent or delay the closing, including to vote against the Stockholder Proposals at the Special Meeting or redeem their Public Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidation*. The risks and costs to MAC if the Business Combination is not completed, including the risk
of diverting management focus and resources from other businesses combination opportunities, which could result in MAC being unable to effect a business combination within the completion window, which would require MAC to liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Closing Conditions*. The fact that completion of the Business Combination is conditioned on the
satisfaction of certain closing conditions that are not within MAC's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Survival of Remedies for Breach of Representations, Warranties or Covenants of DePalma*. The terms of
the Business Combination Agreement provide that MAC will not have any surviving remedies against DePalma or its equityholders after the Closing to recover for losses as a result of any inaccuracies or breaches of DePalma's representations,
warranties or covenants set forth in the Business Combination Agreement. As a result, MAC stockholders could be adversely affected by, among other things, a decrease in the financial performance or worsening of financial condition of DePalma prior
to the Closing, whether determined before or after the Closing, without any ability to reduce the number of shares to be issued in the Business Combination or recover for the amount of any damages. The MAC Board has determined that this structure
was appropriate and customary in light of the fact that several similar transactions include similar terms and the current equityholders of MAC will be, collectively, the majority equityholders in the combined company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fees and Expenses*. The fees and expenses associated with completing the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Exclusivity/Non-Solicit*. The Business Combination Agreement
includes a non-solicit provision prohibiting MAC from initiating, discussing or making certain proposals which could lead to an alternative business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Litigation*. The possibility of litigation challenging the Business Combination or that an adverse judgment
granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Redemptions*. The risk that holders of Public Shares would exercise their redemption rights, thereby
depleting the amount of cash available in the Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Listing.* The potential inability to maintain the listing of New MAC's securities on the Nasdaq
following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Distraction to Operations*. The risk that the potential diversion of DePalma's management and employee
attention as a result of the Business Combination may adversely affect DePalma's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Readiness to be a Public Company*. As New MAC has not previously been a public company, it or the Manager
may not have all the different types of employees necessary for it to timely and accurately prepare reports for filing with the SEC. There is a risk that New MAC or the Manager will not be able to hire the right people to fill in these gaps by the
time of the Closing or that additional issues could arise after the Closing due to its failure to have hired these people in advance of Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Low Float and Likely Limited Trading Liquidity.* As New MAC ownership will be over 90% beneficially
held by DePalma and the Sponsor immediately following the Closing, the public trading float following the Business Combination will be limited and it is not clear that an active trading market will develop for the shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conflicts of Interest Between MAC and DePalma.* Certain conflicts of interest exist between MAC and
DePalma, as described under "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*." As a result, certain directors and
officers of MAC may find it difficult to determine how to meet their fiduciary duties to MAC as well as DePalma, which could result in a less favorable result for MAC than would be the case if they were solely officers and directors of our company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk Factors*. The MAC Board considered risks of the type and nature described under the section entitled
" *Risk Factors*."

In addition to considering the factors described above, the MAC Board also considered that the Sponsor and certain of MAC's directors and officers may have interests in the Business Combination as individuals that are in addition to, and that may be different from, the interests of MAC's stockholders, including the matters described under the sections entitled "*Risk Factors*" above and "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*" below.

The MAC Board concluded that the potentially disparate interests would be mitigated because (i) these interests were disclosed in the prospectus for the IPO and would be included in this proxy statement/prospectus, (ii) some of these disparate interests would exist with respect to a business combination with any target company and (iii) the Business Combination was structured so that the Business Combination may be completed even if Public Stockholders redeem a substantial portion of the Public Shares.

The above discussion of the material factors considered by the MAC Board is not intended to be exhaustive but does set forth the principal factors considered by the MAC Board. For a more complete description of the MAC Board's reasons for approving the Business Combination, including other factors and risks considered by the MAC Board, see the section entitled "*Proposal No. 1 —  The Business Combination Proposal —  MAC Board's Reasons for the Approval of the Business Combination*."

**Q.** **Did the MAC Board or the Special Committee obtain a third-party valuation or fairness opinion in determining whether or not to proceed with the Business Combination?** 

**A.** Yes. Pursuant to the Existing Charter, in the event that MAC enters into an initial business combination
with a target business affiliated with the Sponsor or the directors or officers of MAC, MAC or a committee of the independent and disinterested directors of MAC shall obtain an opinion from an independent investment banking firm or another
independent entity that commonly renders valuation opinions that such business combination is fair to MAC from a financial point of view.

The MAC Board formed a special committee comprised entirely of an independent and disinterested director (the "<u>Special Committee</u>") to consider and negotiate the terms and conditions of the Business Combination and to recommend to the MAC Board whether to pursue the Business Combination and, if so, on what terms and conditions.

The Special Committee received a written opinion, dated February 5, 2023, of Huron Transaction Advisory LLC ("<u>Huron</u>"), a copy of which opinion is attached to this proxy statement/prospectus as <u>Annex G</u>, to the effect that, as of the such date and based upon and subject to various assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Huron in preparing its opinion, the consideration (which was assumed in Huron's opinion to be the number of shares of New MAC Common Stock based on an assumed DePalma Equity Value (excluding the Minimum Cash Amount (as defined in the Business Combination Agreement)) of $750,595,712 as of January 27, 2023 divided by $10.00)

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proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement was fair, from a financial point of view, to MAC. Huron's opinion was provided for the information and assistance of the Special Committee (in its capacity as such and not in any other capacity) in connection with and for purposes of its consideration of the Business Combination. The Special Committee believes it was reasonable to rely upon Huron's opinion at the time of its delivery in assisting the Special Committee with evaluating the Business Combination. Huron was engaged solely to render its opinion, and Huron's opinion addressed only the fairness, from a financial point of view, as of the date thereof, to MAC of the consideration proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement. Huron's opinion did not address any other term or aspect of the Business Combination Agreement or the Business Combination and does not constitute a recommendation to any stockholder of MAC or any other person as to how such stockholder or other person should vote or act with respect to the Business Combination or any other matter. Huron's opinion speaks only as of its date. See "*Risk Factors — Risks Related to MAC and the Business Combination — The fairness opinion received by the Special Committee prior to signing of the Business Combination Agreement does not reflect changes in circumstances since the date of the opinion*".

In connection with the rendering of the its opinion to the Special Committee, MAC has agreed to pay Huron a fee of $435,000. No portion of Huron's fee is contingent upon the consummation of the Business Combination. For a description of Huron's opinion to the Special Committee, please see "*Proposal No. 1 — The Business Combination Proposal — Opinion of Huron Transaction Advisory LLC to the Special Committee*."

**Q.** **What will happen upon the consummation of the Business Combination?** 

**A.** In accordance with the terms and subject to the conditions of the Business Combination Agreement, the
parties to the Business Combination Agreement have agreed that, in connection with the Closing, the parties shall undertake a series of transactions pursuant to which: (i) immediately prior to the consummation of the transactions contemplated
by the Business Combination Agreement, New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC; and (ii) Merger Sub will merge with
and into MAC in the Merger, with MAC surviving as a wholly-owned subsidiary of New MAC.

Upon the consummation of the Merger: (i) each share of MAC Class A Common Stock and MAC Class B Common Stock issued and outstanding shall be automatically cancelled, extinguished and converted into the right to receive the MAC Per Share Consideration, with fractional shares rounded up to the nearest whole share; and (ii) each MAC Warrant issued and outstanding will become a New MAC Warrant at the same exercise price per share and on the same terms in effect immediately prior to the Effective Time, and the rights and obligations of MAC under the Warrant Agreement will be irrevocably assigned and assumed by New MAC.

Each share of New MAC Common Stock will provide the holder the rights to vote and receive dividends.

**Q.** **Do I have redemption rights?** 

**A.** If you are a Public Stockholder, you may redeem your Public Shares for cash equal to your pro rata share
of the aggregate amount on deposit in the Trust Account, which holds the remaining proceeds of the IPO (after redemptions that took place in December 2022 in connection with the approval of a charter amendment to extend the period of time in which a
business combination may be completed), as of two business days prior to the Closing, including interest earned on the funds held in the Trust Account and not previously released to MAC to pay its income taxes or any other taxes payable, upon the
Closing. The Anchor Investors will not be entitled to redemption rights with respect to any Founder Shares held by them in connection with the completion of the Business Combination. The per share amount MAC will distribute to holders who properly
redeem their shares will not be reduced by the deferred underwriting commissions MAC will pay to the underwriters of its IPO if the Business Combination is consummated. Holders of the outstanding Public Warrants do not have redemption rights with
respect to such warrants in connection with the

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Business Combination. The Sponsor and the officers and directors of MAC have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares that they may have acquired during or after the IPO in connection with the completion of MAC's business combination. The Anchor Investors will not be entitled to redemption rights with respect to any Founder Shares held by them in connection with the completion of the business combination. The shares of MAC Common Stock purchased by the Sponsor and the officers and directors of MAC in connection with our IPO will be excluded from the pro rata calculation used to determine the per share redemption price. For illustrative purposes, based on funds in the Trust Account of approximately $10.3 million on December 31, 2022 the estimated per share redemption price would have been approximately $10.22. Additionally, Public Shares properly tendered for redemption will only be redeemed if the Business Combination is consummated; otherwise, holders of such shares will only be entitled to a pro rata portion of the Trust Account, including interest (which interest shall be net of taxes payable by MAC), in connection with the liquidation of the Trust Account.

**Q.** **Will how I vote affect my ability to exercise redemption rights?** 

**A.** No. You may exercise your redemption rights whether you vote your Public Shares for or against the
Business Combination Proposal and other Stockholder Proposals or do not vote your shares. As a result, the Business Combination Proposal can be approved by stockholders who will redeem their Public Shares and no longer remain stockholders, leaving
stockholders who choose not to redeem their Public Shares holding shares in a company with a less liquid trading market, fewer stockholders, less cash, and the potential inability to meet the listing standards of Nasdaq.

**Q.** **How do I exercise my redemption rights?** 

**A.** In order to exercise your redemption rights, you must, prior to 5:00 p.m., Eastern time,
on , 2023 (two business days before the Special Meeting), (i) submit a written request to MAC's transfer agent to redeem your Public Shares for cash, and (ii) deliver
your stock to MAC's transfer agent physically or electronically through the Depository Trust Company. For the address of Continental Stock Transfer & Trust Company, MAC's transfer agent, see the question "*Who can help answer my questions?*" below. MAC requests that any requests for redemption include the identity as to the beneficial owner making such request. Electronic delivery of your shares generally will be faster than delivery of physical stock
certificates.

A physical stock certificate will not be needed if your stock is delivered to MAC's transfer agent electronically. In order to obtain a physical stock certificate, a stockholder's broker and/or clearing broker, the Depository Trust Company and MAC's transfer agent will need to act to facilitate the request. It is MAC's understanding that stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However, because MAC does not have any control over this process or over the brokers or the Depository Trust Company, it may take significantly longer than two weeks to obtain a physical stock certificate. Accordingly, if it takes longer than anticipated for stockholders to deliver their shares, stockholders who wish to redeem may be unable to meet the deadline for exercising their redemption rights and thus may be unable to redeem their shares. In the event that a stockholder fails to comply with the various procedures that must be complied with in order to validly tender or redeem Public Shares, its shares may not be redeemed.

Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter, with MAC's consent, until the vote is taken with respect to the Business Combination. If you delivered your shares to MAC's transfer agent for redemption and decide within the required timeframe not to exercise your redemption rights, you may request that MAC's transfer agent return the shares (physically or electronically). You may make such request by contacting MAC's transfer agent at the phone number or address listed under the question "*Who can help answer my questions?*" below.

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**Q.** **What are the U.S. federal income tax consequences of exercising my redemption rights?** 

**A.** The U.S. federal income tax consequences of exercising your redemption rights depend on your particular
facts and circumstances. See the section entitled "*Material U.S. Federal Income Tax Considerations   — Material U.S. Federal Income Tax Considerations of Redemption*." You are urged to consult your tax
advisor regarding the tax consequences of exercising your redemption rights.

**Q.** **What are the U.S. federal income tax consequences of the Merger to U.S. holders of MAC Common Stock or MAC Warrants?** 

**A.** The exchange by U.S. holders (as defined in "*Material U.S. Federal Income Tax Considerations* ")
of their MAC Common Stock for New MAC Common Stock pursuant to the Merger, taken together with the Related Transactions, is intended to qualify as an integrated transaction described in Section 351 of the Code. The Merger could also potentially
qualify as a reorganization under Section 368 of the Code, but due to significant factual and legal uncertainties, the qualification of the Merger as a reorganization under Section 368 of the Code is uncertain. MAC and New MAC have agreed
pursuant to the Business Combination Agreement to report if the Merger qualifies as a transaction decribed in Section 351 of the Code or as a reorganization under Section 368 of the Code, a U.S. holder that solely owns MAC Common Stock
generally will not recognize gain or loss for U.S. federal income tax purposes upon the exchange of MAC Common Stock for New MAC Common Stock pursuant to the Merger.

If the Merger qualifies as a reorganization under Section 368 of the Code, a U.S. holder of MAC Warrants generally will not recognize gain or loss for U.S. federal income tax purposes upon the conversion of MAC Warrants for New MAC Warrants pursuant to the Merger. If the Merger qualifies as a transaction decribed in Section 351 of the Code but does not qualify as a reorganization under Section 368 of the Code, a U.S. holder that solely owns MAC Warrants generally will be required to recognize gain or loss upon the conversion of those MAC Warrants to New MAC Warrants pursuant to the Merger, and a U.S. holder that owns both MAC Warrants and MAC Common Stock generally will be required to recognize gain (but may not be permitted to recognize loss) upon the conversion of the MAC Warrants for the New MAC Warrants pursuant to the Merger.

If the Merger does not qualify as a transaction described in Section 351 of the Code and also does not qualify as a reorganization under Section 368 of the Code, a U.S. holder of MAC Common Stock and/or MAC Warrants generally will be required to recognize gain or loss upon the conversion of the MAC Common and/or MAC Warrants for New MAC Common Stock and/or New MAC Warrants pursuant to the Merger.

You are urged to consult your tax advisors concerning the tax consequences of the Merger.

**Q.** **If I hold Public Warrants, can I exercise redemption rights with respect to my warrants?** 

**A.** No. Holders of Public Warrants have no redemption rights with respect to the Public Warrants; however,
if such holders choose to redeem their shares of MAC Class A Common Stock, those holders may still exercise their Public Warrants if the Business Combination is consummated.

**Q.** **Do I have appraisal rights if I object to the proposed Business Combination?** 

**A.** No. There are no appraisal rights available to holders of shares of MAC Common Stock in connection with
the Business Combination.

**Q.** **What happens to the funds held in the Trust Account upon consummation of the Business Combination?** 

**A.** If the Business Combination is consummated, the funds held in the Trust Account will be released to pay
(i) Public Stockholders who properly exercise their redemption rights and (ii) certain expenses incurred by

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DePalma and MAC in connection with the Business Combination, to the extent not otherwise paid prior to the Closing. The remaining funds available for release from the Trust Account will be used for general corporate purposes of New MAC following the Business Combination.

**Q.** **What happens if a substantial number of Public Stockholders vote in favor of the Business Combination Proposal and exercise their redemption rights?** 

**A.** Public Stockholders may vote in favor of the Business Combination and still exercise their redemption
rights. Accordingly, the Business Combination may be consummated even though the funds available from the Trust Account and the number of Public Stockholders are reduced as a result of redemptions by Public Stockholders.

In no event will MAC redeem Public Shares in an amount that would cause its net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) to be less than $5,000,001 after giving effect to the transactions contemplated by the Business Combination Agreement. If enough Public Stockholders exercise their redemption rights such that MAC cannot satisfy the net tangible asset requirement, MAC would not proceed with the redemption of our Public Shares and the Business Combination, and instead may search for an alternate business combination.

As a result of redemptions, the trading market for New MAC Common Stock may be less liquid than the market for MAC Class A Common Stock was prior to the Business Combination and New MAC may not be able to meet the listing standards of a national securities exchange.

Additionally, with fewer funds available from the Trust Account, the capital infusion from the Trust Account into New MAC will be reduced and New MAC may not be able to achieve its business plan and may require additional financing sooner than currently anticipated.

**Q.** **What happens if the Business Combination is not consummated?** 

**A.** There are certain circumstances under which the Business Combination Agreement may be terminated.

See the section entitled "*The Business Combination Agreement — Termination*" for information regarding the parties' specific termination rights.

If MAC does not complete the proposed Business Combination for whatever reason, MAC would search for another business combination partner with which to complete a business combination. If MAC does not complete a business combination with DePalma or another business combination partner by July 5, 2023, MAC must redeem 100% of the outstanding Public Shares, at a per share price, payable in cash, equal to the amount then held in the Trust Account divided by the number of then outstanding Public Shares, subject to a floor price for distributions of $10.05 per share. The Sponsor and the officers and directors of MAC have no redemption rights in the event a business combination is not consummated in the required time period, and, accordingly, their Founder Shares will be worthless. Additionally, in the event of such a liquidation, as described above, there will be no distribution with respect to outstanding Public Warrants and, accordingly, the Public Warrants will expire and be worthless.

**Q.** **What shall be the relative equity stakes of the Public Stockholders and the DePalma security holders in New MAC upon completion of the Business Combination?** 

**A.** Upon consummation of the Business Combination, New MAC shall become a new public company and each of
MAC, DePalma I and DePalma II shall be wholly-owned subsidiaries of New MAC. The former security holders of MAC and DePalma shall become security holders of New MAC.

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Upon consummation of the Business Combination, assuming a [●], 2023 Closing Date, the post-Closing share ownership of New MAC assuming various levels of redemption by the Public Stockholders will be as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **%** | **Shares** | **%** |
|  DePalma Equityholders |  |  |  |  |
|  Public Stockholders |  |  |  |  |
|  Public Warrants<sup>(3)</sup> |  |  |  |  |
|  Founder Shares<sup>(4)</sup> |  |  |  |  |
|  Private Placement Warrants<sup>(5)</sup> |  |  |  |  |
|  Private Placement Shares<sup>(6)</sup> |  |  |  |  |
|  Total |  |  |  |  |

---

------

(1) Assumes that no shares of MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Upon the consummation of the Business Combination, each Public Warrant will be cancelled in exchange for a New
MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(4) Upon the consummation of the Business Combination, all shares of MAC Class B Common Stock will (i)
automatically convert into shares of MAC Class A Common Stock on a one-for-one basis and (ii) be cancelled and converted into the right to receive shares of New MAC Common Stock.

(5) Upon the consummation of the Business Combination, each Private Placement Warrant will be cancelled in exchange
for a New MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(6) Consists of 610,000 Private Placement Shares owned by the Sponsor and 300,000 Private Placement Shares owned by
Cantor.

Share ownership presented in the table above is only presented for illustrative purposes and are based on a number of assumptions. MAC cannot predict how many of the Public Stockholders will exercise their right to have their Public Shares redeemed for cash. As a result, the redemption amount and the number of Public Shares redeemed in connection with the Business Combination may differ from the amounts presented above. As such, the ownership percentages and voting power of current MAC stockholders may also differ from the presentation above if the actual redemptions are different from these assumptions. The Public Stockholders that do not elect to redeem their Public Shares will experience dilution as a result of the Business Combination. As of February 14, 2023, the Public Stockholders owned 53% of the total issued and outstanding MAC Class A Common Stock (with the remaining 47% consisting of 910,000 shares of MAC Class A Common Stock underlying Private Placement Units). As noted in the above table, if no Public Stockholders redeem their Public Shares in the Business Combination, the Public Stockholders will go from owning [●]% of the MAC Class A Common Stock prior to the Business Combination to owning [●]% of the total shares outstanding of New MAC Common Stock. The Public Stockholders will own approximately [●]% of the total shares outstanding of New MAC Common Stock, assuming the Maximum Redemption scenario as shown above.

In addition to the changes in percentage ownerships depicted above, variation in the levels of redemption will impact the dilutive effect of certain equity issuances related to the Business Combination which would not otherwise be present in an underwritten public offering. Increasing levels of redemption will increase the dilutive effects of these issuances on non-redeeming Public Stockholders. See the section entitled "*Risk Factors — We cannot be certain as to the number of Public Shares that will be redeemed and the potential impact to Public Stockholders who do not elect to redeem their Public Shares*" and "*— You may not have the same benefits as an investor in an underwritten public offering*."

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **Value Per<br>Share<sup>(3)</sup>** | **Shares** | **Value Per**<br> **Share<sup>(4)</sup>** |
|  Base Scenario<sup>(5)</sup> |  |  |  |  |
|  Excluding Founder Shares<sup>(6)</sup> |  |  |  |  |
|  Exercising Public Warrants<sup>(7)(8)</sup> |  |  |  |  |
|  Exercising Private Placement Warrants<sup>(8)(9)</sup> |  |  |  |  |
|  Exercising All Warrants<sup>(8)(10)</sup> |  |  |  |  |

---

------

(1) Assumes that no shares of the MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Based on a post-transaction equity value of New MAC of $[●].

(4) Based on a post-transaction equity value of New MAC of $[●].

(5) Represents the post-Closing share ownership of New MAC assuming various levels of redemption by the Public
Stockholders.

(6) Represents the Base Scenario excluding the Founder Shares.

(7) Represents the Base Scenario plus the full exercise of the Public Warrants.

(8) Analysis does not account for exercise prices to be paid in connection with the exercise of warrants.

(9) Represents the Base Scenario plus the full exercise of the Private Placement Warrants.

(10) Represents the Base Scenario plus the full exercise of the Public Warrants and the Private Placement Warrants.

The level of redemption also impacts the effective deferred underwriting fee per Unit incurred in connection with the IPO and payable upon the completion of the Business Combination. MAC incurred $[●] in deferred underwriting fees. Assuming no exercise of MAC warrants, in a no redemption scenario, the effective deferred underwriting fee would be approximately $[●] per Public Share on a pro forma basis (or [●]% of the value of shares assuming a trading price of $10.00 per share). In the Maximum Redemption scenario, the effective deferred underwriting fee is not meaningful when expressed on a per share or percentage basis as the divisor is zero.

Please see the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" for further information.

**Q.** **Who will be the officers and directors of New MAC if the Business Combination is consummated?** 

**A.** Upon consummation of the Business Combination, the Proposed Charter will provide that the New MAC Board
will be comprised of a single class of directors.

Upon consummation of the Business Combination, the following individuals will serve as directors and executive officers of New MAC:

---

| | |
|:---|:---|
| **Name** | **Position(s) Held** |

---

For further details, see "*Management After the Business Combination — Directors and Executive Officers.*"

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##### [**Table of Contents**](#toc)
**Q.** **Who will have the right to nominate or appoint directors to the New MAC Board after the consummation of the Business Combination?** 

**A.** Each holder of New MAC Common Stock has the exclusive right to vote for the election of directors
following the consummation of the Business Combination. In the case of election of directors, all matters to be voted on by stockholders must be approved by a plurality of the votes entitled to be cast by all stockholders present in person or
represented by proxy, voting together as a single class.

**Q.** **What conditions must be satisfied to consummate the Business Combination?** 

**A.** There are a number of closing conditions in the Business Combination Agreement, including the approval
of the Business Combination Agreement by stockholders of MAC and, the effectiveness of the registration statement of which this proxy statement/prospectus forms a part, the receipt of certain regulatory approvals (including, but not limited to,
approval for listing on the Nasdaq of the New MAC Common Stock and New MAC Warrants and the expiration or early termination of the waiting period or periods under the HSR Act), that MAC has at least $5,000,001 of net tangible assets upon Closing and
the absence of any injunctions.

For a summary of the conditions that must be satisfied or waived prior to the consummation of the Business Combination, see the section entitled "*The Business Combination Agreement — Conditions to Closing*."

**Q.** **What happens if I sell my shares of MAC Common Stock before the Special Meeting?** 

**A.** The record date for the Special Meeting will be earlier than the date that the Business Combination is
expected to be completed. If you transfer your shares of MAC Common Stock after the record date, but before the Special Meeting, unless the transferee obtains from you a proxy to vote those shares, you will retain your right to vote at the Special
Meeting. However, you will not become a New MAC stockholder following the Closing because only MAC's stockholders on the Closing Date will become New MAC stockholders.

**Q.** **What vote is required to approve the proposals presented at the Special Meeting?** 

**A.** The approval of each of the Business Combination Proposal, the Adjournment Proposal and Proposals No. 2b
and No. 2c of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of the holders of a majority of the then issued and outstanding shares of MAC Class A Common
Stock and MAC Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. The approval of Proposal No. 2a of the Organizational Document Proposals requires
the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of (i) the holders of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting
separately, and (ii) the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, in each case present and entitled to vote at the Special Meeting
and voted in connection with such proposal.

As of the date of this proxy statement/prospectus, the Sponsor owns 69% of the outstanding shares of MAC Common Stock, including 76% of the outstanding shares of MAC Class B Common Stock, and has agreed to vote all shares of MAC Common Stock owned by it in favor of the Business Combination Proposal and the Organizational Document Proposals.

**Q.** **What interests do the Sponsor and MAC's current directors and officers have in the Business Combination?** 

**A.** The Sponsor, and certain of MAC's directors and officers have interests in the Business Combination
that are different from, in addition to, or in conflict with, yours. These interests include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor owns (i) 8,439,469 shares of MAC Common Stock, including (A) 7,829,469 Founder
Shares that it purchased for $25,000, and (B) 610,000 Private Placement Shares

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##### [**Table of Contents**](#toc)
underlying the 610,000 Private Placement Units for a purchase price of $6,100,000 and (ii) 305,000 Private Placement Warrants. The Founder Shares and Private Placement Units held by the Sponsor had an aggregate market value of $ based upon the closing price of $ per unit on Nasdaq on , 2023. If the Business Combination or another business combination is not consummated by the period specified in the Existing Charter to complete the initial business combination (the "<u>Business Combination Period</u>"), MAC will cease all operations except for the purpose of winding up, redeeming 100% of the outstanding public subunits for cash and, subject to the approval of its remaining stockholders and the MAC Board, dissolving and liquidating. In such event, the Founder Shares and Private Placement Units would be worthless because the holders are not entitled to participate in any redemption or distribution with respect to such securities. If the Business Combination is consummated, each outstanding Founder Share will be exchanged for one share of New MAC Common Stock and each outstanding Private Placement Units will become one share of New MAC Common Stock and one-half New MAC Warrant, with each whole New MAC Warrant entitling the holder thereof to purchase one share of New MAC Common Stock for $11.50 per share, subject in each case to adjustment as described herein. The personal and financial interests of Sponsor may have influenced its motivation in completing the Business Combination. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Master Fund, the majority owner of the Sponsor, has agreed to fund up to $1,700,000 of
MAC's working capital needs pursuant to two promissory notes (the June 2022 Note and the February 2023 Note) issued by MAC to the Master Fund under which MAC may borrow up to an aggregate amount of $1,700,000. As of the date hereof, $600,000
and $125,000 is outstanding under the June 2022 Note and the February 2023 Note, respectively. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note and the February 2023 Note may be converted into
shares of MAC Class A Common Stock (the " <u>Conversion Shares</u> "). The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the
representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note and the February 2023 Note, as applicable. Each of the June
2022 Note and February 2023 Note is payable in cash upon consummation of the Business Combination, but is not payable if the Business Combination is not consummated. In addition, if MAC is unable to complete a business combination by the end of the
Business Combination Period, our Sponsor will be liable to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by MAC for services rendered or
contracted for or products sold to MAC, but only if such a vendor or target business has not executed a waiver of claims against the Trust Account and other than any claims covered by our indemnity of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based on the difference in the purchase price of approximately $0.003 per share that the Sponsor paid for the
Founder Shares, as compared to the purchase price of $10.00 per Unit sold in the MAC IPO, the Sponsor (and MAC's officers and directors with an economic interest in the Sponsor) may earn a positive rate of return even if the share price of New
MAC Common Stock after the Closing falls below the price initially paid for the Units in the IPO and the Public Stockholders experience a negative rate of return following the Closing of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that Andrew Milgram, the CEO of MAC and the Managing Partner and CEO of DePalma, and Paul Arrouet, the
President of MAC, are the indirect majority owners and controlling members of MAM, MAM has an indirect controlling interest in the DePalma Companies, MAM is the managing member of the Sponsor, and MAM and its affiliates indirectly receive fees from,
and have an indirect financial interest in, the DePalma Companies. As a result of the Business Combination, MAM will indirectly receive fees pursuant to the MSA with New MAC. In addition, as a result of Andrew Milgram and Paul Arrouet having an
indirect controlling interest in both MAC and the DePalma Companies, they will benefit from the Business Combination through their affiliation with DePalma as well as MAC.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor, as well as MAC's directors and officers will benefit from the completion of a
business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to public stockholders rather than liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed not to redeem any of the Founder Shares and Private Placement Shares it
holds in connection with a stockholder vote to approve a proposed initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed that the Private Placement Units it holds, and all of their underlying
securities, will not be sold or transferred by it until MAC has completed a business combination, subject to limited exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued indemnification of the current directors and officers of MAC following the Business Combination and
the continuation of directors' and officers' liability insurance following the Business Combination. As of December 31, 2022, none of the directors and officers entitled to indemnification had incurred reimbursable expenses.

These interests may influence the MAC Board in making their recommendation that you vote in favor of the approval of the Stockholder Proposals. You should also read the section entitled "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*" for more information.

**Q.** **When is the Business Combination expected to be completed?** 

**A.** It is currently anticipated that the Business Combination will be consummated promptly following the
Special Meeting, provided that all other conditions to the Closing have been satisfied or waived. For a description of the conditions to the completion of the Business Combination, see the section entitled "*The Business Combination Agreement   —   Conditions to Closing*."

**Q.** **What do I need to do now?** 

**A.** You are urged to carefully read and consider the information contained in this proxy
statement/prospectus in its entirety, including the financial statements and annexes attached hereto, and to consider how the Business Combination will affect you as a stockholder. You should then vote as soon as possible in accordance with the
instructions provided in this proxy statement/prospectus on the enclosed proxy card or, if you hold your shares through a brokerage firm, bank or other nominee, on the voting instruction form provided by the broker, bank or nominee.

**Q.** **How do I vote?** 

**A.** If you were a holder of record of MAC Common Stock
on , 2023, the record date for the Special Meeting, you may vote on the Stockholder Proposals online at the virtual Special Meeting or by completing, signing, dating and
returning the enclosed proxy card in the postage-paid envelope provided. If you hold your shares in "street name," which means your shares are held of record by a broker, bank or other nominee, you should contact your broker, bank or
nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard, you must provide the record holder of your shares with instructions on how to vote your shares or, if you wish to virtually attend the
Special Meeting and vote online, obtain a proxy from your broker, bank or nominee.

**Q.** **What will happen if I abstain from voting or fail to vote at the Special Meeting?** 

**A.** At the Special Meeting, MAC will count a properly executed proxy marked "ABSTAIN" with respect
to a particular proposal as present for purposes of determining whether a quorum is present. Accordingly, a MAC stockholder's failure to vote by proxy or to vote online at the virtual Special Meeting, an abstention

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##### [**Table of Contents**](#toc)
from voting or a broker non-vote will have the same effect as a vote against these proposals. The approval of each of the Business Combination Proposal, the Adjournment Proposal and Proposals No. 2b and No. 2c of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. The approval of Proposal No. 2a of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of (i) the holders of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting separately, and (ii) the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, in each case present and entitled to vote at the Special Meeting and voted in connection with such proposal. As of the date of this proxy statement/prospectus, the Sponsor beneficially owns an aggregate of approximately 69% of the outstanding shares of MAC Common Stock. The Sponsor has agreed to vote all of its shares of MAC Common Stock in favor of the Business Combination and each of the Stockholder Proposals. Accordingly, a MAC stockholder's failure to vote by proxy or to vote online at the virtual Special Meeting, an abstention from voting, or a broker non-vote will have no effect on the outcome of any vote on these proposals.

**Q.** **What will happen if I sign and return my proxy card without indicating how I wish to vote?** 

**A.** Signed and dated proxies received by MAC without an indication of how the stockholder intends to vote on
a proposal will be voted in favor of each of the Stockholder Proposals.

**Q.** **Do I need to attend the Special Meeting to vote my shares?** 

**A.** No. You are invited to virtually attend the Special Meeting to vote on the proposals described in this
proxy statement/prospectus. However, you do not need to attend the Special Meeting to vote your shares. Instead, you may submit your proxy by signing, dating and returning the applicable enclosed proxy card(s) in the pre-addressed postage-paid envelope. Your vote is important. MAC encourages you to vote as soon as possible after carefully reading this proxy statement/prospectus.

**Q.** **If I am not going to attend the Special Meeting, should I return my proxy card instead?** 

**A.** Yes. After carefully reading and considering the information contained in this proxy
statement/prospectus, please submit your proxy, as applicable, by completing, signing, dating and returning the enclosed proxy card in the pre-addressed postage-paid envelope provided.

**Q.** **If my shares are held in "street name," will my broker, bank or nominee automatically vote my shares for me?** 

**A.** No. If your broker holds your shares in its name and you do not give the broker voting instructions,
under the applicable stock exchange rules, your broker may not vote your shares on any of the Stockholder Proposals. If you do not give your broker voting instructions and the broker does not vote your shares, this is referred to as a "broker non-vote." Broker non-votes will be counted for purposes of determining the presence of a quorum at the Special Meeting. Your bank, broker or other nominee can vote your
shares only if you provide instructions on how to vote. You should instruct your broker to vote your shares in accordance with directions you provide. However, in no event will a broker non-vote have the
effect of exercising your redemption rights for a pro rata portion of the Trust Account, and therefore no shares as to which a broker non-vote occurs will be redeemed in connection with the proposed Business
Combination.

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##### [**Table of Contents**](#toc)
**Q.** **May I change my vote after I have mailed my signed proxy card?** 

**A.** Yes. You may change your vote by sending a later-dated, signed proxy card to MAC's secretary at the
address listed below prior to the vote at the Special Meeting, or attend the virtual Special Meeting and vote online. You also may revoke your proxy by sending a notice of revocation to MAC's secretary, provided such revocation is received
prior to the vote at the Special Meeting. If your shares are held in "street name" by a broker or other nominee, you must contact the broker or nominee to change your vote.

**Q.** **What happens if I fail to take any action with respect to the Special Meeting?** 

**A.** If you fail to take any action with respect to the Special Meeting and the Business Combination is
approved by stockholders and consummated, you will become a stockholder of New MAC and/or your warrants will entitle you to purchase New MAC Common Stock. As a corollary, failure to vote either for or against the Business Combination Proposal means
you will not have any redemption rights in connection with the Business Combination to exchange your Public Shares for a pro rata share of the aggregate amount of funds held in the Trust Account as of two business days prior to the Closing,
including any interest thereon but net of any income or other taxes payable. If you fail to take any action with respect to the Special Meeting and the Business Combination is not approved, you will continue to be a stockholder and/or warrant holder
of MAC.

**Q.** **What should I do if I receive more than one set of voting materials?** 

**A.** You may receive more than one set of voting materials, including multiple copies of this proxy
statement/prospectus and multiple proxy cards or voting instruction cards. For example, if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which you hold
shares. If you are a holder of record and your shares are registered in more than one name, you will receive more than one proxy card. Please complete, sign, date and return each proxy card and voting instruction card that you receive in order to
cast your vote with respect to all of your shares.

**Q.** **What is the quorum requirement for the Special Meeting?** 

**A.** A quorum of MAC's stockholders is necessary to hold a valid meeting. A quorum will be present at
the Special Meeting if a majority of the MAC Common Stock outstanding and entitled to vote at the meeting is virtually present in person or by proxy. Abstentions will count as present for the purposes of establishing a quorum.

As of the record date for the Special Meeting, shares of MAC Common Stock will be required to achieve a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy (or your broker, bank or other nominee submits one on your behalf) or if you vote online at the virtual Special Meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, a majority of the shares represented by stockholders virtually present at the Special Meeting or by proxy may authorize adjournment of the Special Meeting to another date.

**Q.** **What happens to the Public Warrants I hold if I vote my shares of MAC Common Stock against approval of the Business Combination Proposal and validly exercise my redemption rights?** 

**A.** Properly exercising your redemption rights as a MAC stockholder does not result in either a vote
"FOR" or "AGAINST" the Business Combination Proposal. If the Business Combination is not approved and completed, you will continue to hold your Public Warrants, and if MAC does not otherwise consummate an initial business
combination by July 5, 2023, or obtain the approval of MAC stockholders to extend the deadline for MAC to consummate an initial business combination, MAC will be required to dissolve and liquidate, and your Public Warrants will expire and be
worthless.

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##### [**Table of Contents**](#toc)
**Q.** **Who will solicit and pay the cost of soliciting proxies?** 

**A.** MAC will pay the cost of soliciting proxies for the Special Meeting. MAC has engaged Advantage Proxy,
Inc. (" <u>Advantage Proxy</u> ") to assist in the solicitation of proxies for the Special Meeting. MAC has agreed to pay Advantage Proxy a fee of $10,000, including out-of-pocket expenses in the amount of $1,500. MAC's directors, officers and employees may also solicit proxies by telephone, by facsimile, by mail, on the
Internet or in person. They will not be paid any additional amounts for soliciting proxies.

**Q.** **Who can help answer my questions?** 

**A.** If you have questions about the Stockholder Proposals, or if you need additional copies of this proxy
statement/prospectus, the proxy card or the consent card, you should contact our proxy solicitor at: <u>ksmith@advantageproxy.com</u>. To obtain timely delivery, MAC's stockholders and warrant holders must request the materials no later than
five business days prior to the Special Meeting.

Advantage Proxy, Inc.

P.O. Box 13581

Des Moines, WA 98198

Attn: Karen Smith

Toll-Free: 1-877-870-8565

Collect: 1-206-870-8565

Email: <u>ksmith@advantageproxy.com</u>

You may also obtain additional information about MAC from documents filed with the SEC by following the instructions in the section entitled "*Where You Can Find More Information*."

If you intend to seek redemption of your Public Shares, you will need to send a letter demanding redemption and deliver your stock (either physically or electronically) to MAC's transfer agent prior to 5:00 p.m., Eastern time, , 2023, the second business day prior to the Special Meeting. If you have questions regarding the certification of your position or delivery of your shares, please contact:

Continental Stock Transfer & Trust Company

One State Street Plaza, 30th Floor

New York, New York 10004

Attn: SPAC Redemptions Team

Email: <u>spacredemptions@continentalstock.com</u>

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##### [**Table of Contents**](#toc)
**SUMMARY OF THE PROXY STATEMENT/PROSPECTUS** 

*This summary highlights selected information from this proxy statement/prospectus and does not contain all of the information that is important to you. To better understand the proposals to be submitted for a vote at the Special Meeting, including the Business Combination, you should read this entire document carefully, including the Business Combination Agreement attached as <u>Annex A</u> to this proxy statement/prospectus. The Business Combination Agreement is the legal document that governs the Business Combination and the other transactions that shall be undertaken in connection with the Business Combination. It is also described in detail in this proxy statement/prospectus in the section entitled "The Business Combination Agreement."* 

**The Parties to the Business Combination** 

***DePalma***

DePalma I and DePalma II are Delaware limited liability companies which were formed on February 23, 2018, and commenced operations on March 29, 2018. DePalma I owns, manages and controls a portfolio of secured loans that are collateralized by taxi medallions, primarily in NYC. DePalma II is the largest single owner of NYC taxi medallions, directly or indirectly owning, or having the right to acquire subject to the TLC-transfer process, approximately 1,070 NYC taxi medallions, which will generally be redeployed over time into the NYC medallion lending market or leased by our dedicated taxi cab fleet managed by Septuagint Solutions, LLC ("Septuagint"), DePalma's operating joint venture with an unaffiliated strategic partner, in which DePalma owns a 50% interest and has the right to exercise governance control. DePalma is the market leader in providing specialized financing solutions to the regulated mobility sector, with a geographic focus on the NYC taxi market. Having acquired multiple portfolios of troubled and defaulted medallion loans since 2018, DePalma has restructured, reperformed or resolved loans collateralized by over 2,000 taxi medallions.

For more information on DePalma, please see the sections titled "*Information About DePalma*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations of DePalma*."

***MAC***

Marblegate Acquisition Corp. is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses referred to throughout this proxy statement/prospectus as its initial business combination.

The MAC Units, MAC Class A Common Stock and Public Warrants are currently listed on Nasdaq under the symbols "GATEU", "GATE" and "GATEW", respectively. The mailing address of MAC's principal executive office is 411 Theodore Fremd Avenue, Suite 206S, Rye, New York 10580 and its telephone number is (914) 415-4081.

***New MAC***

Marblegate Capital Corporation, a Delaware corporation, was formed on February 2, 2023, to consummate the Business Combination. In connection with the Business Combination, New MAC will adopt the Proposed Charter. New MAC intends to apply to list the New MAC Common Stock and the New MAC Warrants on the Nasdaq under the symbols "GATE" and "GATEW", respectively, upon the Closing.

The mailing address of New MAC's principal executive office is [●].

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##### [**Table of Contents**](#toc)
***Merger Sub***

Merger Sub is a Delaware limited liability company formed on February 6, 2023, and is a wholly-owned subsidiary of New MAC. Merger Sub was formed solely for the purpose of effectuating the Business Combination and it does not own any material assets or conduct any business activities other than activities incidental to effectuating the Business Combination.

**The Business Combination** 

***The Business Combination Agreement***

On February 14, 2023, MAC entered into the Business Combination Agreement with the Manager, the DePalma Companies, New MAC, and Merger Sub, pursuant to which MAC agreed to combine with DePalma in the Business Combination that will result in New MAC becoming a publicly-traded company on Nasdaq.

Pursuant to the Business Combination Agreement, and subject to the terms and conditions contained therein, the Business Combination will be effected as follows: (i) immediately prior to the consummation of the transactions contemplated by the Business Combination Agreement, New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC; and (ii) Merger Sub will merge with and into MAC in the Merger, with MAC surviving and becoming a wholly-owned subsidiary of New MAC.

For more information on the Business Combination Agreement, see "*The Business Combination Agreement*" contained elsewhere in this proxy statement/prospectus.

***Consideration***

At the Effective Time of the Merger, each MAC Class A Common Stock issued and outstanding as of immediately prior to the Effective Time shall be cancelled and extinguished and be converted into the right to receive the MAC Per Share Consideration and each MAC Class B Common Stock issued and outstanding as of immediately prior to the Effective Time shall be cancelled and extinguished and be converted into the right to receive the MAC Per Share Consideration.

The per share consideration allocable to each share of MAC Common Stock is the number of shares of New MAC Common Stock, rounded up to the nearest whole share, equal to the quotient obtained by dividing (i) the product obtained by multiplying (A) the MAC Exchange Ratio by (B) the Aggregate New MAC Capitalization, by (ii) the total number of shares of MAC Common Stock outstanding immediately prior to the Merger becoming effective and after giving effect to any redemptions of shares of MAC Common Stock.

***Conditions to Closing***

*Conditions to each party's obligations* 

The obligations of the parties to consummate the Business Combination are subject to the satisfaction or waiver by the party for whose benefit such condition exists of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all applicable waiting periods under the HSR Act shall have expired or otherwise been terminated, and there shall
not be in effect any voluntary agreement between MAC, New MAC or any DePalma Company, on the one hand, and the Federal Trade Commission or the Department of Justice, on the other hand, pursuant to which the Parties have agreed not to consummate the
Merger for any period of time;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no order or law issued by any court of competent jurisdiction or other governmental entity or other legal
restraint or prohibition preventing the consummation of the Business Combination shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• this proxy statement/prospectus shall have become effective in accordance with the provisions of the Securities
Act, no stop order shall have been issued by the SEC and shall remain in effect with respect to this proxy statement/prospectus, and no proceeding seeking such a stop order shall have been threatened or initiated by the SEC and remain pending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Required MAC Shareholder Approval shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Marblegate Affiliate Consents shall have been obtained (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after giving effect to the Business Combination, MAC shall have at least $5,000,001 of net tangible assets (as
determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) immediately after the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the DePalma Equity Value shall have become final and binding in accordance with the provisions of the Business
Combination Agreement.

*Conditions to MAC's obligations* 

The obligations of MAC to consummate the Business Combination are subject to the satisfaction or waiver by MAC of the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the fundamental representations and warranties of DePalma and New MAC shall be true and correct in all
material respects as of the Closing Date; certain other representations and warranties of DePalma and New MAC shall be true and correct in all respects as of the Closing Date (except for *de minimis* inaccuracies); certain other representations
and warranties of DePalma and New MAC shall be true and correct in all respects as of the Closing Date; and certain other representations and warranties of DePalma and New MAC shall be true and correct in all respects as of the Closing Date, except
where the failure of such representations and warranties to be true and correct, taken as a whole, does not cause a DePalma Material Adverse Effect (as defined in the Business Combination Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma shall have performed and complied in all material respects with the covenants and agreements required to
be performed or complied with by it under the Business Combination Agreement at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• since the date of the Business Combination Agreement, no DePalma Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma and New MAC shall have executed and delivered to MAC all Ancillary Documents to which DePalma or New MAC
is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or prior to the Closing, DePalma shall have delivered to MAC a certificate duly executed by an authorized
officer of DePalma, dated as of the Closing Date, to the effect that certain Closing conditions that relate to DePalma or certain of its affiliates are satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• neither New MAC or any of its subsidiaries shall have any Indebtedness (as defined in the Business Combination
Agreement) outstanding at or prior to the Reorganization (as defined in the Business Combination Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC and DePalma shall have consummated the Reorganization subject to immaterial deviations that are not
adverse to MAC or actions to be taken after the Closing.

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*Conditions to the obligations of DePalma* 

The obligations of DePalma to consummate the Business Combination are subject to the satisfaction or waiver by DePalma of the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the fundamental representations and warranties of MAC shall be true and correct in all material respects
as of the Closing Date; certain other representations and warranties of MAC shall be true and correct in all respects as of the Closing Date (except for de minimis inaccuracies); certain other representations and warranties of MAC shall be true and
correct in all respects as of the Closing Date; and certain other representations and warranties of MAC shall be true and correct in all respects as of the Closing Date, except where the failure of such representations and warranties to be true and
correct, taken as a whole, does not cause an Acquiror Material Adverse Effect (as defined in the Business Combination Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC shall have performed and complied in all material respects with the covenants and agreements required to be
performed or complied with by it under the Business Combination Agreement at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• since the date of the Business Combination Agreement, no Acquiror Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC's initial listing application with Nasdaq in connection with the transactions contemplated by the
Business Combination Agreement shall have been approved by Nasdaq and, immediately following the Effective Time, New MAC shall be in compliance with any applicable initial and continuing listing requirements of Nasdaq, and New MAC shall not have
received any notice of non-compliance therewith that has not been cured or would not be cured at or immediately following the Effective Time, and the shares of New MAC Common Stock included in the Listing
Application shall have been approved for listing on Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC shall have executed and delivered to DePalma all Ancillary Documents to which MAC is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or prior to the Closing, MAC shall have delivered, or caused to be delivered, to the DePalma Companies a
certificate duly executed by an authorized officer of MAC, dated as of the Closing Date, to the effect that certain Closing conditions are satisfied.

DePalma may not rely on the failure of any Closing condition set forth in the Business Combination Agreement to be satisfied if such failure was proximately caused by such DePalma's failure to use reasonable best efforts to cause the Closing to occur, as required by the Business Combination Agreement. MAC may not rely on the failure of any condition set forth in the Business Combination Agreement to be satisfied if such failure was proximately caused by MAC's failure to use reasonable best efforts to cause the Closing to occur, as required by the Business Combination Agreement.

***Termination***

The Business Combination Agreement may be terminated and the Business Combination may be abandoned at any time prior to the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by mutual written consent of MAC and DePalma;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by MAC upon written notice to DePalma, if there is any breach of DePalma's representations or warranties or
if there is any breach by DePalma of any covenant or agreement such that certain conditions to Closing would not be satisfied with respect to DePalma as of the Closing and the breach or breaches of such representations, warranties covenants or
agreements, is (or are) not cured or cannot be cured within the earlier of (i) thirty (30) days after written notice thereof is delivered to DePalma by MAC and (ii) December 31, 2023 (the " <u>Termination Date</u> "), provided
however, that MAC is not then in breach of the Business Combination Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by DePalma, upon written notice to MAC, if there is any breach of MAC's representations or warranties or if
there is any breach by MAC of any covenant or agreement such that certain conditions to Closing would not be satisfied as of the Closing and the breach or breaches of such representations, warranties, covenants or agreements, is (or are) not cured
or cannot be cured within the earlier of (i) thirty (30) days after written notice thereof is delivered to MAC by DePalma and (ii) the Termination Date, provided however, that DePalma is not then in breach of the Business Combination
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by MAC or DePalma, if the transactions contemplated by the Business Combination Agreement shall not have been
consummated on or prior to the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either MAC or DePalma, if any Governmental Entity shall have issued an Order or taken any other action
permanently enjoining, restraining or otherwise prohibiting the transactions contemplated by the Business Combination Agreement and such Order or other action shall have become final and non-appealable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either MAC or DePalma, if the Acquiror Shareholders Meeting has been held (including any adjournment or
postponement thereof), has concluded, MAC's stockholders have duly voted and the Acquiror Shareholder Approvals were not obtained.

In the event of termination of the Business Combination Agreement, the Business Combination Agreement will become void (and there shall be no liability or obligation on the part of the parties and their respective non-party affiliates), with the exception of the parties' confidentiality obligations, and certain other provisions required under the Business Combination Agreement that shall, in any case, survive any termination of the Business Combination Agreement; provided, however, that termination of the Business Combination Agreement in accordance with its terms shall not relieve any party from liability for any intentional and Willful Breach (as defined in the Business Combination Agreement) of any covenant or agreement set forth in the Business Combination Agreement prior to such termination or fraud.

**Organizational Structure** 

***Prior to the Business Combination***

The following diagram illustrates the ownership structure of MAC prior to the Business Combination.

![LOGO](g441116g01a01.jpg)

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(1) Immediately prior to the transactions contemplated by the Business Combination Agreement, New MAC and the
DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC.

(2) Merger Sub will merge with and into MAC with MAC surviving as a wholly-owned subsidiary of New MAC.

(3) Septuagint is a joint venture with an unaffiliated strategic partner, in which DePalma holds a 50% interest
and has the right to exercise governance control.

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***Following the Business Combination***

The following diagram illustrates a simplified version of our organizational structure immediately following the completion of the Business Combination. This diagram is provided for illustrative purposes only and does not represent all legal entities of DePalma and its affiliates.

![LOGO](g441116g29a92.jpg)

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(1) Septuagint is a joint venture with an unaffiliated strategic partner, in which DePalma holds a 50% interest and
has the right to exercise governance control.

**Certain Agreements Related to the Business Combination Agreement** 

***Sponsor Support Agreement***

Concurrently with the execution of the Business Combination Agreement, the Sponsor and certain directors and executive officers of MAC (the "<u>Supporting Shareholders</u>") have entered are entering into support agreements (such agreements referred to herein as the "Sponsor Support Agreement") pursuant to which the Sponsor and the Supporting Shareholders have agreed, among other things, to vote all shares of MAC Common Stock held by them in favor of the Business Combination Agreement and the transactions contemplated thereby (including the Merger) and to not redeem any of their shares of MAC Common Stock.

***Registration Rights Agreement***

In connection with the transactions contemplated by the Business Combination Agreement, New MAC, the Sponsor, the Supporting Sponsor Shareholders and certain other parties will enter into a registration rights agreement, pursuant to which, the Sponsor, the Supporting Sponsor Shareholders and certain other Persons will be granted certain registration rights with respect to their shares of New MAC Common Stock.

***Exchange Agent Agreement***

New MAC will enter into an exchange agent agreement with Continental which will provide the terms and conditions pursuant to which the exchange agent will exchange shares of MAC Class A Common Stock and MAC Class B Common Stock for shares of New MAC Common Stock in connection with the consummation of the transactions contemplated by the Business Combination Agreement.

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***Management Services Agreement***

New MAC will enter into an agreement at the Closing with the Manager pursuant to which the Manager will provide certain management services to New MAC in exchange for a management fee. 

For more information on each of these agreements, please see the section entitled "*Certain Agreements Related to the Business Combination*" contained elsewhere in this proxy statement/prospectus.

**Interests of MAC's Sponsor, Directors and Officers in the Business Combination** 

The MAC Board formed the Special Committee to consider and negotiate the terms and conditions of the Business Combination and to recommend to the MAC Board whether to pursue the Business Combination and, if so, on what terms and conditions.

The MAC Board, based in part on the recommendation of the Special Committee, has adopted and approved the Business Combination Agreement. In arriving at its recommendations, the MAC Board carefully considered a number of factors described in this proxy statement/prospectus. Please see the section entitled "*Proposal No. 1 — The Business Combination Proposal — MAC Board's Reasons for the Approval of the Business Combination*."

When you consider the recommendation of the MAC Board in favor of the proposals, you should keep in mind that MAC's Sponsor and certain directors and officers have interests in the Business Combination that are different from or in addition to (and which may conflict with) your interests as a stockholder. These interests include, among other things:

***As to the Sponsor:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor owns (i) 8,439,469 shares of MAC Common Stock, including (A) 7,829,469 Founder Shares that it
purchased for $25,000, and (B) 610,000 Private Placement Shares underlying the 610,000 Private Placement Units for a purchase price of $6,100,000 and (ii) 305,000 Private Placement Warrants. The Founder Shares and Private Placement Units held by the
Sponsor had an aggregate market value of $ based upon the closing price of $ per unit on Nasdaq on
 , 2023. If the Business Combination or another business combination is not consummated by the period specified in the Existing Charter to complete the initial business
combination (the " <u>Business Combination Period</u> "), MAC will cease all operations except for the purpose of winding up, redeeming 100% of the outstanding public subunits for cash and, subject to the approval of its remaining
stockholders and the MAC Board, dissolving and liquidating. In such event, the Founder Shares and Private Placement Units would be worthless because the holders are not entitled to participate in any redemption or distribution with respect to such
securities. If the Business Combination is consummated, each outstanding Founder Share will be exchanged for one share of New MAC Common Stock and each outstanding Private Placement Unit will become one share of New MAC Common Stock and and one-half New MAC Warrant, with each whole New MAC Warrant entitling the holder thereof to purchase one share of New MAC Common Stock for $11.50 per share, subject in each case to adjustment as described herein. The
personal and financial interests of Sponsor may have influenced its motivation in completing the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Master Fund, the majority owner of the Sponsor, has agreed to fund up to $1,700,000 of MAC's working
capital needs pursuant to two promissory notes (the June 2022 Note and the February 2023 Note) issued by MAC to the Master Fund under which MAC may borrow up to an aggregate amount of $1,700,000. As of the date hereof, $600,000 and $125,000 is
outstanding under the June 2022 Note and the February 2023 Note, respectively. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note and the February 2023 Note may be converted into Conversion

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Shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note and the February 2023 Note, as applicable. Each of the June 2022 Note and February 2023 Note is payable in cash upon consummation of the Business Combination, but is not payable if the Business Combination is not consummated. In addition, if MAC is unable to complete a business combination by the end of the Business Combination Period, our Sponsor will be liable to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by MAC for services rendered or contracted for or products sold to MAC, but only if such a vendor or target business has not executed a waiver of claims against the Trust Account and other than any claims covered by our indemnity of the underwriters. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Master Fund, along with several affiliated funds (collectively, the " <u>DePalma Equityholders</u> "), owns the DePalma Companies in addition to being the majority member of the Sponsor.

***As to MAM of which Andrew Milgram, the CEO of MAC, and Paul Arrouet, the President of MAC and Managing Partner and CEO of the DePalma Companies, are the indirect majority owners and controlling members:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAM has an indirect controlling interest in the DePalma Companies and is the managing member of the Sponsor. MAM
and its affiliates indirectly receive fees from, and have an indirect financial interest in, the DePalma Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that the Manager will enter into a Management
Services Agreement (the " <u>MSA</u> ") with New MAC, pursuant to which the Manager will provide various services relating to the day-to-day operations of New
MAC and receive fees and other compensation. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy
statement/prospectus.

***As to Paul Arrouet, President of MAC:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Arrouet has an indirect interest in the Sponsor through his indirect majority ownership interests in MAM
(via MAM's receipt of management fees) as well as through various general and partnership interests in the DePalma Equityholders. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and
warrants to purchase an additional 305,000 shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition, Paul Arrouet has indirect general and limited partnership interests in the DePalma Equityholders
that own the DePalma Companies. Upon consummation of the Business Combination, the DePalma Equityholders will receive a total of [●] shares of New MAC Common Stock as a result of their ownership of the DePalma Companies, and Mr. Arrouet
may be deemed to beneficially own such shares, as well as have an indirect interest in a portion of such shares to the extent of his pro rata indirect interests in the DePalma Equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that MAM will enter into the MSA with New MAC,
pursuant to which MAM will provide various services relating to the day-to-day operations of New MAC. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As Manager of New MAC, MAM will receive fees and other compensation that Mr. Arrouet
will have an interest in.

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***As to Andrew Milgram, CEO of MAC and Managing Partner and CEO of the DePalma Companies:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Milgram has an indirect interest in the Sponsor through his indirect majority ownership interests in MAM
(via MAM's receipt of management fees) as well as through various partnership interests in the DePalma Equityholders. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and warrants to
purchase an additional 305,000 shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition, Andrew Milgram has indirect general and limited partnership interests in the DePalma Equityholders
that own the DePalma Companies. Upon consummation of the Business Combination, the DePalma Equityholders will receive a total of [●] shares of New MAC Common Stock as a result of their ownership of the DePalma Companies, and Mr. Milgram
may be deemed to beneficially own such shares, as well as have an indirect interest in a portion of such shares to the extent of his pro rata indirect interests in the DePalma Equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that MAM will enter into the MSA with New MAC,
pursuant to which MAM will provide various services relating to the day-to-day operations of New MAC. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As Manager of New MAC, MAM will receive fees and other compensation that Mr. Milgram
will have an interest in.

***As to Mark Zoldan, CFO of MAC and CFO of the DePalma Companies:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark Zoldan serves as the CFO of the Manager and has an indirect ownership interest in the Manager. Upon
consummation of the Business Combination, it is expected that the Manager will enter into the MSA with New MAC, pursuant to which the Manager will provide various services relating to the day-to-day operations of New MAC and receive fees and other compensation. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As manager of New MAC, the Manager will receive fees and other compensation that Mr. Zoldan will have an interest in.

***As to Harvey Golub, Chairman of the MAC Board:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harvey Golub owns an indirect economic interest in the Master Fund as well as direct interests in the Sponsor.
Upon consummation of the Business Combination, the Master Fund will receive [●] in shares of New MAC Common Stock as a result of its interest in DePalma. The Sponsor, upon consummation of the Business Combination, will own
8,439,469 shares of New MAC Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock. Thus, Mr. Golub will directly and indirectly benefit economically from the Business Combination.

***As to Alan Mintz, Richard Goldman and Wallace Mathai-Davis, each a Director of the MAC Board:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of Alan Mintz, Richard Goldman and Wallace Mathai-Davis owns a direct interest in the Sponsor. The Sponsor,
upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock. Thus, each of Mr. Mintz, Mr. Goldman and Mr. Mathai-Davis
will indirectly benefit economically from the Business Combination.

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***As to MAC's Sponsor and MAC's directors and officers generally:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor, as well as MAC's directors and officers will benefit from the completion of a business
combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to public stockholders rather than liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based on the difference in the purchase price of approximately $0.003 per share that the Sponsor paid for the
Founder Shares, as compared to the purchase price of $10.00 per Unit sold in the IPO, the Sponsor (and MAC's officers and directors with an economic interest in the Sponsor) may earn a positive rate of return even if the share price of New MAC
Common Stock after the Closing falls below the price initially paid for the Units in the IPO and the Public Stockholders experience a negative rate of return following the Closing of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed not to redeem any of the Founder Shares and Private Placement Shares it
holds in connection with a stockholder vote to approve a proposed initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor has agreed that the Private Placement Units it holds, and all of their underlying securities, will
not be sold or transferred by it until MAC has completed a business combination, subject to limited exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued indemnification of current directors and officers of MAC and the continuation of directors'
and officers' liability insurance after the Business Combination. As of December 31, 2022, none of the directors and officers entitled to indemnification had incurred reimbursable expenses.

These interests may influence the MAC Board directors in making their recommendation that you vote in favor of the approval of the Stockholder Proposals. You should also read the section entitled "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*."

**MAC Board's Reasons for the Approval of the Business Combination** 

MAC was organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

The MAC Board, in evaluating the Business Combination, consulted with the Special Committee, MAC's management and its legal and capital markets advisors. In reaching its resolutions (i) that the Business Combination Agreement and the transactions contemplated thereby are advisable and in the best interests of MAC and (ii) to recommend that the MAC stockholders adopt the Business Combination Agreement and approve the Business Combination and the other transactions contemplated by the Business Combination Agreement, the MAC Board considered a range of factors, including, but not limited to, the factors discussed below. In light of the number and wide variety of factors considered in connection with its evaluation of the Business Combination, the MAC Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that it considered in reaching its determinations and supporting its decision. The MAC Board viewed its decisions as being based on all of the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors. This explanation of the MAC Board's reasons for approving the Business Combination and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under the section entitled "*Cautionary Note Regarding Forward-Looking Statements*."

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In evaluating the Business Combination, the MAC Board consulted with the Special Committee and MAC's management and considered a number of factors. In particular, the MAC Board considered, among other things, the following factors, although not weighted or in any order of significance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consistent With Prospectus Investment Criteria*. The DePalma Companies met the investment criteria
identified in the prospectus for MAC's IPO related to a high quality business that has recently undergone a restructuring. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Public Company Positioning and Readiness.* The MAC Board believes DePalma is well-positioned to be a public
company in terms of scale and size, and a company that public equity market investors will understand and value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Team.* The DePalma Companies have been managed since their inception by MAM. MAM's team
possesses deep knowledge of the industry, has a proven track record in managing the DePalma Companies' assets and is well suited to realize the investment potential from the Business Combination. Through MAC's due diligence investigation,
MAC's management had knowledge of, and was familiar with, the DePalma Companies' businesses and financial condition, including its historical financial results, financial plan and future prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Critical and Perpetual New York City Infrastructure Assets.* New York City's financial support of the
MRP+ evidences the critical nature of taxicabs as a key transportation modality in the City. Additionally, the 25-year duration of the program underscores the long-term nature and durability of cash flows from medallions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scale and Market Penetration*. The DePalma Companies own, either directly or indirectly, including via
collateral backing medallion loans, interests in NYC taxi medallions representing approximately 30% of the outstanding NYC taxi medallions. The DePalma Companies' scale provides a competitive advantage in executing their business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stable Cash Flow From MRP+ Portfolio.* The medallion loans that have been restructured pursuant to the MRP+
Loans provide stable and predictable cash flows while the remainder of the loan portfolio is restructured and reperformed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Historical Cash Collections and Restructurings*. The DePalma Companies have successfully restructured,
resolved or reperformed approximately 2,000 medallions and have generated significant cash collections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Vertical Integration*. As a lender and operator, the DePalma Companies have a differentiated business that
provides for flexibility and optionality in generating cash flow and earnings from its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Attractive Valuation*. The MAC Board's determination that if DePalma is able to achieve its business
plan, then MAC's stockholders will have acquired their shares of New MAC Common Stock at an attractive valuation, which would increase stockholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Current Trends.* Recent trends in the NYC taxi market, including increases in active drivers and driver
economics, including but not limited to the December 2022 fare increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Growth.* Growth opportunities through continued reperformance and restructuring of existing
defaulted loans and origination of new loans to new borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Consideration for All Parties in Equity*. All parties, including DePalma, the Sponsor and the
Public Stockholders will receive the same consideration in the transaction and there is no party who is receiving cash consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Opinion of Huron Transaction Advisory LLC to the Special Committee*. The Special Committee received the
written opinion, dated February 5, 2023, of Huron Transaction Advisory LLC (" <u>Huron</u> "), which was engaged solely to render such opinion, to the effect that, as of such date and based upon and

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subject to various assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Huron in preparing its opinion, the consideration (which was assumed in Huron's opinion to be the number of shares of New MAC Common Stock based on an assumed DePalma Equity Value (excluding the Minimum Cash Amount) of $750,595,712 as of January 27, 2023 divided by $10.00) proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement was fair, from a financial point of view, to MAC. See "*Proposal No. 1 — The Business Combination Proposal — Opinion of Huron Transaction Advisory LLC to the Special Committee*." <br>

In the course of its deliberations, in addition to the various other risks associated with the business of DePalma, as described in the section entitled "*Risk Factors*" appearing elsewhere in this proxy statement/prospectus, the MAC Board also considered a variety of uncertainties, risks and other potentially negative reasons relevant to the Business Combination, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Macroeconomic Risks Generally*. Macroeconomic uncertainty, particularly the potential impact of the COVID-19 pandemic and future COVID-19 developments, and the effects they could have on New MAC's revenues and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business Plan May Not be Achieved*. The risk that DePalma may not be able to execute on its business plan
and realize its future financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Brand and Reputation*. Marblegate and DePalma's brand and reputation are critical to DePalma's
success, and any publicity, regardless of accuracy, that portrays either party negatively could adversely impact operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Valuation*. The risk that the MAC Board may not have properly valued DePalma's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stockholder Vote and Other Actions*. The risk that MAC stockholders may object to and challenge the
Business Combination and take action that may prevent or delay the closing, including to vote against the Stockholder Proposals at the Special Meeting or redeem their Public Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidation*. The risks and costs to MAC if the Business Combination is not completed, including the risk
of diverting management focus and resources from other businesses combination opportunities, which could result in MAC being unable to effect a business combination within the completion window, which would require MAC to liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Closing Conditions*. The fact that completion of the Business Combination is conditioned on the
satisfaction of certain closing conditions that are not within MAC's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Survival of Remedies for Breach of Representations, Warranties or Covenants of DePalma*. The terms of
the Business Combination Agreement provide that MAC will not have any surviving remedies against DePalma or its equityholders after the Closing to recover for losses as a result of any inaccuracies or breaches of DePalma's representations,
warranties or covenants set forth in the Business Combination Agreement. As a result, MAC stockholders could be adversely affected by, among other things, a decrease in the financial performance or worsening of financial condition of DePalma prior
to the Closing, whether determined before or after the Closing, without any ability to reduce the number of shares to be issued in the Business Combination or recover for the amount of any damages. The MAC Board has determined that this structure
was appropriate and customary in light of the fact that several similar transactions include similar terms and the current equityholders of MAC will be, collectively, the majority equityholders in the combined company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fees and Expenses*. The fees and expenses associated with completing the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Exclusivity/Non-Solicit*. The Business Combination Agreement
includes a non-solicit provision prohibiting MAC from initiating, discussing or making certain proposals which could lead to an alternative business combination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Litigation*. The possibility of litigation challenging the Business Combination or that an adverse judgment
granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Redemptions*. The risk that holders of Public Shares would exercise their redemption rights, thereby
depleting the amount of cash available in the Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Listing.* The potential inability to maintain the listing of New MAC's securities on the Nasdaq
following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Distraction to Operations*. The risk that the potential diversion of DePalma's management and employee
attention as a result of the Business Combination may adversely affect DePalma's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Readiness to be a Public Company*. As New MAC has not previously been a public company, it or the Manager
may not have all the different types of employees necessary for it to timely and accurately prepare reports for filing with the SEC. There is a risk that New MAC or the Manager will not be able to hire the right people to fill in these gaps by the
time of the Closing or that additional issues could arise after the Closing due to its failure to have hired these people in advance of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Low Float and Likely Limited Trading Liquidity.* As New MAC ownership will be over 90% beneficially
held by DePalma and the Sponsor immediately following the Closing, the public trading float following the Business Combination will be limited and it is not clear that an active trading market will develop for the shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conflicts of Interest Between MAC and DePalma.* Certain conflicts of interest exist between MAC and
DePalma, as described under "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*." As a result, certain directors and
officers of MAC may find it difficult to determine how to meet their fiduciary duties to MAC as well as DePalma, which could result in a less favorable result for MAC than would be the case if they were solely officers and directors of our company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk Factors*. The MAC Board considered risks of the type and nature described under the section entitled
" *Risk Factors*."

The above discussion of material factors considered by the MAC Board is not intended to be exhaustive but does set forth the principal factors considered by the MAC Board. The MAC Board concluded that the potential benefits that it expected MAC and its stockholders to achieve as a result of the Business Combination outweighed the potentially negative factors associated with the Business Combination. Accordingly, the MAC Board, in part upon the recommendation of the Special Committee, has determined that the Business Combination Agreement and the Business Combination and other transactions contemplated therein were advisable, fair to and in the best interests of MAC and its stockholders. For a more complete description of the MAC Board's reasons for approving the Business Combination, including other factors and risks considered by the MAC Board, see the section entitled "Proposal No. 1 — The Business Combination Proposal — MAC Board's Reasons for the Approval of the Business Combination."

**Ownership of New MAC Upon Completion of the Business Combination** 

As of the date of this proxy statement/prospectus, there are 1,010,391 shares of MAC Class A Common Stock issued and outstanding, 10,303,333 shares of MAC Class B Common Stock issued and outstanding and 910,000 Private Placement Shares issued and outstanding. In addition, there currently are 15,455,000 MAC warrants issued and outstanding, consisting of 15,000,000 Public Warrants and 455,000 Private Placement Warrants. Each whole warrant entitles the holder thereof to purchase one share of MAC Class A Common Stock at a price of $11.50 per share. MAC cannot predict how many of the Public Stockholders will exercise their right to have their MAC Class A Common Stock redeemed for cash. As a result, MAC has elected to provide the unaudited pro forma condensed combined financial information under two different redemption scenarios of shares of MAC Class A Common Stock into cash, each of which produce different allocations of total MAC

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equity between holders of MAC Common Stock. The following table illustrates varying ownership levels in New MAC immediately following the consummation of the Business Combination, based on the varying levels of redemptions by the Public Stockholders and the following assumptions:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **%** | **Shares** | **%** |
|  DePalma Equityholders |  |  |  |  |
|  Public Stockholders |  |  |  |  |
|  Public Warrants<sup>(3)</sup> |  |  |  |  |
|  Founder Shares<sup>(4)</sup> |  |  |  |  |
|  Private Placement Warrants<sup>(5)</sup> |  |  |  |  |
|  Private Placement Shares<sup>(6)</sup> |  |  |  |  |
|  Total |  |  |  |  |

---

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(1) Assumes that no shares of MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Upon the consummation of the Business Combination, each Public Warrant will be cancelled in exchange for a New
MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(4) Upon the consummation of the Business Combination, all shares of MAC Class B Common Stock will (i)
automatically convert into shares of MAC Class A Common Stock on a one-for-one basis and (ii) be cancelled and converted into the right to receive shares of New MAC Common Stock.

(5) Upon the consummation of the Business Combination, each Private Placement Warrant will be cancelled in exchange
for a New MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(6) Consists of 610,000 Private Placement Shares owned by the Sponsor and 300,000 Private Placement Shares owned by
Cantor.

Share ownership presented in the table above is only presented for illustrative purposes and are based on a number of assumptions. MAC cannot predict how many of the Public Stockholders will exercise their right to have their Public Shares redeemed for cash. As a result, the redemption amount and the number of Public Shares redeemed in connection with the Business Combination may differ from the amounts presented above. As such, the ownership percentages and voting power of current MAC stockholders may also differ from the presentation above if the actual redemptions are different from these assumptions. The Public Stockholders that do not elect to redeem their Public Shares will experience dilution as a result of the Business Combination. As of February 14, 2023, the Public Stockholders owned 53% of the total issued and outstanding MAC Class A Common Stock (with the remaining 47% consisting of 910,000 shares of MAC Class A Common Stock underlying Private Placement Units). As noted in the above table, if no Public Stockholders redeem their Public Shares in the Business Combination, the Public Stockholders will go from owning [●]% of the MAC Class A Common Stock prior to the Business Combination to owning [●]% of the total shares outstanding of New MAC Common Stock. The Public Stockholders will own approximately [●]% of the total shares outstanding of New MAC Common Stock, assuming the Maximum Redemption scenario as shown above.

In addition to the changes in percentage ownerships depicted above, variation in the levels of redemption will impact the dilutive effect of certain equity issuances related to the Business Combination which would not otherwise be present in an underwritten public offering. Increasing levels of redemption will increase the dilutive effects of these issuances on non-redeeming Public Stockholders. See "*Risk Factors — We cannot be certain as to the number of Public Shares that will be redeemed and the potential impact to Public Stockholders who do not elect to redeem their Public Shares*" and "*— You may not have the same benefits as an investor in an underwritten public offering*."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **Value Per**<br>**Share<sup>(3)</sup>** | **Shares** | **Value Per<br>Share<sup>(4)</sup>** |
|  Base Scenario<sup>(5)</sup> |  |  |  |  |
|  Excluding Founder Shares<sup>(6)</sup> |  |  |  |  |
|  Exercising Public Warrants<sup>(7)(8)</sup> |  |  |  |  |
|  Exercising Private Placement Warrants<sup>(8)(9)</sup> |  |  |  |  |
|  Exercising All Warrants<sup>(8)(10)</sup> |  |  |  |  |

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(1) Assumes that no shares of the MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Based on a post-transaction equity value of New MAC of $[●].

(4) Based on a post-transaction equity value of New MAC of $[●].

(5) Represents the post-Closing share ownership of New MAC assuming various levels of redemption by the Public
Stockholders.

(6) Represents the Base Scenario excluding the Founder Shares.

(7) Represents the Base Scenario plus the full exercise of the Public Warrants.

(8) Analysis does not account for exercise prices to be paid in connection with the exercise of warrants.

(9) Represents the Base Scenario plus the full exercise of the Private Placement Warrants.

(10) Represents the Base Scenario plus the full exercise of the Public Warrants and the Private Placement Warrants.

The level of redemption also impacts the effective deferred underwriting fee per Unit incurred in connection with the IPO and payable upon the completion of the Business Combination. MAC incurred $[●] in deferred underwriting fees. Assuming no exercise of MAC warrants, in a no redemption scenario, the effective deferred underwriting fee would be approximately $[●] per Public Share on a pro forma basis (or [●]% of the value of shares assuming a trading price of $10.00 per share). In the Maximum Redemption scenario, the effective deferred underwriting fee is not meaningful when expressed on a per share or percentage basis as the divisor is zero.

Please see the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" for further information.

**Redemption Rights** 

Pursuant to the Existing Charter, the Public Stockholders of MAC may elect to redeem all or a portion of their Public Shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest (net of permitted withdrawals), divided by the number of then outstanding public shares, subject to the limitations described herein.

The Anchor Investors will not be entitled to redemption rights with respect to any Founder Shares held by them in connection with the completion of an initial business combination.

As of December 31, 2022, based on funds in the Trust Account of approximately $10.3 million, this would have amounted to approximately $10.22 per share, which includes up to $171,418 of interest income available to us to pay taxes. If a Public Stockholder exercises its redemption rights, then such Public Stockholder will be exchanging its shares of MAC common stock for cash and will no longer own shares of MAC Common Stock or receive shares of New MAC Common Stock. Such a holder will be entitled to receive cash for its public shares only if it properly demands redemption and delivers its shares (either physically or electronically) to our transfer

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agent prior to the Special Meeting. See the section entitled "*Special Meeting of MAC Stockholders — Redemption Rights*" for the procedures to be followed if you wish to redeem your shares for cash. The amount in the Trust Account is initially anticipated to be $10.00 per public share.

**Description of New MAC Securities** 

New MAC is a newly incorporated Delaware corporation.

New MAC's Proposed Charter will authorize the issuance of [●] shares, consisting of [●] shares of New MAC Common Stock, par value $0.0001 per share, and [●] shares of preferred stock, par value $0.0001 per share. See "*Description of New MAC Securities*" for more information.

**Management After the Business Combination** 

New MAC's business affairs will be managed under the direction of the New MAC Board. The New MAC Board will initially consist of five members.

The New MAC Board upon the completion of the Business Combination will be the following individuals: [●], serving as Chairperson, [●], [●], [●] and [●].

See "*Management After the Business Combination*" for further information.

**Record Date; Persons Entitled to Vote** 

You will be entitled to vote or direct votes to be cast at the Special Meeting if you owned shares of MAC Common Stock at the close of business on , 2023, which is the record date for the Special Meeting. You are entitled to one vote for each share of MAC Common Stock that you owned as of the close of business on the record date. If your shares are held in "street name" or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. On the record date, there were shares of MAC Common Stock outstanding, of which were shares of MAC Class A Common Stock and were shares of MAC Class B Common Stock held by the Sponsor.

The Sponsor and the executive officers and directors of MAC have agreed to vote all of their shares of MAC Common Stock in favor of the Business Combination Proposal and the other Stockholder Proposals. The Anchor Investors are not required to vote any of their public shares in favor of our initial business combination or for or against any other matter presented for a stockholder vote. MAC's issued and outstanding Public Warrants do not have voting rights at the Special Meeting.

**Quorum and Required Vote for Proposals** 

A quorum of MAC's stockholders is necessary to hold a valid meeting. A quorum will be present at the Special Meeting if a majority of the MAC Common Stock outstanding and entitled to vote at the meeting is virtually present in person or by proxy. Abstentions will count as present for the purposes of establishing a quorum.

The approval of each of the Business Combination Proposal, the Adjournment Proposal and Proposals No. 2b and No. 2c of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. The approval of Proposal No. 2a of the Organizational Document Proposals requires the affirmative vote in person (which would

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include presence at a virtual meeting) or by proxy of (i) the holders of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting separately, and (ii) the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, in each case present and entitled to vote at the Special Meeting and voted in connection with such proposal.

As of the record date for the Special Meeting, shares of MAC Common Stock will be required to achieve a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy (or your broker, bank or other nominee submits one on your behalf) or if you vote online at the virtual Special Meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, a majority of the shares represented by stockholders virtually present at the Special Meeting or by proxy may authorize adjournment of the Special Meeting to another date. As of the date of this proxy statement/prospectus, the Sponsor beneficially owns an aggregate of approximately 69% of the outstanding shares of MAC Common Stock. The Sponsor has agreed to vote all of its shares of MAC Common Stock in favor of the Business Combination and each of the Stockholder Proposals.

See "*Special Meeting of MAC Stockholders — Quorum and Required Vote for Proposals*" contained elsewhere in this proxy statement/prospectus for more information.

**Abstentions and Broker Non-Votes** 

Under the rules of various national and regional securities exchanges, your broker, bank or nominee cannot vote your shares with respect to non-discretionary matters unless you provide instructions on how to vote in accordance with the information and procedures provided to you by your broker, bank or nominee. MAC believes the Stockholder Proposals presented to its stockholders will be considered nondiscretionary and therefore your broker, bank or nominee cannot vote your shares without your instruction. If you do not provide instructions with your proxy, your bank, broker or other nominee may deliver a proxy card expressly indicating that it is NOT voting your shares; this indication that a bank, broker or nominee is not voting your shares is referred to as a "broker non-vote."

Abstentions and broker non-votes will be counted for purposes of determining the presence of a quorum at the Special Meeting of MAC stockholders.

**Revoking Your Proxy** 

If you have submitted a proxy to vote your shares and wish to change your vote, you may do so by delivering a later-dated, signed proxy card to MAC's secretary prior to the date of the Special Meeting or by voting online at the virtual Special Meeting. Attendance at the Special Meeting alone will not change your vote. You also may revoke your proxy by sending a notice of revocation to MAC's secretary at the above address.

**Appraisal or Dissenters' Rights** 

No appraisal or dissenters' rights are available to holders of shares of MAC Class A Common Stock or Public Warrants in connection with the Business Combination.

**Solicitation of Proxies** 

MAC will pay the cost of soliciting proxies for the Special Meeting. MAC has engaged Advantage Proxy to assist in the solicitation of proxies for the Special Meeting. MAC has agreed to pay Advantage Proxy a fee of

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$10,000. MAC will reimburse Advantage Proxy for reasonable out-of-pocket expenses in the amount of $1,500 and will indemnify Advantage Proxy and its affiliates against certain claims, liabilities, losses, damages and expenses. MAC also will reimburse banks, brokers and other custodians, nominees and fiduciaries representing beneficial owners of shares of MAC Common Stock for their expenses in forwarding soliciting materials to beneficial owners of MAC Common Stock and in obtaining voting instructions from those owners. MAC's directors, officers and employees may also solicit proxies by telephone, by facsimile, by mail, on the Internet or in person. They will not be paid any additional amounts for soliciting proxies.

**Stock Ownership** 

As of the date of this proxy statement/prospectus, the Sponsor beneficially owns an aggregate of approximately 69% of the outstanding shares of MAC Common Stock, including 76% of the outstanding shares of MAC Class B Common Stock. The Sponsor has agreed to vote all of its shares of MAC Common Stock in favor of the Business Combination and each of the Stockholder Proposals.

**Emerging Growth Company** 

New MAC is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, New MAC will be 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 stockholder 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 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.

Additionally, MAC, New MAC and the DePalma Companies are each a "smaller reporting company" as defined in Rule 10(f)(1) of Regulation SK. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.

New MAC 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 closing of MAC's IPO, (b) in which MAC has total annual gross revenue of at least $1.235 billion or (c) in which New MAC is deemed to be a "large accelerated filer" under the rules of the SEC which, in addition to certain other criteria, means the market value of MAC's common equity that is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year's second fiscal quarter; and (2) the date on which New MAC has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

**Anticipated Accounting Treatment of the Business Combination** 

[●]

**Regulatory Matters** 

Under the HSR Act and the rules that have been promulgated thereunder by the U.S. Federal Trade Commission ("<u>FTC</u>"), certain transactions, including the Business Combination, may not be consummated unless

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notifications have been given and information has been furnished to the Antitrust Division of the Department of Justice ("<u>Antitrust Division</u>") and the FTC and certain statutory waiting period requirements have been satisfied. The Business Combination is subject to these requirements and may not be completed until the expiration of a 30-day waiting period following the two filings of the required Notification and Report Forms with the Antitrust Division and the FTC or until early termination is granted. On [●], 2023, the DePalma Companies filed the required forms under the HSR Act with respect to the Business Combination with the Antitrust Division and the FTC and requested early termination. Consequently, the required waiting period expired at 11:59 p.m. Eastern Time on [●], 2023.

At any time before or after consummation of the Business Combination, notwithstanding termination of the respective waiting periods under the HSR Act, the Antitrust Division or the FTC, or any state or foreign governmental authority could take such action under applicable antitrust laws as such authority deems necessary or desirable in the public interest, including seeking to enjoin the consummation of the Business Combination, conditionally approving the Business Combination upon divestiture of assets, subjecting the completion of the Business Combination to regulatory conditions or seeking other remedies. Private parties may also seek to take legal action under the antitrust laws under certain circumstances. MAC, New MAC and the DePalma Companies cannot assure you that the Antitrust Division, the FTC, any state attorney general or any other government authority will not attempt to challenge the Business Combination on antitrust grounds, and, if such a challenge is made, MAC, New MAC and the DePalma Companies cannot assure you that it would not be successful.

Neither MAC, New MAC nor DePalma are aware of any material regulatory approvals or actions that are required for completion of the Business Combination other than the expiration or early termination of the waiting period under the HSR Act. It is presently contemplated that if any such additional regulatory approvals or actions are required, those approvals or actions will be sought. There can be no assurance, however, that any additional approvals or actions will be obtained.

**Sources and Uses of Funds for the Business Combination** 

The following tables summarize the sources and uses for funding the Business Combination (i) assuming that none of the outstanding shares of MAC Class A Common Stock are redeemed in connection with the Business Combination and (ii) assuming that all of the outstanding shares of MAC Class A Common Stock are redeemed in connection with the Business Combination. For an illustration of the number of shares and percentage interests outstanding under each scenario see the section entitled "*Unaudited Pro Forma Condensed Combined and Consolidated Financial Information*."

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| | | | |
|:---|:---|:---|:---|
| **No Redemption**<br>**Sources of Funds**<br> **(in millions)** | | <br>**Uses**<br> **(in millions)** | |
|  Existing cash and cash held in the Trust<br>Account | $10 | Aggregate share consideration issued to DePalma shareholders<sup>(1)</sup> | $751 |
|  DePalma Equityholder rollover | 773 | Transaction and other costs | 12 |
|  |  | Cash to combined company Balance Sheet | 20 |
|  **Total Sources** | $783 | **Total Uses** | $783 |

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| | | | |
|:---|:---|:---|:---|
| **Maximum Redemption**<br>**Sources of Funds**<br> **(in millions)** | | <br>**Uses**<br> **(in millions)** | |
|  DePalma Equityholder rollover | $773 | Aggregate share consideration issued to DePalma stockholders<sup>(1)</sup> | $751 |
|  |  | Transaction and other costs | 12 |
|  |  | Cash to combined company Balance Sheet | 10 |
|  **Total Sources** | $773 | **Total Uses** | $773 |

---

(1) Aggregate share consideration issued to DePalma Equityholders, net of cash acquired

**Underwriting Fees as a Percentage of IPO Proceeds Net of Redemptions** 

---

| | | |
|:---|:---|:---|
|  | **No<br>Redemptions<sup>(1)</sup>** | **Maximum<br>Redemptions<sup>(2)</sup>** |
|  IPO underwriting fees<sup>(3)</sup> | $— | $— |
|  IPO proceeds net of redemptions | $— | $— |
|  Underwriting fees as a % of IPO proceeds net of redemptions | % | % |

---

(1) Assumes that no shares of MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Reflects $[●] of deferred underwriting commission payable upon consummation of the Business Combination.

**Summary of Risk Factors** 

You should consider all the information contained in this proxy statement/prospectus in deciding how to vote for the proposals presented in this proxy statement/prospectus. These risks are discussed more fully in the section entitled "*Risk Factors*" following this summary. If any of these risks actually occur, MAC's or DePalma's business, financial condition or results of operations would likely be materially adversely affected. These risks include, but are not limited to, the following:

***Risks Related to DePalma's Business***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's business is heavily concentrated in loans secured by taxicab medallions as well as owned
medallions in which it directly or indirectly owns, or has the right to acquire, all of which carry a high risk of loss and could be adversely affected by an economic downturn as well as the regulatory policies of the City of New York and the TLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's balance sheet consists substantially of loans secured by taxicab medallions, which historically
have been associated with significant delinquency rates and risk of default. If DePalma is unable to recover meaningful amounts relative to its acquisition prices on loans in default, its results of operations could be adversely impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The mobility industry is highly competitive, with many well-established, low-cost alternatives, including government-run/based mass transportation options, low switching costs, and well-capitalized competitors in nearly every major geographic
region. If taxis are unable to compete effectively for drivers and passengers in this industry, DePalma's business and financial prospects would be adversely impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantially all of DePalma's medallion loans that are not participating in the MRP+ are in default and non-performing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma may not be able to fully realize the benefits of its participation in the MRP+, which may adversely
affect its financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the MRP+, a "loan enhancement administrator" is required to release funds from the Reserve Fund
to pay contractual monthly payments to pay any deficiencies on outstanding amounts owed to the lender upon completion of a disposition of the collateral. If the loan enhancement administrator defaults on its obligation to release those funds, or if
the Reserve Fund is depleted without the City of New York making further appropriations to restore it, DePalma's operations and loan portfolio may be impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in DePalma's medallion loan portfolio and owned medallions may adversely affect its
business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma has a limited operational history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in taxicab industry regulations that result in the issuance of additional medallions or increases in the
expenses involved in operating a medallion could lead to a decrease in the value of DePalma's medallion loan collateral or DePalma's owned medallions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current regulations or proposed regulations in the City of New York that are favorable to taxicabs may change or
cease to be in effect, which could negatively impact DePalma's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of DePalma's geographic concentration, its business may be adversely affected if the New York
City taxicab industry experiences a sustained economic downturn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in fuel, food, labor, energy and other costs due to inflation and other factors could adversely affect
DePalma's operating results. In addition, supply chain disruptions may make expansion and maintenance of its existing taxi fleet challenging or prohibitively expensive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of economic conditions, including the resulting effect on discretionary consumer spending, may harm
DePalma's business and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If autonomous vehicle technologies continue to improve and provide passengers with additional transportation
alternatives, and the taxi industry fails to adapt to the use of autonomous vehicle technologies, DePalma's financial performance and prospects would be adversely impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma is subject to climate change risks, including physical and transitional risks, and if it is unable to
manage such risks, its business may be adversely impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Central Business District Tolling Program, if implemented, could result in significantly increased costs to
operate taxis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decreases in the value of DePalma's medallion loan collateral, including the impact on loans in process of
foreclosure, have had, and may continue to have, a material adverse effect on DePalma's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainty relating to the reporting of medallion collateral values for DePalma's loans may adversely
affect the value of DePalma's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decreases or increases in prevailing interest rates could adversely affect DePalma's business, its cost of
capital and its net interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's third-party service providers are increasingly dependent on information technology and their
ability to process data in order to operate, and if DePalma (or its third-party service providers) are unable to protect against software and hardware vulnerabilities, service interruptions, data corruption, cyber-based attacks, ransomware or
security breaches, or if it fails to comply with its commitments and assurances regarding the privacy and security of such data, its operations could be disrupted, its ability to provide its services could be interrupted, its reputation may be
harmed and it may be exposed to liability and loss of customers and business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lending to individual taxi owners/operators, taxi fleet operators or passive investors involves a high degree of
risk and is highly speculative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the regulations and interpretations of existing regulations applicable to small business lending could
negatively impact DePalma's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's portfolio is, and DePalma expects it to continue to be, concentrated in the NYC taxicab medallion
industry and sector, which will subject it to a risk of significant loss by a downturn in the particular industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma depends on the accuracy and completeness of information about borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance providers may not be able to service DePalma's claims. DePalma relies on a limited number of
third-party insurance service providers for its insurance claims, and if such providers fail to service insurance claims to DePalma's expectations or DePalma does not maintain business relationships with them, its business, financial condition
and results of operations could be adversely affected.

***Risks Related to DePalma's Growth and Operations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competition with other lenders could adversely affect DePalma.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Terrorist attacks, other acts of violence or war, public health crises, political crises, natural disasters and
other unexpected events may affect any market for DePalma's securities, impact the businesses in which we invest, and harm its operations and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ongoing coronavirus, or COVID-19, pandemic, and the related
significant negative impact on the global economy and financial markets, have had and could further have a material adverse impact on DePalma's business, operating results, and financial condition, particularly given DePalma's
concentration in the lending business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's business is heavily reliant on the services provided by our Manager and Field Point, and any
disruption to them or to its relationship with either of them could adversely affect its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misconduct by current or former affiliates' employees and service providers could expose DePalma to
significant legal liability and reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma may in the future pursue new strategies and lines of business that are not taxicab-related, and it may
face enhanced risks as a result of these changes in strategy, including from transacting with a broader array of customers and exposure to new assets, activities and markets.

***Risks Related to DePalma's Regulation and Litigation***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma operates in a highly regulated environment, and if it is found to be in violation of any of the federal,
state, or local laws or regulations applicable to it, its business could suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Litigation or legal proceedings could expose DePalma to significant liabilities and have a negative impact on its
reputation or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations relating to privacy, information security and data protection could increase DePalma's costs,
affect or limit how it collects and uses personal information and adversely affect its business opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in statutory, regulatory, accounting, and other legal requirements, including changes in accounting
principles generally accepted in the United States, could potentially impact DePalma's operating and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in DePalma's tax obligations and effective tax rate and realization of its deferred tax assets
may result in volatility of DePalma's operating results and adversely affect its financial condition.

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**SELECTED HISTORICAL FINANCIAL INFORMATION OF THE DEPALMA COMPANIES** 

The information presented below is derived from DePalma I and DePalma II financial statements included elsewhere in this proxy statement/prospectus as of and for the years ended December 31, 2022 and 2021, respectively.

Neither DePalma I's historical results nor DePalma II's historical results are not necessarily indicative of the results that may be expected for any other period in the future. The information below is only a summary and should be read in conjunction with the section entitled *"Management's Discussion and Analysis of Financial Condition and Results of Operations of DePalma"* as well as DePalma I's financial statements, and the notes and schedules related thereto, and DePalma II's financial statements, and the notes and schedules related thereto, each of which are included elsewhere in this proxy statement/prospectus.

**DePalma Acquisition I LLC** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Consolidated Statements of Operations Data:** |  |  |
|  Total investment income |  | $3255 |
|  Total expenses |  | 7851 |
|  Net investment income (loss) |  | (4596) |
|  Net realized and unrealized gains |  | 17276 |
|  Net increase in members capital from operations |  | 12680 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Consolidated Statements of Assets and Liabilities Data:** |  |  |
|  Total assets |  | $501918 |
|  Total liabilities |  | 1647 |
|  Total members capital ([●] and 313,604,631 units outstanding as of December 31, 2022 and 2021) |  | 500271 |
|  Total liabilities and members capital |  | 501918 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Consolidated Statements of Cash Flows Data:** |  |  |
|  Net cash provided by operating activities |  | $27688 |
|  Net cash used in financing activities |  | (60215) |

---

**DePalma Acquisition II LLC** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Consolidated Statements of Operations Data:** |  |  |
|  Total investment income |  | $219 |
|  Total expenses |  | 325 |
|  Net investment income (loss) |  | (105) |
|  Net realized and unrealized gains |  | 12455 |
|  Net increase in members capital from operations |  | 12350 |

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---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Consolidated Statements of Assets and Liabilities Data:** |  |  |
|  Total assets |  | $178849 |
|  Total liabilities |  | $122 |
|  Total members capital ([●] and 166,577,412 units outstanding as of December 31, 2022 and 2021) |  | $178727 |
|  Total liabilities and members capital |  | $178849 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Consolidated Statements of Cash Flows Data:** |  |  |
|  Net cash (used in) operating activities |  | $(4594) |
|  Net cash provided by financing activities |  | $4365 |

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**SELECTED HISTORICAL FINANCIAL INFORMATION OF MAC** 

The following tables show selected historical financial information of MAC for the periods and as of the dates indicated. The selected financial information of MAC was derived from the historical financial statements of MAC included elsewhere in this proxy statement/prospectus.

This information is only a summary and should be read in conjunction with MAC's financial statements and related notes and the sections entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of MAC*" included elsewhere in this proxy statement/prospectus. The historical results included below and elsewhere in this proxy statement are not indicative of the future performance of MAC.

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Statement of Operations Data:** |  |  |
|  Revenue, net |  | $— |
|  Total operating expenses |  | $504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) from continuing operations |  | $(504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense) |  | $236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) |  | $(268) |
|  Net loss per share (basic and diluted) |  | $(0.01) |
|  Weighted average number of shares outstanding (basic and diluted) |  | 10529533 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Balance Sheet Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $302481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | $15598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' deficit |  | $(14616) |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Statement of Cash Flows Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities |  | $(739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | $(301500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | $302619 |

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This proxy statement/prospectus includes statements that express MAC's and DePalma's opinions, expectations, hopes, beliefs, plans, intentions, objectives, strategies, assumptions or projections regarding future events or future results of operations or financial condition and therefore are, or may be deemed to be, "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "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 appear in a number of places throughout this proxy statement/prospectus and include statements regarding MAC's and DePalma's intentions, beliefs or current expectations concerning, among other things, the Business Combination, the benefits of the Business Combination, including anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, the markets in which the DePalma Companies operate as well as any information concerning possible or assumed future results of operations of New MAC after the consummation of the Business Combination. Such forward-looking statements are based on available current market material and management's expectations, beliefs and forecasts concerning future events impacting MAC, DePalma and New MAC. Factors that may impact such forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC's limited operating history, which may make it difficult to successfully execute its strategic
initiatives and accurately evaluate future risks and challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC's failure to attract new borrowers or retain existing borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in costs and economic activity, especially in New York City;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of confidential data from customers and employees, which may subject New MAC to litigation, liability or
reputational damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to successfully compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to properly manage growth and relationships with various business partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to protect against software or hardware vulnerabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to raise additional capital to develop the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the COVID-19 pandemic, including supply chain
disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of one or more of New MAC's executive officers and other key employees at the Manager and Field
Point;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to hire and retain qualified employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with federal, state and local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties' ability to consummate the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated timing of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected benefits of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor has agreed to vote in favor of the business combination, regardless of how MAC's Public
Stockholders vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Anchor Investors are not required to vote any of their public shares in favor of the business combination or
for or against any other matter presented for a stockholder vote;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor and certain of MAC's directors and officers have interests in the business combination that are
different from or are in addition to other stockholders in recommending that stockholders vote in favor of approval of the business combination proposal and approval of the other proposals described in this proxy statement/prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties indicated in this proxy statement/prospectus, including those set forth under the
section entitled "*Risk Factors*."

The forward-looking statements contained in this proxy statement/prospectus are based on MAC's and DePalma's current expectations and beliefs concerning future developments and their potential effects on the Business Combination and New MAC. There can be no assurance that future developments affecting MAC, DePalma and/or New MAC will be those that MAC or DePalma has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond either MAC's or DePalma's 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 the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. MAC, the DePalma Companies and New MAC will not undertake any 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.

Before a stockholder grants its proxy, instructs how its vote should be cast or votes on the Business Combination Proposal or the Adjournment Proposal, it should be aware that the occurrence of the events described in the "*Risk Factors*" section and elsewhere in this proxy statement/prospectus may adversely affect MAC, the DePalma Companies and/or New MAC.

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**RISK FACTORS** 

*You should carefully review and consider the following risk factors and the other information contained in this proxy statement/prospectus, including the financial statements and notes to the financial statements included herein, in evaluating the Business Combination and the proposals to be voted on at the special meeting. Certain of the following risk factors apply to the business and operations of the DePalma Companies and will also apply to the business and operations of New MAC following the consummation of the Business Combination. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may adversely affect the ability to complete or realize the anticipated benefits of the Business Combination, and may have a material adverse effect on the business, cash flows, financial condition and results of operations of New MAC following the Business Combination. The risks discussed below may not prove to be exhaustive and are based on certain assumptions made by MAC and the DePalma Companies that later may prove to be incorrect or incomplete. MAC, the DePalma Companies and New MAC may face additional risks and uncertainties that are not presently known to such entity, or that are currently deemed immaterial, which may also impair our business or financial condition. As used in this subsection, "we," "us," "our" or "DePalma" refer to the current business and operations of the DePalma Companies prior to the Business Combination, and to the business of New MAC and its subsidiaries following the consummation of the Business Combination.* 

**Risks Related to DePalma's Business** 

***Our business is heavily concentrated in loans secured by taxicab medallions as well as directly and indirectly owned medallions (collectively, the "<u>owned medallions</u>"), which carry a high risk of loss and could be adversely affected by an economic downturn as well as the regulatory policies of the City of New York and the New York City Taxi and Limousine Commission.***

Our business is heavily concentrated in medallion collateralized lending and owned medallions, including leasing medallions to fleets or other drivers. As a result, we are more susceptible to fluctuations and risks particular to the New York City taxicab industry than a more diversified company, including as a result of the COVID-19 pandemic. For example, our business is particularly sensitive to macroeconomic conditions that affect the U.S. economy, travel and tourism as well as those that affect the City of New York. We are also more susceptible to the risks of increased regulations and legal and other regulatory actions that are targeted at the for-hire-vehicle, taxicab or automotive industry. Our business concentration could lead to developments that may have a material adverse effect on our results of operations.

By its nature, medallion collateralized lending to sole proprietors that own cars, fleet operators who own and operate cars, and leasing medallions to fleets or other drivers involves high risk of loss. Although the net interest margins are intended to be higher to compensate us for this increased risk, an economic downturn could result in higher loss rates and lower returns than expected, and could affect the profitability of our medallion loan portfolios. During periods of economic slowdown, delinquencies, defaults, repossessions, and losses generally increase, and may reduce discretionary spending in areas such as recreation and tourism, which would have a detrimental effect on the taxicab industry, which would in turn impact the value of taxicab medallions. In addition, during an economic slowdown or recession, our servicing costs may increase without a corresponding increase in our net interest income.

Furthermore, our business is significantly affected by monetary and regulatory policies of the U.S. Federal Government and its agencies, the monetary and regulatory policies of the State of New York and its agencies as well as the regulatory policies of the City of New York, particularly regulations promulgated by the New York City Taxi and Limousine Commission ("<u>TLC</u>"). For example, since 2017, New York State, New York City Council and the TLC have made several changes to the medallion classes and regulations forcing greater transparency and equal regulation among transportation companies, including; eliminating the distinction between individual and corporate medallions, temporarily capping the number of ride-sharing licenses,

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minimum-wage regulations for for-hire vehicle ("<u>FHV</u>") companies, and congestion pricing. The long-term impact of these changes is still uncertain. Changes in any of these policies are influenced by macroeconomic conditions and other factors that are beyond our control and could have a material adverse effect on us through interest rate changes, costs of compliance with increased regulation, and other factors. All medallion owners must be approved by TLC, and if we fail to follow TLC regulations and registration requirements, we may lose our license as a medallion leasing agent and taxi fleet operator or receive fines or face other costly penalties, which may have a material adverse effect on our business.

The process we use to estimate losses inherent in our credit exposure requires complex judgments, including forecasts of economic conditions and how those economic conditions might impair the ability of our borrowers to repay their loans. Historically, we have not used the Cecil implementation of loss reserving, which is used by other specialty financing companies and requires us to have to book all losses for all loan loss reserves because we may not recover on the full amount of a loan. However, in many instances with loans in our portfolio, we do not expect to recover on the full amount of such a loan because we acquired the loans at a meaningful discount to its unpaid principal balance through our historical portfolio acquisitions. We have historically and per audits have used fair value accounting to value our medallion loan portfolios and medallions. The degree of uncertainty concerning economic conditions may adversely affect the accuracy of our estimates, which may, in turn, impact the reliability of the process and the quality of our assets.

***Our balance sheet consists substantially of loans secured by taxicab medallions, which historically have been associated with significant delinquency rates and risk of default. If we are unable to recover meaningful amounts relative to our acquisition prices on loans in default, our results of operations could be adversely impacted.***

Our balance sheet consists substantially of loans secured by taxicab medallions, which historically have been associated with higher than average delinquency rates and defaults as substantially all of the loans were acquired after they had defaulted. As of January 27, 2023, we held approximately $864.2 million in aggregate of NYC taxicab medallion loans including MRP+ Loans and Non-MRP+ Loans, of which approximately 95% of Non-MRP+ Loans by medallion count were in default. Defaulted loans may result in foreclosure or sale at auction of the medallions securing such loans, which may result in us collecting less interest income over the original stated life of the loan*.*** For many loans in default we may attempt to restructure the debt to bring it out of default or attempt to recover meaningful amounts in other ways, however these methods may not be successful. If we fail to realize enough value on loans in default to cover the price we paid to acquire the loans in the secondary market and service these loans then our results of operations could be adversely impacted. The actual rates of delinquencies, defaults, repossessions, and losses on these loans could be more dramatically affected by a general economic downturn.

As described in more detail in the section "*Information About DePalma,"* a significant portion of our loans are backed by a Supplemental Loan Deficiency Guaranty, which is a program that was established to benefit participating NYC medallion loan lenders like us by providing municipal credit support in the event of defaults by eligible and participating taxi medallion owners ("<u>MRP+</u>"). Although the MRP+ is designed to eliminate the risk of incurring losses from borrowers in default, the MRP+ may not be successful, or as successful as we anticipate. While the original deadline to sign up to participate in the MRP+ has ended on January 31, 2023, as of the date of this proxy statement/prospectus, new rules are being implemented to extend this until June 30, 2023. If additional borrowers cannot participate in the MRP+, our operations will be adversely affected. Additionally, we may in the future have loan portfolios that do not consist of loans acquired in the secondary market at discount prices.

We also have Non-MRP+ Loans. ****We may not be able to efficiently resolve an adequate number of Non-MRP+ Loans. If a borrower defaults on their loan, the medallion could be foreclosed on or sold at auction, which could result in us receiving less income than expected. Our ability to efficiently resolve the amount of any medallion loans on beneficial terms may impact our business and results of operations by not producing cash in the short term.

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***The mobility industry is highly competitive, with many well-established, low-cost alternatives, including government-run/based mass transportation options, low switching costs, and well-capitalized competitors in nearly every major geographic region. If taxis are unable to compete effectively for drivers and passengers in this industry, our business and financial prospects would be adversely impacted.***

Our business, which consists of originating, acquiring, restructuring and owning loans secured by taxicab medallions or the medallions themselves is entirely based in the mobility industry. Taxis face significant competition in the mobility industry from existing, well-established, and low-cost alternatives, and in the future we expect taxis to face competition from new market entrants. In addition, within the mobility market, the cost for consumers to switch between modes of transportation is low. Passengers have a propensity to shift to the lowest-cost or highest-quality provider and drivers have a propensity to shift to the platform with the highest earnings potential. Drivers who have medallion loans are often more reluctant to shift platforms as a consequence of their loans, although this does not necessarily mean that they won't default on their loans.

For example, ridesharing applications, or ridesharing apps, including Uber and Lyft, utilized by for-hire vehicles were introduced in the City of New York in 2011 and continue to expand domestically and globally. Many of these ridesharing companies operate outside of the regulatory regime which we and our borrowers operate. As a result, there is an increased risk of competition because such companies are able to pass the cost savings of not having to comply with certain regulations to its passengers. As competitors introduce new products and offerings, and as existing products evolve, taxis expect to become subject to additional competition. In addition, taxi competitors may adopt certain product features, or may adopt innovations that drivers and passengers value more highly than that offered by taxis, which would render taxis less attractive.

With regard to passengers, taxis compete with personal vehicle ownership and usage and ridesharing companies, including Uber and Lyft. In addition, public transportation can be a superior substitute to taxis for passengers and in many cases, offers a faster and lower-cost travel option in many cities, including the City of New York where the majority of our taxi medallions are based. The City of New York and other major metropolitan areas may also encourage persons to utilize non-automotive transportation, such as walking and biking, by improving bicycle lanes and pedestrian walkways. The City of New York and other major metropolitan areas have launched pilot programs to provide free or subsidized bike and scooter rentals. Taxis also compete with other traditional transportation services and for hire vehicles, such as livery and other car services.

In the case of drivers, the primary competition for fleet operators is the ride-sharing companies such as Uber and Lyft, along with Street-hail Liveries, known colloquially in the City of New York as "Green Taxis," although Green Taxis are not available in the Borough of Manhattan.

Many of the taxi industry's competitors are well-capitalized and offer discounted services, driver incentives, passenger discounts and promotions, innovative products and offerings, and alternative pricing models, which may be more attractive to passengers than those offered by taxis. In addition, we currently benefit from certain regulations and proposals in the City of New York that are favorable to taxicabs and unfavorable to ride-share companies, see "*Current regulations or proposed regulations in the City of New York that are favorable to taxicabs may change or cease to be in effect, which could negatively impact our business."* We cannot guarantee these regulations will remain unchanged and in force, and if they were to change it may be in a way that increases the competition for taxicabs.

For all of these reasons, changing consumer and driver preferences about modes of transportation and/or other alternatives for drivers (such as ride-share) could have an impact on borrowers' ability to service debt on a medallion which could impact the value of our owned medallions and the medallions underlying the loans and the ability of borrowers to pay off medallion loans, both of which would adversely affect our results of operations.

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***Substantially all of our medallion loans that are not participating in the MRP+ are in default and non-performing.***

As of January 27, 2023, 95% of our Non-MRP+ medallion loan portfolio was 90 days or more past due based on the number of medallions that are collateral for the loans. While historically we have been successful in restructuring, reperforming or resolving defaulted loans, either by restructuring eligible loans into the MRP+ or via other forms of resolution, our ability to continue such programs is uncertain and subject to many risks, including litigation, foreclosure and ultimate collateral values. For example, foreclosure processes are often lengthy and expensive, and the results of foreclosure processes may be uncertain, as claims may be asserted by the relevant borrower or by other creditors or investors in such borrower that interfere with enforcement of our rights, such as claims that challenge the validity or enforceability of our medallion loan or the priority or perfection of our security interests. Although it has not been our experience to date, our borrowers may attempt to file suit to stop or delay foreclosure actions by asserting numerous claims, counterclaims and defenses against us, including, without limitation, lender liability claims and defenses, even when the assertions may have no merit, in an effort to prolong the foreclosure action and seek to force us into a modification or buy-out of our loan for less than we are owed. Additionally, the transfer of certain collateral to us may be limited or prohibited by applicable laws and regulations. Even if we are successful in foreclosing on collateral property securing our medallion loans, the liquidation proceeds upon sale of the underlying medallions or other collateral may not be sufficient to recover our loan. Any costs or delays involved in the foreclosure on the collateral asset will reduce the net proceeds realized and, thus, increase the potential for loss.

***We may not be able to fully realize the benefits of our participation in the MRP+, which may adversely affect our financial performance.***

As of January 2023, 34% of our current medallion loans based on the number of NYC medallions that are either collateral to medallion loans or that we own, have participated in the MRP+, which is a Supplemental Loan Deficiency Guaranty program that was established to benefit participating NYC medallion loan lenders by providing municipal credit support in the event of defaults by eligible and participating taxi medallion owners. As part of this initiative, a reserve fund was established (the "<u>Reserve Fund</u>") in 2022. Initially funded with $49,000,000, the City of New York's obligations to replenish the Reserve Fund shall be subject to and dependent upon appropriations being made from time to time by the New York City Council for such purpose. The City of New York is not legally required to appropriate such funds, and the ability of the City of New York to replenish the Reserve Fund may depend on various factors, including the financial condition of the City of New York at the time. As of the date of this proxy statement/prospectus, no additional funding in excess of the initial funding has been committed. The initial funding amount may fall short, and until the program is closed and all participants and statistics are quantified we are unable to estimate how long the initial $49,000,000 grant will last As a result, the amount held in the Reserve Fund may not be sufficient to support all of the loans participating in the MRP+ in need of debt relief.

The Reserve Fund is not a guarantee of the City of New York to repay the MRP+ Loans, nor is it an asset of the Company nor pledged to the Company. Furthermore, the City of New York's agreement to replenish the Reserve Fund is not a debt of the City of New York under or within the meaning of the New York State Constitution or the Local Finance Law of the State, nor are the MRP+ Loans deemed to be debts of the City of New York. As a result, the City of New York has no obligation to pay principal of or interest on any of the MRP+ Loans.

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***Under the MRP+, a "loan enhancement administrator" is required to release funds from the Reserve Fund to pay contractual monthly payments to pay any deficiencies on outstanding amounts owed to the lender upon completion of a disposition of the collateral. If the loan enhancement administrator defaults on its obligation to release those funds, or if the Reserve Fund is depleted without the City of New York making further appropriations to restore it, our operations and loan portfolio may be impacted.***

To the extent the MRP+'s loan enhancement administrator defaults on its obligations on administering the program, such default could result in litigation or subject us to delays in collecting payments due to us as a result of our participation in MRP+.

***The lack of liquidity in our medallion loan portfolio and owned medallions may adversely affect our business.***

The illiquidity of our loan portfolio and owned medallions may adversely affect our ability to dispose of these assets at times when it may be advantageous for us to monetize their value, or at any time. In addition, if we were required to liquidate some or all of the medallion loans or owned medallions, the proceeds of such liquidation may be significantly less than the current value of such assets. Because we may borrow money to make or acquire medallion loans and other assets, our net operating income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our interest income. In periods of sharply rising interest rates, our cost of funds would increase, which would reduce our net operating income before net realized and unrealized gains and materially affect our results of operations.

***We have a limited operational history.***

DePalma I and DePalma II were organized as Delaware limited liability companies in 2018. We have a limited history upon which an evaluation of our prospects and future performance can be made. Our ongoing and future operations are subject to all business risks associated with new enterprises. The likelihood of our success must be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection with the expansion of a business operation, and the continued development of a business strategy and customer base. This is compounded by the fact that we operate in the mobility industry, which is a rapidly transforming sector. There is a possibility that we could sustain losses in the future, and there are no assurances that we will operate profitably in the future.

Additionally, given our limited operational history, our recent financial performance may not be indicative of our future performance including the future impact of being a public company.

***Changes in taxicab industry regulations that result in the issuance of additional medallions or increases in the expenses involved in operating a medallion could lead to a decrease in the value of our medallion loan collateral or our owned medallions.***

Every city in which we own medallion loans and medallions, including and primarily the City of New York, and most other major cities in the United States, limits the supply of taxicab medallions. This regulation results in supply restrictions that support the value of medallions. Actions that loosen these restrictions and result in the issuance of additional medallions into a market could decrease the value of medallions in that market. If this were to occur, the value of the collateral securing our then-outstanding medallion loans and owned medallions in that market could be adversely affected. While we do not believe there are plans to issue new medallions in the future, we are unable to forecast with any degree of certainty whether any other potential increases in the supply of medallions will occur.

In the City of New York and in other markets where we own medallion loans and medallions, taxicab fares are generally set by government agencies. Expenses associated with operating taxicabs are largely unregulated. As a result, the ability of taxicab operators to recoup increases in expenses is limited in the short term. Escalating

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expenses, such as rising gas prices, can render taxicab operations less profitable, could cause borrowers to default on loans from us, and could potentially adversely affect the value of our collateral and our owned medallions. On December 19, 2022, the TLC implemented a fare increase for passengers of NYC taxicabs. Per the TLC, they expect the impact of such increase to result in passenger fares to increase by 22.9% and an increase in driver revenue of 33.3%.

***Current regulations or proposed regulations in the State and City of New York that are favorable to taxicabs may change or cease to be in effect, which could negatively impact our business.***

In December 2018, the TLC implemented a per-mile and per-minute minimum trip payment formula, designed to establish a minimum pay standard, for drivers providing for-hire services the City of New York, such as those provided by drivers on ride-sharing platforms. These minimum rates took effect in February 2019. Since implementation, these regulations have had an adverse impact on the performance of ride-share providers in the City of New York and may continue to do so in the future. In August 2018, the New York City Council voted to approve various measures to further regulate ride-share providers, including driver earning rules and licensing requirements.

Additionally, in October 2021, the City of New York proposed certain legislation requiring any autonomous cars operated by ridesharing companies to still require a valid medallion. There can be no guarantee that such legislation will be passed and go into effect.

Currently, the aggregate number of medallions in NYC is capped at the current status quo, and thus our share of the medallion market remains stable and somewhat insulated from competition from other collateralized medallion lenders. However, if TLC created more medallions, there could be increased risk of competition from other collateralized medallion lenders or the value of existing medallions could decline as a result of increased medallion supply. See "*Information About DePalma*" for more information.

We cannot predict the status of these and other similar regulations in the future, and if the resulting regulations are not favorable to taxicabs it may negatively impact our business operations by causing borrowers to default on loans from us and adversely affecting the value of our collateral and our owned medallions.

***As a result of our geographic concentration, our business may be adversely affected if the New York City taxicab industry experiences a sustained economic downturn.***

Substantially all of our revenue and asset value is derived from NYC medallion loans collateralized by NYC taxicab medallions and owned NYC medallions. An economic downturn in the NYC taxicab industry could lead to an increase in defaults by our loan borrowers on our medallion loans and lower cash flows on all of our medallion assets. We cannot assure you that we will be able to sufficiently diversify our operations outside of the NYC taxicab market.

***Increases in fuel, food, labor, energy, and other costs due to inflation and other factors could adversely affect our operating results. In addition, supply chain disruptions may make expansion and maintenance of our existing taxi fleet challenging or prohibitively expensive.***

Factors such as inflation, increased fuel prices, and increased vehicle purchase, rental, or maintenance costs, including increased prices of new and used vehicle parts as a result of recent global supply chain challenges, may increase the costs incurred by taxi drivers. Similarly, factors such as inflation, increased food costs, increased labor costs, increased rental costs, and increased energy costs may increase driver operating costs. In many cases, these increased costs may cause taxis to spend less time providing service. Likewise, these increased costs may cause fleet operators to pass costs on to drivers by increasing prices, which would likely cause fleet utilization to decline. A decreased supply of taxi drivers could lead to an increase in defaults by our loan borrowers on our medallion loans and lower cash flows on all of our medallion assets.

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***The impact of economic conditions, including the resulting effect on discretionary passenger spending, may harm our business and operating results.***

Our performance is subject to economic conditions and their impact on levels of discretionary passenger spending. Some of the factors that have an impact on discretionary passenger spending include general economic conditions, slower growth or recession, inflation, unemployment, passenger debt, reductions in net worth, residential real estate and mortgage markets, taxation, energy prices, interest rates, passenger confidence, and other macroeconomic factors. Passenger preferences tend to shift to lower-cost alternatives during recessionary periods and other periods in which disposable income is adversely affected. In such circumstances, passengers may choose to forgo taxis for lower-cost personal vehicle or public transportation alternatives, or may reduce total miles traveled as economic activity decreases. Such a shift in passenger behavior may harm our business, financial condition, and operating results. Likewise, small businesses and individuals that do not have substantial resources, including many of the taxi drivers we do business with, tend to be more adversely affected by poor economic conditions than large businesses.

In addition, economic instability or uncertainty, and other events beyond our control, such as the COVID-19 pandemic, have, and may continue to, put pressure on economic conditions, which has led and could lead to reduced demand for services on our platform or greater operating expenses. If general economic conditions deteriorate in the United States, and in particular in the City of New York, discretionary spending may decline and demand for taxi service may be reduced, adversely affecting the value of our collateral and our owned medallions. A recessionary period may have a further adverse effect on our revenue.

***If autonomous vehicle technologies continue to improve and provide passengers with additional transportation alternatives, and the taxi industry fails to adapt to the use of autonomous vehicle technologies, our financial performance and prospects would be adversely impacted.***

Autonomous vehicle technologies may have the ability to meaningfully impact the taxi and ride share industry. Several companies are developing autonomous ride share technology, including Aurora, Waymo, Cruise Automation, Tesla, Apple, Zoox (which Amazon has acquired), Aptiv, and Nuro, either alone or through collaborations with car manufacturers, and we expect that they will use such technology to further compete in the mobility and logistics industries. Waymo has already introduced a commercialized ridehailing fleet of autonomous vehicles, and it is possible that additional companies could introduce autonomous vehicle offerings. In the event that our competitors bring autonomous vehicles to market before the taxi industry is able to adjust, they may be able to leverage such technology to compete more effectively with taxis, which would adversely impact our financial performance and our prospects. For example, the use of autonomous vehicles could substantially reduce the cost of providing mobility or logistics services, which could allow ride sharing companies to offer such services at a substantially lower price as compared to the price available to passengers using taxis. If a significant number of passengers choose to use these offerings instead of taxis, thereby causing the value of taxicab medallions to decrease, our financial performance and prospects would be adversely impacted. However, in October 2021, the City of New York proposed certain legislation requiring any autonomous cars operated by ridesharing companies to still require a valid medallion. There can be no guarantee that such legislation will be passed and go into effect. If it were to be passed, it could mitigate some of the risks of autonomous vehicle technology.

***We are subject to climate change risks, including physical and transitional risks, and if we are unable to manage such risks, our business may be adversely impacted.***

We face climate change-related physical and transition risks, which include the risk of market shifts toward electric vehicles ("<u>EVs</u>") and lower carbon business models and risks related to extreme weather events or natural disasters. Climate-related events, including the increasing frequency, severity and duration of extreme weather events and their impact on critical infrastructure in the United States and elsewhere, have the potential to disrupt our business.

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Congress and other governmental authorities have either considered or implemented various laws and regulations in response to climate change and the reduction of greenhouse gases. Existing environmental regulations could be revised or reinterpreted, new laws and regulations could be adopted, and future changes in environmental laws and regulations could occur, which could impose additional costs on the operation of our borrowers and other partners. Regulations to cut gasoline use and control greenhouse gas emissions from new cars could adversely affect taxicab driver customers. The taxicab industry may have to make significant capital and other expenditures to comply with these laws and regulations. Changes in, or new, environmental restrictions may force taxicab drivers and fleet operators to incur significant expenses or expenses that may exceed their estimates. There can be no assurance that we or our borrowers would be able to recover all or any increased environmental costs or that our borrowers' businesses, financial condition or results of operations would not be materially and adversely affected by such expenditures or any changes in environmental laws and regulations, in which case the value of medallion loans and owned medallions could be adversely affected.

***The Central Business District Tolling Program, if implemented, could result in significantly increased costs to operate taxis.***

The Metropolitan Transportation Authority has proposed a Central Business District ("<u>CBD</u>") Tolling Program that would impose tolls on vehicles that enter or remain in the CBD, defined as the area of Manhattan south of 60th Street, in an effort to reduce congestion and improve air quality. If implemented, this program could result in significantly increased costs to operate taxis within the CBD, which has historically been one of the areas of NYC most heavily served by taxis. Such increased costs could adversely affect the attractiveness of operating a taxi as a business and, as a result, the value of a taxi medallion, which could have a material adverse effect on the value of our owned medallions, loan collateral and general business operations.

***Decreases in the value of our medallion loan collateral, including the impact on loans in process of foreclosure, have had, and may continue to have, a material adverse effect on our business.***

In recent years, increased competition has reduced the overall market for taxi services, income generated from operating medallions, and the value of taxi medallions. If these trends continue, there will be further negative impacts to our medallion loans and related assets.

Government entities may take other actions in the future, which could have adverse effects on the market for taxi medallions and which could affect our financial condition and results of operations. The City of New York, like most other major cities in the United States, limits the supply of taxi medallions. This regulation results in supply restrictions that support the value of medallions. Actions that loosen these restrictions and result in the issuance of additional medallions into a market could decrease the value of medallions in that market. Loosening restrictions that result in the issuance of additional taxi medallions could decrease the value of taxi medallions in the NYC metropolitan area and in turn, adversely affect the value of the collateral securing our then-outstanding medallion loans in that market.

If taxi medallion values decline in the future, there is likely to be an increase in medallion loan delinquencies, foreclosures and borrower bankruptcies. See "*Our balance sheet consists substantially of loans secured by taxicab medallions, which historically have been associated with significant delinquency rates and risk of default. If we are unable to recover meaningful amounts relating to our transaction costs on loans in default, our results of operations could be adversely impacted*". Our ability to recover on defaulted medallion loans by foreclosing on and selling the taxi medallion collateral would be diminished, which would result in future losses on defaulted medallion loans that could have an effect on our business. If we are required to liquidate all or a portion of our medallion loans quickly, we could realize less than the value at which we had previously recorded such medallions.

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***Uncertainty relating to the reporting of collateral values for our loans may adversely affect the value of our portfolio.***

Medallion loans are primarily collateral-based lending. Collateral values for medallion loans reflect a combination of recent sales prices obtained from the regulatory agency in a particular local market and intrinsic value analyses based on management estimates and other factors. The illiquidity and distressed nature of the taxi industry over the last several years has resulted in a wide range of reported medallion sale transaction values, including many which we believe are not reflective of the intrinsic value of the collateral or the potential recoveries on our loans as all of our Non-MRP+ Loans also benefit from the personal guarantees of the borrowers or their affiliates.

***Decreases or increases in prevailing interest rates could adversely affect our business, our cost of capital and our net interest income.***

Under the MRP+, borrowers have explicit prepayment rights with respect to their medallion loans whereby they can make prepayment at par once a month with no penalty. Borrowers of Non-MRP+ Loans can generally make prepayments as well, which creates a risk for reperformed loans. A borrower is likely to exercise prepayment rights at a time when the interest rate payable on the borrower's loan is high relative to prevailing interest rates. Any future collateralized medallion lending may be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if a substantial number of borrowers elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our common stock.

Over the last twelve months, interest rates have increased significantly and could continue to increase. Our profitability may be directly affected by interest rate levels and fluctuations in interest rates. As interest rates change, our gross interest rate spread on originations either increases or decreases because the rates charged on the loans originated are limited by market and competitive conditions, restricting our ability to pass on increased interest costs to the borrower. While we monitor the interest rate environment and seek to mitigate the impact of increased interest rates, we cannot provide assurance that the impact of changes in interest rates can be successfully mitigated.

As we may borrow in the future to fund our loans and investments, and a portion of our income could be dependent upon the interest rate at which we borrow funds as compared to the fixed interest rate on all of our MRP+ Loan portfolio.

***Our third-party service providers are increasingly dependent on information technology and our ability to process data in order to operate, and if we (or our third-party service providers) are unable to protect against software and hardware vulnerabilities, service interruptions, data corruption, cyber-based attacks, ransomware or security breaches, or if we fail to comply with our commitments and assurances regarding the privacy and security of such data, our operations could be disrupted, our ability to provide our services could be interrupted, our reputation may be harmed and we may be exposed to liability and loss of customers and business.***

Our third-party service providers rely on information technology networks and systems and data processing to collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of and share ("<u>Process</u>" or "<u>Processing</u>") personal information, confidential or proprietary information, financial information and other information, to manage a variety of business processes and activities, for financial reporting purposes, to operate our business and to comply with regulatory, legal and tax requirements ("<u>Business Functions</u>"). These information technology networks and systems, and the Processing they perform, may be vulnerable to data security and privacy threats, cyber and otherwise. Moreover, the risk of unauthorized circumvention of our security measures or those of our third parties on whom we rely has been heightened by advances in computer and software capabilities and the increasing sophistication of hackers who employ

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complex techniques, including, without limitation, "phishing" or social engineering incidents, ransomware, extortion, account takeover attacks, denial or degradation of service attacks and malware. Further, breaches experienced by other companies may also be leveraged against us. For example, credential stuffing attacks are becoming increasingly common and sophisticated actors can mask their attacks, making them increasingly difficult to identify and prevent. If our or our third-party providers' information technology networks and systems or data processing suffers damage, security breaches, vulnerabilities, disruption or shutdown, and we do not effectively resolve the issues in a timely manner, they could cause a material adverse impact to our Business Functions and our business, reputation and financial condition.

Hackers and data thieves are increasingly sophisticated and operate large-scale and complex automated attacks, which may remain undetected until after they occur. Despite our and our third-party service providers' efforts to protect our information technology networks and systems, Processing, and information, we may not be able to anticipate or to implement effective preventive and remedial measures against all data security and privacy threats. Our and our third-party service providers' security measures may not be adequate to prevent or detect service interruption, system failure data loss or theft, or other material adverse consequences. No security solution, strategy, or measures can address all possible security threats. Our and our third-party service providers' applications, systems, networks, software, and physical facilities could have material vulnerabilities or be breached, or personal or confidential information could be otherwise compromised due to error or malfeasance, if, for example, third parties attempt to fraudulently induce our personnel or our customers to disclose information or user names and/or passwords, or otherwise compromise the security of our networks, systems and/or physical facilities. We cannot be certain that we or our and our third-party service providers' will be able to address any such vulnerabilities, in whole or part, and there may be delays in developing and deploying patches and other remedial measures to adequately address vulnerabilities, and taking such remedial steps could adversely impact or disrupt our operations.

An actual or perceived breach of our security systems or those of our third-party service providers may require notification under applicable data privacy regulations or for customer relations or publicity purposes, which could result in reputational harm, costly litigation (including class action litigation), material contract breaches, liability, settlement costs, loss of sales, regulatory scrutiny, actions or investigations, a loss of confidence in our business, systems and Processing, a diversion of management's time and attention, and significant fines, penalties, assessments, fees, and expenses.

The costs to respond to a security breach or to mitigate any security vulnerabilities that may be identified could be significant, and our efforts to address these problems may not be successful. These costs include, but are not limited to, retaining the services of cybersecurity providers; compliance costs arising out of existing and future cybersecurity, data protection and privacy laws and regulations; and costs related to maintaining redundant networks, data backups, and other damage-mitigation measures. We could be required to fundamentally change our business activities and practices in response to a security breach of our third-party service providers or related regulatory actions or litigation, which could have an adverse effect on our business. Additionally, most jurisdictions have enacted laws requiring companies to notify individuals, regulatory authorities, and others of security breaches involving certain types of data. Such mandatory disclosures are costly, could lead to negative publicity, may cause our customers to lose confidence in the effectiveness of our third-party service providers' security measures, and require us to expend significant capital and other resources to respond to or alleviate problems caused by the actual or perceived security breach.

We and our third-party service providers may not have adequate insurance coverage for handling security incidents or breaches, including fines, judgments, settlements, penalties, costs, attorney fees, and other impacts that arise out of incidents or breaches. If the impacts of a security incident or breach, or the successful assertion of one or more large claims against us that exceeds our available insurance coverage, or the insurance coverage of our third-party service providers, or results in changes to our insurance policies (including premium increases or the imposition of large deductible or co-insurance requirements), it could harm our business. In addition, we cannot be sure that our existing insurance coverage will continue to be available on acceptable terms or that our

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insurers will not deny coverage as to all or part of any future claim or loss. Moreover, our privacy risks are likely to increase as we continue to expand, grow our customer base, and process, store, and transmit increasingly large amounts of personal and/or sensitive data.

Any such access, disclosure, destruction or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information and regulatory penalties, disrupt our operations and damage our reputation, which could adversely affect our business. In addition, we may also be required to incur significant costs in connection with any regulatory investigation or civil litigation resulting from a security breach or other information technology disruption that affects us.

To date, cyber-attacks have not had a material impact on our financial condition, results or business; however, we could suffer material financial or other losses in the future and we are not able to predict the severity of these attacks. Our risk and exposure to these matters remains heightened because of, among other things, the evolving nature of these threats, the current global economic and political environment, the current work-from-home environment, the outsourcing of the majority of our business operations, the ongoing shortage of qualified cybersecurity professionals, and the interconnectivity and interdependence of third parties to our systems.

***Lending to individual taxi owners/operators, taxi fleet operators or passive investors involves a high degree of risk and is highly speculative.***

Lending to individual taxi owners/operators, taxi fleet operators or passive investors involves a high degree of business and financial risk, which can result in substantial losses and should be considered speculative. Historically, our borrower base consists primarily of individual taxi owners/operators, taxi fleet operators or passive investors that may have limited resources and that are generally unable to obtain financing from traditional sources. There is generally no publicly available information about these borrowers, and we must rely on the diligence conducted by the employees of our affiliates, our Manager, Field Point Servicing LLC ("<u>Field Point</u>") and other third-party service providers to obtain information in connection with our credit decisions. In addition, these borrowers often do not have audited financial statements.

***Changes in the regulations and interpretations of existing regulations applicable to small business lending could negatively impact our business.***

Our loans secured by taxicab medallions are often made to small businesses and sole proprietors. A growing number of states have adopted laws that require certain commercial lenders to (i) deliver disclosures summarizing loan terms to commercial borrowers and (ii) register with state regulatory authorities in some instances, which could require alterations to our lending procedures and increase our legal and compliance costs. In addition, these loans are not consumer loans, and therefore are not subject to the collection rules and regulations contained in the Fair Debt Collection Practices Act or within the scope of the Consumer Financial Protection Bureau's ("<u>CFPB</u>") authority, though the general restrictions against abusive, unfair, or deceptive collections practices contained in the Unfair, Deceptive, or Abusive Acts or Practices provisions of the Dodd-Frank Act may apply to our collections practices. In addition, the CFPB has recently signaled a desire to be more aggressive regarding debt collection in general as well as a strong interest in protection of small business credit programs, even though such commercial programs are generally outside its purview. Should the authority of the CFPB be expanded to expressly include regulation of small business lending, we could be required to alter our lending and collections practices, which could materially increase the cost of enforcing our remedies with respect to defaulted taxi medallion loans and negatively impact recoveries.

***Our loan portfolio is, and we expect it to continue to be, concentrated in the NYC taxicab medallion industry and sector, which will subject us to a risk of significant loss by a downturn in the particular industry or sector.***

Our loan portfolio is, and we expect it to continue to be, concentrated within the NYC taxicab medallion industry and sector. Taxi companies that constitute separate issuers may have related management or guarantors and

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constitute larger business relationships to us. As a result, the aggregate returns we realize may be adversely affected if a small number of loans perform poorly or if we need to write down the value of any one loan. Additionally, a downturn in any particular industry or sector in which we are invested could also negatively impact the aggregate returns we realize.

***We depend on the accuracy and completeness of information about borrowers.***

In deciding whether to extend credit or enter into other transactions, and in evaluating and monitoring our medallion loan portfolio on an ongoing basis, we may rely on information furnished by or on behalf of borrowers, including financial statements, credit reports and other financial information. We may also rely on representations of those borrowers or of other third parties, such as independent auditors, as to the accuracy and completeness of that information. The failure to receive financial statements, credit reports or other financial or business information related to our borrowers on a timely basis, or the inadvertent reliance by us on inaccurate, incomplete, fraudulent or misleading forms of any of the foregoing information, could result in loan losses, reputational damage or other effects that could have a material adverse effect on our business, financial condition or results of operations.

***Insurance providers may not be able to service our claims. We rely on a limited number of third-party insurance service providers for our insurance claims, and if such providers fail to service insurance claims to our expectations or we do not maintain business relationships with them, our business, financial condition and results of operations could be adversely affected.***

We rely on a limited number of insurance service providers to service our claims. If any of our insurance service providers fails to service claims to our expectations, discontinues or increases the cost of coverage or changes the terms of such coverage in a manner not favorable to drivers or to us, we cannot guarantee that we would be able to secure replacement coverage or services on reasonable terms in an acceptable time frame or at all. If we cannot find alternate insurance service providers on terms acceptable to us, we may incur additional expenses related to servicing claims using internal resources.

**Risks Related to Growth and Operations** 

***Competition with other lenders could adversely affect us.***

The NYC medallion lending market historically has been served by a variety of entities, including banks, savings and loan associations, credit unions, independent finance companies, and financial technology companies. This level of competition may increase in more stable or favorable economic conditions. Increasing competition could also require us to lower the rates we charge on loans in order to maintain our active loan portfolio, which could also have a material adverse effect on our business, financial condition and results of operations.

***Terrorist attacks, other acts of violence or war, public health crises, political crises, natural disasters and other unexpected events may affect any market for our securities, impact the businesses in which we invest, and harm our operations and profitability.***

Any unexpected events, including terrorist attacks, natural disasters and other disruptions may harm our results of operations and your investment.

A significant natural disaster, such as an earthquake, fire, hurricane, tornado, flood or significant power outage, could disrupt our operations or the operations of our third-party technology providers. The impact of climate change may increase these risks. In addition, any public health crises, such as the COVID-19 pandemic, other epidemics, political crises, such as terrorist attacks, war and other political or social instability and other geopolitical developments, or other catastrophic events could adversely affect our operations or the economy as a whole. In particular, our business is focused in the NYC metropolitan area, which suffered a terrorist attack in 2001 and has faced continued threats. Another terrorist attack in the City of New York or elsewhere could severely impact our results of operations. The impact of any natural disaster, act of terrorism or other disruption

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to us or our third-party providers' abilities could adversely affect our business, financial condition and results of operations. All of the aforementioned risks may be further increased if our disaster recovery plans prove to be inadequate. Losses resulting from terrorist attacks are generally uninsurable.

***The ongoing coronavirus, or COVID-19, pandemic, and the related significant negative impact on the global economy and financial markets, have had and could further have a material adverse impact on our business, operating results, and financial condition, particularly given our concentration in the lending business.***

The spread of COVID-19 has created a global public-health crisis that has resulted in widespread volatility and deteriorations in employment levels, as well as business, economic, and market conditions that have materially and adversely affected our business, operating results and financial condition. The full extent of the adverse impact of the COVID-19 pandemic on our business, results of operations, financial position (including capital and liquidity) and prospects depends on several evolving factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The duration, extent, and severity of the pandemic.* COVID-19 does
not yet appear to be contained as it continues to spread throughout the United States and could affect significantly more households and businesses. Lack of public acceptance of vaccines, could lead people to continue to self-isolate and not
participate in the economy at pre-pandemic levels for a prolonged period of time, which could, in turn, perpetuate or exacerbate the adverse effects of COVID-19 on
economic conditions. There can be no assurance that vaccines will ultimately be successful in limiting or stopping the spread of COVID-19 or mitigating the impact of COVID-19 on economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The response of governmental and non-governmental authorities.* Many of the actions taken by governmental and non-governmental authorities have been directed toward curtailing household and business activities to contain the spread of COVID-19 while simultaneously deploying fiscal- and monetary-policy measures to partially mitigate the adverse effects on individual households and businesses. These actions are not always coordinated or
consistent across jurisdictions. The scope, duration and ultimate effects of these responses continue to be uncertain, and we cannot predict the full impact these responses may have on our business and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The effect on our borrowers, counterparties, employees of our affiliates, and third-party service providers.* COVID-19 and its associated consequences and uncertainties may continue to affect individuals, households and businesses differently and unevenly. Our credit, operational, including
cybersecurity, and other risks could continue to increase as a result of the impacts of COVID-19, including, for example, as a result of the work-from-home arrangements implemented by our affiliates and our
service providers. Although, to date, the operational measures we have taken have allowed us to continue to operate during the pandemic, we may experience disruptions or other adverse effects to our operations as a result of the COVID-19 pandemic's continued impacts on employees of our affiliates, Manager and third-party service providers. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The effect on economies and markets.* The COVID-19 pandemic,
perceptions regarding its broad impact and preventive measures taken to contain or mitigate the pandemic have had, and are likely to continue to have, significant negative effects on the U.S. and global economy, employment levels, employee
productivity and financial market conditions, which, in turn, may continue to have negative effects on the ability of our borrowers to repay outstanding loans, the value of collateral securing loans, demand for loans and other financial services
products, and discretionary spending. National, regional and local economies and markets could continue to suffer disruptions that are lasting. Even after the pandemic recedes and measures taken by governmental authorities in response, such as stay-at-home orders and other social-distancing measures, cease to apply, the pandemic may continue to have long-term effects on economic and commercial activity, as well as
consumer behaviors. A prolonged economic slowdown could adversely affect our originations of recreation and home improvement loans (which comprises the significant majority of our loan portfolio) and the performance of our existing loans. In
addition, governmental actions are meaningfully influencing the interest-rate environment, which have had and could continue to have an adverse effect on our results of operations and financial condition.

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The impact of COVID-19 continues to impact the taxi industry. Despite New York City's phased reopening, the extent to which the COVID-19 pandemic will continue to adversely affect New York City taxi medallion owners and, by extension, our medallion loans and other related assets will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, actions taken by governmental authorities, and the direct and indirect impact of the pandemic on taxi medallion owners and the behaviors of people who have historically taken taxis. Since March 31, 2020, recurring payments of principal and interest on our medallion loan portfolio have decreased significantly compared to payments in prior periods. We are actively engaged with non-performing borrowers about modifying their loan agreements. We continue to evaluate options for our medallion loan portfolio and related assets, which may result in restructurings or other resolutions, including foreclosures, the impact of which could be material to our results of operations and financial condition.

As a result of these foregoing factors or other risks and consequences, the pandemic could continue to materially and adversely affect our business, results of operations and financial condition and heighten the other risk described in these Risk Factors. The full extent to which the pandemic will impact our operations will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the continued outbreak and the actions taken to contain or mitigate the pandemic.

***Our business is heavily reliant on the services provided by our Manager and Field Point, and any disruption to them or to our relationship with either of them could adversely affect our business.***

Septuagint currently has ten employees and one consultant, and we may have employees post-Business Combination who focus on non-Septuagint operations. Other than Septuagint, however, we currently have no employees, and, as a result, we rely heavily on our Manager and our third-party service provider, Field Point, for most of the day-to-day services we require. Since inception, our Manager and Field Point have provided various services to us and Septuagint on a day-to-day basis, including, but not limited to, providing management oversight of the DePalma Companies, evaluating, managing, negotiating and overseeing the acquisition and disposition of our or Septuagint's assets, including NYC taxi medallions, NYC medallion loans and other assets or property, and evaluating, managing, negotiating and overseeing the origination, structuring, restructuring and workout of NYC taxi medallion loans held by us and evaluating our financial and operational performance. As a result, we are heavily reliant on our Manager, which has significant discretion as to the implementation and execution of our business strategies and risk management practices. We are subject to the risk of discontinuation of our Manager's operations or termination of the Management Service Agreement that we will enter into upon consummation of the Business Combination and the risk that, upon such event, no suitable replacement will be found. We believe that our success depends to a significant extent upon the expertise and services of the executive officers and other key personnel provided to us through our Manager and that discontinuation of its operations or the loss of its key management personnel could have a material adverse effect on our ability to achieve our investment objectives. See "*Risks Relating to the Externalization and Our Manager.*"

Since our inception, Field Point has serviced our medallion loans starting from the initial acquisition and onboarding of each acquired loan portfolio. Under the terms of the servicing agreements, Field Point provides services to us and is responsible for managing and assisting in making collections on the medallion loans, assisting with loan documentation, credit reporting, foreclosures, loan restructuring, and other crucial operations. We believe Field Point is the largest servicer of taxi medallion loans in the NYC taxi market.

While outsourcing arrangements may lower our cost of operations, they also reduce our direct control over the services rendered. It is uncertain what effect such diminished control will have on the quality of services rendered, on our ability to quickly respond to changing market conditions, or on our ability to ensure compliance with all applicable federal and local laws and regulations. If we do not effectively develop and manage our outsourcing strategies, if our third-party service providers pass on the cost of inflation to us or do not perform as anticipated, or do not adequately protect our data from cyber-related security breaches, or if there are delays or

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difficulties in enhancing business operational difficulties, increased costs, and loss of sensitive data, quality and compliance issues, any of which could materially and adversely affect our business, financial condition and results of operations.

Certain other companies managed by our Manager or its affiliates, Field Point and other third-party service providers, which have investment objectives or business operations similar to ours, also rely on many of these same officers and professionals. Our Manager or its affiliates, Field Point and other third-party service operators may face conflicts of interest if we enter into transactions with an affiliate. In addition, our Manager and certain of its affiliates, Field Point and certain other third-party service providers are presently, and plan in the future to continue to be, involved with activities that are unrelated to us. As a result of these activities, our Manager, its employees and certain of its affiliates, as well as Field Point and its employees and other third-party service providers will have conflicts of interest in allocating their time between us and the other activities in which they are or may become involved. See "*Risks Relating to the Externalization and Our Manager*."

If we are unable to effectively manage our relationship and the agreement under which Field Point operates or we may have with any other third party service providers where we outsource our operation, our results of operations and cash flows could be adversely impacted. Further, failure of Field Point or other third party service providers to meet its obligations to the Company or substantial disruptions in the relationships between the Company and such service providers could adversely impact our operations and financial results.

***Misconduct by current or former affiliates' employees and service providers could expose us to significant legal liability and reputational harm.***

Current and former employees of our affiliates and our service providers could engage or could have engaged in misconduct that adversely affects our business. For example, if such a person were to engage, or previously engaged, in fraudulent, illegal or suspicious activities, we could be subject to regulatory sanctions and suffer serious harm to our reputation (as a consequence of the negative perception resulting from such activities), financial position, third-party relationships and ability to forge new relationships with third-party dealers or contractors. Our business often requires that we deal with confidential information. If our current and former affiliates' employees and service providers were to improperly use or disclose this information or previously improperly used or disclosed this information, even if inadvertently, we could suffer serious harm to our reputation, financial position and current and future business relationships. It is not always possible to deter employee misconduct, and the precautions we take to detect and prevent this activity may not always be effective. Misconduct by our affiliates' employees and service providers, or former employees' of our affiliates or former service providers, or even unsubstantiated allegations of misconduct, could result in a material adverse effect on our business, financial condition or results of operations.

***We may in the future pursue new strategies and lines of business that are not taxicab-related, and we may face enhanced risks as a result of these changes in strategy, including from transacting with a broader array of counterparties and exposure to new assets, activities and markets.***

We may change our strategy and enter new lines of business, including through acquisitions of new types of loan portfolios or other asset classes, or otherwise, in the future. We may grow the operating business through acquisitions which could be either straightforward acquisition transactions or in satisfaction of amounts owned. Any new business initiatives may expose us to new and enhanced risks, including new credit-related, compliance, fraud, market and operational risks, increased compliance and operating costs, different and potentially greater regulatory scrutiny of such new activities and assets and expose us to new types of counterparties as well as asset classes, activities and markets.

Any new business initiatives and strategies we may pursue in the future may be less successful than anticipated and may not advance our intended business strategy. We may not realize a satisfactory return on investments or

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acquisitions, we may experience difficulty in managing new portfolios or integrating operations, and management's attention from our other businesses could be diverted. Any of these results could ultimately have an adverse effect on our business, financial condition or results of operations.

**Risks Related to Regulation and Litigation** 

***We operate in a highly regulated environment, and if we are found to be in violation of any of the federal, state, or local laws or regulations applicable to us, our business could suffer.***

Changes in the laws or regulations applicable to us may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, or otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition.

We are also subject to a wide range of federal, state, and local laws and regulations, such as local licensing requirements, and we expect these costs to increase going forward. The violation of these or future requirements or laws and regulations could result in administrative, civil, or criminal sanctions against us, which may include fines, a cease and desist order against the subject operations or even revocation or suspension of our license to operate the subject business. As a result, we have incurred and will continue to incur capital and operating expenditures and other costs to comply with these requirements and laws and regulations.

***Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.***

From time to time, we may be party to various claims and lawsuits, arbitration proceedings, government investigations and other legal and regulatory proceedings in the ordinary course of business, some of which we may institute ourselves, and some of which we may be defending against. For example, we are party to hundreds of court actions involving the enforcement of, and collection and/or foreclosure on, our taxi medallions loans, which matters include, among other things, claims for breach of contract and replevin. In addition, a number of our borrowers have also filed for bankruptcy, and we are involved in certain adversary proceedings against the debtors in these bankruptcy cases, some of whom might assert counterclaims. In all cases, we evaluate these claims and litigation proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the nature and amount of potential recoveries or losses. Based on these assessments and estimates, we may establish reserves, as appropriate. These assessments and estimates are based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes, gains or losses may differ materially from our assessments and estimates. We may also, from time to time, take certain positions in respect of contractual or other relationships with third parties which may result a dispute, and, ultimately, litigation. We are not currently party to any material litigation.

Even when not merited, the commencement or defense of these lawsuits may divert management's attention, and we may incur significant expenses in pursuing or defending these lawsuits. The results of litigation and other legal proceedings are inherently uncertain, and adverse judgments or settlements in some of these legal disputes may result in adverse monetary damages, penalties or injunctive relief against us, which could negatively impact our financial position, cash flows or results of operations. Any claims or litigation, even if fully indemnified or insured, could damage our reputation and make it more difficult to compete effectively or to obtain adequate insurance in the future. Furthermore, under certain circumstances, we have contractual and other legal obligations to indemnify and to incur legal expenses on behalf of our business, commercial, and government partners and current and former directors and officers.

Furthermore, while we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions as well as caps on amounts recoverable.

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Even if we believe a claim is covered by insurance, insurers may dispute our entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount of our recovery.

***Regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities.***

We are subject to various privacy, information security, and data protection laws, including requirements concerning security breach notification, and we could be negatively affected by these laws. For example, our business may be subject to the Gramm-Leach-Bliley Act which, among other things: (i) imposes certain limitations on our ability to share nonpublic personal information about our customers with nonaffiliated third parties; (ii) requires that we provide certain disclosures to borrowers about our information collection, sharing and security practices and afford customers the right to "opt out" of any information sharing by us with nonaffiliated third parties (with certain exceptions); and (iii) requires that we develop, implement and maintain a written comprehensive information security program containing safeguards appropriate based on our size and complexity, the nature and scope of our activities, and the sensitivity of customer information we process, as well as plans for responding to data security breaches. Various state and federal regulators have also enacted data security breach notification requirements with varying levels of individual, consumer, regulatory or law enforcement notification in certain circumstances in the event of a security breach. Moreover, legislators and regulators are increasingly adopting or revising privacy, information security, and data protection laws that potentially could have a significant impact on our current and planned privacy, data protection, and information security-related practices, our collection, use, sharing, retention and safeguarding of consumer or employee information, and some of our current or planned business activities. This could also increase our costs of compliance and business operations and could reduce income from certain business initiatives. This includes increased privacy-related enforcement activity at the federal level, by the Federal Trade Commission, as well as at the state level.

Compliance with current or future privacy, data protection, and information security laws (including those regarding security breach notification) could result in higher compliance and technology costs and could restrict our ability to provide certain products and services, which could have a material adverse effect on our business, financial conditions or results of operations. Our failure to comply with privacy, data protection, and information security laws could result in potentially significant regulatory or governmental investigations or actions, litigation, fines, sanctions, and damage to our reputation, which could have a material adverse effect on our business, financial condition, or results of operations.

***Changes in statutory, regulatory, accounting, and other legal requirements, including changes in accounting principles generally accepted in the United States, could potentially impact our operating and financial results.***

We are subject to numerous statutory, regulatory, and legal requirements. Our operating results could be negatively impacted by developments in these areas due to the costs of compliance in addition to possible government penalties and litigation in the event of deemed noncompliance. Changes in the regulatory environment in the area of privacy and information security, wage, and hour laws, among others, could potentially impact our operations and financial results.

Generally accepted accounting principles in the United States ("<u>GAAP</u>") are subject to interpretation by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants, the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results, and could affect the reporting of transactions completed before the announcement of a change.

Moreover, while we believe that we maintain insurance customary for businesses of our size and type, there are types of losses we may incur that cannot be insured against or that we believe are not economically reasonable to insure. Such losses could harm our business.

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***Fluctuations in our tax obligations and effective tax rate and realization of our deferred tax assets may result in volatility of our operating results and adversely affect our financial condition.***

We will be subject to taxes by the U.S. federal, state, and local tax authorities, and our tax liabilities will be affected by the allocation of expenses to differing jurisdictions. We record tax expense based on our estimates of future payments, which may include reserves for uncertain tax positions in multiple tax jurisdictions, and valuation allowances related to certain net deferred tax assets. At any one time, many tax years may be subject to audit by various taxing jurisdictions. The results of these audits and negotiations with taxing authorities may affect the ultimate settlement of these issues. We expect that throughout the year there could be ongoing variability in our quarterly tax rates as events occur and exposures are evaluated. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations or interpretations thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future earnings being lower than anticipated in jurisdictions where we have lower statutory tax rates and higher
than anticipated earnings in jurisdictions where we have higher statutory tax rates.

In addition, our effective tax rate in a given financial statement period may be materially impacted by a variety of factors including but not limited to changes in the mix and level of earnings, varying tax rates in the different jurisdictions in which we operate, fluctuations in the valuation allowance, or by changes to existing accounting rules or regulations. Further, tax legislation may be enacted in the future which could negatively impact our current or future tax structure and effective tax rates. We may be subject to audits of our income, sales, and other transaction taxes by U.S. federal, state, and local taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

**Risks Related to Related Party Transactions and Conflicts of Interest** 

***There are conflicts of interest between MAC and DePalma and its affiliates.***

Certain conflicts of interest between MAC, on the one hand, and DePalma, on the other hand, may arise relating to the interest in DePalma held by Andrew Milgram and Paul Arrouet, MAC's Chief Executive Officer and President, respectively, as described under "*Proposal No.1 — Business Combination — Interests of MAC Executive Officers and Directors in the Business Combination."* As a result, Messrs. Milgram and Arrouet may find it difficult to determine how to meet their fiduciary duties to MAC as well as DePalma, which could result in a less favorable result for MAC than would be the case if they were solely officers and directors of MAC. Further, even if Messrs. Milgram and Arrouet were able to successfully meet their fiduciary obligations to MAC and DePalma, the fact that they are officers of both companies could attenuate their ability to focus on our business and best interests, possibly to the detriment of both companies. In addition, any such conflicts will have to be resolved by MAC officers and directors who are unaffiliated with DePalma, and also by officers and members of DePalma who are unaffiliated with MAC. This may lead to less than desirable complications and costs to both companies, which could harm our results of operations. As a result, the effect of these conflicts of interest on these individuals may influence their decisions affecting the negotiation and consummation of the transactions contemplated hereby.

Furthermore, the agreements we enter into in connection the Business Combination will be transactions with related parties, and are therefore expected to contain limited representations and warranties and have limited express indemnification rights in the event of a breach of those agreements. Even if we have actionable rights, we may choose not to enforce, or to enforce less vigorously, our rights under these agreements or under other agreements we may have with these parties, because of our desire to fulfill our fiduciary duty to each of those parties.

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***The ownership by our initial stockholders of a significant portion of the outstanding shares of our MAC Common Stock could give them the ability to control the outcome of matters submitted for stockholder approval, and otherwise allow them to exert significant influence over our Company in a manner that may not be in the best interests of our other stockholders.***

As of the date of this proxy statement/prospectus, our initial stockholders, including the Sponsor, and certain of our directors and officers beneficially own an aggregate of approximately 69% of the outstanding shares of MAC Common Stock. Our initial stockholders may have interests that differ from our other stockholders, including by reason of their direct or indirect interest in our Business Combination, and may accordingly vote in ways that may not be consistent with the interests of those other stockholders. As a result of our initial stockholders' significant ownership in our Company, our initial stockholders will have significant influence over our affairs and could exercise such influence in a manner that is not in the best interests of our other stockholders, including the ability to control the outcome of matters submitted to our stockholders for approval, such as the election of directors and the Business Combination. The concentrated voting control held by our initial stockholders could result in the consummation of such a transaction that our other stockholders and our Board may not support.

***Conflicts of interest could arise in the future between New MAC, on the one hand, and Andrew Milgram and Paul Arrouet and entities owned by or affiliated with them, including the DePalma Equityholders that directly own the DePalma Companies, on the other hand, concerning among other things, business transactions, potential competitive business activities or business opportunities.***

Conflicts of interest could arise in the future between New MAC, on the one hand, and Andrew Milgram and Paul Arrouet and entities owned by or affiliated with them, including DePalma, on the other hand, concerning among other things, business transactions, potential competitive business activities or business opportunities. For more information, please see "*Certain Relationships and Related Person Transactions*." Furthermore, Andrew Milgram, Paul Arrouet and other businesses owned by or affiliated with them, including the DePalma Equityholders that directly own the DePalma Companies, may now, or in the future, directly or indirectly, compete with New MAC for investment or business opportunities.

Andrew Milgram, Paul Arrouet and their affiliates are not restricted from owning assets or engaging in businesses that compete directly or indirectly with New MAC and do not have any duty to refrain from engaging, directly or indirectly, in the same or similar business activities or lines of business as New MAC, including those business activities or lines of business deemed to be competing with New MAC, or doing business with any of New MAC's customers. Andrew Milgram, Paul Arrouet or their affiliates may become aware, from time to time, of certain business opportunities (such as acquisition opportunities) and may direct such opportunities to other businesses in which they have invested, in which case New MAC may not become aware of or otherwise have the ability to pursue such opportunities.

In any of these matters, the interests of Andrew Milgram, Paul Arrouet and their affiliates and other businesses owned by or affiliated with them may differ or conflict with the interests of New MAC's other stockholders. Any actual or perceived conflicts of interest with respect to the foregoing could have an adverse impact on the trading price of New MAC Common Stock.

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***The Sponsor, our Manager, and directors and officers of MAC may have conflicts of interest in determining to pursue a business combination with DePalma, since certain of their interests, and certain interests of their affiliates and associates, are different from or in addition to (and which may conflict with) the interests of MAC's stockholders.***

The Sponsor, our Manager and officers and directors of MAC may have interests in and arising from the Business Combination that are different from or in addition to (and which may conflict with) the interests of MAC's Public Stockholders, which may result in a conflict of interest. These interests include, among other things:

***As to the Sponsor:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor owns (i) 8,439,469 shares of MAC Common Stock, including (A) 7,829,469 Founder Shares that it
purchased for $25,000, and (B) 610,000 Private Placement Shares underlying the 610,000 Private Placement Units it purchased in the Private Placement for a purchase price of $6,100,000 and (ii) 305,000 Private Placement Warrants. The Founder
Shares and Private Placement Units held by the Sponsor had an aggregate market value of $ based upon the closing price of $ per unit on Nasdaq on
 , 2023. If the Business Combination with DePalma or another business combination is not consummated by the period specified in the MAC Charter to complete the initial business
combination (the " <u>Business Combination Period</u> "), MAC will cease all operations except for the purpose of winding up, redeeming 100% of the outstanding public subunits for cash and, subject to the approval of its remaining
stockholders and the MAC Board, dissolving and liquidating. In such event, the Founder Shares and Private Placement Units would be worthless because the holders are not entitled to participate in any redemption or distribution with respect to such
securities. If the Business Combination is consummated, each outstanding Founder Share will be exchanged for one share of New MAC common stock and each outstanding placement unit will become one share of New MAC common stock and one warrant
exercisable for one share of New MAC common stock for $11.50 per share, subject in each case to adjustment as described herein. As a result, these financial interests of Sponsor may have influenced its motivation in completing the Business
Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Master Fund, the majority owner of the Sponsor, has agreed to fund up to $1,700,000 of MAC's working
capital needs pursuant to two promissory notes (the June 2022 Note and the February 2023 Note) issued by MAC to the Master Fund under which MAC may borrow up to an aggregate amount of $1,700,000. As of the date hereof, $600,000 and $125,000 is
outstanding under the June 2022 Note and the February 2023 Note, respectively. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note and the February 2023 Note may be converted into Conversion
Shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection
with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note and the February 2023 Note, as applicable. Each of the June 2022 Note and February 2023 Note is payable in cash upon consummation of
the Business Combination, but is not payable if the Business Combination is not consummated. In addition, if MAC is unable to complete a business combination by the end of the Business Combination Period, our Sponsor will be liable to ensure that
the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by MAC for services rendered or contracted for or products sold to MAC, but only if such a vendor or
target business has not executed a waiver of claims against the Trust Account and other than any claims covered by our indemnity of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Master Fund, along with several affiliated funds (collectively, the " <u>DePalma Equityholders</u> "), owns the DePalma Companies in addition to being the majority member of the Sponsor.

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***As to MAM of which Andrew Milgram, the CEO of MAC and Managing Partner and CEO of the DePalma Companies, and Paul Arrouet, the President of MAC, are the indirect majority owners and controlling members:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAM has an indirect controlling interest in the DePalma Companies and is the managing member of the Sponsor. MAM
and its affiliates indirectly receive fees from, and have an financial indirect interest in, the DePalma Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that the Manager will enter into a Management
Services Agreement (the " <u>MSA</u> ") with New MAC, pursuant to which the Manager will provide various services relating to the day-to-day operations of New
MAC and receive fees and other compensation. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in
this proxy statement/prospectus.

***As to Andrew Milgram, CEO of MAC and Managing Partner and CEO of the DePalma Companies:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Milgram has an indirect interest in the Sponsor through his indirect majority ownership interests in the
Manager (via the Manager's receipt of management fees), as well as through various partnership interests in the DePalma Equityholders. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock
and warrants to purchase an additional 305,000 shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition, Andrew Milgram has indirect general and limited partnership interests in the DePalma Equityholders
that directly own the DePalma Companies. Upon consummation of the Business Combination, the DePalma Equityholders will receive a total of [●] shares of New MAC Common Stock as a result of their ownership of the DePalma Companies, and
Mr. Milgram may be deemed to beneficially own such shares, as well as have an indirect interest in a portion of such shares to the extent of his pro rata indirect interests in the DePalma Equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that Manager will enter into the MSA with New MAC,
pursuant to which Manager will provide various services relating to the day-to-day operations of New MAC and receive fees and other compensation. For more information
about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus.

***As to Paul Arrouet, President of MAC:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Arrouet has an indirect interest in the Sponsor through his indirect majority ownership interests in
Manager (via the Manager's receipt of management fees) as well as through various general and partnership interests in the DePalma Equityholders. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of New MAC
Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition, Paul Arrouet has indirect general and limited partnership interests in the DePalma Equityholders
that directly own the DePalma Companies. Upon consummation of the Business Combination, the DePalma Equityholders will receive a total of [●] shares of New MAC Common Stock as a result of their ownership of the DePalma Companies, and
Mr. Arrouet may be deemed to beneficially own such shares, as well as have an indirect interest in a portion of such shares to the extent of his pro rata indirect interests in the DePalma Equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that Manager will enter into the MSA with New MAC,
pursuant to which Manager will provide various services relating to the day-to-day operations of the New MAC and receive fees and other compensation. For more
information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus.

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***As to Mark Zoldan, CFO of MAC and CFO of the DePalma Companies:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark Zoldan serves as the CFO of the Manager and has an indirect ownership interest in the Manager. Upon
consummation of the Business Combination, it is expected that the Manager will enter into the MSA with New MAC, pursuant to which the Manager will provide various services relating to the day-to-day operations of New MAC and receive fees and other compensation. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As manager of New MAC, the Manager will receive fees and other compensation that Mr. Zoldan will have an interest in.

***As to Harvey Golub, Chairman of MAC:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harvey Golub owns an indirect economic interest in the Master Fund as well as direct interests in the Sponsor.
Upon consummation of the Business Combination, the Master Fund will receive [●] in shares of New MAC Common Stock as a result of its interest in DePalma. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of
New MAC Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock. Thus, Mr. Golub will directly and indirectly benefit economically from the Business Combination.

***As to Alan Mintz, Richard Goldman and Wallace Mathai-Davis, each a Director of the MAC Board:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of Alan Mintz, Richard Goldman and Wallace Mathai-Davis owns a direct interest in the Sponsor. The Sponsor,
upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock. Thus, each of Mr. Mintz, Mr. Goldman and Mr. Mathai-Davis will
indirectly benefit economically from the Business Combination.

***As to MAC's Sponsor and MAC's directors and officers generally:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor, as well as MAC's directors and officers will benefit from the completion of a business
combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to public stockholders rather than liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based on the difference in the purchase price of approximately $0.003 per share that the Sponsor paid for the
Founder Shares, as compared to the purchase price of $10.00 per unit sold in the IPO, the Sponsor (and our officers and directors with an economic interest in the Sponsor) may earn a positive rate of return even if the share price of New MAC common
stock after the Closing falls below the price initially paid for the public units in the IPO and the public stockholders experience a negative rate of return following the Closing of the Business Combination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed not to redeem any of the Founder Shares and Private Placement Shares it
holds in connection with a stockholder vote to approve a proposed initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor has agreed that the Private Placement Units it holds, and all of their underlying securities, will
not be sold or transferred by it until MAC has completed a business combination, subject to limited exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued indemnification of current directors and officers of MAC and the continuation of directors'
and officers' liability insurance after the Business Combination. As of December 31, 2022, none of the directors and officers entitled to indemnification had incurred reimbursable expenses.

These interests may influence MAC's directors in making their recommendation that you vote in favor of the Business Combination Proposal and the transactions contemplated thereby.

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**Risks Related to New MAC's Corporate Structure** 

***New MAC's only material assets are its direct and indirect interests in DePalma, and New MAC is accordingly dependent upon distributions from DePalma to pay dividends and taxes and other expenses.***

New MAC is a holding company and has no material assets other than its managing member interest and, following the Business Combination, direct limited liability company interests in the DePalma Companies. New MAC has no independent means of generating revenue. New MAC intends to cause its subsidiaries (including the DePalma Companies) to make distributions in an amount sufficient to cover all applicable taxes and other expenses payable and dividends, if any, declared by it. The terms of any credit agreements or other borrowing arrangements New MAC or its subsidiaries enter into in the future may impose restrictions on the ability to pay dividends to New MAC. To the extent that New MAC needs funds, and any of its direct or indirect subsidiaries is restricted from making such distributions under these debt agreements or applicable law or regulation, or is otherwise unable to provide such funds, it could materially adversely affect New MAC's liquidity and financial condition.

***We may become subject to the Investment Company Act.***

We do not believe that we are subject to regulation under the Investment Company Act. We primarily acquire interests in NYC taxicab medallion loans and are engaged in actively managing and operating those interests, which we are committed to supporting for the long-term. Our officers, the Manager and any employees who provide services to us pursuant to the terms of our corporate services agreement devote their activities to these businesses. Based on these factors, we believe that we are not an investment company under the Investment Company Act, including under Section 3(b)(1) of the Investment Company Act, and we intend to continue to conduct our operations so that we will not be deemed an investment company. We expect to continue to fall within the exclusion from the definition of an "investment company" provided under Section 3(c)(5) of the Investment Company Act as a company primarily engaged in the business of (i) purchasing and otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance and services, and/or (ii) making loans to manufacturers, wholesalers, and retailers of, and to prospective purchasers of, specified merchandise, insurance, and services. If, at any time, we become or are determined to be primarily engaged in the business of investing, reinvesting or trading in securities, we could become subject to regulation under the Investment Company Act. In these circumstances, after giving effect to any applicable grace periods, we may be required to register as an investment company, which could result in significant registration and compliance costs, could require changes to our corporate governance structure and financial reporting, and could restrict our activities going forward. In addition, if we were to become subject to the Investment Company Act, any violation of the Investment Company Act could subject us to material adverse consequences, including potentially significant regulatory penalties and the possibility that certain of our contracts would be deemed unenforceable.

***Delaware law, the Proposed Charter and the Proposed Bylaws will contain certain provisions, including antitakeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.***

The Proposed Charter, the Proposed Bylaws and the DGCL contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by the New MAC Board and therefore depress the trading price of the New MAC Common Stock. These provisions could also make it difficult for stockholders to take certain actions, including electing directors who are not nominated by the current members of the New MAC Board or taking other corporate actions, including effecting changes in management. Among other things, the Proposed Charter and Proposed Bylaws include provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the New MAC Board to issue shares of preferred stock, including "blank check" preferred
stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the limitation of the liability of, and the indemnification of, New MAC's directors and officers;

Board or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on the New MAC Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that directors may only be removed from the New MAC Board for cause, upon the affirmative vote of
the holders of at least 66-2/3% of the voting power of all of then outstanding shares of the voting stock, voting together as a single class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a special meeting of stockholders may be called only by the New MAC Board, the chairman of
the New MAC Board or New MAC's chief executive officer, which could delay the ability of stockholders to force consideration of a proposal or to take action, including the removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling the procedures for the conduct and scheduling of the New MAC Board and stockholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement for the affirmative vote of holders of (i) (a) at least 66-2/3%, in case of certain provisions or (b) a majority, in case of other provisions, of the voting power of all of then outstanding shares of the voting stock, voting together as a single class, to
amend, alter, change or repeal certain provisions of the New MAC's Charter; and (ii) (a) at least 66-2/3%, in case of certain provisions, or (b) a majority, in case of other provisions, of the
voting power of all of then outstanding shares of the voting stock, voting together as a single class, to amend, alter, change or repeal certain provisions of the Proposed Bylaws, which could preclude stockholders from bringing matters before annual
or special meetings of stockholders and delay changes in the New MAC Board and also may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the New MAC Board to amend the Proposed Bylaws, which may allow the New MAC Board to take
additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the Proposed Bylaws to facilitate an unsolicited takeover attempt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advance notice procedures with which stockholders must comply to nominate candidates to the New MAC Board or to
propose matters to be acted upon at a stockholders' meeting, which could preclude stockholders from bringing matters before annual or special meetings of stockholders and delay changes in the New MAC Board and also may discourage or deter a
potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of New MAC.

These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in the New MAC Board or management.

In addition, New MAC will generally be subject to provisions of Delaware law, including the DGCL. Although New MAC will elect not to be governed by Section 203 of the DGCL, certain provisions of the Proposed Charter will, in a manner substantially similar to Section 203 of the DGCL, prohibit certain New MAC's stockholders who hold 15% or more of New MAC's outstanding capital stock from engaging in certain business combination transactions with New MAC for a specified period of time unless certain conditions are met. See the section entitled "*Description of New MAC Securities — Anti-Takeover Effects of the Proposed Charter, the Proposed Bylaws and Certain Provisions of Delaware Law*."

Any provision of the Proposed Charter, the Proposed Bylaws or Delaware law that has the effect of delaying or preventing a change in control could limit the opportunity for stockholders to receive a premium for their shares of New MAC's capital stock and could also affect the price that some investors are willing to pay for New MAC's common stock.

The form of the Proposed Charter is attached as Annex B to this proxy statement/prospectus and we urge you to read it.

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***The Proposed Charter will designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by New MAC's stockholders, which could limit New MAC's stockholders' ability to obtain a favorable judicial forum for disputes with New MAC or its directors, officers or other employees.***

Any person or entity purchasing or otherwise acquiring any interest in any shares of New MAC's capital stock shall be deemed to have notice of and to have consented to the forum provisions in the Proposed Charter. If any action the subject matter of which is within the scope of the forum provisions is filed in a court other than a court located within the State of Delaware (a "foreign action") in the name of any stockholder, such stockholder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the forum provisions (an "enforcement action"); and (y) having service of process made upon such stockholder in any such enforcement action by service upon such stockholder's counsel in the foreign action as agent for such stockholder.

This choice-of-forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with New MAC or its directors, officers, stockholders, agents or other employees, which may discourage such lawsuits. We note that there is uncertainty as to whether a court would enforce this provision, and the enforceability of similar choice of forum provisions in other companies' charter documents has been challenged in legal proceedings. Further, investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. It is possible that a court could find these types of provisions to be inapplicable or unenforceable, and if a court were to find this provision of the Proposed Charter inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, New MAC may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect New MAC's business, financial condition and results of operations and result in a diversion of the time and resources of New MAC's management and board of directors.

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**Risks Relating to the Externalization and Our Manager** 

***The Management Service Agreement to be entered into upon consummation of the Business Combination was negotiated between related parties and the terms, including fees payable, may not be as favorable to us as if it were negotiated with an unaffiliated third party.***

Because our Manager is owned by certain of our directors and executive officers, the MSA was developed by related parties, although our independent directors reviewed and approved the Management Services Agreement. The terms of the MSA, including fees payable, may not reflect the terms we may have received if it was negotiated with an unrelated third party. In addition, particularly as a result of our relationship with the principal owners of the Manager, who are certain directors and members of our management team, our independent directors may determine that it is in the best interests of our stockholders not to enforce, or to enforce less vigorously, our rights under the MSA because of our desire to maintain our ongoing relationship with our Manager.

***Our executive officers, directors, Manager and other members of our management team may allocate some of their time to other businesses, thereby causing conflicts of interest in their determination as to how much time to devote to our affairs, which may materially adversely affect our results of operations.***

While the members of our management team anticipate devoting a substantial amount of their time to the affairs of the Company, our executive officers, directors, Manager and other members of our management team may engage in other business activities. This may result in a conflict of interest in allocating their time between our operations and our management and the operations of other businesses. Their other business endeavors may involve related or unrelated parties. Conflicts of interest that arise over the allocation of time may not always be resolved in our favor and may materially adversely affect our results of operations.

***Conflicts of interest could arise in connection with certain of our directors' and executive officers' discharge of fiduciary duties to our stockholders.***

Certain of our directors and executive officers are and are expected to continue to be members of the Manager. Such persons, by virtue of their positions with us, have fiduciary duties to us and our stockholders. The duties of such persons as directors or executive officers to us and our stockholders may conflict with the interests of such persons in their capacities as members or employees of the Manager.

***Our Manager and members of our management team may engage in activities that compete with us or our businesses.***

While the members of our management team intend to devote a substantial majority of their time to the affairs of the Company, and while our Manager currently does not manage any other businesses that are in lines of business similar to our businesses, neither our management team nor our Manager is expressly prohibited from investing in or managing other entities, including those that are in the same or similar line of business as our businesses, or required to present any particular acquisition or business opportunity to the Company. In this regard, the MSA and the obligation thereunder to provide management services to us will not create a mutually exclusive relationship between our Manager, on the one hand, and the Company, on the other.

***We cannot remove our Manager solely for poor performance, which could limit our ability to improve our performance and could adversely affect the market price of our shares.***

Under the terms of the MSA, our Manager may not be removed as a result of underperformance. Instead, the Company may only remove our Manager in certain limited circumstances. See "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. This limitation could adversely affect the market price of our shares.

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***Our Manager can resign on 180 days' notice and we may not be able to find a suitable replacement, resulting in a disruption in our operations that could materially adversely affect our financial condition, business and results of operations as well as the market price of our shares.***

Our Manager has the right, under the MSA, to resign at any time on 180 days' written notice, whether we have found a replacement or not. If our Manager resigns, we may not be able to contract with a new manager or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 180 days (subject to possible extension), or at all, in which case our operations are likely to experience a disruption; our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected; and the market price of our shares may decline. In addition, the coordination of our internal management, acquisition activities and supervision of our businesses is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our Manager. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our businesses may result in additional costs and time delays that could materially adversely affect our financial condition, business and results of operations.

***Our reliance on our service providers to conduct our operations will be a significant expense and could limit the amount of New MAC's free cash flow.***

Historically, as a portfolio company, we have relied on the employees and service providers of our affiliates, including the Manager, as well as our third-party medallion-loan servicer, Field Point, because such entities and individuals have significant experience in servicing taxi medallion loans and related services and have provided us an organizational infrastructure on a more cost effective basis. At least initially, New MAC will continue to rely on the Manager and Field Point for these services pursuant to agreements in which New MAC will be obligated to pay fees and, subject to certain exceptions, reimburse the costs and out-of-pocket expenses of our service providers incurred on behalf of New MAC. See "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. While we intend to continually reassess our reliance on service providers, it is difficult to quantify with any certainty the actual amount of any such payments in the future, which could be substantial and could limit our free cash flow and operational flexibility.

**Risks Related to an Investment in Securities of New MAC** 

***There can be no assurance that the New MAC Common Stock will be approved for listing on Nasdaq following the Closing, or if approved, that we will be able to comply with the continued listing standards of Nasdaq.***

The MAC Units, MAC Class A Common Stock and Public Warrants are currently listed on Nasdaq. Upon consummation of the Business Combination, the New MAC plans to apply to list New MAC Common Stock and New MAC Warrants on Nasdaq under the symbols "GATE" and "GATEW", respectively. As part of the application process, we are required to provide evidence that New MAC is able to meet the initial listing requirements of Nasdaq, which may depend, in part, on the number of shares of our Class A Common stock that are redeemed in connection with the Business Combination. We cannot assure you that the New MAC Common Stock and New MAC Warrants will be listed on Nasdaq, and if they are, that they will continue to be listed on Nasdaq in the future. Generally, we must maintain a minimum market capitalization (generally $50,000,000) and a minimum number of holders of our securities (currently 400 public holders).

If Nasdaq delists New MAC's securities from trading on its exchange and New MAC is not able to list its securities on another national securities exchange, New MAC expects the New MAC's securities could be quoted on an over-the-counter market. If this were to occur, New MAC could face significant material adverse consequences, including:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that the New MAC Common Stock is a "penny stock" which will require brokers trading in
the common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for New MAC's securities;

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

***If the Business Combination's benefits do not meet the expectations of investors or securities analysts, the market price of our securities may decline.***

If the benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of our securities prior to the Closing may decline. The market values of our securities at the time of the Business Combination may vary significantly from their prices on the date the Business Combination Agreement was executed, the date of this proxy statement/prospectus, or the date on which our stockholders vote on the Business Combination.

In addition, following the Business Combination, fluctuations in the price of New MAC could contribute to the loss of all or part of your investment. Prior to the Business Combination, there has not been a public market for the New MAC Common Stock. Accordingly, the valuation ascribed to New MAC and its securities in the Business Combination may not be indicative of the price that will prevail in the trading market following the Business Combination. If an active market for our securities develops and continues, the trading price of our securities following the Business Combination could be volatile and subject to wide fluctuations in response to various factors, some of which are beyond our control. Any of the factors listed below could have a material adverse effect on your investment in our securities and our securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our securities may not recover and may experience a further decline.

Factors affecting the trading price of our securities may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of
companies perceived to be similar to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the market's expectations about our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• success of competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating results failing to meet the expectation of securities analysts or investors in a particular period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating and share price performance of other companies that investors deem comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet compliance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commencement of, or involvement in, litigation involving us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volume of shares of New MAC Common Stock available for public sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any major change in our board of directors or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of substantial amounts of New MAC Common Stock by our directors, executive officers or significant
stockholders or the perception that such sales could occur; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political conditions such as recessions, interest rates, fuel prices, international currency
fluctuations and acts of war or terrorism.

Broad market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock market in general, and Nasdaq in particular, have experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities, may not be predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies which investors perceive to be similar to us could depress our stock price regardless of our business, prospects, financial condition or results of operations. A decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability to obtain additional financing in the future.

***Following the consummation of the Business Combination, New MAC will incur significant increased expenses and administrative burdens as a public company, which could have a material adverse effect on our business, financial condition and results of operations.***

Following the consummation of the Business Combination, New MAC will face increased legal, accounting, administrative and other costs and expenses as a public company that DePalma does not incur as a private company. The Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>"), including the requirements of Section 404, as well as rules and regulations subsequently implemented by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations promulgated and to be promulgated thereunder, the Public Company Accounting Oversight Board and the securities exchanges, impose additional reporting and other obligations on public companies. Compliance with public company requirements will increase costs and make certain activities more time-consuming. A number of those requirements will require New MAC to carry out activities DePalma has not done previously. For example, New MAC will create new board committees and adopt new internal controls and disclosure controls and procedures. In addition, additional expenses associated with SEC reporting requirements will be incurred. Furthermore, if any issues in complying with those requirements are identified (for example, if the auditors identify a material weakness or significant deficiency in the internal control over financial reporting), New MAC could incur additional costs rectifying those issues, and the existence of those issues could adversely affect New MAC's reputation or investor perceptions of it. It may also be more expensive to obtain director and officer liability insurance. Risks associated with New MAC's status as a public company may make it more difficult to attract and retain qualified persons to serve on the board of directors or as executive officers. The additional reporting and other obligations imposed by these rules and regulations will increase legal and financial compliance costs and the costs of related legal, accounting and administrative activities. These increased costs will require New MAC to divert a significant amount of money that could otherwise be used to expand the business and achieve strategic objectives. Advocacy efforts by stockholders and third parties may also prompt additional changes in governance and reporting requirements, which could further increase costs.

***Upon the consummation of the Business Combination, New MAC will be an "emerging growth company" within the meaning of the Securities Act, and if New MAC takes advantage of certain exemptions from disclosure requirements available to "emerging growth companies", this could make New MAC's securities less attractive to investors and may make it more difficult to compare New MAC's performance with other public companies.***

Upon consummation of the Business Combination, New MAC will be an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and New MAC 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 the periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden

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parachute payments not previously approved. As a result, New MAC's stockholders may not have access to certain information they may deem important. New MAC could be an emerging growth company for up to five years, although circumstances could cause New MAC to lose that status earlier, including if the market value of the New MAC Common Stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case New MAC would no longer be an emerging growth company as of the following December 31. New MAC cannot predict whether investors will find our securities less attractive because New MAC will rely on these exemptions. If some investors find New MAC's securities less attractive as a result of New MAC's reliance on these exemptions, the trading prices of New MAC's securities may be lower than they otherwise would be, there may be a less active trading market for New MAC's securities and the trading prices of New MAC's securities may be more volatile.

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 an election to opt out is irrevocable. New MAC 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, New MAC, 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 New MAC'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 accountant standards used.

New MAC 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 closing of MAC's initial public offering, (b) in which MAC has total annual gross revenue of at least $1.235 billion or (c) in which New MAC is deemed to be a "large accelerated filer" under the rules of the SEC which, in addition to certain other criteria, means the market value of MAC's common equity that is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year's second fiscal quarter; and (2) the date on which New MAC has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

***New MAC may not be able to timely and effectively implement controls and procedures required by Section 404 of the Sarbanes-Oxley Act that will be applicable to us after the Business Combination and the transactions related thereto are consummated.***

As a public company, we are required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of internal control over financial reporting. To comply with the requirements of being a public company, New MAC will be required to provide attestation on internal controls, and we may need to undertake various actions, such as implementing additional internal controls and procedures and hiring additional accounting or internal audit staff. The standards required for a public company under Section 404 of the Sarbanes-Oxley Act are significantly more stringent than those required of DePalma as a privately held company. Management may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance and reporting requirements that will be applicable to New MAC after the Business Combination. If New MAC is not able to implement the additional requirements of Section 404 in a timely manner or with adequate compliance, it may not be able to assess whether its internal controls over financial reporting are effective, which may subject it to adverse regulatory consequences and could harm investor confidence and the market price of our securities. Further, as an emerging growth company, our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 until the date we are no longer an emerging growth company. At such time, our independent registered public

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accounting firm may issue a report that is adverse in the event that it is not satisfied with the level at which the controls of New MAC are documented, designed or operating.

***The historical financial results of DePalma and unaudited pro forma financial information included elsewhere in this proxy statement/prospectus may not be indicative of what New MAC's actual financial position or results of operations would have been.***

The historical financial results of DePalma included elsewhere in this proxy statement/prospectus do not reflect the financial condition, results of operations or cash flows they would have achieved as a public company during the periods presented or those New MAC will achieve in the future. This is primarily the result of the following factors: (i) New MAC will incur additional ongoing costs as a result of the Business Combination, including costs related to public company reporting, investor relations and compliance with the Sarbanes-Oxley Act; and (ii) New MAC's capital structure will be different from that reflected in DePalma's historical financial statements. New MAC's financial condition and future results of operations could be materially different from amounts reflected in its historical financial statements included elsewhere in this proxy statement/prospectus, so it may be difficult for investors to compare New MAC's future results to historical results or to evaluate its relative performance or trends in its business.

Similarly, the unaudited pro forma financial information in this proxy statement/prospectus is presented for illustrative purposes only and has been prepared based on a number of assumptions, including, but not limited to, MAC being treated as the "acquired" company for financial reporting purposes in the Business Combination, the total debt obligations and the cash and cash equivalents of DePalma on the Closing Date and the number of shares of MAC Class A Common Stock that are redeemed in connection with the Business Combination. Accordingly, such pro forma financial information may not be indicative of New MAC's future operating or financial performance and New MAC's actual financial condition and results of operations may vary materially from New MAC's pro forma results of operations and balance sheet included elsewhere in this proxy statement/prospectus, including as a result of such assumptions not being accurate. See the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information.*"

***The Manager has limited experience in assisting in the operation of a public company.***

The Manager will have a substantial role in the management of New MAC, and has limited experience in the management of a publicly traded company. The Manager may not successfully or effectively manage its transition to a public company following the Business Combination that will be subject to significant regulatory oversight and reporting obligations under federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these activities which will result in less time being devoted to the management and growth of the company. It is possible that New MAC will be required to expand its employee base and hire additional employees to support its operations as a public company which will increase its operating costs in future periods.

***We have broad discretion in the use of the net proceeds from the Business Combination and related financings and may not use them effectively.***

We cannot specify with certainty the particular uses of the net proceeds we will receive from the Business Combination. Our management will have broad discretion in the application of the net proceeds. Our management may spend a portion or all of the net proceeds in ways that our stockholders may not desire or that may not yield a favorable return. We intend to use the net proceeds for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet. If we do not invest or apply the net proceeds from the Business Combination and related financings in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.

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***The Manager has significant influence over us.***

The Manager will control, and may be deemed to beneficially own 92% of New MAC Common Stock at inception**.** As long as the Manager beneficially owns or controls a significant percentage of our outstanding voting power, it will have the ability to significantly influence all corporate actions requiring stockholder approval, including the election and removal of directors and the size of our Board, any amendment to our certificate of incorporation or bylaws, or the approval of any merger or other significant corporate transaction, including a sale of substantially all of our assets. The Manager's influence over our management could have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain control of us, which could cause the market price of our securities to decline or prevent security holders from realizing a premium over the market price for such securities.

The Manager's interests may not align with the interests of our other security holders. See "*— Risks Relating to the Externalization and Our Manager*" for more detail.

***Resales of the shares of our securities could depress the market price of our securities.***

The Manager will control, and may be deemed to beneficially own, approximately 92% of New MAC Common Stock immediately following the transaction. All such shares of New MAC Common Stock held by the Manager will be registered for resale under the Securities Act. As a result, there may be a large number of our securities sold in the market in the near future.These sales, or the perception in the market that the holders of a large number of securities intend to sell securities, could reduce the market price of our securities. Such sales of our securities or the perception of such sales may depress the market price of our securities.

**Risk Management and Financial Reporting Risks** 

***Subsequent to the consummation of the Business Combination, we may be required to take writedowns or writeoffs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and stock price, which could cause you to lose some or all of your investment.***

Although MAC has conducted due diligence on DePalma, MAC cannot assure you that this diligence revealed all material issues that may be present in DePalma's business, that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of MAC's and DePalma's control will not later arise. As a result, we may be forced to later write down or write off assets, restructure its operations, or incur impairment or other charges that could result in losses. Even if MAC's due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with MAC's preliminary risk analysis. Even though these charges may be non-cash items and may not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions about the post-combination company or its securities. In addition, charges of this nature may cause us to be unable to obtain future financing on favorable terms or at all.

**Risks Related to MAC and the Business Combination** 

*Unless the context otherwise requires, references in this subsection to "we," "us," or "our" refer to MAC prior to the consummation of the Business Combination.* 

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***MAC's executive officers and certain directors have potential conflicts of interest in recommending that stockholders vote in favor of approval of the Business Combination Proposal and approval of the other proposals described in this proxy statement/prospectus.***

As discussed under the heading "*Risks Related to Related Party Transactions and Conflicts of Interest*" certain of MAC's directors and executive officers have interests in the Business Combination that may be different from, in addition to, or in conflict with the interests of MAC's stockholders. These interests include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the beneficial ownership of the Sponsor of an aggregate of 7,829,469 Founder Shares, 610,000 Private Placement
Shares and 305,000 Private Placement Warrants, which shares and warrants would become worthless if MAC does not complete a business combination by July 5, 2023, as the Sponsor, MAC's directors and officers and their affiliates have waived
any right to redemption with respect to these shares. The Sponsor did not receive any compensation in exchange for this agreement to waive its redemption rights. Each of MAC's directors and officers are members of the Sponsor and as such have
an indirect interest in the Founder Shares, its Private Placement Shares and its Private Placement Warrants. MAC's independent directors collectively have an indirect interest of approximately 3.7% in the Founder Shares and 2.8% in the Private
Placement Shares, respectively. Such shares and warrants have an aggregate market value of approximately $ and $ based on the closing price of MAC
Class A Common Stock of $ on Nasdaq and the closing of the Public Warrants of $ on Nasdaq on
 , 2023, the record date for the Special Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor paid an aggregate of $25,000 (at a purchase price of approximately $0.003 per share) for the Founder
Shares which will have a significantly higher value at the time of the Business Combination, if it is consummated. If MAC does not consummate the Business Combination or another initial business combination by July 5, 2023, and MAC is therefore
required to be liquidated, these shares would be worthless, as Founder Shares are not entitled to participate in any redemption or liquidation of the Trust Account. Based on the difference in the purchase price of $0.003 that the Sponsor paid for
the Founder Shares, as compared to the purchase price of $10.00 per Unit sold in the IPO, the Sponsor may earn a positive rate of return even if the share price of New MAC Common Stock after the Closing falls below the price initially paid for the
Units in the IPO and the Public Stockholders experience a negative rate of return following the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor paid $6,100,000 for its Private Placement Shares it holds and Private Placement Warrants, which would
be worthless if a business combination is not consummated by July 5, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor and certain of MAC's directors and officers may be incentivized to complete the Business
Combination, or an alternative initial business combination with a less favorable company or on terms less favorable to stockholders, rather than to liquidate, in which case the Sponsor and MAC's directors and officers would lose their entire
investment. As a result, the Sponsor as well as MAC's directors or officers may have a conflict of interest in determining whether DePalma is an appropriate business with which to effectuate a business combination and/or in evaluating the terms
of the Business Combination. The MAC Board was aware of and considered these interests, among other matters, in evaluating and unanimously approving the Business Combination and in recommending to Public Stockholders that they approve the Business
Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the MAC Board will not receive reimbursement for any out-of-pocket expenses incurred by them on MAC's behalf incident to identifying, investigating and consummating the Business Combination to the extent such expenses exceed the amount required to be
retained in the Trust Account, unless the Business Combination is consummated, though there have been no material out-of-pocket expenses subject to reimbursement and MAC
does not anticipate any such expenses prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor, along with the Supporting Shareholders, entered into the Sponsor Support Agreement pursuant to which
the Sponsor and the Supporting Shareholders have agreed, among other things, to vote all shares of MAC Common Stock held by them in favor of the Business Combination Agreement and the transactions contemplated thereby (including the Merger) and to
not redeem any of their shares of MAC Common Stock; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued indemnification of the current directors and officers of MAC following the Business Combination and
the continuation of directors' and officers' liability insurance following the Business Combination.

These interests may have influenced the decision of MAC's directors to approve the Business Combination and to continue to pursue such Business Combination. In considering the recommendations of the MAC Board, based in part on the recommendation of the Special Committee, to approve the Business Combination Proposal and the Proposals (including each of the sub-proposals), its stockholders should consider these interests.

***We may be forced to close the Business Combination even if we determine it is no longer in MAC's Public Stockholders' best interest.***

MAC's Public Stockholders are protected from a material adverse event of New MAC or DePalma arising between the date of the Business Combination Agreement and the Closing, primarily by the right to redeem their public shares for a pro rata portion of the funds held in the Trust Account, calculated as of two business days prior to the vote at the special meeting. If a material adverse event were to occur after approval of the Business Combination Proposal and the Organizational Document Proposals at the special meeting, MAC may be forced to close the Business Combination even if it determines it is no longer in its stockholders' best interest to do so (as a result of such material adverse event), which could have a significant negative impact on MAC's business, financial condition or results of operations.

***MAC's Sponsor has agreed to vote in favor of the Business Combination, regardless of how the Public Stockholders vote.***

Unlike many other blank check companies in which the executive officers, directors and other initial stockholders agree to vote their Founder Shares in accordance with the majority of the votes cast by the Public Stockholders in connection with an initial business combination, MAC's executive officers, directors and the Sponsor have agreed (and their permitted transferees will agree), pursuant to the terms of the Sponsor Letter Agreement, to vote any shares of MAC Common Stock held by them in favor of the Business Combination. As of the date of this proxy statement/prospectus, MAC's Sponsor (and its permitted transferees) owned 69% of the issued and outstanding shares of MAC Common Stock. As a result of such agreements, no additional shares of MAC Common Stock would be required to approve the Business Combination Proposal. Accordingly, it is assured that the necessary stockholder approval will be received.

***The exercise of MAC's directors' and officers' discretion in agreeing to changes or waivers in the terms of the Business Combination Agreement may result in a conflict of interest when determining whether such changes to the terms of the Business Combination or waivers of conditions are appropriate and in MAC's stockholders' best interest.***

In the period leading up to the Closing, events may occur that, pursuant to the Business Combination Agreement, would require MAC to agree to amend the Business Combination Agreement, to consent to certain actions taken by DePalma or to waive rights that MAC is entitled to under the Business Combination Agreement. Such events could arise because of changes in the course of DePalma's business, a request by DePalma to undertake actions that would otherwise be prohibited by the terms of the Business Combination Agreement or the occurrence of other events that would have a material adverse effect on DePalma's business and would entitle MAC to terminate the Business Combination Agreement. In any of such circumstances, it would be at MAC's discretion, acting through the MAC Board, to grant its consent or waive those rights. The existence of the financial and personal interests of the directors described in the preceding risk factors may result in a conflict of interest on the part of one or more of the directors between what he, she or they may believe is best for MAC and what he, she or they may believe is best for himself, herself or themselves in determining whether or not to take the requested action. As of the date of this proxy statement/prospectus, MAC does not believe there will be any material changes or waivers that MAC's directors and officers would be likely to make after the mailing of this proxy

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statement/prospectus. MAC will circulate a new or amended proxy statement/prospectus if changes to the terms of the Business Combination that would have a material impact on its stockholders are required prior to the vote on the Business Combination Proposal.

***MAC's directors, executive officers, advisors or their affiliates may take actions, which may influence the vote on the Business Combination Proposal and other Stockholder Proposals and reduce the public "float" and have a depressive effect on the market price of MAC Class A Common Stock.***

At any time prior to the Special Meeting during which they are not aware of any non-material public information about MAC or its securities, MAC's directors, executive officers, advisors or their respective affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following the completion of the Business Combination, although they are under no obligation to do so. Such a purchase may include a contractual acknowledgement that such stockholder, although still the record holder of MAC's securities, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that MAC's directors, executive officers, advisors or their affiliates purchase shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem their shares. In addition, they may enter into transactions with investors and others to provide them with incentives to acquire shares of MAC Class A Common Stock. The purpose of such purchases and other transactions could be to vote such shares in favor of the Business Combination and thereby increase the likelihood of obtaining stockholder approval of the Business Combination, where it appears that such requirement would otherwise not be met. This may result in the completion of the Business Combination that may not otherwise have been possible. If such purchases are made, the public "float" of MAC Class A Common Stock 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 MAC's securities on a national securities exchange.

***MAC's ability to successfully effect the Business Combination and New MAC's ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key third-party service providers of DePalma, all of whom MAC expects to stay with New MAC following the Closing. The loss of such key service providers could negatively impact the operations and financial results of the combined business.***

MAC's ability to successfully effect the Business Combination and New MAC's ability to successfully operate the business following the Closing is dependent upon the efforts of certain key service providers of DePalma. The majority of DePalma's business is handled via service agreements with third-party service providers. Although DePalma has entered into service agreements with certain key service providers, there can be no assurance that all of DePalma's key service providers will continue to provide services in the future. It is possible that DePalma will lose some key service providers, the loss of which could negatively impact the operations and profitability of New MAC. Furthermore, following the Closing, certain of the key service providers of DePalma may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause New MAC to have to expend time and resources helping them become familiar with such requirements.

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

The Existing Charter does not provide a specified maximum redemption threshold, except that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination (such that we are not subject to the SEC's "penny stock" rules) 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 will be able to complete our initial business combination even though a substantial majority of the Public Stockholders do not agree with the transaction. In the event the aggregate cash consideration we would be required to pay for all shares of MAC Class A common stock that are

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validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, all shares of MAC Class A common stock submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.

***We cannot be certain as to the number of Public Shares that will be redeemed and the potential impact to Public Stockholders who do not elect to redeem their Public Shares.***

We can give no assurance as to the price at which a stockholder may be able to sell its shares of New MAC Common Stock in the future following the closing or any alternative business combination. A Public Stockholder's decision not to redeem their Class A shares for a pro rata portion of the Trust Account may not put the stockholder in a better future economic position than had the same Public Stockholder instead chosen to redeem such Public Shares. The redemption of Public Shares, the Business Combination and subsequent events affecting our company, including trading volume of our shares and lock-up releases, may cause an increase or decrease in the price of New MAC Common Stock per share. Accordingly, if a stockholder does not redeem its Public Shares, the stockholder will bear the risk of ownership of New MAC Common Stock after the consummation of any initial business combination, and there can be no assurance that a stockholder will be able to sell such shares in the future for a greater amount than the redemption price set forth in this proxy statement/prospectus. A stockholder should consult the stockholder's own tax and/or financial advisor for assistance on how this may affect his, her or its individual situation.

On , 2023, the most recent practicable date prior to the date of this proxy statement/prospectus, the closing price per share of MAC Class A Common Stock was $. Public Stockholders should be aware that, while we are unable to predict the price per share of New MAC Common Stock following the consummation of the Business Combination and, accordingly, unable to predict the potential impact of redemptions on the per share value of New MAC Common Stock owned by non-redeeming Public Stockholders, increased levels of redemptions by Public Stockholders as well as the dilutive impact of Class B shares may result of the price per share of New MAC Common Stock falling below the redemption price. Each Public Share that is redeemed will represent both (i) a reduction, equal to the amount of the redemption price, of the cash that will be available to MAC from the Trust Account and (ii) a corresponding increase in each Public Stockholder's pro rata ownership interest in New MAC following the consummation of the Business Combination. We expect that more Public Stockholders will elect to redeem their Public Shares if the share price of the MAC Class A Common Stock is below the projected redemption price of $10.00 per share than if the share price of the Public Shares is above the projected redemption price of $10.00 per share. However, we cannot assure you that pre-redemption trading prices of the Public Shares will bear any relationship to the post-Business Combination trading price of New MAC Common Stock and the trading price of New MAC Common Stock may be materially less than $10.00 per share.

***In order to effectuate an initial business combination, blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated certificate of incorporation or governing instruments in a manner that will make it easier for us to complete an initial business combination that our Public Stockholders 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, including their warrant agreements. 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 and, with respect to their warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Adopting the Proposal No.2a of the Organizational Document Proposals requires the affirmative vote of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common

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Stock, voting separately, as well as the vote of a majority of the then issued and outstanding shares of MAC Class A Common Stock and Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal, and amending our warrant agreement will require a vote of holders of at least a majority of the Public Warrants (which may include Public Warrants acquired by our Sponsor or its affiliates in the IPO or thereafter in the open market) and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants, a majority of the number of the outstanding Private Placement Warrants. In addition, our Existing Charter requires us to provide our Public Stockholders with the opportunity to redeem their public shares for cash if we propose an amendment to our Existing Charter (A) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our Public Shares if we have not consummated our initial business combination within the completion window or (B) with respect to any other provision relating to stockholders' rights or pre-initial business combination activity.

To the extent any such amendments would be deemed to fundamentally change the nature of any securities offered through this registration statement, we would register, or seek an exemption from registration for, the affected securities. We cannot assure you that we will not seek to amend our Existing Charter or governing instruments or extend the time to consummate an initial business combination in order to effectuate our initial business combination.

***MAC and DePalma will incur significant transaction and transition costs in connection with the Business Combination.***

MAC and DePalma have both incurred and expect to incur significant, non-recurring and recurring costs in connection with consummating the Business Combination and operating as a public company following the consummation of the Business Combination. MAC and DePalma may also incur additional costs to retain key employees. Certain transaction expenses incurred in connection with the Business Combination Agreement (including the Business Combination), including all legal, accounting, consulting and other fees, expenses and costs, will be paid by out of the proceeds of the Business Combination or by New MAC following the Closing.

MAC's directors and officers and DePalma's officers and directors could still be subject to potential liability from claims arising from conduct alleged to have occurred prior to the Business Combination. As a result, in order to protect the directors and officers of MAC and DePalma, the post-Business Combination entity is required to purchase additional insurance with respect to any such claims ("<u>run-off insurance</u>"). The need for run-off insurance would be an added expense for New MAC.

***The fairness opinion received by the Special Committee prior to signing of the Business Combination Agreement does not reflect changes in circumstances since the date of the opinion.***

Changes in the operations and prospects of DePalma, general market and economic conditions, and other factors that may be beyond the control of DePalma and MAC may alter the value of DePalma or the trading price of MAC's Class A Common Stock at or prior to the time the Business Combination is consummated.

The opinion of Huron delivered to the Special Committee prior to execution of the Business Combination Agreement was delivered on, and dated, February 5, 2023. Huron's opinion does not speak as of the time the Business Combination will be completed or as of any date other than the date of such opinion. Huron does not have any obligation or responsibility to update, revise or reaffirm its opinion. MAC does not anticipate asking Huron to update its opinion or requesting any third-party provide a new fairness opinion. Huron's opinion is included as <u>Annex G</u> to this proxy statement/prospectus. For a description of the opinion that the Special Committee received from Huron, see "*Proposal No. 1 — The Business Combination Proposal — Opinion of Huron Transaction Advisory LLC to the Special Committee*."

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***Public Stockholders will not have any rights or interests in funds from the Trust Account, except under certain limited circumstances. To liquidate their investment, therefore, Public Stockholders may be forced to sell their securities, potentially at a loss.***

Public Stockholders shall be entitled to receive funds from the Trust Account only (i) in the event of a redemption to Public Stockholders prior to any winding up in the event MAC does not consummate its initial business combination or its liquidation, (ii) if they redeem their shares in connection with an initial business combination that MAC consummates or (iii) if they redeemed their shares in connection with a stockholder vote to amend the Existing Charter (A) to modify the substance or timing of MAC's obligation to redeem 100% of the Public Shares if MAC does not complete its initial business combination within 21 months from the closing of the IPO (or July 5, 2023) or (B) with respect to any other provision relating to MAC's pre-business combination activity and related stockholders' rights. In no other circumstances will a stockholder have any right or interest of any kind to the funds in the Trust Account. Accordingly, to liquidate their investment, the Public Stockholders may be forced to sell their securities, potentially at a loss.

***Delays in completing the Business Combination may substantially reduce the expected benefits of the Business Combination.***

Satisfying the conditions to, and completion of, the Business Combination may take longer than, and could cost more than, MAC expects. Any delay in completing or any additional conditions imposed in order to complete the Business Combination may materially adversely affect the benefits that MAC expects to achieve from the Business Combination.

***Stockholder litigation could prevent or delay the closing of the Business Combination or otherwise negatively impact business, operating results and financial condition.***

MAC may incur additional costs in connection with the defense or settlement of any stockholder litigation in connection with the proposed Business Combination. Litigation may adversely affect MAC's ability to consummate the proposed Business Combination. MAC could incur significant costs in connection with any such litigation lawsuits, including costs associated with the indemnification of obligations to MAC's directors. Consequently, if a plaintiff were to secure injunctive or other relief prohibiting, delaying or otherwise adversely affecting MAC's ability to complete the proposed Business Combination, then such injunctive or other relief may prevent the proposed Business Combination from becoming effective within the expected time frame or at all.

***The Existing Charter requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against our directors, officers, other employees or stockholders for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will, subject to certain exceptions, be deemed to have consented to service of process on such stockholder's counsel, which may have the effect of discouraging lawsuits against our directors, officers, other employees or stockholders. The Proposed Charter includes a substantially similar choice of law forum provision.***

The Existing Charter requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against our directors, officers, other employees or stockholders for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder's counsel except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C) for which the Court of Chancery does not have subject matter jurisdiction. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have

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notice of and consented to the forum provisions in our Existing Charter. This choice of forum provision may limit or make more costly a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision contained in our Existing Charter to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.

The Proposed Charter includes a substantially similar choice of law forum provision. The choice of forum provision in the Proposed Charter may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with New MAC or any of its directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims, although New MAC's stockholders will not be deemed to have waived New MAC's compliance with federal securities laws and the rules and regulations thereunder. We cannot be certain that a court will decide that this provision is either applicable or enforceable, and if a court were to find the choice of forum provision contained in our Proposed Charter to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm New MAC's business, operating results and financial condition. In addition, although the Delaware Supreme Court ruled in March 2020 that federal forum selection provisions purporting to require claims under the Securities Act be brought in federal court were facially valid under Delaware law, there is uncertainty as to whether other courts will enforce New MAC's federal forum selection clause.

***If MAC is deemed to be an investment company under the Investment Company Act, MAC may be required to institute burdensome compliance requirements and MAC's activities may be restricted, which may make it difficult for MAC to complete the Business Combination.***

If MAC is deemed to be an investment company under the Investment Company Act, MAC's activities may be restricted, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the nature of MAC's investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of which may make it difficult for MAC to complete the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, MAC may have imposed upon itself burdensome requirements, including:

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

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

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In order not to be regulated as an investment company under the Investment Company Act, unless MAC can qualify for an exclusion, MAC must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities do not include investing, reinvesting, owning, holding or trading "investment securities" constituting more than 40% of its assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

MAC does not believe that its principal activities and the Business Combination will subject itself to the Investment Company Act. To this end, the proceeds held in the Trust Account may only be 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. Pursuant to the Investment Management Trust Agreement that governs the Trust Account (the <u>"Trust Agreement"</u>), 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), MAC intends to avoid being deemed an "investment company" within the meaning of the Investment Company Act. An investment in MAC's securities is not intended for persons who are seeking a return on investments in government securities or investment securities. Except for the withdrawal of interest to pay taxes (less up to $100,000 of interest to pay dissolution expenses), none of the funds held in the Trust Account (including the interest earned on the funds held in the Trust Account) will be released from the Trust Account until the earliest to occur of (i) the completion of the initial Business Combination, (ii) the redemption of 100% of the Offering Shares (as defined below) if the Corporation is unable to complete its initial Business Combination within 21 months from the closing of the IPO (or, if the Office of the Delaware Division of Corporations shall not be open for a full business day (including filing of corporate documents) on such date, the next full business day on which the Office of the Delaware Division of Corporations shall be open and (iii) the redemption of shares in connection with a vote seeking to amend any provisions of the Existing Charter (a) to modify the substance or timing of MAC's obligation to provide for the redemption of the Public Shares in connection with an initial Business Combination or to redeem 100% of such shares if MAC has not consummated an initial Business Combination by July 5, 2023 (which is within 21 months from the closing of the IPO) or (b) with respect to any other material provisions relating to stockholders' rights or pre-initial Business Combination activity.

If MAC does not invest the proceeds as discussed above, MAC may be deemed to be subject to the Investment Company Act. If MAC was deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which MAC has not allotted funds and may hinder its ability to complete a business combination. If MAC is unable to complete the Business Combination, the Public Stockholders may only receive their pro rata portion of the funds in the Trust Account that are available for distribution to Public Stockholders, and MAC's warrants will expire worthless.

**Risks Related to Redemptions** 

***As a result of the Extension Redemptions, the Sponsor currently owns a majority of, and possesses controlling voting power with respect to, the outstanding Common Stock, which will limit other stockholders' influence on corporate matters. Additionally, Sponsor has agreed to vote in favor of the Business Combination, regardless of how MAC's public stockholders vote.***

As a result of the Extension Redemption, the Sponsor owned and was entitled to vote an aggregate of approximately 69% of the outstanding Common Stock as of the date of this proxy statement/prospectus, which represents a majority of outstanding Common Stock. As such, Sponsor has the ability to outright control MAC's affairs through the election and removal of the entire Board and all other matters requiring stockholder approval, including a future business combination, merger or consolidation of MAC, or a sale of all or substantially all of MAC's assets. This concentrated control limits MAC's public float and could discourage others from initiating any such potential merger, consolidation or sale or other change-of-control transaction that may otherwise be

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beneficial to MAC's stockholders. Furthermore, this concentrated control will limit the practical effect of your participation in MAC matters, through stockholder votes and otherwise.

In addition, holders of the Founder Shares, such as the Sponsor, have agreed to vote their shares in favor of the Business Combination Proposal. These holders have also indicated that they intend to vote their shares in favor of all other proposals being presented at the Meeting. These shares are sufficient to approve the Business Combination Proposal and all other proposals being presented at the Meeting, except for Proposal No. 2a of the Organizational Document Proposals, which also requires the affirmative vote of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting separately, as well as the affirmative vote of a majority of the then issued and outstanding shares of MAC Class A Common Stock and Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. Accordingly, it is more likely that the necessary stockholder approval for the Business Combination Proposal and the other proposals will be received than would otherwise be the case if these holders agreed to vote their Founder Shares in accordance with the majority of the votes cast by Public Stockholders.

***There is no guarantee that a Public Stockholder's decision whether to redeem their stock for a pro rata portion of the Trust Account will put such stockholder in a better future economic position.***

No assurance can be given as to the price at which a stockholder may be able to sell his, her or its Public Shares in the future following the completion of the Business Combination. Certain events following the consummation of any business combination, including the Business Combination, may cause an increase in our stock price, and may result in a lower value realized now than a MAC stockholder might realize in the future had the stockholder not elected to redeem such stockholder's Public Shares. Similarly, if a Public Stockholder does not redeem his, her or its stock, such stockholder will bear the risk of ownership of New MAC Common Stock after the consummation of the Business Combination, and there can be no assurance that a stockholder can sell his, her or its shares in the future for a greater amount than the redemption price set forth in this proxy statement/prospectus. A MAC stockholder should consult his, her or its own tax and/or financial advisors for assistance on how this may affect his, her or its individual situation.

***If Public Stockholders fail to comply with the redemption requirements specified in this proxy statement/prospectus, they will not be entitled to redeem their Public Shares for a pro rata portion of the funds held in the Trust Account.***

To exercise their redemption rights, Public Stockholders are required to deliver their stock, either physically or electronically using Depository Trust Company's DWAC System, to MAC's transfer agent prior to the vote at the special meeting. If a holder properly seeks redemption as described in this proxy statement/prospectus and the Business Combination with DePalma is consummated, MAC will redeem these shares for a pro rata portion of funds deposited in the Trust Account and the holder will no longer own such shares following the Business Combination. See the section entitled "*Special Meeting of MAC Stockholders — Redemption Rights*" for additional information on how to exercise your redemption rights.

***If we do not conduct redemptions pursuant to the tender offer rules, and if you or a "group" of stockholders are deemed to hold in excess of 15% of MAC Class A Common Stock, you will lose the ability to redeem all such shares in excess of 15% of our MAC Class A Common Stock.***

If we do not conduct redemptions in connection with the Business Combination pursuant to the tender offer rules, the Existing Charter provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to more than an aggregate of 15% of the shares sold in this offering without our prior consent, which we refer to as the "Excess Shares." However, we would not be restricting our stockholders' ability to vote all of their shares (including Excess Shares) for or

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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 stock 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 stockholders may be less than $10.05 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, 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 Stockholders, such parties may not execute such agreements, or even if they execute such agreements they may not 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 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 only enter into an agreement with a third party that has not executed a waiver if management believes that such third party's engagement would be significantly more beneficial to us than any alternative. Marcum LLP, our independent registered public accounting firm, and the underwriters of the offering, will not execute agreements with us waiving such claims to the monies held in the Trust Account.

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 management is 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 are unable to complete our initial business combination within the prescribed timeframe, 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 Stockholders could be less than the $10.05 per share initially held in the Trust Account, due to claims of such creditors. Pursuant to the letter agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we 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. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

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***Our directors may decide not to enforce the indemnification obligations of the Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to our Public Stockholders.***

In the event that the proceeds in the Trust Account are reduced below the lesser of (i) $10.05 per share and (ii) the actual amount per share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.05 per share due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, and the 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 and subject to their fiduciary duties may choose not to do so in any particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. 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 Stockholders may be reduced below $10.05 per share.

***If, after we distribute the proceeds in the Trust Account to our Public Stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board may be exposed to claims of punitive damages.***

If, after we distribute the proceeds in the Trust Account to our Public Stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, any distributions received by stockholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent conveyance." As a result, a bankruptcy court could seek to recover all amounts received by our stockholders. 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, thereby exposing itself and us to claims of punitive damages, by paying Public Stockholders from the Trust Account prior to addressing the claims of creditors.

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

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

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

Under the DGCL, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution. The pro rata portion of our Trust Account distributed to our Public Stockholders upon the redemption of our public shares in the event we do not complete our initial business combination within the completion window may be considered a liquidating distribution under Delaware law. If a corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period during which the

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corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution. However, it is our intention to redeem our public shares as soon as reasonably possible following the 27th month from the closing of the IPO in the event we do not complete our initial business combination and, therefore, we do not intend to comply with the foregoing procedures.

Because we do not comply with Section 280, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against us within the 10 years following our dissolution. However, because we are a blank check company, rather than an operating company, and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. If our plan of distribution complies with Section 281(b) of the DGCL, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would likely be barred after the third anniversary of the dissolution. We cannot assure you that we will properly assess all claims that may be potentially brought against us. As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may extend beyond the third anniversary of such date. Furthermore, if the pro rata portion of our Trust Account distributed to our Public Stockholders upon the redemption of our public shares in the event we do not complete our initial business combination within the completion window is not considered a liquidating distribution under Delaware law and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party may bring or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating distribution.

**Risks if the Adjournment Proposal is Not Approved** 

***If an Adjournment Proposal is not approved, and an insufficient number of votes have been obtained to authorize the consummation of the Business Combination, the MAC Board will not have the ability to adjourn the special meeting to a later date in order to solicit further votes, and, therefore, the Business Combination will not be approved.***

The MAC Board is seeking approval to adjourn the special meeting to a later date or dates if, at the special meeting, based upon the tabulated votes, there are insufficient votes to approve the consummation of the Business Combination. If the Adjournment Proposal is not approved, the MAC Board will not have the ability to adjourn the special meeting to a later date and, therefore, will not have more time to solicit votes to approve the consummation of the Business Combination. In such an event, the Business Combination would not be completed.

**Risks Related to Taxation** 

***If the Merger, taken together with the Related Transactions, does not qualify as an integrated transaction described in Section 351 of the Code or if the Merger does not qualify as a reorganization under Section 368 of the Code, holders of MAC Common Stock may recognize taxable gain as a result of the Merger.***

The Merger, taken together with the Related Transactions, is intended to qualify as an integrated transaction described in Section 351 of the Code, and the Merger could also potentially qualify as a reorganization under Section 368 of the Code (although such treatment as a reorganization is uncertain as a result, among other things, of the lack of IRS authoritative guidance and case law as to whether the acquisition of stock of a blank check company such as MAC that is formed solely for the purpose of effecting a business combination can qualify for

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such reorganization treatment). However, any position of MAC and New MAC is not binding on the IRS or the courts, and the parties do not intend to request a ruling from the IRS with respect to the Merger or the Business Combination.

If the Merger were to fail to qualify as a transaction described in Section 351 of the Code and were to also fail to qualify as a reorganization under Section 368 of the Code, the conversion of MAC Common Stock for New MAC Common Stock pursuant to the Merger generally would be treated as a taxable exchange to the holders of MAC Common Stock, and therefore, holders of MAC Common Stock may be required to pay additional U.S. federal income taxes with respect to the taxable year in which the Merger occurs. For additional discussion of certain U.S. federal income tax considerations of the Merger, please see the section entitled "*Material U.S. Federal Income Tax Considerations — Material U.S. Federal Income Tax Considerations of the Merger*."

***If the Merger does not qualify as a reorganization under Section 368 of the Code, holders of MAC Warrants may recognize taxable gain as a result of the Merger.***

The qualification of the Merger as a reorganization under Section 368 of the Code is uncertain as a result, among other things, of the lack of IRS authoritative guidance and case law as to whether the acquisition of stock of a blank check company such as MAC that is formed solely for the purpose of effecting a business combination can qualify for such reorganization treatment. No opinion is being provided to MAC or New MAC regarding whether the Merger will qualify as a reorganization under Section 368 of the Code. Furthermore, any position of MAC and New MAC is not binding on the IRS or the courts, and the parties do not intend to request a ruling from the IRS with respect to the Merger or the Business Combination.

If the Merger were to fail to qualify as a reorganization under Section 368 of the Code, the conversion of MAC Warrants into New MAC Warrants pursuant to the Merger generally would be treated as a taxable exchange, and therefore, holders of MAC Warrants may be required to pay additional U.S. federal income taxes with respect to the taxable year in which the Merger occurs. For additional discussion of certain U.S. federal income tax considerations of the Merger, please see the section entitled "*Material U.S. Federal Income Tax Considerations — Material U.S. Federal Income Tax Considerations of the Merger*."

**Risks if the Business Combination is not Consummated** 

***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 Public Warrants, potentially at a loss.***

MAC's Public Stockholders will be entitled to receive funds from the Trust Account only upon the earliest to occur of: (a) the completion of the Business Combination, and then only in connection with those shares of MAC Class A Common Stock that such stockholder properly elected to redeem, subject to the limitations described herein; (b) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend the Existing Charter (i) to modify the substance or timing of MAC's obligation to allow redemption in connection with the Business Combination or certain amendments to the Existing Charter or to redeem 100% of MAC's Public Shares if MAC does not complete the Business Combination within 21 months from the closing of the IPO (or by July 5, 2023) or (ii) with respect to any other provisions relating to stockholders' rights or pre-initial Business Combination activity; and (c) the redemption of MAC's Public Shares if MAC has not completed an initial business combination by July 5, 2023, subject to applicable law. In no other circumstances will a Public Stockholder have any right or interest of any kind in the Trust Account. Holders of Public Warrants and Private Placement Warrants will not have any right to the proceeds held in the Trust Account with respect to such warrants. Accordingly, to liquidate your investment, you may be forced to sell your Public Shares or warrants, potentially at a loss.

If MAC is not able to complete the Business Combination with DePalma by July 5, 2023, nor able to complete another business combination by such date, in each case, as such date may be further extended pursuant to the

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Organizational Documents, it would cease all operations except for the purpose of winding up and MAC would redeem MAC's Public Shares and liquidate, in which case MAC's Public Stockholders may only receive $10.22 per share, or less than such amount in certain circumstances, and any Public Warrants or Private Placement Warrants will expire worthless.

MAC's ability to complete the Business Combination or another initial business combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks described herein, including as a result of terrorist attacks, natural disaster or a significant outbreak of infectious diseases. For example, the outbreak of COVID-19 continues in the U.S. and, while the extent of the impact of the outbreak on MAC will depend on future developments, it could limit our ability to complete the 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.

If MAC is not able to complete the Business Combination with DePalma by July 5, 2023, nor able to complete another business combination by such date, in each case, as such date may be extended pursuant to MAC's Organizational Documents, MAC will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten 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 us to pay MAC's taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of Public Shares, which redemption will completely extinguish Public Stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of MAC's remaining stockholders and the MAC Board, dissolve and liquidate, subject in the case of clauses (i) and (ii) to MAC's obligations under the DGCL to provide for claims of creditors and the requirements of other applicable law. In such case, Public Stockholders may only receive $10.22 per share, and any Public Warrants or Private Placement Warrants will expire worthless. In certain circumstances, Public Stockholders may receive less than $10.22 per share on the redemption of their shares.

***MAC may waive one or more of the conditions to the Business Combination.***

MAC may agree to waive, in whole or in part, some of the conditions to its obligations to complete the Business Combination, to the extent permitted by its Existing Charter and applicable laws. For example, it is a condition to MAC's obligations to close the Business Combination that the representations and warranties of DePalma are true and correct in all respects as of the date of the Business Combination Agreement and as of the date of the Closing (or an earlier date to the extent that an earlier date is referenced in the representation and warranty), except, for certain of the representations and warranties, such inaccuracies that, individually or in the aggregate, would not result in a Material Adverse Effect (as defined in the Business Combination Agreement) on DePalma.

***If the net proceeds of the initial public offering and the sale of the Private Placement Warrants not being held in the Trust Account are insufficient to allow us to operate for at least the 21 months following the closing of the initial public offering, MAC may be unable to complete any initial business combination, in which case MAC's Public Stockholders may only receive $10.22 per share, or less than such amount in certain circumstances, and MAC's warrants will expire worthless.***

As of December 31, 2022, MAC had cash of approximately $0.57 million held outside the Trust Account, which is available for use by us to cover the costs associated with identifying a target business and negotiating a business combination and other general corporate uses. In addition, as of December 31, 2022, MAC had total current liabilities of approximately $[●].

The funds available to MAC outside of the Trust Account may not be sufficient to allow MAC to operate until July 5, 2023, assuming that the Business Combination or another similar transaction is not completed during that

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time. Of the funds available to it, MAC could use a portion of the funds available to pay fees to consultants to assist us with our search for a target business. MAC could also use a portion of the funds as a down payment or to fund a "no-shop" provision (a provision in letters of intent designed to keep target businesses from "shopping" around for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed business combination, although MAC does not have any current intention to do so. If MAC entered into a letter of intent where it paid for the right to receive exclusivity from a target business and was subsequently required to forfeit such funds (whether as a result of its breach or otherwise), MAC might not have sufficient funds to continue searching for, or conduct due diligence with respect to, a target business.

If MAC is required to seek additional capital, it would need to borrow funds from Sponsor, members of its management team or other third parties to operate or may be forced to liquidate. Neither the members of its management team nor any of their affiliates is under any further obligation to advance funds in such circumstances. Any such advances would be repaid only from funds held outside the Trust Account or from funds released to us upon completion of its initial business combination. If MAC is unable to obtain additional financing, we may be unable to complete an initial business combination. If MAC is unable to complete its initial business combination because it does not have sufficient funds available, MAC will be forced to cease operations and liquidate the Trust Account. Consequently, MAC's Public Stockholders may only receive approximately $10.22 per share (assuming the maximum extension contributions are not deposited into the Trust Account) on its redemption of the shares of Public Shares and the Public Warrants will expire worthless.

***If, after MAC distributes the proceeds in the Trust Account to the Public Stockholders, MAC files a winding-up or bankruptcy petition or an involuntary winding-up or bankruptcy petition is filed against it that is not dismissed, a bankruptcy court may seek to recover such proceeds, and MAC and the MAC Board may be exposed to claims of punitive damages.***

If, after MAC distributes the proceeds in the Trust Account to the Public Stockholders, MAC files a winding-up or bankruptcy petition or an involuntary winding-up or bankruptcy petition is filed against it that is not dismissed, any distributions received by stockholders could be viewed under applicable debtor/creditor and/or insolvency laws as a voidable transfer. As a result, a liquidator could seek to recover all amounts received by our stockholders. In addition, the MAC Board may be viewed as having breached its fiduciary duty to our creditors or having acted in bad faith, thereby exposing it and MAC to claims of punitive damages, by paying Public Stockholders from the Trust Account prior to addressing the claims of creditors. MAC cannot assure you that claims will not be brought against it for these reasons.

If, before distributing the proceeds in the Trust Account to the Public Stockholders, MAC files a winding-up or bankruptcy petition or an involuntary winding-up or bankruptcy petition is filed against it that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our stockholders and the per-share amount that would otherwise be received by our stockholders in connection with our liquidation may be reduced.

If, before distributing the proceeds in the Trust Account to the Public Stockholders, MAC files a winding-up or bankruptcy petition or an involuntary winding-up or bankruptcy petition is filed against it that is not dismissed, the proceeds held in the Trust Account could be subject to applicable insolvency law, and may be included in its estate and subject to the claims of third parties with priority over the claims of our stockholders. To the extent any claims deplete the Trust Account, the per-share amount that would otherwise be received by MAC stockholders in connection with its liquidation may be reduced.

***If MAC fails to consummate an initial business combination, MAC's stockholders may be held liable for claims by third parties against MAC to the extent of distributions received by them upon redemption of their shares.***

Under the DGCL, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution. The pro rata portion of the Trust Account distributed to the

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Public Stockholders upon the redemption of the shares of Public Shares in the event MAC does not complete an initial business combination within the allotted time period may be considered a liquidating distribution under Delaware law. If a corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution. However, it is MAC's intention to redeem MAC's shares of Public Shares as soon as reasonably possible following the 21st month from the closing of IPO (or the end of any extension period) in the event MAC do not complete MAC's initial business combination and, therefore, MAC do not intend to comply with the foregoing procedures.

Because MAC will not be complying with Section 280, Section 281(b) of the DGCL requires it to adopt a plan, based on facts known to us at such time that will provide for MAC's payment of all existing and pending claims or claims that may be potentially brought against us within the 10 years following MAC's dissolution. However, because MAC is a blank check company, rather than an operating company, and MAC's operations are limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from MAC's vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. If MAC's plan of distribution complies with Section 281(b) of the DGCL, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would likely be barred after the third anniversary of the dissolution. MAC cannot assure you that MAC will properly assess all claims that may be potentially brought against MAC. As such, MAC's stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of MAC's stockholders may extend beyond the third anniversary of such date. Furthermore, if the pro rata portion of the Trust Account distributed to the Public Stockholders upon the redemption of the Public Shares in the event MAC does not complete its initial business combination within the allotted time period is not considered a liquidating distribution under Delaware law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the DGCL, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating distribution.

***You may not have the same benefits as an investor in an underwritten public offering.***

New MAC will become a publicly listed company upon the completion of the Business Combination. The Business Combination and the transactions described in this proxy statement/prospectus are not an underwritten initial public offering of New MAC's securities and differ from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

Like other business combinations and spin-offs, in connection with the Business Combination, you will not receive the benefits of the diligence performed by the underwriters in an underwritten public offering. Investors in an underwritten public offering may benefit from the role of the underwriters in such an offering. In an underwritten public offering, an issuer initially sells its securities to the public market via one or more underwriters, who distribute or resell such securities to the public. Underwriters have liability under the U.S. securities laws for material misstatements or omissions in a registration statement pursuant to which an issuer sells securities. Because the underwriters have a "due diligence" defense to any such liability by, among other things, conducting a reasonable investigation, the underwriters and their counsel conduct a due diligence investigation of the issuer. Due diligence entails engaging legal, financial and/or other experts to perform an investigation as to the accuracy of an issuer's disclosure regarding, among other things, its business and financial results. Auditors of the issuer will also deliver a "comfort" letter with respect to the financial information contained in the registration statement. In making their investment decision, investors have the benefit of such diligence in underwritten public offerings.

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In addition, because there are no underwriters engaged in connection with the Business Combination, prior to the opening of trading on Nasdaq on the trading day immediately following the Closing, there will be no book building process and no price at which underwriters initially sold shares to the public to help inform efficient and sufficient price discovery with respect to the initial post-closing trades on Nasdaq. Therefore, buy and sell orders submitted prior to and at the opening of initial post-closing trading of the New MAC Common Stock on Nasdaq will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold shares to the public, as would be the case in an underwritten initial public offering. There will be no underwriters assuming risk in connection with an initial resale of shares of the New MAC Common Stock or helping to stabilize, maintain or affect the public price of the New MAC Common Stock following the Closing. Moreover, we will not engage in, and have not and will not, directly or indirectly, request our capital markets advisors to engage in, any special selling efforts or stabilization or price support activities in connection with the New MAC Common Stock that will be outstanding immediately following the Closing. All of these differences from an underwritten public offering of DePalma's securities could result in a more volatile price for the New MAC Common Stock.

Further, we will not conduct a traditional "roadshow" with underwriters prior to the opening of initial post-closing trading of the New MAC Common Stock on Nasdaq. There can be no guarantee that any information made available in this proxy statement/prospectus and/or otherwise disclosed or filed with the SEC will have the same impact on investor education as a traditional "roadshow" conducted in connection with an underwritten initial public offering. As a result, there may not be efficient or sufficient price discovery with respect to the New MAC Common Stock or sufficient demand among potential investors immediately after the Closing, which could result in a more volatile price for the New MAC Common Stock.

In addition, our initial stockholders, including the Sponsor, as well as their respective affiliates and permitted transferees, have interests in the Business Combination that are different from or are in addition to our stockholders and that would not be present in an underwritten public offering of DePalma's securities. Such interests may have influenced our board of directors in making their recommendation that you vote in favor of the approval of the Business Combination Proposal and the other proposals described in this proxy statement/prospectus.

Such differences from an underwritten public offering may present material risks to unaffiliated investors that would not exist if DePalma became a publicly listed company through an underwritten initial public offering instead of upon completion of the Business Combination.

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**MARKET PRICE AND DIVIDEND INFORMATION** 

The MAC Units, MAC Class A Common Stock and Public Warrants are currently listed on Nasdaq under the symbols "GATEU", "GATE" and "GATEW", respectively.

The closing price of the MAC Units, MAC Class A Common Stock and Public Warrants as of [●], 2023, the last trading day before announcement of the execution of the Business Combination Agreement, was $[●], $[●] and $[●], respectively. As of , 2023, the record date for the Special Meeting, the most recent closing price for the MAC Units, MAC Class A Common Stock and Public Warrants was $, $ and $, respectively.

**Holders of the MAC Units, MAC Class A Common Stock and Public Warrants should obtain current market quotations for their securities. The market price of MAC's securities could vary at any time before the Business Combination.** 

**Dividend Policy** 

MAC has not paid any cash dividends on the MAC Common Stock to date and does not intend to pay cash dividends prior to the completion of the Business Combination. Although the New MAC Board may intend to pay dividends, the payment of cash dividends with respect to the New MAC common stock in the future will be dependent upon the revenues and earnings, if any, capital requirements and general financial condition of New MAC subsequent to completion of the Business Combination. The payment of any cash dividends with respect to the New MAC common stock subsequent to the Business Combination will be within the discretion of the New MAC Board. The MAC Board is not currently contemplating and does not anticipate declaring cash or stock dividends on the MAC Common Stock. Further, if MAC incurs any indebtedness in connection with the Business Combination, its ability to declare dividends may be limited by restrictive covenants it may agree to in connection therewith.

**Price Range of DePalma's Securities** 

Historical market price information regarding DePalma is not provided because there is no public market for DePalma's securities. For information regarding DePalma's liquidity and capital resources, see the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of DePalma — Liquidity and Capital Resources*."

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**COMPARATIVE SHARE INFORMATION** 

The following table sets forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historical per share information of DePalma for the years ended December 31, 2022 and 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historical per share information of MAC for the years ended December 31, 2022 and 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unaudited pro forma per share information of the combined company for the years ended December 31, 2022 and
2021, after giving effect to the Business Combination, assuming two redemption scenarios as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Assuming No Redemptions*: This presentation assumes that no Public Stockholders exercise redemption rights
with respect to their public shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Assuming Illustrative Redemptions*: This assumes that 100% Public Shares outstanding are redeemed from
Public Stockholders.

The historical information should be read in conjunction with "*Selected Historical Financial Information of the DePalma Companies*," "*Selected Historical Financial Information of MAC*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations of DePalma*," each contained elsewhere in this proxy statement/prospectus and the audited consolidated financial statements and the related notes of DePalma and MAC, each contained elsewhere in this proxy statement/prospectus.

The unaudited pro forma per share information is derived from, and should be read in conjunction with, the "*Unaudited Pro Forma Condensed Combined Financial Information*" and related notes included elsewhere in this proxy statement/prospectus. The unaudited pro forma combined net income per share information below does not purport to represent what the actual results of operations of DePalma would have been had the Business Combination been completed or to DePalma's results of operations that may be achieved after the Business Combination. The unaudited pro forma book value per share information below does not purport to represent what the book value of DePalma would have been had the Business Combination been completed nor the book value per share for any future date or period.

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| | | | |
|:---|:---|:---|:---|
|  | | **Pro Forma** | **Pro Forma** |
|  |<br>**MAC** | **No Redemption<br>Scenario** | **Max Redemption<br>Scenario** |
|  **<u>As of and for the year ended December 31, 2022</u>** |  |  |  |
|  Book value per share — basic and diluted |  |  |  |
|  Earnings (loss) per share — basic and diluted |  |  |  |
|  Cash distributions per common share |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Pro Forma** | **Pro Forma** |
|  |<br>**MAC** | **No Redemption<br>Scenario** | **Max Redemption<br>Scenario** |
|  **<u>As of and for the year ended December 31, 2021</u>** |  |  |  |
|  Book value per share — basic and diluted |  |  |  |
|  Earnings (loss) per share — basic and diluted |  |  |  |
|  Cash distributions per common share |  |  |  |

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**SPECIAL MEETING OF MAC STOCKHOLDERS** 

**General** 

MAC is furnishing this proxy statement/prospectus to you as part of the solicitation of proxies by the MAC Board for use at the Special Meeting stockholders to be held on , 2023, and at any adjournment or postponement thereof. This proxy statement/prospectus is first being furnished to MAC's stockholders on or about , 2023. This proxy statement/prospectus provides you with information you need to know to be able to vote or instruct your vote to be cast at the Special Meeting.

**Date, Time and Place** 

The Special Meeting of MAC will be held at :00 a.m., Eastern time, on , 2023, via live webcast at https://[●], or such other date, time and place to which such meeting may be adjourned or postponed, for the purpose of considering and voting upon the proposals.

In light of the ongoing health concerns relating to the COVID-19 pandemic and to best protect the health and welfare of MAC's stockholders and personnel, the Special Meeting will be held virtually. Stockholders are nevertheless urged to vote their proxies by completing, signing, dating and returning the enclosed proxy card in the accompanying pre-addressed postage paid envelope, or to direct their brokers or other agents on how to vote the shares in their accounts, as applicable.

**Purpose of the MAC Special Meeting** 

At the MAC Special Meeting, MAC will ask the MAC stockholders to vote in favor of the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 1 — The Business Combination Proposal —** To consider and vote upon a proposal to approve and adopt the Business Combination Agreement, a copy of which is attached to this proxy statement/prospectus as <u>Annex A</u>. The Business Combination Agreement provides for,
among other things, the merger of Merger Sub with and into MAC, with MAC surviving the Merger as a wholly-owned subsidiary of New MAC, in accordance with the terms and subject to the conditions of the Business Combination Agreement as more fully
described elsewhere in this proxy statement/prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 2 — The Organizational Document Proposals —** To consider and vote upon an amendment and restatement of the Existing Charter, and the following material differences between the Proposed Organizational Documents and the Existing Organizational Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 2a** — to approve the provision in the Proposed Charter changing the authorized
capital stock of 221,000,000 shares, consisting of 200,000,000 shares of MAC Class A Common Stock, par value $0.0001 per share, 20,000,000 shares of MAC Class B Common Stock, par value $0.0001 per share, and 1,000,000 preferred shares, par
value $0.0001 per share, to authorized capital stock of [●] shares, consisting of [●] shares of New MAC Common Stock, par value $0.0001 per share and [●] shares of undesignated preferred stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 2b** — to approve the provision in the Proposed Charter pursuant to which: the
affirmative vote of the holders of at least 66 2/3% of the total voting power of all then outstanding shares of New MAC Common Stock entitled to vote generally in the election of directors, voting together as a single class is required to amend
provisions relating to, among other matters: (i) stockholder meetings, (ii) the board of directors and (iii) amendment of the Proposed Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 2c** — to approve all other changes in connection with the replacement of the
Existing Organizational Documents of MAC with the Proposed Organizational Documents of New MAC, including, among other things, changing from a blank check company seeking a business combination within a certain period (as provided in the Existing
Organizational Documents), to a corporation having perpetual existence (as provided in the Proposed Charter); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 2d** — to provide for a single class of board of directors and direct that board
vacancies be filled by the majority of directors then in office, unless specified otherwise in the Proposed Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal No. 3 — The Adjournment Proposal —** To consider
and vote upon a proposal to adjourn the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Special Meeting, there are not sufficient votes
to approve one or more proposals presented to stockholders for vote at the Special Meeting.

**Recommendation of the MAC Board** 

The MAC Board, based in part upon the recommendation of the Special Committee, has determined that each of the proposals is fair to and in the best interests of MAC and its stockholders and has approved such proposals. The MAC Board, based in part on the recommendation of the Special Committee, unanimously recommends that stockholders vote "FOR" each of the proposals (including each of the sub-proposals).

When you consider the recommendation of the MAC Board, based in part upon the recommendation of the Special Committee, in favor of approval of the Business Combination Proposal and the other proposals (including each of the sub-proposals), you should keep in mind that MAC's Sponsor and certain directors and officers have interests in the Business Combination that are different from, in addition to, or in conflict with your interests as a stockholder. These interests include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor owns (i) 8,439,469 shares of MAC Common Stock, including (A) 7,829,469 Founder Shares
that it purchased for $25,000, and (B) 610,000 Private Placement Shares underlying the 610,000 Private Placement Units for a purchase price of $6,100,000 and (ii) 305,000 Private Placement Warrants. The Founder Shares and Private Placement Units
held by the Sponsor had an aggregate market value of $ based upon the closing price of $ per unit on Nasdaq on
 , 2023. If the Business Combination or another business combination is not consummated by the Business Combination Period, MAC will cease all operations except for the purpose
of winding up, redeeming 100% of the outstanding public subunits for cash and, subject to the approval of its remaining stockholders and the MAC Board, dissolving and liquidating. In such event, the Founder Shares and Private Placement Units would
be worthless because the holders are not entitled to participate in any redemption or distribution with respect to such securities. If the Business Combination is consummated, each outstanding Founder Share will be exchanged for one share of New MAC
Common Stock and each outstanding Private Placement Unit will become one share of New MAC Common Stock and one-half warrant, with each whole warrant entitling the holder thereof to purchase one share of New
MAC Common Stock for $11.50 per share, subject in each case to adjustment as described herein. The personal and financial interests of Sponsor may have influenced its motivation in completing the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Master Fund, the majority owner of the Sponsor, has agreed to fund up to $1,700,000 of
MAC's working capital needs pursuant to two promissory notes (the June 2022 Note and the February 2023 Note) issued by MAC to the Master Fund under which MAC may borrow up to an aggregate amount of $1,700,000. As of the date hereof, $600,000
and $125,000 is outstanding under the June 2022 Note and the February 2023 Note, respectively. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note and the February 2023 Note may be converted into
Conversion Shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in
connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note and the February 2023 Note, as applicable. Each of the June 2022 Note and February 2023 Note is payable in cash upon
consummation of the Business Combination, but is not payable if the Business Combination is not consummated. In addition, if MAC is unable to complete a business combination by the end of

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the Business Combination Period, our Sponsor will be liable to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by MAC for services rendered or contracted for or products sold to MAC, but only if such a vendor or target business has not executed a waiver of claims against the Trust Account and other than any claims covered by our indemnity of the underwriters. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based on the difference in the purchase price of approximately $0.003 per share that the Sponsor paid for the
Founder Shares, as compared to the purchase price of $10.00 per Unit sold in the MAC IPO, the Sponsor (and MAC's officers and directors with an economic interest in the Sponsor) may earn a positive rate of return even if the share price of New
MAC Common Stock after the Closing falls below the price initially paid for the public Units in the IPO and the Public Stockholders experience a negative rate of return following the Closing of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that Andrew Milgram, the CEO of MAC, and Paul Arrouet, the President of MAC, are the indirect majority
owners and controlling members of MAM, MAM has an indirect controlling interest in the DePalma Companies, MAM is the managing member of the Sponsor, and MAM and its affiliates indirectly receive fees from, and have an indirect financial interest in,
the DePalma Companies. As a result of the Business Combination, MAM will receive fees pursuant to the MSA with New MAC. In addition, as a result of Andrew Milgram and Paul Arrouet having an indirect controlling interest in both MAC and the DePalma
Companies, they will benefit from the Business Combination through their affiliation with DePalma as well as MAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor, as well as MAC's directors and officers will benefit from the completion of a
business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to public stockholders rather than liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed not to redeem any of the Founder Shares and Private Placement Shares it
holds in connection with a stockholder vote to approve a proposed initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed that the Private Placement Units it holds, and all of their underlying
securities, will not be sold or transferred by it until MAC has completed a business combination, subject to limited exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued indemnification of the current directors and officers of MAC following the Business Combination and
the continuation of directors' and officers' liability insurance following the Business Combination. As of December 31, 2022, none of the directors and officers entitled to indemnification had incurred reimbursable expenses.

**Record Date; Persons Entitled to Vote** 

You will be entitled to vote or direct votes to be cast at the Special Meeting if you owned shares of MAC Common Stock at the close of business on , 2023, which is the record date for the Special Meeting. You are entitled to one vote for each share of MAC Common Stock that you owned as of the close of business on the record date. If your shares are held in "street name" or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. On the record date, there were shares of MAC Common Stock outstanding, of which were shares of MAC Class A Common Stock and were shares of MAC Class B Common Stock held by the Sponsor and the Anchor Investors.

The Sponsor and the executive officers and directors of MAC have agreed to vote all of their shares of MAC Common Stock in favor of the Business Combination Proposal and the other proposals. The Anchor Investors are not required to vote any of their public shares in favor of the business combination or for or against any other matter presented for a stockholder vote. MAC's issued and outstanding Public Warrants do not have voting rights at the Special Meeting.

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**Quorum and Required Vote for Proposals** 

A quorum of MAC's stockholders is necessary to hold a valid meeting. A quorum will be present at the Special Meeting if a majority of the MAC Common Stock outstanding and entitled to vote at the Special Meeting is virtually present in person or by proxy. Abstentions will count as present for the purposes of establishing a quorum.

The approval of each of the Business Combination Proposal, the Adjournment Proposal and Proposals No. 2b and No. 2c of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. The approval of Proposal No. 2a of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of (i) the holders of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting separately, and (ii) the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, in each case present and entitled to vote at the Special Meeting and voted in connection with such proposal.

As of the record date for the Special Meeting, shares of MAC Common Stock will be required to achieve a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy (or your broker, bank or other nominee submits one on your behalf) or if you vote online at the virtual Special Meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, a majority of the shares represented by stockholders virtually present at the Special Meeting or by proxy may authorize adjournment of the Special Meeting to another date.

As of the date of this proxy statement/prospectus, the Sponsor owns 69% of the outstanding shares of MAC Common Stock, including 76% of the outstanding shares of MAC Class B Common Stock, and has agreed to vote all shares of MAC Common Stock owned by it in favor of the Business Combination Proposal and the Organizational Document Proposals.

**Abstentions and Broker Non-Votes** 

Under the rules of various national and regional securities exchanges, your broker, bank or nominee cannot vote your shares with respect to non-discretionary matters unless you provide instructions on how to vote in accordance with the information and procedures provided to you by your broker, bank or nominee. MAC believes the Stockholder Proposals presented to its stockholders will be considered nondiscretionary and therefore your broker, bank or nominee cannot vote your shares without your instruction. If you do not provide instructions with your proxy, your bank, broker or other nominee may deliver a proxy card expressly indicating that it is NOT voting your shares; this indication that a bank, broker or nominee is not voting your shares is referred to as a "broker non-vote."

Abstentions and broker non-votes will be counted for purposes of determining the presence of a quorum at the Special Meeting of MAC stockholders.

**Revoking Your Proxy** 

If you have submitted a proxy to vote your shares and wish to change your vote, you may do so by delivering a later-dated, signed proxy card to MAC's secretary prior to the date of the Special Meeting or by voting online at the virtual Special Meeting. Attendance at the Special Meeting alone will not change your vote. You also may revoke your proxy by sending a notice of revocation to MAC's secretary at the above address.

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**Redemption Rights** 

Pursuant to the Existing Charter, the Public Stockholders of MAC may elect to redeem all or a portion of their Public Shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest (net of permitted withdrawals), divided by the number of then outstanding public shares, subject to the limitations described herein.

As of December 31, 2022, based on funds in the Trust Account of approximately $10.3 million, this would have amounted to approximately $10.22 per share, which includes up to $171,418 of interest income available to us to pay taxes. If a Public Stockholder exercises its redemption rights, then such Public Stockholder will be exchanging its shares of MAC Common Stock for cash and will no longer own shares of MAC Common Stock or receive shares of New MAC Common Stock. Such a holder will be entitled to receive cash for its public shares only if it properly demands redemption and delivers its shares (either physically or electronically) to our transfer agent prior to the Special Meeting. As of the date of this proxy statement/prospectus, the amount in the Trust Account is initially anticipated to be $10.22 per public share.

**Underwriting Fees as a Percentage of IPO Proceeds Net of Redemptions** 

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| | |
|:---|:---|
|  IPO underwriting fees<sup>(3)</sup> | $— |
|  IPO proceeds net of redemptions | $— |
|  Underwriting fees as a % of IPO proceeds net of redemptions | % |

---

(1) Assumes that no shares of the MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are redeemed.

(3) Reflects $[●] of deferred underwriting commission payable upon consummation of the Business Combination.

**Appraisal or Dissenters' Rights** 

No appraisal or dissenters' rights are available to holders of shares of MAC Class A Common Stock or Public Warrants in connection with the Business Combination.

**Solicitation of Proxies** 

MAC will pay the cost of soliciting proxies for the Special Meeting. MAC has engaged Advantage Proxy to assist in the solicitation of proxies for the Special Meeting. MAC has agreed to pay Advantage Proxy a fee of $10,000. MAC will reimburse Advantage Proxy for reasonable out-of-pocket expenses in the amount of $1,500 and will indemnify Advantage Proxy and its affiliates against certain claims, liabilities, losses, damages and expenses. MAC also will reimburse banks, brokers and other custodians, nominees and fiduciaries representing beneficial owners of shares of MAC Class A Common Stock and MAC Class B Common Stock for their expenses in forwarding soliciting materials to beneficial owners of MAC Common Stock and in obtaining voting instructions from those owners. MAC's directors, officers and employees may also solicit proxies by telephone, by facsimile, by mail, on the Internet or in person. They will not be paid any additional amounts for soliciting proxies.

**Stock Ownership** 

As of the date of this proxy statement/prospectus, the Sponsor beneficially owns an aggregate of approximately 69% of the outstanding shares of MAC Common Stock, including 76% of the outstanding shares of MAC Class B Common Stock. The Sponsor has agreed to vote all of its shares of MAC Common Stock in favor of the Business Combination and each of the Stockholder Proposals.

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**PROPOSAL NO. 1 — THE BUSINESS COMBINATION PROPOSAL** 

**The Background of the Business Combination** 

MAC is a blank check company incorporated on December 10, 2020, under the laws of the State of Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The proposed Business Combination was the result of MAC's multi-faceted expertise, investing and operating experience, broad network of relationships and our focus on creating proprietary transaction opportunities. The terms of the Business Combination Agreement were the result of extensive negotiations between MAC and DePalma (and their respective affiliates and advisors). The following is a brief description of the background of these negotiations.

On October 5, 2021, MAC consummated the initial public offering ("<u>IPO</u>") of 30,000,000 Units at $10.00 per Unit. Each Unit consists of one share of MAC Class A Common Stock, and one-half of one redeemable Public Warrant, with each Public Warrant entitling the holder thereof to purchase one share of MAC Class A Common Stock for $11.50 per whole share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300,000,000. Simultaneously with the closing of the IPO, MAC completed the private sale of an aggregate of 910,000 Units to our Sponsor and Cantor Fitzgerald & Co. ("<u>Cantor</u>") at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds of $9,100,000.

Prior to the consummation of the IPO, neither MAC, nor anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with MAC.

After completing its IPO, MAC commenced an active search for businesses or assets to acquire for the purpose of consummating an initial business combination with a high quality business that has recently undergone a restructuring. MAC management primarily reviewed self-generated ideas from MAC's management team but it also considered transactions sourced through various investment banking and advisory firms and contacted, and were contacted by, a number of individuals, investors, management teams and entities with respect to business combination opportunities.

MAC considered businesses that it believed would be ready to operate as a publicly traded company, generate stable cash-flow and/or annual recurring revenue, and benefit from our substantial operational experience, capital markets expertise and network, and have a dedicated and proven management team that could leverage opportunities sourced through our proprietary channels. See "*— MAC Board's Reasons for the Approval of the Business Combination*" for additional information. Representatives of MAC engaged in due diligence and multiple detailed discussions directly with the senior executives and/or stockholders of multiple potential business combination opportunities as part of its overall business combination evaluation process. In the process that led to identifying DePalma as an attractive investment opportunity, MAC's management team entered into non-disclosure agreements to receive confidential information regarding 8 potential business combination targets, held management or key investor meetings with 8 potential combination targets, held multiple discussions with and/or performed preliminary due diligence on 8 potential combination targets or their representatives, had preliminary calls with two other potential targets and provided 6 non-binding written or verbal proposals.

***Description of negotiation process with candidates other than DePalma***

The following provides a description of the negotiating process with potential acquisition targets other than DePalma with which MAC had substantive conversations.

*Company A and Company B* 

In October 2021, representatives of MAC began speaking with certain of its advisors regarding making contact with Company A, a company headquartered in Canada, about a potential transaction with a division of

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Company A and Company B, a company headquartered in the United States in which affiliates of MAM indirectly hold a minority investment interest. Company A's target division and Company B are competitors in the same industry.

Over the next several months, certain of MAC's advisors had several discussions with advisors to Company A about a potential transaction and their views on Company A's valuation, business and growth prospects. As Company A was a publicly traded company, MAC and representatives from Company B were able to engage in outside due diligence on Company A.

In March 2022, representatives of MAC met with Company A and its advisors to present a non-binding proposal with respect to a potential business combination between MAC, a division of Company A and Company B.

In May 2022, representatives of Company A's financial advisor called representatives of MAC's financial advisor at that time to inform MAC that Company A decided not to pursue any transactions.

*Company C* 

In December 2021, representatives of MAC began speaking with key investors in Company C, a company headquartered in the United States, about a potential transaction between Company C and MAC. Affiliates of MAM indirectly hold a minority investment interest in Company C and as a result had access to due diligence information on Company C.

Throughout December and January 2021, MAC completed its preliminary financial analysis to assess the merits of a potential business combination. During the period from January through April 2022, representatives of MAC held several meetings and conference calls with two significant shareholders of Company C about a potential business combination, Company C's business, operations and growth prospects. Company C ultimately informed representatives of MAC that they believed a business combination with MAC was not something they were interested in pursuing at that time.

*Company D* 

In December 2021, representatives of MAC identified Company D, a company headquartered in the United States, as a potential target for a business combination between Company D and MAC. Representatives of MAC signed a non-disclosure agreement that did not contain standstill provisions and obtained financial information and completed its preliminary financial analysis to assess the merits of a potential business combination.

Representatives of MAC contacted a board member of Company D and arranged an introduction to Company D's Chief Executive Officer. On January 13, 2022, representatives of MAC held a conference call with Company D's CEO to discuss Company D's business, operations, and growth prospects. Following that meeting, representatives of MAC completed additional financial analysis to develop a potential non-binding transaction proposal.

On January 19, 2022, representatives of MAC held a conference call with one of Company D's largest shareholders to discuss a potential business combination and the benefits that MAC could bring to Company D. On that call, representatives of MAC verbally outlined a non-binding proposal to Company D's largest shareholder.

In February 2022, through a mutual advisory relationship, such shareholders of Company D ultimately communicated that they did not believe a transaction would make sense for Company D at that time and that they were pursuing other alternatives.

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*Company E and Company F* 

In April 2022, MAC was contacted by representatives of Investor A regarding a potential business combination transaction among MAC, Company E and Company F. Company E is a company headquartered in the United States in which funds managed by MAM own a minority interest. Company F is a company headquartered in the United States and is a competitor to Company E.

On April 19, 2022, MAC and Investor A executed a non-disclosure agreement that did not contain a standstill provision with regards to sharing of information regarding Company E and Company F.

MAC and Investor A had multiple conversations in May 2022 regarding a potential business combination among MAC, Company E and Company F, with Investor A providing new equity capital as a private placement in conjunction with the transaction.

In June 2022, Investor A indicated to representatives of MAC that they were not interested in a transaction. MAC began directly speaking with Company F and its shareholder about a business combination that did not include Investor A. On June 21, 2022, MAC signed a non-disclosure agreement that did not contain a standstill provision with Company F's majority shareholder and began due diligence on Company F. Over the course of the month, representatives of MAC had several calls with Company F management to discuss their business, operations, growth strategy and potential synergies between Company E and Company F.

In July 2022, MAC began working with advisors to develop a proposal regarding a business combination. On July 15, 2022, representatives of MAC initiated discussions with the two largest shareholders in Company E regarding a proposed transaction.

Over the course of July and August 2022, several conversations and meetings were held between representatives of MAC and the two large shareholders in Company E, including the discussion and presentation of preliminary non-binding terms for a transaction. Ultimately, in August 2022, shareholders in Company E informed representatives of MAC that they were not interested in pursuing a transaction with MAC.

***Description of negotiation process with DePalma***

Beginning in August, 2022, MAC's management and the Manager, in its capacity as DePalma's representative, began to evaluate the possibility of a business combination transaction. On September 1, 2022, Andrew Milgram, on behalf of MAC, signed a non-disclosure agreement with DePalma, which did not contain a standstill provision. Throughout the month of September 2022, MAC shared with DePalma preliminary financial analyses developed by MAC in order to evaluate the proposed transaction structure, MAC's organizational structure and other potential corporate forms to effectuate a business combination transaction.

Beginning on September 7, 2022, MAC engaged in conversations with several investment banks to assist in evaluating the merits of the proposed transaction, including among others, potential public market receptivity, market positioning. Ultimately on November 11, 2022, MAC retained Piper Sandler to act as capital markets advisor with regards to a proposed transaction with DePalma.

On September 14, 2022, a virtual meeting was held among representatives of MAC and MAC's counsel to ensure proper protocols were in place with respect to related party transactions in connection with an initial business combination.

On October 21, 2022, the MAC Board held a virtual meeting, which was attended by certain MAC officers and representatives of EGS. The MAC Board discussed (i) the preliminary discussions with DePalma for a business combination transaction and (ii) the general transaction value range based on a NYC taxicab medallion valuation of $200,000 to $250,000, subject to the formation of the Special Committee and a prior favorable

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recommendation from the Special Committee. In addition, the MAC Board discussed the appointment of an independent director, for which the MAC Board would have the opportunity to interview prior to his/her appointment. In addition, MAC Counsel also addressed the MAC Board to outline the proper protocols to follow going forward with respect to a related party transaction.

On October 26, 2022, MAC filed a preliminary proxy statement to solicit shareholder approval, among other matters, for an extension amendment to extend the date by which MAC must complete an initial business combination from January 5, 2023 to July 5, 2023.

On October 21, 2022, MAC informed the MAC Board that it had identified a potential independent board member.

On October 27, 2022, the MAC Board held a virtual conference call to meet with and discuss the qualifications of Patrick J. Bartels, Jr., with regards to his potential appointment as a new board member.

On November 15, 2022, the representatives of DePalma hosted a virtual meeting attended by representatives of MAC along with its counsel at Paul Hastings LLP and its capital markets advisor at Piper Sandler. DePalma discussed its business, DePalma's fit with MAC, future prospects and growth opportunities and views on valuation.

Between November and January 2022, representatives of MAC engaged in multiple calls with DePalma and the various advisors to discuss a potential business combination between DePalma and MAC, potential transaction structures, process timeline and to answer initial due diligence questions posed by representatives of MAC, Piper Sandler and counsel, including the timing for DePalma to obtain any required PCAOB-audited financial statements.

On November 9, 2022, MAC filed its final extension proxy seeking to extend the SPAC termination deadline, which disclosed that MAC was in preliminary discussions with a related party in connection with the Business Combination.

On December 2, 2022, the MAC Board approved (i) the appointment of Patrick J. Bartels, Jr. as the new independent director and (ii) the creation of a special committee of the Board with the full power and authority to evaluate, negotiate and make recommendations to the Board regarding the proposed Business Combination, and appointed Patrick J. Bartels, Jr. to the Special Committee.

In January 2023, Huron Transaction Advisory LLC ("<u>Huron</u>") was engaged by the Special Committee solely to provide an opinion to the Special Committee as to the fairness, from a financial point of view, to MAC of the consideration to be paid for DePalma in the proposed Business Combination. In the two years prior to this engagement, neither MAC nor DePalma received services from Huron for which Huron received compensation.

On January 24, 2023, representatives of DePalma provided the Special Committee a non-binding term sheet with regards to the proposed transaction.

On January 30, 2023, representatives of Akin Gump Strauss Hauer & Feld LLP ("<u>Akin Gump</u>"), on behalf of the Special Committee, sent to representatives of DePalma and the Manager, a revised draft of the non-binding letter of intent, which reflected (among other things) changes in the transaction consideration mechanics, adjustments to sponsor share lock-up, and adjustments to the terms of the MSA.

On January 30, 2023, representatives of DePalma sent the Special Committee a revised draft of the non-binding term sheet with regards to the proposed transaction which reflected (among other things) further changes in the transaction consideration mechanics, adjustments to sponsor share lock-up, and adjustments to the terms of the MSA.

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On January 31, 2023, representatives of Akin Gump, on behalf of the Special Committee, sent to representatives of DePalma and the Manager, a revised draft of the non-binding letter of intent, which stated (among other things) changes in the transaction consideration mechanics, adjustments to sponsor share lock-up and adjustments to the MSA.

On February 1, 2023, representatives of DePalma sent the Special Committee a revised draft of the non-binding term sheet with regards to the proposed transaction which stated (among other things) changes in the transaction consideration mechanics, adjustments to sponsor share lock-up and adjustments to the MSA.

On February 3, 2023, representatives of DePalma and representatives of the Special Committee agreed on the final terms of the non-binding term sheet.

At a meeting of the Special Committee on February 5, 2023, Huron delivered its opinion, dated February 5, 2023, to the Special Committee to the effect that, as of the such date and based upon and subject to various assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Huron in preparing its opinion, the consideration (which was assumed in Huron's opinion to be the number of shares of New MAC Common Stock based on an assumed DePalma Equity Value (excluding the Minimum Cash Amount) of $750,595,712 as of January 27, 2023 divided by $10.00) proposed to be paid for the DePalma Companies pursuant to the Business Combination Agreement was fair, from a financial point of view, to MAC.

On February 8, the MAC Board met via videoconference, at which all of MAC's directors participated and were joined by members of MAC's management team, representatives of the Special Committee and representatives of Paul Hastings LLP, to formally consider the proposed transaction. The agenda included a discussion of the final transaction terms and rationale for the Business Combination Agreement. At this meeting, Patrick J. Bartels, Jr., the sole member of the Special Committee, provided an overview of the status of MAC's negotiations with DePalma regarding the proposed transaction. Representatives of Paul Hastings LLP advised the members of the Board of their fiduciary duties in connection with evaluating and approving the proposed transaction, summarized the material terms of the Business Combination Agreement and ancillary agreements, and provided an overview of the post-signing communications and securities law process. In addition, the Special Committee issued its recommendation in favor of the Business Combination Agreement. After discussion among Board members and management, the Board unanimously approved a motion to approve the Business Combination Agreement and ancillary agreements and the proposed transaction.

Legal counsel to the parties and management of DePalma and MAC worked to finalize the Business Combination Agreement and ancillary agreements, which the parties executed on February 14, 2023.

Leading up to and subsequent to signing the Business Combination Agreement, representatives of DePalma and MAC and their legal advisors have worked together to prepare this proxy statement/prospectus and the Registration Statement.

**MAC Board's Reasons for the Approval of the Business Combination** 

MAC was organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

The MAC Board, in evaluating the Business Combination, consulted with the Special Committee, MAC's management and its legal and capital markets advisors. In reaching its resolutions (i) that the Business Combination Agreement and the transactions contemplated thereby are advisable and in the best interests of MAC and (ii) to recommend that the MAC stockholders adopt the Business Combination Agreement and approve the Business Combination and the other transactions contemplated by the Business Combination Agreement, the MAC Board considered a range of factors, including, but not limited to, the factors discussed

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below. In light of the number and wide variety of factors considered in connection with its evaluation of the Business Combination, the MAC Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that it considered in reaching its determinations and supporting its decisions. The MAC Board viewed its decisions as being based on all of the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors. This explanation of the MAC Board's reasons for approving the Business Combination and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under the section entitled "*Cautionary Note Regarding Forward-Looking Statements*."

After careful consideration, on February 8, 2023, the MAC Board, based in part upon the recommendation of the Special Committee, unanimously (i) approved and adopted the Business Combination Agreement and the transactions contemplated thereby, (ii) determined that the Business Combination is fair to, advisable, and in the best interests of MAC and its stockholders, and (iii) recommended that the stockholders of MAC approve the Business Combination Agreement and the other proposals (including each of the sub-proposals).

Before reaching its decision, the MAC Board considered the results of the due diligence conducted by its management and legal advisors, which included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extensive meetings and calls with DePalma's management team, as well as with its advisors (including Reed
Smith LLP) regarding, among other things, market dynamics, operations, financials, plans and forecasts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry and market research, including certain interviews with industry experts and executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of material contracts and other documentation including but not limited to those relating to regulatory
compliance, HR and other legal matters, including review of such documents by Paul Hastings LLP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of DePalma's financial statements and internal reports.

In the prospectus for MAC's IPO, MAC identified the following general criteria to screen for and evaluate target businesses although MAC indicated it may enter into a business combination with a target business that does not meet these criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Post-Restructured Companies*. MAC believes that post-restructured companies offer the potential for
discounted valuations to their publicly traded peers given the complexity involved in understanding restructurings and post-restructured businesses (with the lack of information and research coverage) and the ownership base of former lenders whose
debt was swapped for equity in restructurings. As restructuring specialists, MAC's management team has a strong understanding of how to evaluate post-restructured companies and a robust network to identify opportunities among these companies.
MAC intends to target companies that have strengthened their balance sheets through a restructuring process. In addition to restructuring the balance sheet, a successful restructuring process can also drive positive operating results from turnaround
initiatives taken during a restructuring. Better asset mixes and revitalizing their operating models can create stable growth potential for these businesses going forward.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Revitalized Growth Strategy*. MAC intends to focus on acquisition targets that have the potential to
develop a leading, growing or significant niche market position in their respective industries. MAC believes that companies that successfully reorganize themselves use the process to not only reorder their liability structure but also to rework and
reinvigorate their growth strategy. The unshackling of a business from an overburdened balance sheet and cost structure can enable it to invest in growth initiatives that will grow top line revenues as well as total enterprise profitability. MAC
will analyze the strengths and weaknesses of potential target businesses relative to their competitors and will seek to acquire one or more businesses that MAC believes have the ability to demonstrate advantages such as

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improvements to quality of product or significant measurable cost savings when compared to their competitors, which may help to increase their market share and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Discount to Publicly Traded Peers*. MAC anticipates seeking potential candidates that are valued at
a significant discount to their publicly traded peers. This discount allows for meaningful return potential for stockholders following the business combination and provides the targets' current owners the opportunity for liquidity and multiple
expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Compelling Industry Characteristics*. MAC intends to focus on acquisition targets that have the potential
to be or are industry leaders. These companies tend to operate in fragmented markets which present opportunities for significant consolidation and growth. MAC will attempt to identify an acquisition target that may benefit from synergistic add-on acquisitions, new product markets and geographies, increased production capacity, expense reduction and increased operating leverage. In general, MAC focuses its investing attention on industries which enjoy
broad stability and have favorable growth dynamics.

These criteria were not intended to be exhaustive. MAC stated in the IPO prospectus that any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines as well as on other considerations, factors and criteria that MAC's management may deem relevant. In the event that it decided to enter into a business combination with a target business that does not meet the above criteria and guidelines, MAC indicated that it would disclose that the target business does not meet the above criteria in MAC's stockholder communications related to its initial business combination.

In considering the Business Combination, the MAC Board concluded that DePalma met all of the above criteria. In addition, the MAC Board consulted with the Special Committee and MAC's management and considered a number of factors in evaluating the Business Combination. In particular, the MAC Board considered, among other things, the following factors, although not weighted or in any order of significance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consistent With Prospectus Investment Criteria*. The DePalma Companies met the investment criteria
identified in the prospectus for MAC's IPO related to a high quality business that has recently undergone a restructuring. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Public Company Positioning and Readiness.* The MAC Board believes DePalma is well-positioned to be a public
company in terms of scale and size, and a company that public equity market investors will understand and value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Team.* The DePalma Companies have been managed since their inception by MAM. MAM's team
possesses deep knowledge of the industry, has a proven track record in managing the DePalma Companies and are well suited to realize the investment potential from the Business Combination. Through MAC's due diligence investigation, MAC's
management had knowledge of, and was familiar with, the DePalma Companies' businesses and financial condition, including its historical financial results, financial plan and future prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Critical and Perpetual New York City Infrastructure Assets.* New York City's financial support of the
MRP+ evidences the critical nature of taxicabs as a key transportation modality in the City. Additionally, the 25-year duration of the program underscores the perpetual nature and durability of cash flows from medallions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scale and Market Penetration*. The DePalma Companies own, either directly or indirectly, including via
collateral backing medallion loans, interests in NYC taxi medallions representing approximately 30% of the outstanding NYC taxi medallions. The DePalma Companies' scale provides a competitive advantage in executing their business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stable Cash Flow From MRP+ Portfolio.* The medallion loans that have been restructured pursuant to the MRP+
provide stable and predictable cash flows while the remainder of the loan portfolio is restructured and reperformed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Historical Cash Collections and Restructurings*. The DePalma Companies have successfully restructured,
resolved or reperformed approximately 2,000 medallions and have generated significant cash collections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Vertical Integration*. As a lender and operator, the DePalma Companies have a differentiated business that
provides for flexibility and optionality in generating cash flow and earnings from its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Attractive Valuation*. The MAC Board's determination that if DePalma is able to achieve its business
plan, then MAC's stockholders will have acquired their shares of New MAC Common Stock at an attractive valuation, which would increase stockholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Current Trends.* Recent trends in the NYC taxi market, including increases in active drivers and driver
economics, including but not limited to the December 2022 fare increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Growth.* Growth opportunities through continued reperformance and restructuring of existing
defaulted loans and origination of new loans to new borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Consideration for All Parties in Equity*. All parties, including DePalma, the Sponsor and the
Public Stockholders will receive the same consideration in the transaction and there is no party who is receiving cash consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Opinion of Huron Transaction Advisory LLC to the Special Committee*. The Special Committee received the
written opinion, dated February 5, 2023, of Huron, which was engaged solely to render such opinion, to the effect that, as of such date and based upon and subject to various assumptions made, procedures followed, matters considered, and
qualifications and limitations upon the review undertaken by Huron in preparing its opinion, the consideration (which was assumed in Huron's opinion to be the number of shares of New MAC Common Stock based on an assumed DePalma Equity Value
(excluding the Minimum Cash Amount) of $750,595,712 as of January 27, 2023 divided by $10.00) proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement was fair, from a financial
point of view, to MAC. See "*Proposal No. 1 — The Business Combination Proposal — Opinion of Huron Transaction Advisory LLC to the Special Committee*."

In the course of its deliberations, in addition to the various other risks associated with the business of DePalma, as described in the section entitled "*Risk Factors*" appearing elsewhere in this proxy statement/prospectus, the MAC Board also considered a variety of uncertainties, risks and other potentially negative reasons relevant to the Business Combination, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Macroeconomic Risks Generally*. Macroeconomic uncertainty, particularly the potential impact of the COVID-19 pandemic and future COVID-19 developments, and the effects they could have on New MAC's revenues and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business Plan May Not be Achieved*. The risk that DePalma may not be able to execute on its business plan
and realize its financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Brand and Reputation*. Marblegate and DePalma's brand and reputation are critical to DePalma's
success, and any publicity, regardless of accuracy, that portrays either party negatively could adversely impact operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Valuation*. The risk that the MAC Board may not have properly valued DePalma's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stockholder Vote and Other Actions*. The risk that MAC stockholders may object to and challenge the
Business Combination and take action that may prevent or delay the closing, including to vote against the Stockholder Proposals at the Special Meeting or redeem their Public Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidation*. The risks and costs to MAC if the Business Combination is not completed, including the risk
of diverting management focus and resources from other businesses combination opportunities, which could result in MAC being unable to effect a business combination within the completion window, which would require MAC to liquidate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Closing Conditions*. The fact that completion of the Business Combination is conditioned on the
satisfaction of certain closing conditions that are not within MAC's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Survival of Remedies for Breach of Representations, Warranties or Covenants of DePalma*. The terms of
the Business Combination Agreement provide that MAC will not have any surviving remedies against DePalma or its equityholders after the Closing to recover for losses as a result of any inaccuracies or breaches of DePalma's representations,
warranties or covenants set forth in the Business Combination Agreement. As a result, MAC stockholders could be adversely affected by, among other things, a decrease in the financial performance or worsening of financial condition of DePalma prior
to the Closing, whether determined before or after the Closing, without any ability to reduce the number of shares to be issued in the Business Combination or recover for the amount of any damages. The MAC Board has determined that this structure
was appropriate and customary in light of the fact that several similar transactions include similar terms and the current equityholders of MAC will be, collectively, the majority equityholders in the combined company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fees and Expenses*. The fees and expenses associated with completing the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Exclusivity/Non-Solicit*. The Business Combination Agreement
includes a non-solicit provision prohibiting MAC from initiating, discussing or making certain proposals which could lead to an alternative business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Litigation*. The possibility of litigation challenging the Business Combination or that an adverse judgment
granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Redemptions*. The risk that holders of Public Shares would exercise their redemption rights, thereby
depleting the amount of cash available in the Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Listing.* The potential inability to maintain the listing of New MAC's securities on the Nasdaq
following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Distraction to Operations*. The risk that the potential diversion of DePalma's management and employee
attention as a result of the Business Combination may adversely affect DePalma's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Readiness to be a Public Company*. As New MAC has not previously been a public company, it or the Manager
may not have all the different types of employees necessary for it to timely and accurately prepare reports for filing with the SEC. There is a risk that New MAC or the Manager will not be able to hire the right people to fill in these gaps by the
time of the Closing or that additional issues could arise after the Closing due to its failure to have hired these people in advance of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Low Float and Likely Limited Trading Liquidity.* As New MAC ownership will be over 90% beneficially
held by DePalma and the Sponsor immediately following the Closing, the public trading float following the Business Combination will be limited and it is not clear that an active trading market will develop for the shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conflicts of Interest Between MAC and DePalma.* Certain conflicts of interest exist between MAC and
DePalma, as described under "*Proposal No. 1 — The Business Combination Proposal — Interests of MAC's Sponsor, Directors and Officers in the Business Combination*." As a result, certain directors and
officers of MAC may find it difficult to determine how to meet their fiduciary duties to MAC as well as DePalma, which could result in a less favorable result for MAC than would be the case if they were solely officers and directors of our company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk Factors*. The MAC Board considered risks of the type and nature described under the section entitled
" *Risk Factors*."

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In addition to considering the factors described above, the MAC Board also considered that certain of MAC's directors and officers may have interests in the Business Combination as individuals that are in addition to, and that may be different from, the interests of MAC's stockholders, including the matters described under the sections entitled "*Risk Factors*" above and "*— Interests of MAC's Sponsor, Directors and Officers in the Business Combination*" below. However, the MAC Board concluded that the potentially disparate interests would be mitigated because (i) these interests were disclosed in the prospectus for the IPO and would be included in this proxy statement/prospectus, (ii) these disparate interests would exist with respect to a business combination with any target company and (iii) the Business Combination was structured so that the Business Combination may be completed even if Public Stockholders redeem a substantial portion of the Public Shares.

Based on its review of the foregoing considerations, the MAC Board concluded that the potentially negative factors associated with the Business Combination were outweighed by the potential benefits that it expects that MAC stockholders will receive as a result of the Business Combination. The MAC Board realized that there can be no assurance about future results, including results considered or expected as disclosed in the foregoing reasons.

The preceding discussion of the information and factors considered by the MAC Board is not intended to be exhaustive but includes the material factors considered by the MAC Board. The MAC Board considered this information as a whole and overall considered the information and factors to be favorable to, and in support of, its determinations and recommendations.

This explanation of the MAC Board's reasons for its approval of the Business Combination, and all other information presented in this section, is forward-looking in nature and, therefore, should be read in light of the factors discussed under the section entitled "*Cautionary Note Regarding Forward-Looking Statements*."

**Opinion of Huron Transaction Advisory LLC to the Special Committee** 

On February 5, 2023, Huron rendered to the Special Committee its opinion, dated such date, to the effect that, as of such date and based upon and subject to various assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Huron in preparing its opinion, the consideration (which was assumed in Huron's opinion to be the number of shares of New MAC Common Stock based on an assumed DePalma Equity Value (excluding the Minimum Cash Amount) of $750,595,712 as of January 27, 2023 divided by $10.00) proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement was fair, from a financial point of view, to MAC.

**The full text of Huron's written opinion, dated February 5, 2023, which describes the assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Huron in preparing its opinion, is attached as <u>Annex G</u> and is incorporated herein by reference. The summary of the written opinion of Huron set forth below is qualified in its entirety by the full text of Huron's written opinion attached as <u>Annex G</u>. Huron's opinion was provided for the information and assistance of the Special Committee (in its capacity as such and not in any other capacity) in connection with and for purposes of its consideration of the Business Combination. Huron was engaged solely to render its opinion, and Huron's opinion only addressed the fairness, from a financial point of view, as of the date thereof, to MAC of the consideration proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement. Huron's opinion did not address any other term or aspect of the Business Combination Agreement or the Business Combination and does not constitute a recommendation to any stockholder of MAC or any other person as to how such stockholder or other person should vote or act with respect to the Business Combination or any other matter, including whether or not any Public Stockholder should elect to redeem all or a portion of their Public Shares.** 

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**The full text of Huron's written opinion should be read carefully in its entirety for a description of the assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Huron in preparing its opinion.** 

For purposes of Huron's analyses and opinion, MAC advised Huron and, with the consent and approval of the Special Committee, Huron assumed, without independent verification, that, based on a DePalma Equity Value (excluding the Minimum Cash Amount) equal to $750,595,712 (the "<u>January</u> <u>27, 2023 DePalma Transaction Valuation</u>") derived by MAC from the taxi medallion loans owned by DePalma I (including the unpaid principal balance thereof and, for each taxi medallion loan, the New York City taxi medallion(s), the Chicago taxi medallion(s) and/or the Philadelphia taxi medallion(s) securing such medallion loan) and the New York City taxi medallions, the Chicago taxi medallions and the Philadelphia taxi medallions owned by DePalma II, in each case as of January 27, 2023, the consideration for the DePalma Companies in the Business Combination would be 75,059,571.2 shares of New MAC Common Stock, excluding shares issued on account of cash. For purposes of Huron's analyses and opinion, with the consent and approval of the Special Committee, Huron assumed, without independent verification, that each share of New MAC Common Stock would have a value equal to $10.00 per share (with such $10.00 value being based on MAC's initial public offering and MAC's approximate cash held in MAC's trust account per outstanding share of MAC Class A Common Stock (excluding the dilutive impact of (i) non-redeemable shares of MAC Class A Common Stock, (ii) shares of MAC Class B Common Stock, and (iii) any warrants to purchase MAC Common Stock) and, accordingly, the proposed consideration for the DePalma Companies would have an implied value equal to the January 27, 2023 DePalma Transaction Valuation. With the consent and approval of the Special Committee, Huron rendered its opinion as if the proposed consideration for the DePalma Companies would be paid directly by MAC.

In connection with its opinion, Huron:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed a draft dated February 3, 2023 of the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed certain publicly available financial and other information relating to MAC contained in its public
filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed certain financial and other information relating to the DePalma Companies and their assets made
available to Huron by MAM, including (A) the unpaid principal balance of loans of DePalma I secured by taxi medallions, payment information for such loans participating in the New York City Taxi and Limousine Commission's Medallion Relief
Program and Loan Guaranty Program and other performing loans of DePalma I secured by taxi medallions and other loan information contained in a data tape provided by MAM and (B) "run-rate" financial
estimates relating to taxi medallions owned by the DePalma Companies for the calendar year 2024 under a fleet leasing scenario contemplated by the management of MAM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utilized certain sensitivities to the fleet leasing scenario contemplated by the management of MAM as directed by
the Special Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaged in discussions with certain members of the management of MAM, and with the Special Committee, regarding
the DePalma Companies and their assets, the Business Combination and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed publicly available information regarding purchase prices paid in recent sales of taxi medallions in New
York City, Chicago and Philadelphia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed financial and stock market data, including valuation multiples, for certain other companies, the
securities of which are publicly traded, in lines of business that Huron deemed relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducted such other financial studies, analyses and inquiries and considered such other information and factors
as Huron deemed appropriate.

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As discussed with the Special Committee, Huron did not perform any analysis to value the securities of MAC or New MAC, including MAC Common Stock or New MAC Common Stock. In addition, based on the unavailability of financial projections (other than the limited "run-rate" financial estimates referred to above), Huron did not perform any analysis of the DePalma Companies as an operating business and Huron's analyses were necessarily limited to sum-of-the parts analyses of implied asset-level values by asset type. Furthermore, Huron did not consider the corporate overhead costs to be incurred by New MAC following the Business Combination and assumed, without independent verification, that incremental future corporate overhead costs resulting from acquiring the DePalma Companies in the Business Combination in lieu of an asset purchase by MAC of loans and taxi medallions from the DePalma Companies would not be material to Huron's analyses or opinion.

Huron assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished, or otherwise made available, to Huron, discussed with or reviewed by Huron, or publicly available, and did not assume any responsibility with respect to such data, material and other information. Huron assumed, without independent verification, that there had been no change in the assets, liabilities, business, financial condition, results of operations, or prospects of any of MAC or the DePalma Companies since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to Huron that would be material to Huron's analyses or opinion, that such financial statements and other information reflected all of the assets and liabilities of MAC and the DePalma Companies, and that there were no information or facts that would make any of the information reviewed by Huron incomplete or misleading. Furthermore, Huron assumed that the "run-rate" financial estimates referred to above were reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of MAM assuming the fleet leasing scenario contemplated by such management. Huron expressed no view or opinion as to such financial estimates, the assumptions on which they were based or the sensitivities to such contemplated fleet leasing scenario utilized by Huron as directed by the Special Committee. Huron assumed, based on discussions with the management of MAM and with the consent of the Special Committee, that all information relied upon by Huron provided a reasonable basis upon which to evaluate the DePalma Companies and the Business Combination. In addition, Huron did not make any independent evaluation or appraisal of any of the individual assets or liabilities (contingent, derivative, off balance-sheet or otherwise) of any of MAC or the DePalma Companies or the individual collateral securing any of such assets or liabilities, or the collectability of any such assets, nor was Huron furnished with any such evaluation or appraisal, and Huron did not conduct a physical inspection of the properties or assets of any of MAC or the DePalma Companies, nor did Huron examine any individual loan or credit files.

Huron assumed that (i) the final executed Business Combination Agreement would not differ in any respect material to Huron's analyses or opinion from the draft of the Business Combination Agreement reviewed by Huron, (ii) the representations and warranties made by the parties to the Business Combination Agreement and related agreements were and would be true and correct in all respects material to Huron's analyses and opinion, (iii) each party would perform all of the covenants and agreements required to be performed by it under the Business Combination Agreement in all respects material to Huron's analyses and opinion, (iv) all conditions to the consummation of the Business Combination would be satisfied without material waiver or modification thereof, and (v) the actual amount of the DePalma Equity Value and the number of shares of New MAC Common Stock actually issued as consideration for the DePalma Companies at the closing of the Business Combination pursuant to the Business Combination Agreement would not differ from the January 27, 2023 DePalma Transaction Valuation and the consideration for the DePalma Companies Huron assumed in any respect that would be material to Huron's analyses or opinion. Huron also assumed that the Business Combination would be consummated on the terms set forth in the Business Combination Agreement and in accordance with all applicable laws and other relevant documents or requirements, without delay or the waiver, modification or amendment of any term, condition or agreement, the effect of which would be material to Huron's analysis or opinion, and that all governmental, regulatory, and other consents and approvals necessary for the consummation of the Business Combination would be obtained and that no delay, limitations, restrictions or conditions would be imposed or amendments, modifications or waivers made that would result in the disposition of any assets of any

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of MAC, New MAC or the DePalma Companies, or otherwise have an effect on the Business Combination, any of MAC, New MAC or the DePalma Companies or any expected benefits of the Business Combination that would be material to Huron's analyses or opinion. Huron also assumed, without independent verification, that the Business Combination would have the tax treatment described in discussions with, and materials furnished to Huron by, representatives of MAC. Huron did not evaluate and did not express any opinion as to the solvency or fair value of any of MAC, New MAC or the DePalma Companies or any other party, or the ability of any of MAC, New MAC or the DePalma Companies or such other party to pay its respective obligations when they come due, or as to the impact of the Business Combination on such matters, under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. Huron is not a legal, regulatory, tax or accounting advisor, and Huron expressed no opinion as to any legal, regulatory, tax, accounting or other similar matters.

Huron expressed no view as to, and its opinion did not address, the underlying business decision of the Special Committee, the MAC Board or MAC to proceed with or effect the Business Combination, or the relative merits of the Business Combination as compared to any alternative business strategies or transactions (including, without limitation, liquidation) that might be available to MAC or in which MAC might engage. Huron's opinion was limited to and addressed only the fairness, from a financial point of view, as of the date of Huron's written opinion, to MAC of the consideration proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement. Huron expressed no view on, and its opinion did not address, any other term or aspect of the Business Combination Agreement or the Business Combination, including, without limitation, the structure or form of the Business Combination, the calculations used to derive the DePalma Equity Value and the consideration for the DePalma Companies (including, without limitation, the various per medallion collateral values set forth in the Business Combination Agreement), any allocation of the consideration for the DePalma Companies (including, without limitation, the relative fairness to MAC of the portion thereof paid in exchange for the contributed equity of DePalma I as compared to the portion thereof paid in exchange for the contributed equity of DePalma II, or vice versa), the payment of expenses, or any management services, support, registration rights, lock-up or other agreements or arrangements contemplated by the Business Combination Agreement or entered into in connection with or otherwise contemplated by the Business Combination. Huron expressed no view or opinion as to (i) the fairness of the Business Combination or any other term or aspect of the Business Combination to, or any consideration to be received in connection therewith by, or the impact of the Business Combination on, the holders of any class of securities, creditors or other constituencies of MAC or any other party (including, without limitation, the relative fairness of the consideration for the DePalma Companies as compared to any such consideration or vice versa) or (ii) the future financial performance of any of MAC, New MAC or the DePalma Companies or the future financial or other effects or impact of the Business Combination on, or any other consequences of the Business Combination to, any of MAC, New MAC or the DePalma Companies. In addition, Huron expressed no view or opinion as to the fairness (financial or otherwise) of the amount, nature or any other aspect of any compensation to be paid or payable to any of the officers, directors or employees of any of MAC, New MAC or the DePalma Companies or any party, or class of such persons, in connection with the Business Combination, whether relative to the consideration proposed to be paid for the DePalma Companies in the Business Combination pursuant to the Business Combination Agreement or otherwise. Huron's opinion was necessarily based on financial, economic, monetary, currency, market and other conditions and circumstances as in effect on, and the information made available to Huron as of, the date of Huron's opinion, and Huron does not have any obligation or responsibility to update, revise or reaffirm its opinion based on circumstances, developments or events occurring after the date of its opinion. There is currently significant volatility in the stock and other financial markets arising from global tensions and political unrest, economic uncertainty, inflation, and the COVID-19 pandemic, including the effect of evolving governmental interventions and non-interventions, and in particular the metropolitan taxi medallion industry continues to undergo a significant long-term downturn. Huron expressed no view or opinion as to the actual value of New MAC Common Stock when issued in the Business Combination or the prices at which New MAC Common Stock, MAC Common Stock or any other securities of any of MAC, New MAC or the DePalma Companies (including the shares of New MAC Common Stock issued as consideration in the Business Combination) would trade or otherwise be transferable at any time, including following the announcement or consummation of the Business Combination. Huron's opinion does not constitute a recommendation to any

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stockholder of MAC or any other person as to how such stockholder or other person should vote with respect to the Business Combination or any other matter, including whether or not any Public Stockholder should elect to redeem all or a portion of their Public Shares.

Huron's financial advisory services and its written opinion were provided for the information and assistance of the Special Committee (in its capacity as such and not in any other capacity) in connection with and for purposes of its consideration of the Business Combination. The issuance of Huron's opinion was approved by a committee of Huron authorized to approve opinions of that nature.

***Summary of Huron Financial Analyses***

The following is a summary of the material financial analyses prepared and reviewed with the Special Committee in connection with Huron's opinion, dated February 5, 2023. The summary set forth below does not purport to be a complete description of the financial analyses performed or factors considered by, and underlying the opinion of, Huron, nor does the order of the financial analyses described represent the relative importance or weight given to those financial analyses by Huron. Some of the summaries of the financial analyses set forth below include information presented in tabular format. In order to fully understand the financial analyses, the tables must be read together with the text of each summary, as the tables alone do not constitute a complete description of the financial analyses performed by Huron. Considering the data in the tables below without considering all financial analyses or factors or the full narrative description of such analyses or factors, including the methodologies and assumptions underlying such analyses or factors, could create a misleading or incomplete view of the processes underlying Huron's financial analyses and opinion. In performing its analyses, Huron made numerous assumptions with respect to industry performance, general business and economic conditions and other matters, many of which are beyond the control of MAC, New MAC, the DePalma Companies, MAM or any other parties to the Business Combination. None of MAC, New MAC, the DePalma Companies, MAM or Huron or any other person assumes responsibility if future results are materially different from those discussed. Any estimates contained in these analyses are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth below. In addition, analyses relating to the value of any entity, business, asset or security do not purport to be appraisals or reflect the prices at which any such entity, business, asset or security may actually be sold. No company, transaction or business used in Huron's analyses for comparative purposes is identical to the DePalma Companies or their respective businesses or assets.

Accordingly, the assumptions and estimates used in, and the results derived from, the financial analyses are inherently subject to substantial uncertainty, and an evaluation of the results of those analyses is not entirely mathematical. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before February 1, 2023 and is not necessarily indicative of current market conditions.

*Asset-Level Sum-of-the-Parts Analyses* 

Huron performed multiple asset-level sum-of-the-parts analyses in order to derive three implied reference ranges for the DePalma Companies. In performing these analyses, Huron utilized certain financial and other information relating to the DePalma Companies and their assets made available to Huron by MAM, including an electronic format data tape as of January 27, 2023 and "run-rate" financial estimates relating to taxi medallions owned by DePalma II for the calendar year 2024 under a fleet leasing scenario contemplated by the management of MAM. Huron also utilized selected implied taxi medallion value assumptions based, in part, on data described below in "*Selected Taxi Medallion Sale Transactions Data*" and selected estimated calendar year 2024 EBITDA multiples based, in part, on data described below in "*Selected Public Fleet Leasing Companies Multiples Data.*"

*Reference Range #1.* Huron performed an asset-level sum-of-the-parts analysis by asset type as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For loans secured by 1,347 medallions participating in the New York City Taxi and Limousine Commission's
Medallion Relief Program and Loan Guaranty Program, Huron calculated a range

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of implied values for such loans in the aggregate ranging from (1) a low equal to the sum of the unpaid principal balance of such loans, to (2) a high equal to the sum of the implied net present value of remaining loan payments for such loans using a discount rate of 5%; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For non-performing loans secured by 1,508 New York City taxi medallions
(except for 10 loans each with an unknown unpaid principal balance (nominally recorded at $0.01)), Huron calculated a range of implied values for such loans in the aggregate ranging from (1) a low equal to the sum adding together the lesser,
for each loan, of either the unpaid principal balance of such loan or a selected implied value assumption of $165,000 for the New York City taxi medallion securing such loan, to (2) a high equal to the sum adding together the lesser, for each
loan, of either the unpaid principal balance of such loan or a selected implied value assumption of $195,000 for the New York City taxi medallion securing such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For other loans in repayment secured by 64 New York City taxi medallions, Huron calculated a range of implied
values for such loans in the aggregate ranging from (1) a low equal to the sum adding together the lesser, for each loan, of either the implied net present value of remaining loan payments for such loan using a discount rate of 9% or a selected
implied value assumption of $165,000 for the New York City taxi medallion securing such loan, to (2) a high equal to the sum adding together the lesser, for each loan, of either the implied net present value of remaining loan payments for such
loan using a discount rate of 9% or a selected implied value assumption of $195,000 for the New York City taxi medallion securing such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For non-performing loans secured by 1,141 Chicago or Philadelphia taxi
medallions (except for 221 loans each with an unknown unpaid principal balance (nominally recorded at $0.01)), Huron calculated a range of implied values for such loans in the aggregate ranging from (1) a low equal to the sum adding together
the lesser, for each loan, of either the unpaid principal balance of such loan or a selected implied value assumption of $11,000 for the Chicago or Philadelphia taxi medallion securing such loan, to (2) a high equal to the sum adding together
the lesser, for each loan, of either the unpaid principal balance of such loan or a selected implied value assumption of $13,000 for the Chicago or Philadelphia taxi medallion securing such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For non-performing loans secured by two Newark taxi medallions (including
one loan with an unpaid principal balance of zero) and a non-performing loan secured by 10 Miami taxi medallions, Huron ascribed no value to such loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For loans in repayment secured by three Chicago or Philadelphia taxi medallions, Huron calculated a range of
implied values for such loans in the aggregate ranging from (1) a low equal to the sum adding together the lesser, for each loan, of either the implied net present value of remaining loan payments for such loan using a discount rate of 9% or a
selected implied value assumption of $11,000 for the Chicago or Philadelphia taxi medallion securing such loan, to (2) a high equal to the sum adding together the lesser, for each loan, of either the implied net present value of remaining loan
payments for such loan using a discount rate of 9% or a selected implied value assumption of $13,000 for the Chicago or Philadelphia taxi medallion securing such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For loans in repayment secured by five Newark taxi medallions, Huron calculated the implied net present value of
remaining loan payments for such loans using a discount rate of 12%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For loans "in payoff" secured by 134 Chicago or Philadelphia taxi medallions, Huron calculated a range
of implied values for such loans in the aggregate ranging from (1) a low equal to the sum adding together, for each loan, a selected implied value assumption of $11,000 for the Chicago or Philadelphia taxi medallion securing such loan, to
(2) a high equal to the sum adding together, for each loan, a selected implied value assumption of $13,000 for the Chicago or Philadelphia taxi medallion securing such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For non-performing loans each with an unknown unpaid principal balance
(nominally recorded at $0.01) secured by 231 New York City, Chicago or Philadelphia taxi medallions, Huron calculated

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a range of implied values for such loans in the aggregate ranging from (1) a low equal to approximately $0.01, to (2) a high equal to the sum adding together, for each loan, a selected implied value assumption of either $195,000 for the New York City taxi medallion securing such loan or $13,000 for the Chicago or Philadelphia taxi medallion securing such loan, as the case may be; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For 1,072 owned New York City taxi medallions, Huron calculated a range of implied values for such owned taxi
medallions in the aggregate ranging from (1) a low equal to the number of medallions multiplied by a selected implied value assumption of $165,000, to (2) a high equal to the number of medallions multiplied by a selected implied value
assumption of $195,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For 137 owned Chicago or Philadelphia taxi medallions, Huron calculated a range of implied values for such owned
taxi medallions in the aggregate ranging from (1) a low equal to the number of medallions multiplied by a selected implied value assumption of $11,000, to (2) a high equal to the number of medallions multiplied by a selected implied value
assumption of $13,000.

The sum-of-parts analysis described above indicated an implied reference range for the DePalma Companies of approximately $634,043,591 to $760,814,196, as compared to the assumed January 27, 2023 DePalma Transaction Valuation of $750,595,712.

*Reference Range #2.* Huron performed an asset-level sum-of-the-parts analysis by asset type as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all loans secured by taxi medallions and all owned Chicago or Philadelphia taxi medallions, Huron utilized
the same methodologies as were utilized for "Reference Range #1" described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For 1,000 of 1,072 owned New York City taxi medallions, Huron calculated a range of implied values for such owned
taxi medallions by utilizing per medallion values implied from a fleet leasing scenario contemplated by the management of MAM. This fleet leasing scenario provided by the management of MAM included an estimated "run rate" EBITDA per owned
taxi medallion based on leasing1,000 owned medallions to operators in 2024. Huron applied selected estimated Enterprise Value / calendar year 2024 EBITDA multiples of 8.5x to 10.5x derived, in part, from the data described below in "*Selected Public Fleet Leasing Companies Multiples Data*" to the estimated 2024 "run rate" EBITDA per owned taxi medallion leased out to an operator and utilized the resulting implied values per "leased out" owned taxi medallion of
$198,000 and $244,000 in order to calculate a range of implied values for such "leased out" owned taxi medallions in the aggregate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the remainder of the owned New York City taxi medallions, Huron calculated a range of implied values for such
owned taxi medallions in the aggregate ranging from (1) a low equal to the number of medallions multiplied by a selected implied value assumption of $165,000, to (2) a high equal to the number of medallions multiplied by a selected implied
value assumption of $195,000.

The sum-of-parts analysis described above indicated an implied reference range for the DePalma Companies of approximately $667,043,591 to $809,814,196, as compared to the assumed January 27, 2023 DePalma Transaction Valuation of $750,595,712.

*Reference Range #3.* Huron performed an asset-level sum-of-the-parts analysis by asset type as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all loans secured by taxi medallions and all owned Chicago or Philadelphia taxi medallions, Huron utilized
the same methodologies as were utilized for "Reference Range #1" described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Applying certain sensitivities to the fleet leasing scenario contemplated by the management of MAM as directed by
the Special Committee, for 600 of 1,027 owned New York City taxi medallions, Huron applied selected estimated Enterprise Value / calendar year 2024 EBITDA multiples of 9.5x to 11.5x derived, in part, from the data described below in
" *Selected Public Fleet Leasing Companies Multiples Data*" to the estimated 2024 "run rate" EBITDA per owned taxi medallion leased out to an operator (as adjusted from the fleet leasing scenario provided by the management of
MAM to reflect increased

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allocated fixed overhead costs per "leased out" taxi medallion due to the reduction in the number of "leased out" taxi medallions from 1,000 to 600) and utilized the resulting implied values per "leased out" owned taxi medallion of $180,000 and $218,000 in order to calculate a range of implied values for such "leased out" owned taxi medallions in the aggregate; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the remainder of the owned New York City taxi medallions, Huron calculated a range of implied values for such
owned taxi medallions in the aggregate ranging from (1) a low equal to the number of medallions multiplied by a selected implied value assumption of $165,000, to (2) a high equal to the number of medallions multiplied by a selected implied
value assumption of $195,000.

The sum-of-parts analysis described above indicated an implied reference range for the DePalma Companies of approximately $643,043,591 to $774,614,196, as compared to the assumed January 27, 2023 DePalma Transaction Valuation of $750,595,712.

*Selected Taxi Medallion Sale Transactions Data:* 

Huron reviewed publicly available information regarding transaction prices for transferred taxi medallions reported by New York City, Chicago and Philadelphia taxi medallion regulatory authorities, including, among other periods, transaction prices reported in the latest trailing six-month period ended January 31, 2023.

The table below sets forth the high, third quartile, average, median, first quartile and low transaction price data for transferred New York City taxi medallions during the latest trailing six-month period ended January 31, 2023 (excluding data from estate transactions):

---

| | |
|:---|:---|
| New York City Taxi Medallion Transaction Prices<br> for Latest Trailing Six Months Through January 31, 2023 | New York City Taxi Medallion Transaction Prices<br> for Latest Trailing Six Months Through January 31, 2023 |
|  High | $220000 |
|  Third Quartile | $175000 |
|  Average | $152236 |
|  Median | $140000 |
|  First Quartile | $125000 |
|  Low | $35000 |

---

The table below sets forth the high, average, median and low transaction price data for transferred Chicago taxi medallions during the latest trailing six-month period ended January 31, 2023:

---

| | |
|:---|:---|
| Chicago Medallion Transaction Prices<br> for Latest Trailing Six Months Through January 31, 2023 | Chicago Medallion Transaction Prices<br> for Latest Trailing Six Months Through January 31, 2023 |
|  High | $22000 |
|  Average | $12429 |
|  Median | $12000 |
|  Low | $10000 |

---

The table below sets forth the high, average, median and low transaction price data for transferred Philadelphia taxi medallions during the latest trailing six-month period ended January 31, 2023:

---

| | |
|:---|:---|
| Philadelphia Medallion Transaction Prices<br> for Latest Trailing Six Months Through January 31, 2023 | Philadelphia Medallion Transaction Prices<br> for Latest Trailing Six Months Through January 31, 2023 |
|  High | $15000 |
|  Average | $12449 |
|  Median | $12500 |
|  Low | $10000 |

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Taking into consideration the third quartile purchase price of $175,000 for reported sales of New York City taxi medallions during the latest trailing six-month period ended January 31, 2023 and other considerations, Huron applied selected implied value assumptions of $165,000 and $195,000 for a New York City taxi medallion in the *"Asset-Level Sum-of-the-Parts Analyses"* described above. Taking into consideration the median purchase price of $12,000 for reported sales of Chicago taxi medallions during the latest trailing six-month period ended January 31, 2023, Huron applied selected implied value assumptions of $11,000 and $13,000 for a Chicago taxi medallion in the *"Asset-Level Sum-of-the-Parts Analyses"* described above. Taking into consideration the median purchase price of $12,500 for reported sales of Philadelphia taxi medallions during the latest trailing six-month period ended January 31, 2023, Huron applied selected implied value assumptions of $11,000 and $13,000 for a Philadelphia taxi medallion in the *"Asset-Level Sum-of-the-Parts Analyses"* described above.

*Selected Public Fleet Leasing Companies Multiples Data:* 

Using publicly available information, including publicly available equity research analyst estimates, Huron reviewed implied enterprise value (calculated as market capitalization based on the closing stock price on February 1, 2023, plus debt, less operating leases, plus preferred equity and minority interests, less cash and short-term investments) as a multiple of estimated calendar year 2024 EBITDA for the below listed publicly traded companies that Huron, based on its experience and professional judgment, deemed relevant to consider in relation to the fleet leasing of taxi medallions owned by DePalma II:

---

| |
|:---|
| Avis Budget Group, Inc. |
| Hertz Global Holdings, Inc. |
| Ryder System, Inc. |

---

The table below sets forth the high, third quartile, average, median, first quartile and low estimated Enterprise Value / calendar year 2024 EBITDA multiple data for the selected companies:

---

| | |
|:---|:---|
| Implied Enterprise Value / 2024 Estimated EBITDA<br> Multiples for the Selected Companies | Implied Enterprise Value / 2024 Estimated EBITDA<br> Multiples for the Selected Companies |
|  High | 15.9x |
|  Third Quartile | 15.5x |
|  Average | 11.5x |
|  Median | 15.0x |
|  First Quartile | 9.3x |
|  Low | 3.7x |

---

**General** 

The preparation of a financial opinion is a complex process involving various quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytical methods employed and the adaptation and application of these methods to the unique facts and circumstances presented. As a consequence, neither Huron's opinion nor its underlying analyses are readily susceptible to summary description. Huron arrived at its opinion based on the results of all analyses undertaken by it and assessed as a whole and did not draw, in isolation, conclusions from or with regard to any individual analysis, methodology or factor. While the results of each analysis were taken into account in reaching Huron's overall conclusion with respect to fairness, Huron did not make separate or quantifiable judgments regarding individual analyses. Accordingly, Huron believes that its analyses must be considered as a whole and that selecting portions of its analyses, methodologies and factors, without considering all analyses, methodologies and factors, could create a misleading or incomplete view of the processes underlying Huron's analyses and opinion.

Huron's financial analyses and opinion were only one of many factors taken into consideration by the Special Committee in its evaluation of the Business Combination. Consequently, the analyses described above should not be viewed as determinative of the views of the Special Committee, the MAC Board or management of

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MAC with respect to the consideration proposed to be paid for the DePalma Companies in the Business Combination. The proposed consideration for the Business Combination was determined through arm's-length negotiations between the Special Committee and the DePalma Companies and was recommended by the Special Committee and approved by the MAC Board. Huron did not recommend any specific amount of consideration to the Special Committee, the MAC Board or MAC or that any specific amount of consideration constituted the only appropriate consideration for the Business Combination.

Huron was engaged solely to render its opinion to the Special Committee and did not otherwise act as financial advisor to the Special Committee, the MAC Board, MAC or any other party in connection with the Business Combination. The Special Committee selected Huron to provide its opinion in connection with the Business Combination based on Huron's experience in providing valuation advisory services. Huron Transaction Advisory is a FINRA-registered broker-dealer and the investment banking affiliate of Huron Consulting Group. Huron Transaction Advisory provides capital advisory services to both healthy and distressed companies, including mergers and acquisitions (M&A) advisory, capital raising, balance sheet restructuring and other related services.

In the two years preceding the date of Huron's opinion, Huron was not engaged to provide financial advisory or other services to MAC for which Huron received compensation. In the two years preceding the date of Huron's opinion, Huron was engaged to provide due diligence services to a portfolio company of MAM, and Huron received compensation for such services during such period. In the ordinary course, Huron and its affiliates and employees may acquire, hold or sell, long or short positions, or trade, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, MAC, MAM, the DePalma Companies or any other party that may be involved in the Business Combination and their respective affiliates or security holders.

MAC has agreed to pay Huron a fee of $435,000 in connection with the rendering of its opinion, no portion of which is contingent upon the consummation of the Business Combination. In addition, MAC has agreed to reimburse certain of Huron's expenses arising, and indemnify Huron against certain liabilities that may arise, out of its engagement.

**Satisfaction of 80% Test** 

It is a requirement under the Nasdaq listing requirements that any business acquired by MAC have a fair market value equal to at least 80% of the balance of the funds in the Trust Account at the time of the execution of a definitive agreement for an initial business combination. Based on the pre-money enterprise valuation of approximately $751 million for DePalma compared to the approximately $10 million in the Trust Account, the MAC Board determined that this requirement was met. The board determined that the consideration being paid in the Business Combination, which amount was negotiated at arms-length, were fair to and in the best interests of MAC and its stockholders and appropriately reflected DePalma's value.

**Interests of MAC's Sponsor, Directors and Officers in the Business Combination** 

When you consider the recommendation of the MAC Board, based in part upon the recommendation of the Special Committee, in favor of approval of the Business Combination, you should keep in mind that MAC's Sponsor, directors and officers have interests in the Business Combination that are different from, or in addition to (and which may conflict with) your interests as a stockholder. These interests include, among other things:

***As to the Sponsor:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor owns (i) 8,439,469 shares of MAC Common Stock, including (A) 7,829,469 Founder Shares that it
purchased for $25,000, and (B) 610,000 Private Placement Shares underlying the 610,000

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##### [**Table of Contents**](#toc)
Private Placement Units for a purchase price of $6,100,000 and (ii) 305,000 Private Placement Warrants. The Founder Shares and Private Placement Units held by the Sponsor had an aggregate market value of $ based upon the closing price of $ per unit on Nasdaq on , 2023. If the Business Combination or another business combination is not consummated by the period specified in the Existing Charter to complete the initial business combination (the "<u>Business Combination Period</u>"), MAC will cease all operations except for the purpose of winding up, redeeming 100% of the outstanding public subunits for cash and, subject to the approval of its remaining stockholders and the MAC Board, dissolving and liquidating. In such event, the Founder Shares and Private Placement Units would be worthless because the holders are not entitled to participate in any redemption or distribution with respect to such securities. If the Business Combination is consummated, each outstanding Founder Share will be exchanged for one share of New MAC Common Stock and each outstanding Private Placement Unit will become one share of New MAC Common Stock and one-half New MAC Warrant, with each whole New MAC Warrant entitling the holder thereof to purchase one share of New MAC Common Stock for $11.50 per share, subject in each case to adjustment as described herein. The personal and financial interests of Sponsor may have influenced its motivation in completing the Business Combination. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Master Fund, the majority owner of the Sponsor, has agreed to fund up to $1,700,000 of MAC's working
capital needs pursuant to two promissory notes (the June 2022 Note and the February 2023 Note) issued by MAC to the Master Fund under which MAC may borrow up to an aggregate amount of $1,700,000. As of the date hereof, $600,000 and $125,000 is
outstanding under the June 2022 Note and the February 2023 Note, respectively. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note and the February 2023 Note may be converted into Conversion
Shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection
with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note and the February 2023 Note, as applicable. Each of the June 2022 Note and February 2023 Note is payable in cash upon consummation of
the Business Combination, but is not payable if the Business Combination is not consummated. In addition, if MAC is unable to complete a business combination by the end of the Business Combination Period, our Sponsor will be liable to ensure that
the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by MAC for services rendered or contracted for or products sold to MAC, but only if such a vendor or
target business has not executed a waiver of claims against the Trust Account and other than any claims covered by our indemnity of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Master Fund, along with several affiliated funds (collectively, the " <u>DePalma Equityholders</u> "), owns the DePalma Companies in addition to being the majority member of the Sponsor.

***As to MAM of which Andrew Milgram, the CEO of MAC and Managing Partner and CEO of the DePalma Companies, and Paul Arrouet, the President of MAC, are the indirect majority owners and controlling members:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAM has an indirect controlling interest in the DePalma Companies and is the managing member of the Sponsor. MAM
and its affiliates indirectly receive fees from, and have an indirect financial interest in, the DePalma Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that the Manager will enter into a Management
Services Agreement (the " <u>MSA</u> ") with New MAC, pursuant to which the Manager will provide various services relating to the day-to-day operations of New
MAC and receive fees and other compensation. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy
statement/prospectus.

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***As to Paul Arrouet, President of MAC:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Arrouet has an indirect interest in the Sponsor through his indirect majority ownership interests in MAM
(via MAM's receipt of management fees) as well as through various general and partnership interests in the DePalma Equityholders. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and
warrants to purchase an additional 305,000 shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition, Paul Arrouet has indirect general and limited partnership interests in the DePalma Equityholders
that own the DePalma Companies. Upon consummation of the Business Combination, the DePalma Equityholders will receive a total of [●] shares of New MAC Common Stock as a result of their ownership of the DePalma Companies, and Mr. Arrouet
may be deemed to beneficially own such shares, as well as have an indirect interest in a portion of such shares to the extent of his pro rata indirect interests in the DePalma Equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that MAM will enter into the MSA with New MAC,
pursuant to which MAM will provide various services relating to the day-to-day operations of New MAC. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As Manager of New MAC, MAM will receive fees and other compensation that Mr. Arrouet
will have an interest in.

***As to Andrew Milgram, CEO of MAC and Managing Partner and CEO of the DePalma Companies:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Milgram has an indirect interest in the Sponsor through his indirect majority ownership interests in MAM
(via MAM's receipt of management fees) as well as through various partnership interests in the DePalma Equityholders. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and warrants to
purchase an additional 305,000 shares of New MAC Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition, Andrew Milgram has indirect general and limited partnership interests in the DePalma Equityholders
that own the DePalma Companies. Upon consummation of the Business Combination, the DePalma Equityholders will receive a total of [●] shares of New MAC Common Stock as a result of their ownership of the DePalma Companies, and Mr. Milgram
may be deemed to beneficially own such shares, as well as have an indirect interest in a portion of such shares to the extent of his pro rata indirect interests in the DePalma Equityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the Business Combination, it is expected that MAM will enter into the MSA with New MAC,
pursuant to which MAM will provide various services relating to the day-to-day operations of New MAC. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement—Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As Manager of New MAC, MAM will receive fees and other compensation that Mr. Milgram
will have an interest in.

***As to Mark Zoldan, CFO of MAC and CFO of the DePalma Companies:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark Zoldan serves as the CFO of the Manager and has an indirect ownership interest in the Manager. Upon
consummation of the Business Combination, it is expected that the Manager will enter into the MSA with New MAC, pursuant to which the Manager will provide various services relating to the day-to-day operations of New MAC and receive fees and other compensation. For more information about the MSA, please see "*Certain Agreements Related to the Business Combination Agreement — Management Services Agreement*" contained elsewhere in this proxy statement/prospectus. As manager of New MAC, the Manager will receive fees and other compensation that Mr. Zoldan will have an interest in.

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***As to Harvey Golub, Chairman of the MAC Board:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harvey Golub owns an indirect economic interest in the Master Fund as well as direct interests in the Sponsor.
Upon consummation of the Business Combination, the Master Fund will receive [●] in shares of New MAC Common Stock as a result of its interest in DePalma. The Sponsor, upon consummation of the Business Combination, will own 8,439,469 shares of
New MAC Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock. Thus, Mr. Golub will directly and indirectly benefit economically from the Business Combination.

***As to Alan Mintz, Richard Goldman and Wallace Mathai-Davis, each a Director of the MAC Board:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of Alan Mintz, Richard Goldman and Wallace Mathai-Davis owns a direct interest in the Sponsor. The Sponsor,
upon consummation of the Business Combination, will own 8,439,469 shares of New MAC Common Stock and warrants to purchase an additional 305,000 shares of New MAC Common Stock. Thus, each of Mr. Mintz, Mr. Goldman and Mr. Mathai-Davis will
indirectly benefit economically from the Business Combination.

***As to MAC's Sponsor and MAC's directors and officers generally:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor, as well as MAC's directors and officers will benefit from the completion of a business
combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to public stockholders rather than liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based on the difference in the purchase price of approximately $0.003 per share that the Sponsor paid for the
Founder Shares, as compared to the purchase price of $10.00 per Unit sold in the IPO, the Sponsor (and MAC's officers and directors with an economic interest in the Sponsor) may earn a positive rate of return even if the share price of New MAC
Common Stock after the Closing falls below the price initially paid for the Units in the IPO and the Public Stockholders experience a negative rate of return following the Closing of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Sponsor has agreed not to redeem any of the Founder Shares and Private Placement Shares it
holds in connection with a stockholder vote to approve a proposed initial business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor has agreed that the Private Placement Units it holds, and all of their underlying securities, will
not be sold or transferred by it until MAC has completed a business combination, subject to limited exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued indemnification of current directors and officers of MAC and the continuation of directors'
and officers' liability insurance after the Business Combination. As of December 31, 2022, none of the directors and officers entitled to indemnification had incurred reimbursable expenses.

The existence of financial and personal interests of MAC's directors and officers may result in conflicts of interest, including a conflict between what may be in the best interests of MAC and its stockholders and what may be best for an officer and director's personal interests when determining to recommend that shareholders vote for the Proposals.

These interests may influence the MAC Board in making their recommendation that you vote in favor of the approval of the Business Combination Proposal and the other Stockholder Proposals. The Special Committee and the MAC Board evaluated each of these interests and concluded that the potential benefits that it expected MAC and its stockholders to achieve as a result of the Business Combination outweighed the potentially negative factors and other risks associated with the Business Combination. Accordingly, the MAC Board, based in part upon the recommendation of the Special Committee, unanimously resolved that the Business Combination Agreement, the ancillary documents to which MAC is or will be a party and the transactions contemplated thereby (including the Business Combination) were advisable, fair to, and in the best interests of, MAC and its stockholders.

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***Related Agreements in Connection with the Business Combination***

As described further in the section entitled "*Certain Agreements Related to the Business Combination*," certain agreements entered into in connection with Business Combination are between related parties.

**Potential Purchases of Public Shares and/or Warrants** 

In connection with the stockholder vote to approve the Business Combination, the Sponsor and of the MAC Board, MAC's officers, advisors or their affiliates may privately negotiate transactions to purchase shares of MAC Class A Common Stock from stockholders who would have otherwise elected to have their shares redeemed in conjunction with the Business Combination for a per share pro rata portion of the Trust Account. None of the Sponsor or the MAC Board, MAC's officers, advisors or their affiliates will make any such purchases when they are in possession of any material non-public information not disclosed to the seller of such shares. Such a purchase of shares may include a contractual acknowledgement that such stockholder, although still the record holder of the shares of MAC Class A Common Stock is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that the Sponsor or the MAC Board, MAC's officers, advisors or their affiliates purchase shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem their shares. Any such privately negotiated purchases may be effected at purchase prices that are in excess of the per share pro rata portion of the Trust Account. The purpose of these purchases would be to increase the amount of cash available to MAC for use in the Business Combination.

**Regulatory Approvals Required for the Business Combination** 

Under the HSR Act and related rules, certain transactions, including the Business Combination, may not be completed until notifications have been given and information is furnished to the Antitrust Division and the FTC and all statutory waiting period requirements have been satisfied. The Business Combination is subject to these requirements and may not be completed until the expiration of a 30-day waiting period following the two filings of the required Notification and Report Forms with the Antitrust Division and the FTC or until early termination is granted. On [●], 2023, the DePalma Companies filed the required forms under the HSR Act with respect to the Business Combination with the Antitrust Division and the FTC and requested early termination. Consequently, the required waiting period expired at 11:59 p.m. Eastern Time on [●], 2023.

At any time before or after consummation of the Business Combination, notwithstanding termination of the respective waiting periods under the HSR Act, the Antitrust Division or the FTC, or any state or foreign governmental authority could take such action under applicable antitrust laws as such authority deems necessary or desirable in the public interest, including seeking to enjoin the consummation of the Business Combination, conditionally approving the Business Combination upon divestiture of assets, subjecting the completion of the Business Combination to regulatory conditions or seeking other remedies. Private parties may also seek to take legal action under the antitrust laws under certain circumstances. There can be no assurance that a challenge to the Business Combination on antitrust grounds will not be made or, if such a challenge is made, that it would not be successful.

Neither MAC, New MAC nor any of the DePalma Companies are aware of any material regulatory approvals or actions that are required for completion of the Business Combination other than the expiration or early termination of the waiting period under the HSR Act. It is presently contemplated that if any such additional regulatory approvals or actions are required, those approvals or actions will be sought. There can be no assurance, however, that any additional approvals or actions will be obtained.

**Sources and Uses of Funds for the Business Combination** 

The following tables summarize the sources and uses for funding the Business Combination (i) assuming that none of the outstanding shares of MAC Class A Common Stock are redeemed in connection with the

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Business Combination and (ii) assuming that all of the outstanding shares of MAC Class A Common Stock are redeemed in connection with the Business Combination. For an illustration of the number of shares and percentage interests outstanding under each scenario see the section entitled "*Unaudited Pro Forma Condensed Combined and Consolidated Financial Information*."

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| | | | |
|:---|:---|:---|:---|
| **No Redemption**<br>**Sources of Funds**<br> **(in millions)** | | <br>**Uses**<br> **(in millions)** | |
|  Existing cash and cash held in the Trust<br>Account | $10 | Aggregate share consideration issued to DePalma shareholders<sup>(1)</sup> | $751 |
|  DePalma Equityholder rollover | 773 | Transaction and other costs | 12 |
|  |  | Cash to combined company Balance Sheet | 20 |
|  **Total Sources** | $783 | **Total Uses** | $783 |

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---

| | | | |
|:---|:---|:---|:---|
| **Maximum Redemption**<br>**Sources of Funds**<br> **(in millions)** | | <br>**Uses**<br> **(in millions)** | |
|  DePalma Equityholder rollover | $773 | Aggregate share consideration issued to DePalma stockholders<sup>(1)</sup> | $751 |
|  |  | Transaction and other costs | 12 |
|  |  | Cash to combined company Balance Sheet | 10 |
|  **Total Sources** | $773 | **Total Uses** | $773 |

---

(1) Aggregate share consideration issued to DePalma Equityholders, net of cash acquired

**Underwriting Fees as a Percentage of IPO Proceeds Net of Redemptions** 

---

| | | |
|:---|:---|:---|
|  | **No<br>Redemptions<sup>(1)</sup>** | **Maximum<br>Redemptions<sup>(2)</sup>** |
|  IPO underwriting fees<sup>(3)</sup> | $— | $— |
|  IPO proceeds net of redemptions | $— | $— |
|  Underwriting fees as a % of IPO proceeds net of redemptions | % | % |

---

(1) Assumes that no shares of MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Reflects $[●] of deferred underwriting commission payable upon consummation of the Business Combination.

**Listing of New MAC Common Stock** 

Approval of the listing on the Nasdaq of shares of New MAC Common Stock to be issued in connection with the Business Combination, subject to official notice of issuance, is a condition to each party's obligation to complete the Business Combination.

**Anticipated Accounting Treatment of the Business Combination** 

[●]

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**Vote Required for Approval** 

The Business Combination Proposal will be approved and adopted if the holders of a majority of the shares of MAC Common Stock represented virtually in person or by proxy and voted thereon at the Special Meeting vote "FOR" the Business Combination Proposal. Adoption of the Business Combination Proposal is not conditioned upon the adoption of any of the other Stockholder Proposals.

**Recommendation of the MAC Board** 

**THE MAC BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" THE APPROVAL OF THE BUSINESS COMBINATION PROPOSAL.** 

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**THE BUSINESS COMBINATION AGREEMENT** 

*The following is a summary of the material terms of the Business Combination Agreement. A copy of the Business Combination Agreement is attached hereto as <u>Annex A</u> to this proxy statement/prospectus and is incorporated by reference into this proxy statement/prospectus. The Business Combination Agreement has been attached to this proxy statement/prospectus to provide you with information regarding its terms. It is not intended to provide any other factual information about MAC, DePalma, New MAC, or Merger Sub. The following description does not purport to be complete and is qualified in its entirety by reference to the Business Combination Agreement. You should refer to the full text of the Business Combination Agreement for details of the Business Combination and the terms and conditions of the Business Combination Agreement.* 

This summary and copy of the Business Combination Agreement attached to this proxy statement/prospectus as <u>Annex A</u> are included solely to provide investors with information regarding the terms of the Business Combination Agreement. The Business Combination Agreement contains representations and warranties that the respective parties have made to one another as of specific dates. These representations and warranties have been made solely for the benefit of the other parties to the Business Combination Agreement and were intended not as statements of fact about the parties or any of their respective subsidiaries or affiliates but rather as a way of allocating the risk to one of the parties if those statements prove to be incorrect. In addition, the assertions embodied in the representations and warranties may be subject to limitations agreed upon by the contracting parties, are qualified by information in confidential disclosure schedules exchanged by the parties in connection with signing the Business Combination Agreement, and may be subject to standards of materiality applicable to the contracting parties that differ from those generally applicable to investors. While MAC, DePalma, New MAC and Merger Sub do not believe that these disclosure schedules contain information required to be publicly disclosed under the applicable securities laws, other than information that has already been so disclosed, the disclosure schedules do contain information that modifies, qualifies and creates exceptions to the representations and warranties set forth in the attached Business Combination Agreement. Accordingly, you should not rely on the representations and warranties as current characterizations of factual information about MAC, DePalma, New MAC, and Merger Sub, because they were made as of specific dates, may be intended merely as a risk allocation mechanism between the parties and are modified by the disclosure schedules. The disclosure schedules are not publicly filed and are subject to a contractual standard of materiality different from that generally applicable to stockholders and were used for allocating risk among the parties as described above. Moreover, certain representations and warranties in the Business Combination Agreement may, may not have been or may not be, as applicable, accurate as of any specific date and do not purport to be accurate as of the date of this proxy statement/prospectus, and information concerning the subject matter of the representations, warranties and covenants may change after the date of the Business Combination Agreement. Accordingly, no person should rely on the representations and warranties in the Business Combination Agreement or the summaries thereof in this proxy statement/prospectus as characterizations of the actual state of facts about MAC, DePalma, Merger Sub or New MAC or any other matter.

Capitalized terms in this section not otherwise defined in this proxy statement/prospectus shall have the meanings ascribed to them in the Business Combination Agreement.

**Overview** 

On February 14, 2023, MAC entered into the Business Combination Agreement with the Manager, the DePalma Companies, New MAC and Merger Sub, pursuant to which MAC agreed to combine with DePalma in the Business Combination that will result in New MAC becoming a publicly-traded company on Nasdaq.

The Business Combination Agreement provides that, among other things and upon the terms and subject to the conditions thereof, on the Closing Date and after the Reorganization, Merger Sub will merge with and into MAC with MAC being the surviving corporation in the Merger as a wholly-owned subsidiary of New MAC and, after giving effect to the Merger, each outstanding share of MAC will be converted into the right to receive the applicable MAC Per Share Consideration, on the terms and subject to the conditions set forth in the Business Combination Agreement.

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**Organizational Structure** 

***Prior to the Business Combination***

The following diagram illustrates the ownership structure of MAC prior to the Business Combination.

![LOGO](g441116g01a01.jpg)

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(1) Immediately prior to the transactions contemplated by the Business Combination Agreement, New MAC and the
DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC.

(2) Merger Sub will merge with and into MAC with MAC surviving as a wholly-owned subsidiary of New MAC.

(3) Septuagint is a joint venture with an unaffiliated strategic partner, in which DePalma holds a 50% interest and
has the right to exercise governance control.

***Following the Business Combination***

The following diagram illustrates a simplified version of our organizational structure immediately following the completion of the Business Combination. This diagram is provided for illustrative purposes only and does not represent all legal entities of DePalma and its affiliates.

![LOGO](g441116g29a92.jpg)

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(1) Septuagint is a joint venture with an unaffiliated strategic partner, in which DePalma holds a 50% interest and
has the right to exercise governance control.

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**Consideration** 

At the Effective Time of the Merger, each share of MAC Class A Common Stock issued and outstanding as of immediately prior to the Effective Time shall be cancelled and extinguished and be converted into the right to receive the MAC Per Share Consideration and each share of MAC Class B Common Stock issued and outstanding as of immediately prior to the Effective Time shall be cancelled and extinguished and be converted into the right to receive the MAC Per Share Consideration.

The per share consideration allocable to each share of MAC Common Stock is the number of shares of New MAC Common Stock, rounded up to the nearest whole share, equal to the quotient obtained by dividing (i) the product obtained by multiplying (A) the MAC Exchange Ratio by (B) the Aggregate New MAC Capitalization, by (ii) the total number of shares of MAC Common Stock outstanding immediately prior to the Merger becoming effective and after giving effect to any redemptions of shares of MAC Common Stock.

**Closing** 

The Closing of the Business Combination shall take place electronically by exchange of the closing deliverables on the third Business Day following the satisfaction or waiver of the Closing conditions set forth in the Business Combination Agreement or at such other place, date or time as MAC and DePalma may agree in writing.

**Ownership of New MAC Upon Completion of the Business Combination** 

As of the date of this proxy statement/prospectus, there are 1,010,391 shares of MAC Class A Common Stock issued and outstanding, 10,303,333 shares of MAC Class B Common Stock issued and outstanding and 910,000 Private Placement Shares issued and outstanding. In addition, there currently are 15,455,000 MAC Warrants issued and outstanding, consisting of 15,000,000 Public Warrants and 455,000 Private Placement Warrants. Each whole warrant entitles the holder thereof to purchase one share of MAC Class A Common Stock at a price of $11.50 per share. MAC cannot predict how many of the public MAC stockholders will exercise their right to have their MAC Class A Common Stock redeemed for cash. As a result, MAC has elected to provide the unaudited pro forma condensed combined financial information under two different redemption scenarios of shares of MAC Class A Common Stock into cash, each of which produce different allocations of total MAC equity between holders of MAC Common Stock. The following table illustrates varying ownership levels in New MAC immediately following the consummation of the Business Combination, based on the varying levels of redemptions by the Public Stockholders and the following assumptions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **%** | **Shares** | **%** |
|  DePalma Equityholders |  |  |  |  |
|  Public Stockholders |  |  |  |  |
|  Public Warrants<sup>(3)</sup> |  |  |  |  |
|  Founder Shares<sup>(4)</sup> |  |  |  |  |
|  Private Placement Warrants<sup>(5)</sup> |  |  |  |  |
|  Private Placement Shares<sup>(6)</sup> |  |  |  |  |
|  Total |  |  |  |  |

---

------

(1) Assumes that no shares of MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Upon the consummation of the Business Combination, each Public Warrant will be cancelled in exchange for a New
MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

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##### [**Table of Contents**](#toc)
(4) Upon the consummation of the Business Combination, all shares of MAC Class B Common Stock will (i)
automatically convert into shares of MAC Class A Common Stock on a one-for-one basis and (ii) be cancelled and converted into the right to receive shares of New MAC Common Stock.

(5) Upon the consummation of the Business Combination, each Private Placement Warrant will be cancelled in exchange
for a New MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(6) Consists of 610,000 Private Placement Shares owned by the Sponsor and 300,000 Private Placement Shares owned by
Cantor.

Share ownership presented in the table above is only presented for illustrative purposes and are based on a number of assumptions. MAC cannot predict how many of the Public Stockholders will exercise their right to have their Public Shares redeemed for cash. As a result, the redemption amount and the number of Public Shares redeemed in connection with the Business Combination may differ from the amounts presented above. As such, the ownership percentages and voting power of current MAC stockholders may also differ from the presentation above if the actual redemptions are different from these assumptions. The Public Stockholders that do not elect to redeem their Public Shares will experience dilution as a result of the Business Combination. As of February 14, 2023, the Public Stockholders owned 53% of the total issued and outstanding MAC Class A Common Stock (with the remaining 47% consisting of 910,000 shares of MAC Class A Common Stock underlying Private Placement Units). As noted in the above table, if no Public Stockholders redeem their Public Shares in the Business Combination, the Public Stockholders will go from owning [●]% of the MAC Class A Common Stock prior to the Business Combination to owning [●]% of the total shares outstanding of New MAC Common Stock. The Public Stockholders will own approximately [●]% of the total shares outstanding of New MAC Common Stock, assuming the Maximum Redemption scenario as shown above.

In addition to the changes in percentage ownerships depicted above, variation in the levels of redemption will impact the dilutive effect of certain equity issuances related to the Business Combination which would not otherwise be present in an underwritten public offering. Increasing levels of redemption will increase the dilutive effects of these issuances on non-redeeming Public Stockholders. See "*Risk Factors — We cannot be certain as to the number of Public Shares that will be redeemed and the potential impact to Public Stockholders who do not elect to redeem their Public Shares*" and "*— You may not have the same benefits as an investor in an underwritten public offering*."

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **Value Per**<br>**Share<sup>(3)</sup>** | **Shares** | **Value Per**<br>**Share<sup>(4)</sup>** |
|  Base Scenario<sup>(5)</sup> |  |  |  |  |
|  Excluding Founder Shares<sup>(6)</sup> |  |  |  |  |
|  Exercising Public Warrants<sup>(7)(8)</sup> |  |  |  |  |
|  Exercising Private Placement Warrants<sup>(8)(9)</sup> |  |  |  |  |
|  Exercising All Warrants<sup>(8)(10)</sup> |  |  |  |  |

---

------

(1) Assumes that no shares of the MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding, are
redeemed.

(3) Based on a post-transaction equity value of New MAC of $[●].

(4) Based on a post-transaction equity value of New MAC of $[●].

(5) Represents the post-Closing share ownership of New MAC assuming various levels of redemption by the Public
Stockholders.

(6) Represents the Base Scenario excluding the Founder Shares.

(7) Represents the Base Scenario plus the full exercise of the Public Warrants.

(8) Analysis does not account for exercise prices to be paid in connection with the exercise of warrants.

(9) Represents the Base Scenario plus the full exercise of the Private Placement Warrants.

(10) Represents the Base Scenario plus the full exercise of the Public Warrants and the Private Placement Warrants.

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##### [**Table of Contents**](#toc)
The level of redemption also impacts the effective deferred underwriting fee per Public Share Unit incurred in connection with the IPO and payable upon the completion of the Business Combination. MAC incurred $[●] in deferred underwriting fees. Assuming no exercise of MAC warrants, in a no redemption scenario, the effective deferred underwriting fee would be approximately $[●] per Public Share on a pro forma basis (or [●]% of the value of shares assuming a trading price of $10.00 per share). In the Maximum Redemption scenario, the effective deferred underwriting fee is not meaningful when expressed on a per share or percentage basis as the divisor is zero.

**Representation and Warranties** 

The Business Combination Agreement contains representations and warranties of MAC, DePalma, New MAC and Merger Sub, certain of which are qualified by materiality, material adverse effect, knowledge and other similar qualifiers and may be further modified and limited by disclosures schedules.

Under the Business Combination Agreement, DePalma has made customary representations and warranties, including those relating to organization and qualification, capitalization, authority, financial statements, undisclosed liabilities, consents and requisite governmental approvals, no violations, permits, material contracts, absence of changes, litigation, compliance with applicable law, environmental matters, intellectual property, employment and benefits matters, insurance, tax matters, brokers, real and personal property, transactions with affiliates, data privacy and security, compliance with international trade and anti-corruption laws, and information supplied.

Under the Business Combination Agreement, New MAC and Merger Sub have made customary representations and warranties, including those relating to: organization and qualification, authority, consents and requisite governmental approvals, capitalization, subsidiaries and business activities.

Under the Business Combination Agreement, MAC has made customary representations and warranties, including those relating to organization and qualification, authority, consents and requisite governmental approvals, no violations, brokers, information supplied, permits, absence of changes, capitalization, SEC filings, the Trust Account, transactions with affiliates, litigation, compliance with applicable laws, internal controls, listing, financial statements, undisclosed liabilities, tax matters, and investigations.

**Covenants** 

DePalma has agreed to, prior to the Closing, operate its business in the ordinary course in all material respects and use commercially reasonable efforts to maintain and preserve intact in all material respects its business organization, assets, properties and material business relations.

DePalma has also agreed not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) merge, consolidate, combine or amalgamate with any Person or (b) purchase or otherwise acquire (whether
by merging or consolidating with, purchasing any equity security in or a substantial portion of the assets of, or by any other manner) any corporation, partnership, association or other business entity or organization or division thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjust, split, combine or reclassify any of its equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt any amendments, supplements, restatements or modifications to any of its governing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, assign, abandon, lease, license, convey, sublicense or otherwise dispose of any material assets or
properties, or (b) create, subject or incur any lien (other than Permitted Liens) (as defined in the Business Combination Agreement) on any material assets or properties, except in each case of clauses (a) and (b) for dispositions of
obsolete assets or properties;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer, issue, sell, assign, grant or otherwise directly or indirectly dispose of, or subject to a Lien (other
than Permitted Liens), (a) any of its equity securities or (b) any options, warrants, rights of conversion or other rights, agreements, arrangements or commitments obligating issuance, delivery or sale of any of its equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur, create or assume any Indebtedness in excess of $5,000,000, other than ordinary course payables or as
required to fund working capital or other business or operational requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except in the ordinary course of business (a) enter into, amend, modify, extend, renew or terminate any of
its leases for real property or any Material Contract (as defined in the Business Combination Agreement), (b) waive any material benefit or right under any Material Contract or (c) enter into any contract that if entered into prior to the
execution and delivery of the Business Combination Agreement would be a Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer, sell, assign, license, sublicense, encumber, impair, abandon, permit to lapse or expire, dedicate to
the public, cancel, subject to any lien, fail to diligently maintain or otherwise dispose of any right, title or interest in any of its owned intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose any confidential information or trade secrets (other than in the ordinary course of business subject to
appropriate written obligations with respect to confidentiality, non-use and non-disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make, change or revoke any material election concerning taxes, enter into any material tax closing agreement,
settle any material tax claim or assessment, or consent to any extension or waiver of the limitation period applicable to or relating to any material tax claim or assessment, other than any such extension or waiver that is obtained in the ordinary
course of business or automatic extensions of time not requiring the consent of a tax authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other than in connection with the dissolution of an affiliate, compromise, commence, or enter into any
settlement, conciliation or similar contract the performance of which would involve the payment by DePalma in excess of $5,000,000, in the aggregate, which grants injunctive relief or other equitable remedies against DePalma or that imposes, or by
its terms will impose at any point in the future, any material, non-monetary obligations on DePalma (or New MAC or any of its Affiliates after the Closing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize, recommend, propose or announce an intention to adopt, or otherwise effect, a plan of complete or
partial liquidation, dissolution, restructuring, recapitalization, reorganization or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as may be required by GAAP (or any interpretation thereof) or applicable law, change any method of
accounting in any material respect, other than changes that are made in accordance with PCAOB standards or applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any contract with any broker, finder, investment banker or other Person under which such Person is or
will be entitled to any brokerage fee, finders' fee or other similar commission in connection with the transactions contemplated by the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make certain payments in the event of a change of control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any new line of business or expand any existing line of business, including enter or expand into new
geographies, in each case, that would result in requiring authorizations, approvals, clearances, consents, actions or non-actions from any governmental entity or regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to maintain leased real property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any contract to take, or cause to be taken, any of the actions above.

MAC has also agreed not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt any amendments, supplements, restatements or modifications to the Trust Agreement or its governing
documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declare, set aside, make or pay a dividend on, or make any other distribution or payment in respect of, any of
its equity securities, or repurchase, redeem or otherwise acquire, or offer to repurchase, redeem or otherwise acquire any outstanding equity securities, other than in connection with MAC's shareholders exercising their redemption rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) merge, consolidate, or combine with any Person or (b) purchase or otherwise acquire (whether by merging
or consolidating with, purchasing any equity security in or a substantial portion of the assets of, or by any other manner) any corporation, partnership, association or other business entity or organization or division thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make, change or revoke any material election concerning taxes, enter into any material tax closing agreement,
settle any material tax claim or assessment, or consent to any extension or waiver of the limitation period applicable to or relating to any material tax claim or assessment, other than any such extension or waiver that is obtained in the ordinary
course of business or automatic extensions of time not requiring the consent of a tax authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjust, split, combine or reclassify any of its equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer, issue, sell, assign, grant or otherwise directly or indirectly dispose of, or subject to a Lien,
(a) any of its equity securities or (b) any options, warrants, rights of conversion or other rights, agreements, arrangements or commitments obligating issuance, delivery or sale of any of its equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any loans, advances or capital contributions to, or guarantees for the benefit of, or any investments in,
any person, other than the reimbursement of expenses of employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur, create or assume any material Indebtedness or guarantee or guarantee the Indebtedness of any other Person,
in each case, other than in the ordinary course of business or as required to fund working capital or other business or operational requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into, renew, modify, or revise any Acquiror Related Party Transaction (as defined in the Business
Combination Agreement) or any contract or agreement that if entered into prior to the execution and delivery of this Agreement would be an Acquiror Related Party Transaction), other than the entry into any contract with an Acquiror Related Party
with respect to the incurrence of certain Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize, recommend, propose or announce an intention to adopt, or otherwise effect, a plan of complete or
partial liquidation, dissolution, restructuring, recapitalization, reorganization or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as may be required by GAAP (or any interpretation thereof) or applicable law, change any method of
accounting in any material respect, other than changes that are made in accordance with PCAOB standards or applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any contract with any broker, finder, investment banker or other Person under which such Person is or
will be entitled to any brokerage fee, finders' fee or other similar commission in connection with the transactions contemplated by the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify or amend the Trust Agreement or enter into or amend any other agreement related to the Trust Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any contract to take, or cause to be taken, any of the actions above.

The Business Combination Agreement also contains additional covenants of both of the parties, including, but not limited to, covenants in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties' use of reasonable best efforts to consummate the Business Combination and related transactions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC's and DePalma's obligations to notify each other and otherwise cooperate in connection with any
litigation related to the Business Combination brought against any of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confidentiality and access to information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public announcements with respect to the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties' not to solicit, initiate or knowingly encourage action to facilitate competing offers or
proposals for a transaction other than the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties' obligation to prepare and mutually agree upon this proxy statement/prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties' obligations to obtain the requisite stockholder and other necessary approvals and consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC's obligation to use its reasonable best efforts to cause, and DePalma's obligation to reasonably
cooperate with: (a) New MAC's initial listing application with the Nasdaq in connection with the Business Combination to have been approved: (b) New MAC to satisfy all applicable initial and continuing listing requirements of the
Nasdaq; and (c) the shares of New MAC Common Stock and the New MAC Warrants to be approved for listing on the Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indemnification and insurance coverage of officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obligations to establish the New MAC Board in accordance with the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's obligation, during the ten (10) day period prior to Closing, to refrain from taking any
action that would reasonably be expected to change its equity value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's obligation to consummate the reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marblegate's obligation to use commercially reasonable efforts to obtain all Consents (as defined in the
Business Combination Agreement) necessary to consummate the transactions contemplated by the Business Combination Agreement (the " <u>Marblegate Affiliate Consents</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma's obligation to cause certain shareholders constituting at least a majority of the outstanding
equity of each of the DePalma Companies (the "Supporting DePalma Holders") to enter into the Sponsor Support Agreement, in form and substance mutually satisfactory to the Parties, pursuant to which the Supporting DePalma Holders will
agree, among other things, to vote in favor of the Business Combination Agreement and the transactions contemplated thereby (including the Merger).

**MAC Stockholder Approval** 

MAC has agreed to, as promptly as reasonably practicable following the time at which the proxy statement/prospectus is declared effective under the Securities Act, (a) duly give notice of and (b) use reasonable best efforts to duly convene and hold a special meeting of the MAC stockholders in accordance with the governing documents of MAC, for the purposes of obtaining the approval of the MAC stockholders of the Business Combination Proposal and the other Stockholder Proposals and, if applicable, providing its stockholders with the opportunity to elect to exercise their redemption rights. MAC shall, through unanimous approval of its board, recommend to its stockholders they approve the proposals contained in this proxy statement/prospectus (the "<u>MAC Board Recommendation</u>").

MAC has agreed that the MAC Board will not (and no committee or subgroup thereof will) withdraw or modify, or propose publicly or by formal action of the MAC Board, to withdraw or modify, the MAC Board Recommendation, in each case except where the MAC Board has determined in good faith, after consultation with outside legal counsel, that withdrawing or modifying any such recommendation is necessary to satisfy the fiduciary duties of MAC and the MAC Board under applicable law.

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**Conditions to Closing** 

***Conditions to each party's obligations***

The obligations of the parties to consummate the Business Combination are subject to the satisfaction or waiver by the party for whose benefit such condition exists of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all applicable waiting periods under the HSR Act shall have expired or otherwise been terminated, and there shall
not be in effect any voluntary agreement between MAC, New MAC or any DePalma Company, on the one hand, and the Federal Trade Commission or the Department of Justice, on the other hand, pursuant to which the Parties have agreed not to consummate the
Merger for any period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no order or law issued by any court of competent jurisdiction or other governmental entity or other legal
restraint or prohibition preventing the consummation of the Business Combination shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• this proxy statement/prospectus shall have become effective in accordance with the provisions of the Securities
Act, no stop order shall have been issued by the SEC and shall remain in effect with respect to this proxy statement/prospectus, and no proceeding seeking such a stop order shall have been threatened or initiated by the SEC and remain pending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Required MAC Shareholder Approval shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Marblegate Affiliate Consents shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after giving effect to the Business Combination, MAC shall have at least $5,000,001 of net tangible assets (as
determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) immediately after the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the DePalma Equity Value shall have become final and binding in accordance with the provisions of the Business
Combination Agreement.

***Conditions to MAC's obligations***

The obligations of MAC to consummate the Business Combination are subject to the satisfaction or waiver by MAC of the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the fundamental representations and warranties of DePalma and New MAC shall be true and correct in all
material respects as of the Closing Date; certain other representations and warranties of DePalma and New MAC shall be true and correct in all respects as of the Closing Date (except for de minimis inaccuracies); certain other representations and
warranties of DePalma and New MAC shall be true and correct in all respects as of the Closing Date; and certain other representations and warranties of DePalma and New MAC shall be true and correct in all respects as of the Closing Date, except
where the failure of such representations and warranties to be true and correct, taken as a whole, does not cause a DePalma Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma shall have performed and complied in all material respects with the covenants and agreements required to
be performed or complied with by it under the Business Combination Agreement at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• since the date of the Business Combination Agreement, no DePalma Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePalma and New MAC shall have executed and delivered to MAC all Ancillary Documents to which DePalma or New MAC
is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or prior to the Closing, DePalma shall have delivered to MAC a certificate duly executed by an authorized
officer of DePalma, dated as of the Closing Date, to the effect that certain Closing conditions that relate to DePalma or certain of its affiliates are satisfied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• neither New MAC or any of its subsidiaries shall have any Indebtedness (as defined in the Business Combination
Agreement) outstanding at or prior to the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC and DePalma shall have consummated the Reorganization subject to immaterial deviations that are not
adverse to MAC or actions to be taken after the Closing.

***Conditions to the obligations of DePalma***

The obligations of DePalma to consummate the Business Combination are subject to the satisfaction or waiver by DePalma of the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the fundamental representations and warranties of MAC shall be true and correct in all material respects
as of the Closing Date; certain other representations and warranties of MAC shall be true and correct in all respects as of the Closing Date (except for *de minimis inaccuracies*); certain other representations and warranties of MAC shall be
true and correct in all respects as of the Closing Date; and certain other representations and warranties of MAC shall be true and correct in all respects as of the Closing Date, except where the failure of such representations and warranties to be
true and correct, taken as a whole, does not cause an Acquiror Material Adverse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC shall have performed and complied in all material respects with the covenants and agreements required to be
performed or complied with by it under the Business Combination Agreement at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Since the date of the Business Combination Agreement, no Acquiror Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC's initial listing application with Nasdaq in connection with the transactions contemplated by the
Business Combination Agreement shall have been approved by Nasdaq and, immediately following the Effective Time, New MAC shall be in compliance with any applicable initial and continuing listing requirements of Nasdaq, and New MAC shall not have
received any notice of non-compliance therewith that has not been cured or would not be cured at or immediately following the Effective Time, and the shares of New MAC Common Stock included in the Listing
Application shall have been approved for listing on Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC shall have executed and delivered to DePalma all Ancillary Documents to which MAC is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or prior to the Closing, MAC shall have delivered, or caused to be delivered, to the DePalma Companies a
certificate duly executed by an authorized officer of MAC, dated as of the Closing Date, to the effect that certain Closing conditions are satisfied.

DePalma may not rely on the failure of any Closing condition set forth in the Business Combination Agreement to be satisfied if such failure was proximately caused by such DePalma's failure to use reasonable best efforts to cause the Closing to occur, as required by the Business Combination Agreement. MAC may not rely on the failure of any condition set forth in the Business Combination Agreement to be satisfied if such failure was proximately caused by MAC's failure to use reasonable best efforts to cause the Closing to occur, as required by the Business Combination Agreement.

**Termination** 

The Business Combination Agreement may be terminated and the Business Combination may be abandoned at any time prior to the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by mutual written consent of MAC and DePalma;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by MAC upon written notice to DePalma, if there is any breach of DePalma's representations or warranties or
if there is any breach by DePalma of any covenant or agreement such that certain

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conditions to Closing would not be satisfied with respect to DePalma as of the Closing and the breach or breaches of such representations, warranties covenants or agreements, is (or are) not cured or cannot be cured within the earlier of (i) thirty (30) days after written notice thereof is delivered to DePalma by MAC and (ii) the Termination Date, provided however, that MAC is not then in breach of the Business Combination Agreement; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by DePalma, upon written notice to MAC, if there is any breach of MAC's representations or warranties or if
there is any breach by MAC of any covenant or agreement such that certain conditions to Closing would not be satisfied as of the Closing and the breach or breaches of such representations, warranties, covenants or agreements, is (or are) not cured
or cannot be cured within the earlier of (i) thirty (30) days after written notice thereof is delivered to MAC by DePalma and (ii) the Termination Date, provided, however, that DePalma is not then in breach of the Business Combination
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by MAC or DePalma, if the transactions contemplated by the Business Combination Agreement shall not have been
consummated on or prior to the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either MAC or DePalma, if any Governmental Entity shall have issued an Order or taken any other action
permanently enjoining, restraining or otherwise prohibiting the transactions contemplated by the Business Combination Agreement and such Order or other action shall have become final and non-appealable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either MAC or DePalma, if the Acquiror Shareholders Meeting has been held (including any adjournment or
postponement thereof), has concluded, MAC's stockholders have duly voted and the Acquiror Shareholder Approvals were not obtained.

In the event of termination of the Business Combination Agreement, the Business Combination Agreement will become void (and there shall be no liability or obligation on the part of the parties and their respective non-party affiliates), with the exception of the parties' confidentiality obligations, and certain other provisions required under the Business Combination Agreement that shall, in any case, survive any termination of the Business Combination Agreement.

**Non-Survival** 

Each of the representations and warranties, and each of the agreements and covenants of the parties set forth in the Business Combination Agreement shall terminate upon the effective date of the Business Combination, such that no claim for breach of any such representation, warranty, agreement or covenant, detrimental reliance or other right or remedy may be brought with respect thereto after the effectiveness of the Business Combination Agreement except for (i) any covenants and agreements contained therein that expressly apply either in part or in whole after the effective date of the Business Combination Agreement and (ii) in the case of any claim, action or liability against a party in respect of such party's fraud.

**Amendment** 

The Business Combination Agreement may be amended or modified only by a written agreement executed and delivered by the parties.

**Governing Law; Submission to Jurisdiction** 

Business Combination Agreement is governed by and shall be construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware. Each of the parties to the Business Combination Agreement has irrevocably and unconditionally submitted to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or, if the

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Chancery Court of the State of Delaware does not have subject matter jurisdiction then the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction is vested exclusively in the federal courts of the United States of America, then the United States District Court for the District of Delaware).

**No Recourse** 

The Business Combination Agreement may only be enforced against, and any action for breach of the Business Combination Agreement may only be made against, entities expressly named as parties to the Business Combination Agreement, and no claims of any nature whatsoever arising under or relating to the Business Combination Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby shall be asserted against any non-party affiliate. Further, none of the nonparty affiliates shall have any liability arising out of or relating to the Business Combination Agreement, the negotiation thereof or its subject matter, or the transactions contemplated thereby.

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**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION** 

The following unaudited pro forma condensed combined financial information presents the combination of the financial information of MAC and the DePalma Companies adjusted to give effect to the Business Combination and related transactions. The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X. Defined terms included below have the same meaning as terms defined and included elsewhere in this proxy statement/prospectus.

The historical financial information of MAC and the DePalma Companies was derived from the audited financial statements of MAC and the DePalma Companies, respectively, as of December 31, 2022 and for the year ended December 31, 2022, included elsewhere in this proxy statement/prospectus. Such unaudited pro forma financial information has been prepared on a basis consistent with the audited financial statements of MAC and the DePalma Companies, respectively, and should be read in conjunction with the audited historical financial statements and related notes, each of which is included elsewhere in this proxy statement/prospectus. This information should be read together with MAC's and the DePalma Companies' financial statements and related notes, the sections titled *"Management's Discussion and Analysis of Financial Condition and Results of Operations of MAC"* and *" Management's Discussion and Analysis of Financial Condition and Results of Operations of DePalma."* and other financial information included elsewhere in this proxy statement/prospectus.

The unaudited pro forma condensed combined balance sheet as of December 31, 2022 assumes that the Business Combination and related transactions occurred on December 31, 2022. The unaudited pro forma condensed combined statement of operations data assumes that the Business Combination and related transactions occurred on January 1, 2022.

These unaudited pro forma condensed combined financial statements are for informational purposes only. They do not purport to indicate the results that would have been obtained had the Business Combination and related transactions actually been completed on the assumed date or for the periods presented, or which may be realized in the future. The pro forma adjustments are based on the information currently available and the assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information.

**Description of the Business Combination** 

On February 14, 2023, MAC entered into the Business Combination Agreement with the Manager, the DePalma Companies, New MAC, and Merger Sub, pursuant to which MAC agreed to combine with DePalma in the Business Combination that will result in New MAC becoming a publicly-traded company on Nasdaq. Pursuant to the Business Combination Agreement, and subject to the terms and conditions contained therein, the Business Combination will be effected as follows: (i) immediately prior to the consummation of the transactions contemplated by the Business Combination Agreement, New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC; and (ii) New MAC will merge with and into MAC in the Merger, with MAC surviving as a wholly-owned subsidiary of New MAC.

The unaudited pro forma condensed combined financial information has been prepared using the assumptions below with respect to the potential redemptions into cash of MAC's Class A ordinary shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **No Redemptions:** This scenario assumes that no additional public stockholders of MAC exercise
redemption rights with respect to their redeemable MAC Class A Common Stock upon consummation of the Business Combination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Maximum Redemptions:** This scenario assumes that Public Stockholders holding approximately
[●] shares of redeemable MAC Class A Common Stock will exercise their redemption rights upon consummation of the Business Combinations at a redemption price of approximately $[●] per share,

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which is the maximum amount of redemptions that could occur and still ensure that MAC meets its requirement to maintain net tangible assets of at least $5,000,001. <br>

The following summarizes the pro forma ownership of New MAC Common Stock following the Business Combination and related agreements under both the minimum redemption and maximum redemption scenarios:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Redemptions<sup>(1)</sup>** | **No Redemptions<sup>(1)</sup>** | **Maximum Redemptions<sup>(2)</sup>** | **Maximum Redemptions<sup>(2)</sup>** |
|  | **Shares** | **%** | **Shares** | **%** |
|  DePalma Equityholders |  |  |  |  |
|  Public Stockholders |  |  |  |  |
|  Public Warrants<sup>(3)</sup> |  |  |  |  |
|  Founder Shares<sup>(4)</sup> |  |  |  |  |
|  Private Placement Warrants<sup>(5)</sup> |  |  |  |  |
|  Private Placement Shares<sup>(6)</sup> |  |  |  |  |
|  **Total** |  |  |  |  |

---

(1) Assumes that no shares of MAC Class A Common Stock are redeemed.

(2) Assumes that 1,010,391 shares of MAC Class A Common Stock, or 100% of the shares outstanding.

(3) Upon the consummation of the Business Combination, each Public Warrant will be cancelled in exchange for a New
MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(4) Upon the consummation of the Business Combination, all shares of MAC Class B Common Stock will (i)
automatically convert into shares of MAC Class A Common Stock on a one-for-one basis and (ii) be cancelled and converted into the right to receive shares of New MAC Common Stock.

(5) Upon the consummation of the Business Combination, each Private Placement Warrant will be cancelled in exchange
for a New MAC Warrant representing the right to purchase a share of New MAC Common Stock. Assumes the exercise of all such New MAC Warrants for shares of New MAC Common Stock.

(6) Consists of 610,000 Private Placement Shares owned by the Sponsor and 300,000 Private Placement Shares owned by
Cantor.

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**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET** 

**AS OF DECEMBER 31, 2022** 

(*in thousands, except share and per share amounts*)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MAC<br>(Historical)** | **DePalma I<br>(Historical)** | **DePalma II<br>(Historical)** | **Total Pro<br>Forma<br>Adjustments<br>(Assuming<br>Minimum<br>Redemption)** | **Pro Forma<br>Combined<br>(Assuming<br>Minimum<br>Redemption)** | **Total Pro<br>Forma<br>Adjustments<br>(Assuming<br>Maximum<br>Redemption)** | **Pro Forma<br>Combined<br>(Actual<br>Redemptions)** |
|  **ASSETS** |  |  |  |  |  |  |  |
| Current assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment, at fair value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at fair value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installment sales contracts receivable |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory notes receivable |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Septuagint |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for repayment on investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from affiliates |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets |  |  |  |  |  |  |  |
|  Other assets |  |  |  |  |  |  |  |
|  Deferred offering costs |  |  |  |  |  |  |  |
|  Marketable securities held in Trust Account |  |  |  |  |  |  |  |
|  **Total assets** |  |  |  |  |  |  |  |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |
| Accrued expenses |  |  |  |  |  |  |  |
| Accrued expenses and other liabilities |  |  |  |  |  |  |  |
| Due to affiliates |  |  |  |  |  |  |  |
| Service fee payable |  |  |  |  |  |  |  |
| Advance from related party |  |  |  |  |  |  |  |
| Total current liabilities |  |  |  |  |  |  |  |
| Warrant liability |  |  |  |  |  |  |  |
|  Deferred underwriting fee payable |  |  |  |  |  |  |  |
|  **Total liabilities** |  |  |  |  |  |  |  |
| Temporary equity: |  |  |  |  |  |  |  |
|  Class A ordinary shares subject to possible redemption |  |  |  |  |  |  |  |
| Stockholders' equity (deficit) |  |  |  |  |  |  |  |
| MAC Preferred Stock |  |  |  |  |  |  |  |
| MAC Class A Common Stock |  |  |  |  |  |  |  |
| MAC Class B Common Stock |  |  |  |  |  |  |  |
| Additional paid-in capital |  |  |  |  |  |  |  |
| Accumulated deficit |  |  |  |  |  |  |  |
| Members' capital |  |  |  |  |  |  |  |
|  **Total stockholders' deficit** |  |  |  |  |  |  |  |
|  **TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |  |  |  |  |  |

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**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

*(in thousands, except share and per share amounts)*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MAC<br>(Historical)** | **DePalma I<br>(Historical)** | **DePalma II<br>(Historical)** | **Transaction<br>Accounting<br>Adjustments<br>(Assuming<br>Minimum<br>Redemptions)** | **Pro Forma<br>Combined<br>(Assuming<br>Minimum<br>Redemptions)** | **Transaction<br>Accounting<br>Adjustments<br>(Assuming<br>Maximum<br>Redemptions)** | **Pro Forma<br>Combined<br>(Assuming<br>Maximum<br>Redemptions)** |
|  Interest income |  |  |  |  |  |  |  |
|  Operating and formation costs |  |  |  |  |  |  |  |
|  Income (loss) from operations |  |  |  |  |  |  |  |
|  Service fees |  |  |  |  |  |  |  |
|  Professional fees |  |  |  |  |  |  |  |
|  Administration fees |  |  |  |  |  |  |  |
|  Income (loss) from operations |  |  |  |  |  |  |  |
|  Other (income) expense: |  |  |  |  |  |  |  |
|  Interest income on marketable securities held in Trust Account |  |  |  |  |  |  |  |
|  Unrealized loss on marketable securities held in Trust Account |  |  |  |  |  |  |  |
|  Change in fair value of warrant liabilities |  |  |  |  |  |  |  |
|  Transaction costs associated with the Initial Public Offering |  |  |  |  |  |  |  |
|  Net realized gain from investments |  |  |  |  |  |  |  |
|  Net change in unrealized appreciation from investments |  |  |  |  |  |  |  |
|  Total other (expense) income |  |  |  |  |  |  |  |
|  Net (loss) income |  |  |  |  |  |  |  |

---

**Note 1. Description of the Business Combination** 

The unaudited pro forma condensed combined balance sheet as of December 31, 2022 assumes that the Business Combination and related transactions occurred on December 31, 2022. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2022 gives pro forma effect to the Business Combination and related transactions as if they had occurred on January 1, 2022.

The pro forma adjustments reflecting the consummation of the Business Combination and related transactions are based on certain currently available information and certain assumptions and methodologies that management believes are reasonable under the circumstances. The unaudited condensed combined pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments and it is possible the difference may be material. Management believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination and related transactions based on information available to management at the time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Business Combination. The unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and financial position would have been had the Business Combination and related transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of

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operations or financial position of New MAC. They should be read in conjunction with the historical financial statements and notes thereto of MAC and the DePalma Companies included elsewhere in this proxy statement/prospectus.

**Note 2. Accounting Policies** 

Upon consummation of the Business Combination, management will perform a comprehensive review of the entities' accounting policies. As a result of the review, management may identify differences between the accounting policies of these entities which, when conformed, could have a material impact on the financial statements of New MAC. Based on its initial analysis, management did not identify any differences that would have a material impact on the unaudited pro forma condensed combined financial information. As a result, the unaudited pro forma condensed combined financial information does not assume any differences in accounting policies.

**Note 3. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information** 

The unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the Business Combination and related transactions and has been prepared for informational purposes only.

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X. MAC has elected not to present management adjustments and will only be presenting transaction accounting adjustments in the unaudited pro forma condensed combined financial information.

The pro forma basic and diluted net income per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of shares of New MAC Common Stock outstanding, assuming the Business Combination and related transactions occurred on.

***Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet***

The pro forma adjustments included in the unaudited pro forma condensed combined balance sheet as of December 31, 2022 are as follows:

***Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations***

The pro forma adjustments included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2022 are as follows:

**Note 4. Net Income per Share** 

Net income per share was calculated using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Business Combination and the related transactions, assuming the shares were outstanding since December 31, 2022. As the Business Combination and the related transactions are being reflected as if they had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net income per share assumes that the shares issuable relating to the Business Combination and related transactions have been outstanding for the entirety of all periods presented.

The unaudited pro forma condensed combined financial information has been prepared to present two alternative scenarios with respect to redemption of Public Shares by Public Stockholders at the time of the Business Combination for the year ended December 31, 2022:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31, 2022** | **For the Year Ended**<br>**December 31, 2022** |
|  | **No Redemptions** | **Maximum<br>Redemptions** |
|  | **(in thousands, except share and per<br>share amounts)** | **(in thousands, except share and per<br>share amounts)** |
|  Pro forma net income |  |  |
|  Weighted average shares outstanding—basic |  |  |
|  Pro forma net income per share—basic |  |  |
|  Weighted average shares outstanding—diluted |  |  |
|  Pro forma net income per share—diluted |  |  |
| *Potentially dilutive securities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Placement Warrants |  |  |

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**CERTAIN AGREEMENTS RELATED TO THE BUSINESS COMBINATION** 

*This section describes the material provisions of certain additional agreements entered into or to be entered into pursuant to or in connection with the transactions contemplated by the Business Combination Agreement, which are referred to as the "<u>Related Agreements</u>", but does not purport to describe all of the terms thereof. The descriptions below are qualified by reference to the actual text of these agreements. You are encouraged to read the Related Agreements in their entirety.* 

**Sponsor Support Agreement** 

Concurrently with the execution of the Business Combination Agreement, the Sponsor and the Supporting Shareholders have entered into the Sponsor Support Agreement pursuant to which the Sponsor and the Supporting Shareholders have agreed, among other things, to vote all shares of MAC Common Stock held by them in favor of the Business Combination Agreement and the transactions contemplated thereby (including the Merger) and to not redeem any of their shares of MAC Common Stock.

**Registration Rights Agreement** 

In connection with the Closing, New MAC, the Sponsor, the Supporting Shareholders and certain other parties will enter into a registration rights agreement (which such agreement shall contain terms and conditions similar to those contained in that certain registration rights agreement, dated as of September 30, 2021, among MAC, the Sponsor, and the other parties thereto (the "<u>IPO Registration Rights Agreement</u>"), pursuant to which, the Sponsor, the Supporting Shareholders and certain other parties thereto will be granted certain registration rights with respect to their shares of New MAC Common Stock.

**Management Services Agreement** 

At the Closing, the Manager and New MAC will enter into a MSA pursuant to which the Manager will provide certain management services to New MAC including (i) evaluating, managing, performing due diligence on, negotiating and overseeing the acquisition and disposition of New MAC's and its subsidiaries' assets, including taxi medallions, taxi-medallion loans and other assets or property, (ii) evaluating, managing, negotiating and overseeing the origination, structuring, restructuring and workout of taxi-medallion loans and other loans held by New MAC (other than typical daily loan servicing activities), (iii) managing New MAC's and its subsidiaries' day-to-day business and operations in complying with any regulatory requirements applicable to them in respect of their business activities, (iv) evaluating the financial and operational performance of any of New MAC's subsidiaries, including monitoring the business and operations thereof, and the financial performance of any of their other assets (v) providing a management team to serve as executive officers of New MAC and/or its subsidiaries or as members of the New MAC Board, (vi) identifying, evaluating, managing, performing due diligence on, negotiating and overseeing the provision of debt or equity financing by New MAC, (vii) identifying, evaluating, managing, performing due diligence on, negotiating and overseeing the acquisition of all or a portion of target businesses or assets by New MAC, and (viii) subject to the provisions of the MSA, performing any other services for and on behalf of New MAC and its subsidiaries to the extent that such services are consistent with those that are customarily performed by the executive officers and employees of a publicly listed company.

The services also include (1) establishing and maintaining books and records of New MAC and its subsidiaries in accordance with customary practice and GAAP; (2) recommending to the New MAC Board changes or other modifications in the capital structure of New MAC and/or its subsidiaries; (3) recommending to the New MAC Board the engagement of or, if approval is not otherwise required, engaging agents, consultants or other third party service providers on behalf of New MAC and its subsidiaries, including accountants, lawyers or experts; (4) managing or overseeing litigation, administrative or regulatory proceedings, investigations or any other reviews of New MAC's and/or its subsidiaries business, subject to the approval of the New MAC Board to

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the extent necessary in connection with the settlement, compromise, consent to the entry of an order or judgment or other agreement resolving any of the foregoing; (5) recommending to the New MAC Board the payment of dividends or other distributions on the equity interests of New MAC; (6) attending to the timely calculation and payment of taxes payable, and the filing of all taxes return due, by New MAC and its subsidiaries; and (7) making loans to, or arranging loans on behalf of, entities in which New MAC or any of its subsidiaries has an equity or debt investment.

New MAC will compensate the Manager for its services provided pursuant to the MSA with a management fee calculated as follows: (a) the product of (i) 0.375%, multiplied by (ii) New MAC's Adjusted Net Assets (as defined in the MSA). The Manager may also earn an incentive fee based on the financial performance of New MAC pursuant to a separate agreement to be entered into by New MAC and the Manager that is approved by the New MAC Board and separately approved by a majority of the independent indirectors of the New MAC Board. The Manager and New MAC and the New MAC Board agree to use their respective best efforts to enter into an agreement within 180 days after the Closing to provide for the payment of a mutually agreeable incentive fee. New MAC shall pay all of its own expenses and reimburse the Manager for certain documented expenses incurred by the Manager on New MAC's and its subsidiaries' behalf during the term of the MSA. New MAC must indemnify the Manager from all losses incurred arising out of any breach of the agreement or services provided thereunder, subject to certain exceptions.

During the term of the MSA, the Manager is permitted to provide services, including services similar to the services described above, to other Persons (as defined in the MSA). The Manager is not prohibited from investing in or assisting a business competitive with New MAC. Additionally, the Manager need not present business opportunities to New MAC.

The MSA further requires New MAC to maintain a board consisting of a majority of independent directors.

The MSA shall be effective upon consummation of the Business Combination and continue in operation, unless terminated in accordance with the terms of the MSA, until the fifth (5th) anniversary of the Closing (the "<u>Initial Term</u>"). After the Initial Term, the MSA shall be deemed renewed automatically for additional successive five-year periods (each, an "<u>Automatic Renewal Term</u>") unless otherwise terminated.

The MSA provides that the Manager may resign and terminate the MSA at any time with at least 180 days' prior written notice to New MAC of the Manager's intention to terminate the MSA, which right shall not be contingent upon the finding of a replacement manager. However, if the Manager resigns, the Manager shall, upon request of the New MAC Board, use reasonable efforts to assist the New MAC Board to find a replacement manager at no cost or expense to New MAC.

Additionally, the MSA is subject to termination by (i) the New MAC Board at any time, if it is found that the Manager materially breached the terms of the MSA and such breach continued unremedied for sixty (60) days after the Manager received written notice from New MAC setting forth the terms of such breach, (ii) at any time if (A) there if a finding that the manager (x) acted with gross negligence, wilful misconduct, bad faith or reckless disregard in performing its duties and obligations under the MSA or (y) engaged in fraudulent or dishonest acts in connection with the business operations of New MAC, and (B) at least seventy-five percent (75%) of the New MAC Board votes to terminate the MSA, (iii) at the expiration of the Initial Term or any Automatic Renewal Term with written notice to the Manager at least 180 days before the applicable expiration as approved in advance by a majority of the independent directors of the New MAC Board voting in favor of providing that notice and terminating the MSA; or (iv) at any time if (A) at least seventy-five percent (75%) of the New MAC Board votes to terminate the MSA and (B) the holders of at least seventy-five percent of the then outstanding shares of New MAC Common Stock vote in favor of terminating the MSA.

The foregoing description of the MSA is subject to, and qualified in its entirety by reference to, the MSA, which is attached to this proxy statement/prospectus as <u>Annex F</u>, and is incorporated by reference into this proxy statement/prospectus.

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**Letter Agreement** 

In connection with MAC's IPO, on September 30, 2021, MAC, MAC's officers and directors and the Sponsor entered into a letter agreement (the "<u>Letter Agreement</u>"), pursuant to which MAC's initial stockholders agreed not to transfer, assign or sell any Founder Shares until the earlier to occur of: (a) one year after the completion of MAC's initial business combination or (b) subsequent to MAC's initial business combination, (x) if the last sale price of MAC Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after MAC's initial business combination, or (y) the date on which MAC completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees under the Letter Agreement are subject to the same restrictions and other agreements of MAC's initial stockholders with respect to any Founder Shares.

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**PROPOSAL NO. 2 — THE ORGANIZATIONAL DOCUMENT PROPOSALS** 

**Overview** 

If the Business Combination Proposal is approved and the Business Combination is to be consummated, then (as applicable to the Organizational Document Proposals) the Merger will be consummated. In connection with the Merger, each outstanding share of MAC Common Stock, which is subject to MAC's Amended and Restated Certificate of Incorporation and Bylaws (the "<u>Existing Organizational Documents</u>"), will be converted into the right to receive shares of New MAC Common Stock, which will be subject to New MAC's proposed Amended and Restated Certificate of Incorporation (the "<u>Proposed Charter</u>") and proposed Amended and Restated Bylaws (the "<u>Proposed Bylaws</u>", and together with the Proposed Charter, the "<u>Proposed Organizational Documents</u>"). In connection with the consummation of the Merger, therefore, former stockholders of MAC subject to the Existing Organizational Documents ultimately will become subject to the Proposed Organizational Documents. We refer to this as the "replacement" of the Existing Organizational Documents with the Proposed Organizational Documents.

MAC's stockholders are being asked to consider and vote upon and to approve the following separate proposals (collectively, the "<u>Organizational Document Proposals</u>") in connection with amendment and restatement of the Existing Charter and the replacement of the Existing Organizational Documents with the Proposed Organizational Documents. The Organizational Document Proposals are conditioned on the approval of the Business Combination Proposal. Therefore, if the Business Combination Proposal is not approved, the Organizational Document Proposals will have no effect, even if approved by our Public Stockholders. Defined terms used but not defined herein have the meanings ascribed to them in the applicable Organizational Document.

**Organizational Document Proposal 2a — Authorized Capital Stock** 

In connection with the replacement of the Existing Organizational Documents with the Proposed Organizational Documents, MAC's stockholders are being asked to approve the change in the authorized capital stock of 221,000,000 shares, consisting of 200,000,000 shares of MAC Class A Common Stock, par value $0.0001 per share, 20,000,000 shares of Class B Common Stock, par value $0.0001 per share, and 1,000,000 preferred shares, par value $0.0001 per share, to authorized capital stock of [●] shares, consisting of [●] shares of New MAC Common Stock, par value $0.0001 per share and [●] shares of undesignated preferred stock, par value $0.0001 per share (as provided in the Proposed Charter).

**Organizational Document Proposal 2b — Supermajority Provisions** 

In connection with the replacement of the Existing Organizational Documents with the Proposed Organizational Documents, MAC's stockholders are being asked to approve the provision in the Proposed Charter pursuant to which: (a) the affirmative vote of the holders of at least 66 2/3% of the total voting power of all then outstanding shares of New MAC Common Stock entitled to vote generally in the election of directors, voting together as a single class is required to amend provisions relating to, among others: (i) stockholder meetings, (ii) the board of directors, and (iii) amendment of the Proposed Charter.

**Organizational Document Proposal 2c — Approval of Other Changes in Connection with the Adoption of the Proposed Organizational Documents** 

In connection with the replacement of the Existing Organizational Documents with the Proposed Organizational Documents, MAC's stockholders are being asked to approve all other changes in connection with the replacement of the Existing Organizational Documents of MAC with the Proposed Organizational Documents of New MAC, including, among other things, changing from a blank check company seeking a business combination within a certain period (as provided in the Existing Organizational Documents) to a corporation having perpetual existence (as provided in the Proposed Charter).

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**Organizational Document Proposal 2d — Approval of Single Class Board** 

In connection with the replacement of the Existing Organizational Documents with the Proposed Organizational Documents, the Proposed Charter will provide for a single class of board of directors and direct that board vacancies be filled by the majority of directors then in office, unless specified otherwise in the Proposed Bylaws.

**MAC Board's Reasons for the Approval of the Organizational Document Proposals** 

***Authorized Stock***

Our board of directors believes that it is important for New MAC to have available for issuance a number of authorized shares of common stock and preferred stock sufficient to support New MAC's growth and to provide flexibility for future corporate needs (including, if needed, as part of financing for future growth acquisitions). Our board of directors believes that Organizational Document Proposal, if approved, would adequately address the authorized share needs of New MAC after the Business Combination.

***Perpetual Existence***

Our board of directors believes that making New MAC's corporate existence perpetual as provided in the Proposed Charter (rather than a blank check company seeking a business combination as provided in the Existing Organizational Documents) is desirable to reflect the effect of the Business Combination and to clearly identify New MAC as the publicly traded entity. Additionally, perpetual existence is the usual period of existence for corporations, and our board of directors believes that it is the most appropriate period for New MAC following the Business Combination.

***Blank Check Company***

Our board of directors has determined it is in the best interest of MAC to eliminate provisions in the Existing Organizational Documents specific to our status as a blank check company seeking a business combination within a certain period. This deletion is desirable because these provisions will serve no purpose following consummation of the Business Combination. For example, the Proposed Charter removes the requirement of the Existing Organizational Documents to dissolve MAC and instead allows New MAC to continue as a corporate entity with perpetual existence following consummation of the Business Combination. Perpetual existence is the usual period of existence for corporations, and our board of directors believes it is the most appropriate period for New MAC.

***Supermajority Provisions***

Our board of directors has determined that the supermajority voting requirements in the Proposed Charter is appropriate to protect all stockholders of New MAC against the potential self-interested actions by one or a few large stockholders after the Business Combination. In reaching this conclusion, our board of directors is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of New MAC Common Stock following the Business Combination.

**Comparison of Existing Organizational Documents to Proposed Organizational Documents** 

The Proposed Organizational Documents differ materially from the Existing Organizational Documents. The following table sets forth a summary of the principal changes proposed to be made between the Existing Organizational Documents and the Proposed Organizational Documents. This summary is qualified by reference to the complete text of the Existing Charter, and the complete text of the Proposed Charter, a copy of which is attached to this proxy statement/prospectus as <u>Annex B</u>, and the Proposed Bylaws, a copy of which is attached to this proxy statement/prospectus as <u>Annex C</u>. All stockholders are urged to read each of the Proposed

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Organizational Documents in its entirety for a more complete description of its terms. We urge stockholders to carefully consult the information set out under the "*Comparison of Corporate Governance and Stockholders' Rights*" section of this proxy statement/prospectus.

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| | |
|:---|:---|
| **Existing Organizational Documents of MAC** | **Proposed Organizational Documents of New MAC** |
| **Authorized Capital Stock**<br> *(Organizational Document Proposal 2a)* | **Authorized Capital Stock**<br> *(Organizational Document Proposal 2a)* |
| The Existing Organizational Documents provide for an authorized capital stock of 221,000,000 shares, consisting of 200,000,000 shares of MAC Class A Common Stock, par value $0.0001 per share, 20,000,000 shares of Class B Common Stock, par value $0.0001 per share, and 1,000,000 preferred shares, par value $0.0001 per share. | The Proposed Organizational Documents provide for authorized capital stock of [●] shares, consisting of [●] shares of New MAC Common Stock, par value $0.0001 per share and [●] shares of undesignated preferred stock, par value $0.0001 per share. |
| **Existing Organizational Documents of MAC** | **Proposed Organizational Documents of New MAC** |
| **Supermajority Provisions**<br> *(Organizational Document Proposal 2b)* | **Supermajority Provisions**<br> *(Organizational Document Proposal 2b)* |
| The Existing Organizational Documents do not include provisions subject to supermajority holder approval. | The Proposed Organizational Documents provide for the affirmative vote of the holders of at least 66 2/3% of the total voting power of all then outstanding shares of New MAC Common Stock entitled to vote generally in the election of directors, voting together as a single class is required to amend provisions relating to, among others: (i) stockholder meetings, (ii) the board of directors and (iii) amendment of the Proposed Charter. |
| **Approval of Other Changes in Connection with the Adoption of the Proposed Organizational Documents**<br> *(Organizational Document Proposal 2c)* | **Approval of Other Changes in Connection with the Adoption of the Proposed Organizational Documents**<br> *(Organizational Document Proposal 2c)* |
| The Existing Organizational Documents include provisions related to MAC's status as a blank check company seeking a business combination within a certain period. | The Proposed Organizational Documents include provisions related to New MAC's status as a corporation having perpetual existence. |
| **Approval of Single Class Board**<br> *(Organizational Document Proposal 2d)* | **Approval of Single Class Board**<br> *(Organizational Document Proposal 2d)* |
| The Existing Organizational Documents provide for three classes of directors. Each class shall consist, as nearly as possible, of one-third of the total number of such directors. Class I directors shall initially serve for a term expiring at the first annual meeting of stockholders following the adoption of the Existing Charter, Class II directors shall initially serve for a term expiring at the second annual meeting of stockholders following the adoption of the Existing Charter and Class III directors shall initially serve for a term expiring at the third annual meeting of stockholders following the adoption of the Existing Charter. At each annual meeting following adoption of the Existing Charter, successors to the class of directors whose term expires at that annual meeting shall be elected for a term expiring at the third succeeding annual meeting of stockholders. | The Proposed Charter will provide for a single class of directors. |

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**Vote Required for Approval** 

The approval of each of the Business Combination Proposal, the Adjournment Proposal and Proposals No. 2b and No. 2c of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, present and entitled to vote at the Special Meeting and voted in connection with such proposal. The approval of Proposal No. 2a of the Organizational Document Proposals requires the affirmative vote in person (which would include presence at a virtual meeting) or by proxy of (i) the holders of a majority of the then issued and outstanding shares of each of the MAC Class A Common Stock and MAC Class B Common Stock, voting separately, and (ii) the holders of a majority of the then issued and outstanding shares of MAC Class A Common Stock and MAC Class B Common Stock, voting together as a single class, in each case present and entitled to vote at the Special Meeting and voted in connection with such proposal.

**Recommendation of the MAC Board** 

**THE MAC BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" THE APPROVAL OF THE ORGANIZATIONAL DOCUMENT PROPOSALS.** 

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**PROPOSAL NO. 3 — THE ADJOURNMENT PROPOSAL** 

**The Adjournment Proposal** 

The Adjournment Proposal, if adopted, will allow the MAC Board to adjourn the Special Meeting to a later date or dates to permit further solicitation of proxies. The Adjournment Proposal will only be presented to MAC's stockholders in the event that, based on the tabulated votes, there are not sufficient votes at the time of the Special Meeting to approve one or more of the proposals presented at the Special Meeting or Public Stockholders have elected to redeem an amount of Public Shares such that the minimum available cash condition to the obligation to Closing would not be satisfied. In no event will the MAC Board adjourn the Special Meeting or consummate the Business Combination beyond the date by which it may properly do so under the Existing Charter and Delaware law.

**Consequences if the Adjournment Proposal is Not Approved** 

If the Adjournment Proposal is not approved by MAC's stockholders, the MAC Board may not be able to adjourn the Special Meeting to a later date in the event that, based on the tabulated votes, there are not sufficient votes at the time of the Special Meeting to approve the Business Combination Proposal or Public Stockholders have elected to redeem an amount of Public Shares such that the minimum available cash condition to the obligation to Closing would not be satisfied.

**Vote Required for Approval** 

The Adjournment Proposal will be approved and adopted if the holders of a majority of the shares of MAC Common Stock represented virtually in person or by proxy and voted thereon at the Special Meeting vote "FOR" the Adjournment Proposal. Adoption of the Adjournment Proposal is not conditioned upon the adoption of any of the other Stockholder Proposals.

**Recommendation of the MAC Board** 

**THE MAC BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" THE APPROVAL OF THE ADJOURNMENT PROPOSAL.** 

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**INFORMATION ABOUT DEPALMA** 

*In this section, "we", "us", "our", "our company", "DePalma" and the "DePalma Companies" refer to DePalma Acquisition I LLC and DePalma Acquisition II LLC, collectively, prior to the Business Combination and to New MAC following the Business Combination.* 

**Overview** 

The DePalma Companies were organized as two Delaware limited liability companies on February 23, 2018 and commenced operations on March 29, 2018. The DePalma Companies are the market leader in providing specialized financing solutions to the regulated mobility sector, with a geographic focus on the NYC taxi market.

We are primarily engaged in the business of originating, acquiring, restructuring, and owning New York City ("<u>NYC</u>" or the "<u>City of New York</u>") taxi medallion collateralized loans, which we refer to as "medallion loans," as well as leasing NYC taxi medallions through our dedicated taxicab fleet. We believe we are the largest NYC taxi medallion lender with a medallion loan portfolio collateralized by approximately 2,900 NYC taxi medallions as of December 31, 2022. In addition to our business of originating, owning medallion loans and leasing medallions, we believe we are also the largest direct owner of NYC medallions. As of December 31, 2022, we directly or indirectly held, or have the right to acquire, approximately 1,070 NYC taxi medallions, which will generally be redeployed over time into the NYC medallion lending market or leased by our dedicated fleet of 142 taxicabs managed by Septuagint Solutions, our operating joint venture with an unaffiliated strategic partner, in which we hold a 50% interest and have the right to exercise governance control. Our fleet operations provide an additional avenue to lease our owned medallions, and in the future we believe will provide New MAC with an avenue to finance sales to NYC taxi operators and other potential medallion purchasers.

The medallion loans we hold directly or indirectly are secured by one or more taxi medallions and primarily take the following two forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***MRP+ Loans*** *:* MRP+ Loans are medallion loans participating in the Medallion Relief Program
(" <u>MRP</u> ") and MRP+, each established by the City of New York and the TLC. MRP+ Loans are nonrecourse loans that are typically secured by one or more medallions and do not carry a personal guarantee, but rather have credit support from
funds provided by the City of New York. See "*— MRP and MRP+ — Reserve Fund*") below for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Non-MRP+ Loans*** : Non-MRP+ Loans are not part of the MRP+ and, in addition to being secured by one or more medallions, are, in many cases, further secured by personal guarantees of the borrowers, shareholders or equity members
and, in some cases, collateralized with additional collateral such as real estate of the borrowers.

Since formation, substantially all our medallion loans were acquired via bulk purchases of loan portfolios from prior lenders, many of whom were the originators or lead participants of such loans. In almost all cases, the vast majority of the loans we acquired were non-performing at the time of acquisition.

When a borrower defaults on a loan, we have the ability to enforce our rights as a lender under the applicable medallion loan agreement. Historically, we have resolved defaulted medallion loans by (i) restructuring the loan, (ii) repossessing or otherwise obtaining possession of and/or foreclosing upon the taxi medallion that was collateral for the loan, (iii) enforcing the underlying obligation against the borrower and/or any guarantor of the loan including the personal guaranty or additional collateral, if any, in the case of Non-MRP+ Loans or (iv) some other negotiated settlement with the borrower, including restructuring, discounted payoff, paydown and surrender and foreclosure and loan enforcement litigation. For MRP+ Loans, enforcement is limited to foreclosing on the taxi medallion collateral and collecting any deficiency between the foreclosure sale price and the amounts due under the loan from funds provided by the City of New York for such purpose.

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Please see "*— MRP and MRP+*" below "*— MRP and MRP+ — Reserve Fund*" below for more information.

**Our Market** 

A NYC taxi medallion is the only permitted license to operate a taxi and accept street hails in the City of New York. There are a limited number of taxi medallions that have been issued to date and, as of February 14, 2023, the number of those licenses was capped by the TLC at 13,587. According to the TLC, the average sale price of a NYC taxi medallion based on open market sales of unrestricted medallions was $149,294, $123,005, $87,669 and $130,153 during the year ended December 31, 2019, 2020, 2021 and 2022, respectively. The maximum price of a medallion sold was $245,583, $264,845, $204,204 and $265,204 for the years 2019, 2020, 2021, and 2022, respectively. We believe the increase in the 2022 average and maximum sale prices from 2020 and 2021 primarily reflected the improvement in the market driven by COVID's diminishing impact, the MRP+ program stabilizing the market and providing relief to borrowers, and the telegraphed rate increase that went into effect in December 2022 improving driver confidence in the market.

To facilitate our specialty finance business of financing and owning of NYC taxi medallions, our lending business originates, acquires, restructures and owns loans collateralized by taxi medallions, and our fleet operating business manages a TLC-licensed taxi fleet that currently utilizes 142 of our owned medallions. Medallion owners are generally individual taxi owners/operators, taxi fleet operators or passive investors looking to monetize the medallion asset, which they typically do by leasing them to fleet operators who look to procure additional operating capacity.

Substantially all of our operations and assets are concentrated within the NYC taxi medallion market. We have minor lending exposure to other medallion markets in cities across the United States, including, among others, Chicago and Philadelphia, however, as of December 31, 2022, medallion markets outside of NYC accounted for a *de minimis* percentage of our total assets.

***Medallion Lending***

We believe we are the largest NYC taxi medallion lender with a medallion loan portfolio collateralized by approximately 2,900 medallions as of December 31, 2022. Substantially all of the medallion loan portfolio was purchased from prior lenders. Additionally, as of December 31, 2022, we also directly or indirectly held, or had the right to acquire, approximately 1,070 NYC taxi medallions, most of which have been acquired through numerous foreclosures conducted under the Uniform Commercial Code or through consensual resolutions with borrowers. Certain of those medallions have been deployed and are currently operating in our fleet operating business, Septuagint.

As of December 31, 2022, our NYC medallion loan portfolio consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| **MRP+ Loans<sup>(1)(2)</sup>** | **MRP+ Loans<sup>(1)(2)</sup>** | **Non-MRP+ Loans<sup>(3)</sup>** | **Non-MRP+ Loans<sup>(3)</sup>** |
| **Unpaid Principal Balance** | **Underlying Medallions** | **Unpaid Principal Balance** | **Underlying Medallions** |
| $190811699 | 1291 | $696369372 | 1655 |

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(1) The MRP+ became effective during the fourth quarter of 2022.

(2) Reflects unpaid principal balance of current loans outstanding under the MRP+ and medallions underlying such
loans as collateral.

(3) Reflects unpaid principal balance of current loans outstanding not subject to the MRP+ and medallions
underlying such loans as collateral. Substantially all of these loans are currently in default

A prospective NYC taxi medallion owner must qualify under the taxi medallion ownership standards established and enforced by the TLC to transfer the medallion. These standards, among others, prohibit individuals with criminal records from owning taxi medallions, require that the funds used to purchase taxi medallions be derived

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from legitimate sources, and mandate that taxi vehicles and meters meet TLC specifications. In addition, before the TLC can approve a taxi medallion transfer, the TLC requires a letter from the seller's insurer stating that there are no outstanding claims for personal injuries in excess of insurance coverage. After the medallion transfer is approved, the medallion owner's taxi is subject to quarterly TLC inspections.

Most NYC taxi medallion transfers are handled through our third-party servicer, Field Point, a servicer of NYC taxi medallion loans that we believe to be the largest in the NYC taxi market, and by taxi medallion brokers, who are current and former NYC taxi medallion owners, licensed by the TLC. In addition to brokering taxi medallions, we work with these brokers to arrange for TLC documentation insurance, vehicles, meters, and financing. We have relationships and interactions with many of the most active brokers, some of which are or have been borrowers of ours, and we intend to leverage these relationships with brokers to expand our sales channel to provide financing for medallion purchases.

While medallion loans become delinquent or otherwise go into default, our medallion loans are secured by the underlying taxi medallions and, with respect to Non-MRP+ Loans, are further supported by personal guarantees of, or direct recourse to, the obligor owners, shareholders or equity members, as well as additional collateral, if applicable. To date, a substantial portion of our Non-MRP+ Loans portfolio is in default. When a borrower defaults on a Non-MRP+ Loan, we generally decide whether to restructure the underlying loan, initiate a process of foreclosure and/or pursue individual and entity borrowers, guarantors and other obligors through a judicial process. For the year ended December 31, 2022, our top 10 borrowers accounted for 43% of our Non-MRP+ loan portfolio.

***MRP and MRP+***

The City of New York has established various programs to provide debt relief for eligible NYC taxi medallion owners, including the MRP and the MRP+, which enhances the MRP by providing NYC medallion loan lenders like us with municipal credit support. We believe these initiatives are indicative of the City of New York's backing of the taxi medallion industry as a key piece of NYC's transportation infrastructure and provide meaningful support for medallion collateral values via the economic commitments made through these programs. As a result, as of December 31, 2022, we have been able to restructure and reperform MRP+ eligible loans backed by 1,291 NYC taxi medallions. This has the impact of increasing expected future collections of interest and principal as significant number of these loans were not performing or in default prior to entering the programs.

*Medallion Relief Program (MRP)* 

On March 9, 2021, the City of New York announced the MRP to assist economically distressed individual taxicab medallion owners. The purpose of the MRP is to support the recovery of the taxicab industry in the City of New York and return taxicabs to service by providing relief to owners of taxi medallions who are currently unable to make debt service payments on loans incurred to purchase such medallions. The MRP helps eligible medallion owners restructure their outstanding debt to more sustainable levels on more favorable terms. The MRP allocated $65 million in federal grant money from the American Rescue Plan Act of 2021 to provide a $20,000 per medallion principal reduction payment and up to $9,000 in monthly debt relief payments in connection with the restructuring of taxicab medallion loans to reduce principal balances and lower monthly payments for taxicab medallion owners.

The MRP was intended to significantly lower the overall debt service obligations for eligible taxi medallion owners. Among other requirements, the MRP is only available to individual medallion owners who own five or fewer medallions. The MRP is available to all medallion loan lenders to participate upon agreement to provide reductions in outstanding medallion loan balances consistent with MRP parameters. Any medallion owner with a qualified loan under the MRP who defaults on a qualified loan will be prohibited from acquiring another medallion for a period of five years.

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To be eligible for the MRP, a borrower must satisfy several criteria, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) having an ownership interest in no more than five (5) NYC taxi medallions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the original loan (a) was used to purchase a medallion or (b) to refinance a loan used to purchase a
medallion and was outstanding as of March 9, 2021.

*Medallion Relief Program+(MRP+)* 

On November 3, 2021, the City of New York further reached an agreement with the New York Taxi Workers Alliance ("<u>TWA</u>"), a labor union representing taxicab drivers, and Marblegate Asset Management, LLC, to supplement the MRP with a NYC-funded deficiency credit support mechanism (the "<u>Reserve Fund</u>") to achieve greater principal reduction and lower monthly payments for taxicab medallion loans that were restructured through the MRP, and to permit restructuring of additional medallion loans. On March 17, 2022, the TLC adopted rules establishing the eligibility criteria for applying for supplemental loan deficiency credit support through the MRP+.

As a result, the City of New York has appropriated a total of $115 million in funding to implement the MRP, including (i) $65 million to be utilized to provide upfront principal reduction payments equal to $30,000 per medallion to lenders as part of each restructuring transaction and (ii) $50 million to fund the Reserve Fund (as described below under "*— Reserve Fund*"). The Reserve Fund also serves to both make loan payments for a period of time to participating lenders following the occurrence of a payment default by a participating borrower, as well as to satisfy any deficiency realized upon foreclosure of medallion collateral.

Under the MRP+, eligible medallion loans with a principal balance of $200,000 or more will be reduced to an initial principal balance of $200,000, and further reduced to $170,000 per medallion (after a $30,000 per medallion principal reduction payment from the Reserve Fund). Existing medallion loans with a principal balance of $200,000 or less will have a principal balance equal to the existing principal balance reduced by (i) $30,000 per medallion and (ii) further reduced by 5% of the post-paydown principal balance per medallion resulting from (i) above. In no event will the principal balance of any eligible medallion loan exceed $170,000 per medallion.

Unlike Non-MRP+ Loans, where a significant portion are currently in default, medallion loans participating in the MRP+ are restructured and therefore not in default immediately following participation in the MRP+. Moreover, any personal guarantees and recourse to the borrowers, to the extent those existed prior to the MRP+ restructurings, are released once the loan is restructured. Because MRP+ participating borrowers may still default on their payment following such restructuring, we may ultimately decide to foreclose on medallions securing such loans pursuant to the terms of the MRP+. If there is any deficiency as a result of the foreclosure, funds from the Reserve Fund will be used to pay us the amount of any deficiency. In addition, following a payment default, funds from the Reserve Fund will be released to make regularly scheduled payments of interest and principal, pending foreclosure and satisfaction of the loan balance, either through the foreclosure process entirely, or through a combination of the proceeds realized upon foreclosure plus amounts released from the Reserve Fund to pay any deficiency.

The deadline for eligible borrowers to apply to participate in the MRP+ was January 31, 2023. The deadline is currently in the process of being extended until June 30, 2023, although there can be no assurance that this deadline will actually be extended.

*Standardized MRP+ Loan Terms* 

All medallion loans restructured under the MRP+ contain the following terms, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a maturity of 25 years from the date of restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual interest rate of 7.3%;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixed monthly payments calculated on a fully-amortizing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an ability to prepay on the first of each month with 30 days' notice and without penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the medallion is sold during the term of the loan, the principal balance of the loan is due upon sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all loans will be made pursuant to a TLC-approved standard form of loan
security agreement.

As of January 27, 2023, we have restructured loans under the MRP+ representing approximately $200 million in post-restructured principal and 1,347 medallions. As a consequence of these restructurings, we forgave approximately $203 million in principal and received (or are due to receive) approximately $39 million in upfront principal reduction payments.

*Reserve Fund* 

The Reserve Fund was established in the City of New York in 2022 and is available to cover deficiencies and other items on all participating loans owned by participating lenders, subject to various mechanisms designed to limit risk on the availability of funds to support defaulted loans. Fund-level protections designed to preserve the balance of the Reserve Fund include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate debt service of loans supported by the Reserve Fund is limited to the initial fund balance equal to
1.1x annual debt service (e.g. $49 million initial funding divided by 1.1x based on $44.5 million of debt service);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Reserve Fund may be accessed to cover unpaid scheduled debt service on a regular basis or to cover
deficiencies realized where foreclosure sale proceeds are insufficient to satisfy remaining amounts due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon a disposition, where the sale proceeds received for selling a medallion are less than the outstanding
balance of the medallion loan, the Reserve Fund will satisfy the deficiency claim so long as the debt service coverage ratio is at least 1.0x annual debt service of participating loans, otherwise the Reserve Fund will continue to make regularly
scheduled payments of principal and interest.

*Replenishment and Release Mechanism* 

If the Reserve Fund balance is less than 1.0x the annual debt service of participating loans, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Mayor of the City of New York may request an appropriation for the upcoming fiscal year in an amount
sufficient to replenish the Reserve Fund to 1.0x coverage of annual loan debt service with a payment to be made by the City of New York by September 30 of such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Reserve Fund may only be accessed to cover scheduled unpaid loan debt service and may not be accessed to
cover shortfalls where the foreclosure sale proceeds received for selling a medallion is less than the outstanding balance of the medallion loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreclosure auctions may continue to occur, and any sale proceeds received will be used as determined by the
lender, and the Reserve Fund will continue to be accessed to cover the scheduled debt service on the amount of the loan not recovered in auction.

If the balance of the Reserve Fund is less than 0.5x the annual debt service of participating loans, then the City of New York, acting through the Mayor, is required to seek an appropriation for the next fiscal year to replenish the Reserve Fund to 1.0x coverage of annual loan debt service with payment to be made by the City of New York by September 30 of such year.

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If the balance of the Reserve Fund falls below 0.25x the annual debt service of participating loans, then the MRP+ documents require immediate notification to the City of New York and/or the Mayor that it should request an additional appropriation in the current fiscal year to replenish the Reserve Fund to 0.25x coverage of annual loan debt service.

***Loan Portfolio***

Our NYC loan portfolio is comprised of two categories: (i) MRP+ Loans and (ii) Non-MRP+ Loans.

***MRP+ Loans****.* As of December 31, 2022, we had approximately $190.8 million of unpaid principal balance represented by loans that have been restructured pursuant to the MRP+ and benefit from credit enhancement and support from the City of New York (the "<u>MRP+ Loans</u>"). In the aggregate, these MRP+ Loans are collateralized by 1,291 NYC taxi medallions as of December 31, 2022. While each MRP+ Loan has a different unpaid principal balance, all other terms are substantially identical, including carrying a 7.3% interest rate, a 25-year maturity and a monthly payment calculated based on a 25-year amortization schedule. See "*— Medallion Relief Program+ (MRP+)*" for more information about the MRP+ and our portfolio of MRP+ Loans.

Our MRP+ Loans represent a significant portion of our current regular monthly collections of principal and interest.

***Non-MRP+ Loans****.* As of December 31, 2022, we had approximately $696.4 million of unpaid principal balance represented by NYC loans whose borrowers (i) were not eligible to participate in the MRP+ or (ii) chose not to participate in the MRP+ (the "<u>Non-MRP+ Loans</u>"). A significant portion of these loans currently are in default and were at the time we acquired them. Many of these loans are to borrowers who own large numbers of medallions and maintain active taxi fleet operations. As of December 31, 2022, our Non-MRP+ Loans are collateralized by 1,655 NYC medallions. Our Non-MRP+ Loans are expected to be resolved over the next few years in any one of the following ways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restructuring*. Loan restructurings take multiple forms, sometimes involving a reduction of the principal
balance by us in return for an upfront cash payment from the borrower and reperformance of the loan with new, market-based terms. Since 2018, we have completed restructurings on Non-MRP+ Loans of
$107.2 million of original unpaid principal balance and 303 NYC taxi medallions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Discounted Payoff.* Discounted payoffs occur when a borrower makes a payment at a discount to the current
unpaid principal balance and interest in full satisfaction of their obligations to us. Once payment is received, we will release our liens on all collateral. Since 2018, we have completed discounted payoffs on Non-MRP+ Loans of $177.5 million of original unpaid principal balance and 385 NYC taxi medallions, for aggregate cash collections of $83 million, some of which are no longer in the portfolio as the
collateral was returned to the borrower and the loans were deemed satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Paydown and Surrender*. Paydown and surrender occurs when a borrower makes an upfront payment and
voluntarily surrenders ownership of the medallion to us. Since 2018, we have completed paydowns and surrenders on Non-MRP+ Loans of $101.4 million of original unpaid principal balance and 190 NYC taxi
medallions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreclosure and Loan Enforcement Litigation*. Foreclosure and loan enforcement litigation are typically
used when other more efficient means of resolutions are not available. In these circumstances, we typically utilize the non-judicial foreclosure procedures provided for under the Uniform Commercial Code to
conduct a public auction of medallions, retain collateral in satisfaction of the debt and/or other mechanisms provided for under the loan documents and applicable law. We also may commence enforcement litigation against guarantors and borrowers,
where appropriate.

Our Non-MRP+ Loans represent a nominal portion of our current monthly collections of principal and interest, as compared to our MRP+ Loans. As we resolve these loans we expect monthly collections of principal and interest to increase or that we will collect meaningful cash payments in resolution of each borrower relationship.

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***Owned Medallions — Fleet and Leasing***

Our owned medallions consist of medallions we own directly as well as those where, subject to the TLC ownership transfer approval process, we have the legal right to ownership. As of December 31, 2022, we owned directly and indirectly, or had the right to acquire, approximately 1,070 NYC medallions directly and indirectly, a portion of which is dedicated for use in our Septuagint operating fleet, acquired primarily as a result of enforcement actions involving defaulted medallion loans we owned. We believe our ownership makes us the largest single owner of medallions in the NYC taxi market, providing us with significant strategic advantages in executing our business strategy and allowing us to originate loans without the need for incremental capital.

In 2019, we commenced activities to deploy our owned medallions through our operating subsidiary, Septuagint, our operating joint venture with an unaffiliated strategic joint-venture partner, in which we have the right to exercise governance control. Septuagint is a fully functioning medallion leasing agent and taxi fleet operating company based in Long Island City, Queens, New York, licensed by the TLC as an agent/broker for managing NYC taxi medallions. As of December 31, 2022, Septuagint utilized 142 of our owned medallions and manages a fleet of approximately 142 vehicles and 188 drivers via a TLC-licensed fleet.

We plan to continue to increase the number of taxis in Septuagint's fleet as we attract new drivers, acquire new vehicles and take ownership of more medallions through foreclosures on our existing medallion loans. In the future, we may choose to lease additional vehicles to attract more drivers to the Septuagint fleet. We believe that this growth will allow us to continue to increase cash flows from our owned medallions while also developing a pipeline of taxi drivers for future medallion loan originations. However, such expansion plans may be costly and there is no assurance that we will be able to expand Septuagint's fleet or that this initiative will ultimately have the intended effects.

**DePalma Competitive Strengths** 

We believe that we have significant competitive strengths within the NYC taxi medallion industry.

*Multiple Ways to Deploy Medallions.* We believe we are the only meaningful participant in the NYC taxicab industry with both a fleet to deploy medallions and a balance sheet to support seller financing of medallions as described below. We are able to provide solutions for both current and prospective drivers to buy or lease medallions within our driver ecosystem.

*Significant Scale*. We have an interest in approximately 30% of the outstanding NYC taxi medallions, either as collateral for our medallion loans or through direct ownership. As of December 31, 2022, we have medallion loans outstanding on approximately 2,900 NYC taxi medallions and directly or indirectly own, or have the right to acquire, approximately 1,070 NYC taxi medallions. We believe that this enables us to have what we believe to be the best available data on all aspects of the NYC taxi industry and to obtain favorable terms when we negotiate with counterparties.

*Track Record and Demonstrated Success*. Since our inception in 2018, we have restructured, resolved or reperformed over 2,000 medallion loans while maintaining a significant level of cash collections and recoupment of capital. In addition, since our inception, the DePalma Companies have purchased several loan portfolios from existing lenders and have had direct and indirect ownership in loans and/or direct medallions representing approximately over 4,500 NYC taxi medallions.

*Strong Collateral Support*. A key component of the NYC mobility infrastructure, taxi medallions have meaningful and permanent collateral value to support asset values and recovery, and are an enduring part of the NYC transportation landscape that represent a valuable asset to a diverse group of small business owners.

*Partnership and Support with Key Stakeholders*. We maintain strong relationships with key industry participants, including demonstrated successful partnerships and collaborations with the City of New York, the TLC and

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major driver organizations including the TWA. Most notably, we worked closely with the City of New York, the TLC and the TWA to establish the MRP+. These relationships, together with our recognized scale, allow us to participate in planning for and investing in the continued growth and development of this market.

*Capitalize on relationships with brokers*. We are committed to establishing, building, and maintaining relationships with brokers. We believe that relationships with brokers provide us with significant benefits, including an additional layer of due diligence regarding borrowers, lessees and other fleet operators, as well as additional monitoring capabilities. We plan to leverage our relationships with brokers, many of whom are currently borrowers, to expand our sales channel.

*Conservative Capital Structure.* We are currently entirely equity-funded, which eliminates the need for us to make interest or principal payments on third party debt. It also provides us with flexibility in our loan servicing and fleet operations and may allow for flexibility to incur debt financing in the future. As a result, we believe we are well-positioned to take a long-term approach to our business and are relatively insulated from the cyclicality of the credit markets, where increased costs of borrowing can have an immediate and adverse impact on our borrowers and their ability to make interest payments on our loans.

**Strategy** 

Our core philosophy is to work with key stakeholders in the NYC taxi industry, such as the City of New York, the TLC and major driver organizations including the TWA, to help facilitate an industry-wide restructuring of historical medallion lending practices and to standardize a key piece of the NYC mobility infrastructure. Our primary strategy has been to attract institutional capital to the NYC taxi market to increase our profitability while also positioning us to deploy and reinvest capital in the NYC taxi market where we have a competitive advantage. Our primary methods of value creation will be new medallion loan originations, increased deployment of new vehicles in our Septuagint fleet and increasing recoveries on defaulted loans. As a byproduct of institutional capital returning to the NYC taxi market, we expect to that both NYC taxi medallion prices and operating cash flows will increase.

In executing our strategy, we have focused on reperforming, restructuring, and resolving defaulted loans to more closely match current market conditions.

*New Medallion Loans*. One of our strategies is to begin originating medallion loans to facilitate new ownership of NYC medallions. We intend to sell medallions to new and existing borrowers while providing seller financing, thereby converting our owned medallions into new, performing medallion loans.

*Improving Driver Experience*. In addition, through Septuagint's operating fleet, we have sought to modernize and improve the driver experience. Some of our key driver-centric operating initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our driver-first leasing model, where we view drivers as our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our data-enabled services that provide for a more efficient driving experience, thereby improving driver
earnings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investing in initiatives such as a driver clubhouse to provide drivers a place to rest and to improve their
quality of life in the workplace.

**Regulation** 

We believe that we are in compliance with all rules and regulations relating to the operations of our business.

***Exemption from the Investment Company Act***

In order to maintain our status as not being an "investment company" for purposes of the Investment Company Act, we must operate so as to fall outside the definition of an investment company or to fall within an applicable

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exclusion from that status. We expect to continue to fall within the exclusion from the definition of an "investment company" provided under Section 3(c)(5) of the Investment Company Act as a company primarily engaged in the business of (i) purchasing and otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance and services, and/or (ii) making loans to manufacturers, wholesalers, and retailers of, and to prospective purchasers of, specified merchandise, insurance, and services. We monitor our continued compliance with this exclusion and believe that we remain in compliance with this exclusion as of the date of this proxy statement/prospectus.

***New York City Taxi and Limousine Commission***

The TLC, created in 1971, is the municipal agency responsible for licensing and regulating NYC's medallion taxicab and for-hire vehicles, including app-based companies such as Uber and Lyft. The TLC Board consists of nine members, including the Chairperson, each of whom is appointed by the City of New York Mayor with the advice and consent of the City of New York Council. As the primary regulator of the taxi industry, the TLC establishes the broader public transportation policy that governs taxi and for-hire transportation services in the City of New York, as well as standards for business operations, vehicle conditions, accessibility, public safety and consumer rights, issuing and regulating medallion licenses, setting and enforcing the fare rate in taxis, limiting taxi lease rates and overseeing the purchase and sale of taxi medallions. Under TLC rules, only yellow taxis are licensed to pick up street-hailing passengers anywhere within the City of New York limits.

As part of its regulatory landscape, the TLC regulates the number of medallions that may be issued. As of February 14, 2023, the number of medallions is capped at 13,587; however, the TLC may issue additional medallion licenses up to a number allowed by state and local laws through a sealed-bid process with a minimum upset price set by the TLC Chairperson. The TLC also supervises the application process for medallion licenses and oversees the transfer of ownership process, where medallion owners may transfer their licenses to another party so long as the second party meets eligibility requirements set forth by the TLC.

Additionally, the TLC regulates the fares medallion taxi drivers may charge. Fares are based on an initial charge, elapsed time and distance, plus surcharges. Vehicles must also comply with condition and safety standards detailed under TLC regulations, which include annual inspections and technological upgrades.

**Intellectual Property** 

DePalma does not possess any intellectual property. Following the consummation of the Business Combination, it is anticipated that New MAC will enter into a Management Service Agreement with our Manager, which will provide for, among other things, licensing for use of the "Marblegate" trademark.

**Management and Servicing** 

We are a portfolio company of and externally managed by the Manager, a firm that was founded in 2009 and invests in distressed credit opportunities in the U.S. middle market. Our Manager currently manages approximately $2.5 billion, is comprised of 31 team members and is led by a team of professionals with an average of 25 years of experience in restructuring distressed investments. Our Manager first invested in NYC taxi medallion loans in March 2018, following two years of industry diligence and research. Our Manager has been managing the DePalma Companies since our inception. See "*— Management and Servicing*" for more information.

We rely on our Manager and other service providers for certain key services relating to the operation of our business. We expect to continue to rely, at least in part, on our Manager and such service providers following the consummation of the Business Combination, pursuant to third-party servicing agreements, including a Management Service Agreement with our Manager. See the sections entitled "*— Human Capital Resources*" and "*Certain Agreements Related to the Business Combination — Management Service Agreement*" contained elsewhere in this proxy statement/prospectus for more information.

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Our Manager provides various services to us and Septuagint, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing strategic oversight of our operations through the Manager's seasoned professionals and experienced
team of operations experts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating and overseeing the origination, structuring, restructuring and workout of taxi-medallion loans and
other loans held by the DePalma Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the Septuagint board in making operational decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating, managing, performing due diligence on, negotiating and overseeing the acquisition and disposition of
the DePalma Companies' assets and any subsidiaries' assets, including taxi medallions, taxi-medallion loans and other assets or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing our day-to-day business
and operations, including assisting us in complying with any regulatory requirements applicable to the DePalma Companies in respect of its business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the financial and operating performance of the DePalma Companies' or their subsidiaries,
including monitoring our business and operations, and the financial performance of any of the DePalma Companies' or their subsidiaries' other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing a management team to serve as our and/or our subsidiaries' executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating, managing, performing due diligence on, negotiating and overseeing the provision of any
debt or equity financing by the DePalma Companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating, performing due diligence on, negotiating and overseeing the acquisition of all or a
portion of target businesses or assets by the DePalma Companies.

Our third-party servicer, Field Point Servicing LLC ("<u>Field Point</u>"), is a loan servicing provider formed in 2018 to provide a full suite of loan and collateral servicing capabilities to third-party owned loan portfolios. We believe Field Point is the largest servicer of taxi medallion loans in the NYC taxi market. Field Point has serviced all of DePalma's medallion loans since their initial acquisition by DePalma. Most of our NYC taxi medallion loan servicing, including medallion transfers, is handled through Field Point and its affiliates, and Field Point is the first servicer to complete restructurings of <u>MRP+ Loans</u>. Currently, Field Point services more than $1.5 billion of loans secured by NYC taxi medallions and has restructured loans secured by approximately 2,300 NYC taxi medallions. In addition, Field Point has completed the transfer process for approximately 500 NYC taxi medallions owned by DePalma under the rules established by the TLC. See "*— Management and Servicing*" for more information.

Additionally, we have servicing agreements with Field Point to manage, service and collect on all of our medallion loans. Since 2018, Field Point has serviced our loans from the time of acquisition and onboarding of each acquired loan portfolio. Under the terms of our servicing agreements, Field Point provides services to us and is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing, servicing, administering and assisting in making collections on the medallion loans (including, if
necessary, commencing foreclosure on a medallion, or taking any other loss-mitigation steps as directed by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• billing and collections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan documentation and customer information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collateral maintenance and TLC compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan restructurings and modifications.

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**Human Capital Resources** 

Historically, as a portfolio company, we have relied on the employees and service providers of our affiliates as well as our third-party medallion-loan servicer, Field Point, because such entities and individuals have significant experience in servicing taxi medallion loans and related services and have provided us an organizational infrastructure on a more cost effective basis. Our key functions are performed by employees of our affiliates and service providers pursuant to various servicing agreements. As of December 31, 2022, Septuagint had ten employees and one consultant. Additionally, through our servicing agreements, we utilize approximately 31 and 24 individuals of our Manager and Field Point, respectively. We continuously assess our management team's capabilities, as well as those of the Manager and Field Point, with a view towards the long-term objectives and value creation goals of our company. Accordingly, we are currently assessing whether it would be in our stockholders' best interests to internalize certain of the operations currently being provided through our servicing agreements. If we elect to internalize some of these operations, we would expect to do so in a cost-effective manner by hiring certain employees of such affiliates or third-parties with similar capabilities and experience, while continuing to utilize certain personnel and resources on a contract basis. Alternatively, as a result of such assessment, we may elect to maintain our external operational structure, but seek to modify one or more of such servicing agreements to optimize our related expenses. There are no assurances that any such actions could be achieved on terms reasonable acceptable to us or at all.

We currently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we intend to adopt some or all of such plans in the future. There are currently no personal benefits available to any of our affiliates' employees or service providers.

**Properties** 

Our principal corporate office is located at 5 Greenwich Office Park, Suite 400, Greenwich, Connecticut. The phone number of this office is (203) 413-6940. Upon consummation of the Business Combination, this will continue to be the principal corporate office of the business. Septuagint leases office and garage space at 21-03 44<sup>th</sup> Ave, Long Island City, NY, 11101 and office space at 161 West 22<sup>nd</sup> St, New York, NY 10001. We believe that our leased property is in good operating condition and is suitable for our current business operations.

**Legal Proceedings** 

We are currently involved in various legal proceedings incident to the ordinary course of our business, including collection matters with respect to certain loans. To the extent relevant, we intend to vigorously defend any outstanding claims and pursue our legal rights. Although the results of proceedings in which we are involved cannot be predicted with certainty, in the opinion of our management and based upon the advice of legal counsel there is no proceeding pending, or to the knowledge of management threatened, which in the event of an adverse decision could result in a material adverse effect on our results of operations or financial condition.

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**DEPALMA'S EXECUTIVE COMPENSATION** 

*All references in this section to "we," "us" or "our" refer to DePalma I and DePalma II.* 

Our named executive officers for the fiscal year ended December 31, 2022 consisted of Andrew Milgram (our Managing Partner and Chief Executive Officer), Paul Arrouet (Managing Partner and Secretary) and Mark Zoldan (our Chief Financial Officer). We do not pay for any compensation for our officers, and we do not have any employees or board members. Our executive officers are employees of, or other service providers to, our Manager. Our Manager compensates the officers for the performance of their duties for our Manager and does not allocate this compensation between services to us and services to our Manager.

Our business and affairs, including officer and board compensation, are managed by our Members, which consist of various affiliates of our Manager. Upon the consummation of the Business Combination, our business and affairs will be managed by or under the direction of the New MAC Board.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF DEPALMA** 

*Unless context otherwise requires, (i) all references in this section to "DePalma I" refer to DePalma Acquisition I LLC and its consolidated subsidiaries, (ii) all references in this section to "DePalma II" refer to DePalma Acquisition II LLC and its consolidated subsidiaries, and (iii) all references in this section to "DePalma," "DePalma Companies," "we," "us" or "our" refer to DePalma I and DePalma II. The following discussion and analysis is intended to help the reader understand results of operations and financial condition of DePalma Companies. This discussion and analysis is provided as a supplement to, and should be read in conjunction with, the section entitled "Selected Historical Financial Information of DePalma Companies," the section entitled "Unaudited Pro Forma Condensed Combined Information," consolidated financial statements and notes thereto of DePalma I, and consolidated financial statements and notes thereto of DePalma II, in each case included elsewhere in this proxy statement/prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this proxy statement/prospectus, including information with respect to DePalma's plans and strategy for DePalma's business, includes forward-looking statements that involve risks and uncertainties. DePalma's actual results may differ materially from management's expectations as a result of various factors, including but not limited to those discussed in the sections entitled "Risk Factors" and "Forward Looking Statements." The objective of this section is to provide investors an understanding of the financial drivers and levers in DePalma's business and describe the financial performance of the business.* 

**Overview** 

We are comprised of two companies primarily engaged in the NYC taxi medallion business, namely DePalma I and DePalma II. DePalma Companies were formed as two Delaware limited liability companies on February 23, 2018 and commenced operations on March 29, 2018. Our core philosophy has been to work with key stakeholders in the NYC taxi industry to help facilitate an industry-wide restructuring of historical medallion lending practices and to standardize a key piece of the NYC mobility infrastructure.

DePalma I is focused on originating, acquiring, restructuring and owning medallion loans collateralized by NYC taxi medallions, whereas DePalma II is engaged in the business of investing in taxi medallions as well as redeploying such medallions over time into the NYC medallion lending and fleet operations market. In February 2019, DePalma II entered into a non-controlling joint venture with an unaffiliated strategic joint-venture partner and formed Septuagint Solutions LLC ("<u>Septuagint</u>"), in which DePalma II holds a 50% interest and has the right to exercise governance control. Septuagint is a fully functioning medallion leasing agent and taxi fleet operating company based in Long Island City, Queens, New York, licensed by the TLC as an agent/broker for managing NYC taxi medallions, formed for the purpose of operating and servicing taxicab medallions. Formation of Septuagint also allowed DePalma II to lease the medallions for its fleet operation business. We believe that Septuagint's fleet operations provide an additional avenue to monetize our owned medallions, and in the future will provide us with an avenue to finance sales to third-party medallion purchasers.

We believe we are the largest NYC taxi medallion lender with a medallion loan portfolio collateralized by approximately 2,900 NYC taxi medallions as of December 31, 2022. In addition to our ownership of medallion loans, we believe we are also the largest direct owner of NYC medallions, with 1,070 NYC taxi medallions we directly or indirectly held, or had the right to acquire, as of December 31, 2022. As of December 31, 2022, Septuagint utilized 142 of our owned medallions and manages a fleet of approximately 142 vehicles and 188 drivers via a TLC-licensed fleet.

DePalma Companies are managed and directly owned by their respective members, which in turn are the DePalma Equityholders managed by the Manager, a firm founded in 2009 to make secondary investments in event-driven, distressed credit, primarily in the U.S. middle market. Our Manager is also the managing member of the Sponsor. DePalma I holds its assets, mainly its medallion loans, either directly or indirectly through certain

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trusts it has established, whereas DePalma II holds its assets, primarily taxi medallions, indirectly through various holding entities that have been formed for the sole purpose of owning taxi medallions.

For the fiscal years ended December 31, 2022 and 2021, DePalma I generated total investment income of $[●] and $3.3 million, net investment loss of $[●] and $4.6 million, and net increase in members' capital from operations of $[●] and $12.7 million, respectively. As of December 31, 2022, DePalma I had investments at fair value of $[●] million acquired at amortized cost of $[●] million. For the fiscal years ended December 31, 2022 and 2021, DePalma I had gross collections of $[●] and $33.1 million, respectively, where [●]% and [●]% of such collections were related to payments made on account of restructurings or resolutions of medallion loans.

For the fiscal years ended December 31, 2022 and 2021, DePalma II generated total investment income of $[●] and $0.2 million, net investment loss of $[●] and $0.1 million, and net increase in members' capital from operations of $[●] and $12.4 million, respectively. As of December 31, 2022, DePalma II had investments at fair value of $[●] million acquired at amortized cost of $[●] million.

**Business Combination and Public Company Costs** 

On February 14, 2023, MAC entered into the Business Combination Agreement, with the Manager, New MAC, Merger Sub, DePalma I and DePalma II. Pursuant to the Business Combination Agreement, and subject to the terms and conditions contained therein, the Business Combination will be effected as follows: (i) immediately prior to the consummation of the transactions contemplated by the Business Combination Agreement, New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC; and (ii) Merger Sub will merge with and into MAC in the Merger, with MAC surviving as a wholly-owned subsidiary of New MAC. As a result of the Business Combination, New MAC will become a new publicly-traded company on Nasdaq.

Pursuant to the Business Combination Agreement, the aggregate merger Consideration payable upon closing of the Business Combination to the holders of capital stock of DePalma is expected to be approximately $[●], subject to certain adjustments set forth in the Business Combination Agreement for, among other things, changes in DePalma's loan portfolio that take place prior to the Closing. The Consideration will consist of newly issued New MAC Common Stock at a par value $0.0001 per share.

As a consequence of the Business Combination, each of DePalma I and DePalma II will become a wholly-owned subsidiary of New MAC and New MAC will become an SEC-registered and Nasdaq-listed company. As a result, New MAC may be required to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices. New MAC expects to incur additional annual expenses as a public company for, among other things, directors' and officers' liability insurance, director fees and additional internal and external accounting, legal and administrative resources, including increased audit and legal fees. See the section entitled "*The Business Combination*" for information regarding the proposed Business Combination.

**COVID-19** 

The ongoing coronavirus, or COVID-19, pandemic, its broad impact and preventive measures taken to contain or mitigate the outbreak have had, and may continue to have, significant negative effects on the US and global economy and financial market conditions.

In particular, the impact of COVID-19 continues to impact the taxi industry. Despite New York City's phased reopening, the extent to which the COVID-19 pandemic will continue to adversely affect New York City taxi medallion owners and, by extension, our medallion loans, medallions and other related assets will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, actions taken by governmental authorities, and the direct and indirect impact of the pandemic on taxi

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medallion owners and the behaviors of people who have historically taken taxis. For example, since March 31, 2020, recurring payments of principal and interest on DePalma I's medallion loan portfolio have decreased significantly compared to payments in prior periods. DePalma I is actively engaged with non-performing borrowers about modifying their loan agreements. We continue to evaluate options for our medallion loan portfolio, medallions and related assets, which may result in restructurings or other resolutions, including foreclosures, the impact of which could be material to our results of operations and financial condition.

**Key Factors Affecting Operating Results** 

DePalma Companies' performance and future success depend on several factors that present significant opportunities, but also pose risks and challenges, including those discussed below and in the section entitled "*Risk Factors*."

***Economic Conditions***

Our balance sheet consists substantially of loans secured by taxicab medallions, which historically have been associated with higher than average delinquency rates and defaults as substantially all of the loans were acquired after they had defaulted. As of January 27, 2023, we held $864 million in aggregate of NYC taxicab medallion loans, of which approximately 95% of Non-MRP+ Loans by medallion count were in default. Defaulted loans may result in foreclosure or sale at auction of the medallions securing such loans, which may result in us collecting less interest income over the original stated life of the loan*.*** For many loans in default we may attempt to restructure the debt to bring it out of default or attempt to recover meaningful amounts in other ways, however these methods may not be successful. If we fail to realize enough value on loans in default to cover the price we paid to acquire the loans in the secondary market, then our results of operations could be adversely impacted. The actual rates of delinquencies, defaults, repossessions, and losses on these loans could be more dramatically affected by a general economic downturn.

***MRP+***

As of January 2023, 34% of our current medallion loans based on the number of NYC medallions that are either collateral to medallion loans or that we own, have participated in the MRP+, which is a Supplemental Loan Deficiency Guaranty program that was established to benefit participating NYC medallion loan lenders by providing municipal credit support in the event of defaults by eligible and participating taxi medallion owners. As part of this initiative, the Reserve Fund was established in 2022. Initially funded with $49,000,000, the City of New York's obligations to replenish the Reserve Fund shall be subject to and dependent upon appropriations being made from time to time by the New York City Council for such purpose. Any funding in excess of the initial $49,000,000 is not committed and is subject to future appropriations by the New York City Council. The initial funding amount may fall short, and until the program is closed and all participants and statistics are quantified we are unable to estimate how long the initial $49,000,000 grant will last.

***Changes in Interest Rates***

Over the last twelve months, interest rates have increased significantly and could continue to increase. Our profitability may be directly affected by interest rate levels and fluctuations in interest rates. As interest rates change, our gross interest rate spread on originations either increases or decreases because the rates charged on the loans originated are limited by market and competitive conditions, restricting our ability to pass on increased interest costs to the borrower. While we monitor the interest rate environment and seek to mitigate the impact of increased interest rates, we cannot provide assurance that the impact of changes in interest rates can be successfully mitigated.

**Key Components of Results of Operations** 

Each of DePalma Companies has historically operated and managed its business in one reportable segment. The following discussion of results of operations are based on each of DePalma Companies' reportable segment for the periods presented.

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##### [**Table of Contents**](#toc)
***Investment Income***

DePalma I's investment income has historically been comprised of interest income from the taxicab medallion loans it directly or indirectly holds, and any interest earned from cash on hand. All of the medallion loans are collateralized by one or more taxicab medallions, with a significant portion of the loans participating in the MRP+ established by the City of New York and the New York City Taxi and the TLC. These loans are nonrecourse loans that do not carry a personal guarantee, but rather have credit support from funds provided by the City of New York. Medallion loans that do not participate in the MRP+ (or its predecessor, MRP) are often further secured by personal guarantees of the borrowers, shareholders or equity members and, in some cases, collateralized with additional collateral such as real estate of the borrowers.

DePalma II's investment income has historically been nominal due to the fact that the majority of the medallions it indirectly owns have not yet been placed in operation through Septuagint or otherwise.

***Expenses***

DePalma I's expenses have historically been comprised of (1) service fee expenses, consisting of fees paid to its third-party servicer, Field Point, for servicing its medallion loans, (2) professional fees, consisting of fees for third-party professional services, including consulting, legal and lobbying, as well as (3) administration fees, consisting of certain fees for third-party professional services, accounting services, as well as general and administrative expenses.

DePalma II's expenses have historically been comprised of (1) professional fees, consisting of fees for third-party professional services, including consulting, legal and lobbying, as well as (2) administration fees, consisting of fees for third-party professional services, accounting services, as well as general and administrative expenses. DePalma Companies expect their expenses, in particular professional fees and administration fees, to increase for the foreseeable future as a result of their parent entity, New MAC, operating as a public company, including compliance with the rules and regulations of the SEC, legal, audit, additional insurance expenses, investor relations activities and other administrative and professional services.

**Results of Operations of DePalma I** 

***Comparison of the Fiscal Years Ended December 31, 2022 and 2021***

*The following table summarizes our results of operations of DePalma I for the fiscal years ended December 31, 2022 and 2021:* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal**<br>**Year**<br>**Ended<br>December**<br>**31, 2022** | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2021** | **%**<br>**Change** |
|  | (in thousands) | (in thousands) | (in thousands) |
|  **Investment Income:** |  |  |  |
|  Investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $| $3255 | $nan% |
|  Total investment income |  | 3255 |  |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fee expenses |  | 4664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees |  | 2828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 358 |  |
|  **Total expenses** |  | 7851 |  |
|  **Net investment income (loss)** |  | (4596) |  |

---

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal**<br>**Year**<br>**Ended<br>December**<br>**31, 2022** | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2021** | **%**<br>**Change** |
|  | (in thousands) | (in thousands) | (in thousands) |
|  **Net realized and unrealized gains on investment transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments |  | 16513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation from investments |  | 763 |  |
|  **Net realized and unrealized gains** |  | 17276 |  |
|  **Net increase in members capital from operations** | $| $12680 | $nan% |

---

***Investment Income***

Investment income of DePalma I [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

***Expenses***

*Service fee expense*. Service fee expense of DePalma I [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

*Professional fees*. Professional fees of DePalma I [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

*Administration fees*. Administration fees of DePalma I ● ] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

***Net realized and unrealized gains on investment transactions***

*Net realized gain from investments*. Net realized gain from investments of DePalma I [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

*Net change in unrealized appreciation from investments*. Net change in unrealized appreciation from investments of DePalma I [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

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##### [**Table of Contents**](#toc)
**Results of Operations of DePalma II** 

***Comparison of the Fiscal Years Ended December 31, 2022 and 2021***

The following table summarizes our results of operations of DePalma II for the fiscal years ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal**<br>**Year**<br>**Ended<br>December**<br>**31, 2022** | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2021** | **%<br>Change** |
|  | (in thousands) | (in thousands) | (in thousands) |
|  **Investment income:** |  |  |  |
|  Investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $| $219 | $nan% |
|  **Total investment income** |  | 219 |  |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees |  | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 96 |  |
|  Total expenses |  | 325 |  |
|  **Net investment income (loss)** |  | (105) |  |
|  **Net realized and unrealized gains on investment transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation from investments |  | 12455 |  |
|  **Net realized and unrealized gains** |  | 12455 |  |
|  **Net increase in members capital from operations** | $| $12350 | $nan% |

---

***Investment Income***

Investment income of DePalma II [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

***Expenses***

*Professional fees*. Professional fees of DePalma II [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

*Administration fees*. Administration fees of DePalma II [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

***Net realized and unrealized gains on investment transactions***

*Net change in unrealized appreciation from investments*. Net change in unrealized appreciation from investments of DePalma II [●] by $[●] million, or [●]%, for the fiscal year ended December 31, 2022 compared to the fiscal year ended December 31, 2021.

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**Liquidity and Capital Resources** 

***Cash Flows of DePalma I***

DePalma I uses traditional measures of cash flow, including net cash provided by its operating activities and net cash used in financing activities, as well as cash available for distribution to evaluate its periodic cash flow results. As of December 31, 2022, DePalma I had available cash and cash equivalents of $[●] million, which are available to fund its operations. Based on its current expectations, DePalma I believes that its existing cash and cash equivalents, together with cash provided by operating activities, will be sufficient to fund its working capital requirements for at least the next twelve months.

The following table reflects the changes in cash flows of DePalma I for the comparative periods (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal**<br>**Year**<br>**Ended<br>December**<br>**31, 2022** | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2021** | **%**<br>**Change** |
|  | (in thousands) | (in thousands) | (in thousands) |
|  **Cash flows from operating activities:** |  |  |  |
|  Net increase in members capital resulting from operations | $| $12680 | $nan% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in members capital resulting from operations to net cash provided operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of loan investments |  | 29731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments |  | (16513) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation from investments |  | (763) |  |
|  Changes in operating assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for repayment on investments |  | 2576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable |  | 204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from affiliates |  | 405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fee payable |  | (247) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities |  | (385) |  |
|  **Net cash provided by operating activities** |  | 27688 |  |
|  **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for capital redemptions |  | (60215) |  |
|  **Net cash provided by (used in) financing activities** |  | (60215) |  |
|  **Net increase (decrease) in cash** |  | (32527) |  |
|  **Cash at beginning of the year** |  | 33823 |  |
|  **Cash at the end of the year** | $| $1297 | $nan% |
|  **Supplemental disclosure of cash flow information** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind distribution and sale | $| $57026 | $nan% |

---

*Operating Activities* 

The change to net cash provided by operating activities for the fiscal year ended December 31, 2021 was primarily driven by payments made by borrowers on its medallion loan portfolio, offset in part by net realized gain from such investments.

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##### [**Table of Contents**](#toc)
*Financing Activities* 

The change to net cash used in operating activities for the fiscal year ended December 31, 2021 was primarily driven by payments made to the members of DePalma I in connection with capital redemption.

***Cash Flows of DePalma II***

DePalma II uses traditional measures of cash flow, including net cash provided by operating activities and net cash used in financing activities, as well as cash available for distribution to evaluate its periodic cash flow results. As of December 31, 2022, DePalma II had available cash and cash equivalents of $[●] million, which are available to fund its operations. Based on its current expectations, DePalma II believes that its existing cash and cash equivalents, together with cash provided by operating activities, will be sufficient to fund its working capital requirements for at least the next twelve months.

The following table reflects the changes in cash flows of DePalma II for the comparative periods (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal**<br>**Year**<br>**Ended<br>December**<br>**31, 2022** | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2021** | **%<br>Change** |
|  | (in thousands) | (in thousands) | (in thousands) |
|  **Cash flows from operating activities:** |  |  |  |
|  Net increase in members capital resulting from operations: | $| $12350 | $nan% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation from investments |  | (12455) |  |
|  Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installment sale contracts receivable |  | (2611) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory notes receivable |  | (1469) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable |  | (0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates |  | (405) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities |  | (3) |  |
|  **Net cash provided by (used in) operating activities** |  | (4594) |  |
|  **Cash Flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from capital contributions |  | 4365 |  |
|  **Net cash provided by (used in) financing activities** |  | 4365 |  |
|  **Net increase (decrease) in cash** |  | (229) |  |
|  **Cash at beginning of year** |  | 270 |  |
|  **Cash at the end of year** | $| $41 | $nan% |
|  **Supplemental disclosure of cash flow information** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind distribution and purchase to affiliates | $| $57026 | $nan% |

---

*Operating Activities* 

The change to net cash provided by operating activities for the fiscal year ended December 31, 2021 was primarily driven by unrealized appreciation from investments it holds comprising of taxicab medallions and cash flows associated with the increased deployment of medallions to Septuagint.

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##### [**Table of Contents**](#toc)
*Financing Activities* 

The change to net cash provided by operating activities for the fiscal year ended December 31, 2021 was a results of proceeds from contribution from DePalma I to clear an intercompany receivable and payable balance between DePalma I and DePalma II.

*Future sources and uses of liquidity* 

Our future capital requirements will depend on many factors, including our degree of success in collecting contractual payments on MRP+ Loans, reperforming, restructuring or resolving Non-MRP+ Loans, originations new medallion loans, growth in Septuagint's fleet operation business, general economic conditions, including ongoing nature of the COVID-19, future market growth and competition in the mobility market.

In the future, we may be required or choose to seek additional equity or debt financing. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations, we may not be able to compete successfully, which would harm our business, results of operations, and financial condition. In addition, we cannot assure you that such measures and our cash flows from operations and cash and cash equivalents will be sufficient to meet our working capital requirements and to meet our commitments in the future.

**Off-Balance Sheet Arrangements** 

Neither DePalma I nor DePalma II has any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**Critical Accounting Policies and Estimates** 

DePalma Companies' consolidated financial statements and the related notes thereto included elsewhere in this proxy statement/ prospectus are prepared in accordance with U.S. GAAP. The preparation of DePalma Companies' consolidated financial statements requires each management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities, and the reported amounts of expenses during the reporting period.

The preparation of financial statements also requires each management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. Each of DePalma Companies' management bases their estimates on historical experience and on various other assumptions that they believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by each management. To the extent that there are differences between their estimates and actual results, future financial statement presentation, financial condition, results of operations, and cash flows of DePalma Companies will be affected.

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the consolidated financial statements.

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Each of the management believes the following critical accounting policies reflect the more significant estimates and assumptions used in the preparation of its consolidated financial statements. For a description of DePalma I's significant accounting policies, see Note 2 "*Significant Accounting Policies,*" of the notes to DePalma I's consolidated financial statements included elsewhere in this proxy statement/ prospectus. For a description of DePalma II's significant accounting policies, see Note 2 "*Significant Accounting Policies,*" of the notes to DePalma II's consolidated financial statements included elsewhere in this proxy statement/ prospectus.

***Fair Value Measurements***

Each of DePalma Companies applies the provisions of ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establish a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments and liabilities at fair value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, a fair value hierarchy is implemented for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of DePalma Companies.

Unobservable inputs reflect respective members' own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The fair value hierarchy is categorized into three levels based on the inputs as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1-Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or liabilities and in which transaction for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2-Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3-Prices or valuations that require inputs that are both
significant to the fair value measurement and unobservable. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The types of investments which would
generally be included in this category are private equity and/or debt securities issued by private entities, and thinly traded securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities.

With respect to instruments valued by a third-party valuation agent, the valuation techniques that may be considered are the evaluation of arm's-length transactions with third parties, an income approach reflecting a discounted cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated by market participants.

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##### [**Table of Contents**](#toc)
*DePalma I* 

As of December 31, 2022 and 2021, DePalma I had investments at fair value of $[●] and $500 million. The following table present information about the DePalma I's investments by levels within the valuation hierarchy as of December 31, 2022 and 2021.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
|  | **Quoted**<br>**Prices in**<br>**Active**<br>**Markets**<br>**For**<br>**Identical**<br>**Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total**<br>**Balance** | **Quoted**<br>**Prices in**<br>**Active**<br>**Markets**<br>**For**<br>**Identical**<br>**Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total**<br>**Balance** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  **Investments** |  |  |  |  |  |  |  |  |
|  Private Loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | $| $| $| $— | $— | $— | $499829 | $499829 |
|  **Total Investments** | $| $| $| $— | $— | $— | $499829 | $499829 |

---

The following table provides a reconciliation of the beginning and ending balances for DePalma I's investments that use Level 3 inputs for the fiscal years ended December 31, 2022 and 2021:

---

| | |
|:---|:---|
|  | **Total Investments** |
|  | (in thousands) |
|  Balance as of December 31, 2020 | $569310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 16513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation(depreciation) from investments | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments and distributions of investments | (86757) |
|  Balance as of December 31, 2021 | 499829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) from investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments and distributions of investments |  |
|  Balance as of December 31, 2022 | $— |

---

Net change in unrealized gain (loss) from Level 3 investments still held at December 31, 2022 and 2021 included in net change in unrealized appreciation (depreciation) from investments on the consolidated statements of operations was $[●] and $10.4 million, respectively.

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##### [**Table of Contents**](#toc)
The following tables summarizes the valuation techniques and significant unobservable inputs used for the DePalma I's investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2022 and 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Investments** | **Approach** | **Unobservable**<br>**Input** | **Weighted**<br>**Average**<br>**Range Low** | **Weighted**<br>**Average**<br>**Range High** |
|  Taxi medallion loan | $Market &<br>Income<br>Approach | Discount Rate% |  |  |
|  | Market &<br>Income<br>Approach |  |  |  |
|  | Market &<br>Income<br>Approach | Capitalization<br>Rate% |  |  |
|  | Market &<br>Income<br>Approach | Market<br>Medallion<br>Price |  |  |
|  **Total** |  |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
| **Investments** | **Fair Value** | **Approach** | **Unobservable**<br>**Input** | **Weighted**<br>**Average**<br>**Range Low** | **Weighted**<br>**Average**<br>**Range High** |
|  | (in thousands) |  |  |  |  |
|  Taxi medallion loan | $499829 | Market &<br>Income<br>Approach | Discount Rate | 12.25% | 12.25% |
|  |  | Market &<br>Income<br>Approach |  |  |  |
|  |  | Market &<br>Income<br>Approach | Capitalization<br>Rate | 7.09% | 7.09% |
|  |  | Market &<br>Income<br>Approach | Market<br>Medallion<br> Price | N/A | N/A |
|  **Total** | $499829 |  |  |  |  |

---

There were no transfers in and out of Level 3 during the fiscal year ended December 31, 2021.

*DePalma II* 

As of December 31, 2022 and 2021, DePalma II had investments at fair value of $[●] and $171 million. The following table present information about the DePalma II's investments by levels within the valuation hierarchy as of December 31, 2022 and 2021.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
|  | **Quoted**<br>**Prices in**<br>**Active**<br>**Markets**<br>**For**<br>**Identical**<br>**Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total**<br>**Balance** | **Quoted**<br>**Prices in**<br>**Active**<br>**Markets**<br>**For**<br>**Identical<br>Assets<br>(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total<br>Balance** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  **Investments** |  |  |  |  |  |  |  |  |
|  Private Loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | $| $| $| $— | $— | $— | $171171 | $171171 |
|  **Total Investments** | $| $| $| $— | $— | $— | $171171 | $171171 |

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The following table provides a reconciliation of the beginning and ending balances for DePalma II's investments that use Level 3 inputs for the fiscal years ended December 31, 2022 and 2021:

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| | |
|:---|:---|
|  | **Total Investments** |
|  | (in thousands) |
|  Balance as of December 31, 2020 | $101690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in appreciation (depreciation) from investments | 12455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 57026 |
|  Balance as of December 31, 2021 | 171171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in appreciation (depreciation) from investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments |  |
|  Balance as of December 31, 2022 | $— |

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Net change in unrealized gain (loss) from Level 3 investments still held at December 31, 2022 and 2021 included in net change in unrealized appreciation (depreciation) from investments on the consolidated statements of operations was $●] and $12.5 million, respectively.

The following tables summarizes the valuation techniques and significant unobservable inputs used for the DePalma II's investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2022 and 2021:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Investments** | **Approach** | **Approach** | **Unobservable Input** | **Weighted**<br>**Average**<br>**Range Low** | **Weighted**<br>**Average**<br>**Range High** |
|  Taxi medallions | $— | Market Approach | Capitalization Rate% |  |  |
|  **Total** | $— |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
| **Investments** | **Fair Value** | **Approach** | **Unobservable Input** | **Weighted**<br>**Average**<br>**Range Low** | **Weighted**<br>**Average**<br>**Range High** |
|  | (in thousands) |  |  |  |  |
|  Taxi medallions | $171171 | Market Approach | Capitalization Rate | 7.09% | 7.09% |
|  **Total** | $171171 |  |  |  |  |

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There were no transfers in and out of Level 3 during the fiscal year ended December 31, 2021.

***Revenue Recognition — DePalma II***

FASB ASC Topic 606, *Revenue from Contracts with Customers*, requires revenue to be recognized when a customer obtains control rather than when all risks and rewards of a good or service have been substantially transferred. For DePalma II, revenue is generated primarily from interest on installment sale contracts, net of certain deferred origination costs that are included as a reduction of interest income, and such revenue is recognized over the term of the receivable using the interest method. Revenue is also generated from taxi medallions which are leased to Septuagint. The lease contracts are accounted for as an operating lease, with lease revenue and profits recognized over the term of the lease under FASB ASC Topic 820, Leases. The lease

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contracts are entered into between certain wholly-owned subsidiaries of DePalma II that own the taxi medallions and Septuagint for a monthly contractual lease fee and Septuagint, as agent, then enters into lease contracts with the taxi drivers directly. Septuagint acts as guarantor for receiving payments on the installment sale contracts and taxi medallion lease contracts from taxi drivers and such payments are transferred to DePalma II through its subsidiaries. All transactions between DePalma II, its subsidiaries and Septuagint occur in the ordinary course of business. Income is generated to the extent revenues exceed expenses, most of which are interest and operating expenses.

**Recent Accounting Pronouncements** 

See Note 2 in the section entitled "*Significant Accounting Policies — Recent accounting pronouncements*" as referred to in the consolidated financial statements of DePalma I, and Note 2 in the section entitled "*Significant Accounting Policies — Recent accounting pronouncements*" as referred to in the consolidated financial statements of DePalma II, in each case included elsewhere in this proxy statement/prospectus for a discussion about accounting pronouncements recently adopted and recently issued not yet adopted.

**Quantitative and Qualitative Disclosures about Market Risk** 

DePalma Companies are exposed to market risks in the ordinary course of its business. We consider the principal types of risk to be risk of potential adverse changes to the value of financial instruments because of changes in market conditions, such as interest and currency rate movements and volatility in commodity or security prices, as well as liquidity risk arising in the general funding of our trading activities. We are also impacted by general macroeconomic conditions and state of the taxi industry, governmental initiatives and medallion transfers. Accordingly, our risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits, and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.

In addition, the illiquidity of portions of our medallion loans, medallions and related assets may adversely affect our ability to dispose of them at times when it may be advantageous for us to liquidate such assets. In addition, if we were required to liquidate some or all of our assets, the proceeds of such liquidation may be significantly less than the current value of such assets.

We do not believe that an increase or decrease in interest rates of 100 basis points would have a material effect on our operating results or financial condition. However, in periods of sharply rising interest rates, our cost of funds would increase if we were to conduct any external borrowings in the future, which would reduce our net interest income. As such, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our interest income.

**Emerging Growth Company Status** 

Upon consummation of the Business Combination, New MAC will be an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and New MAC 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 the periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a result, New MAC's stockholders may not have access to certain information they may deem important. New MAC could be an emerging growth company for up to five years, although circumstances could cause New MAC to lose that status earlier, including if the market value of the New MAC Common Stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case New MAC would no longer be an emerging growth company as of the following December 31.

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New MAC cannot predict whether investors will find our securities less attractive because New MAC will rely on these exemptions. If some investors find New MAC's securities less attractive as a result of New MAC's reliance on these exemptions, the trading prices of New MAC's securities may be lower than they otherwise would be, there may be a less active trading market for New MAC's securities and the trading prices of New MAC's securities may be more volatile.

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 an election to opt out is irrevocable. New MAC 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, New MAC, 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 New MAC'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 accountant standards used.

New MAC 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 closing of New MAC's initial public offering, (b) in which New MAC has total annual gross revenue of at least $1.235 billion or (c) in which New MAC is deemed to be a "large accelerated filer" under the rules of the SEC which, in addition to certain other criteria, means the market value of New MAC's common equity that is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year's second fiscal quarter; and (2) the date on which New MAC has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

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**INFORMATION ABOUT MAC** 

*As used in this section, "we," "us," "our," or "MAC" refers to MAC prior to the consummation of the Business Combination.* 

**Overview** 

We are a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination.

While we may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, we have concentrated our efforts on identifying high quality businesses that have recently undergone a restructuring. Our management team and Marblegate, an affiliate of our Sponsor, have extensive experience investing in post-restructured companies. We believe that this experience makes us very well situated to identify, source, negotiate and execute a business combination at a favorable valuation with an attractive post-restructuring company.

**Our Founder Group** 

MAM is an alternative investment firm founded in 2008 to capitalize on corporate restructuring opportunities. As of December 31, 2022, Marblegate managed approximately $2.5 billion across multiple funds, primarily for institutional clients such as pension funds, endowments, foundations, family offices, funds of funds and high net worth individuals. Marblegate has invested approximately $3.9 billion across multiple industries since the launch of its first fund in 2009.

The partners and team members of Marblegate have led, structured or invested in hundreds of restructured companies. In addition to Andrew Milgram and Paul Arrouet, Marblegate currently has 15 investment professionals and 13 business team members.

**Directors and Executive Officers** 

Our directors and officers are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
|  Andrew Milgram | 49 | Chief Executive Officer and Executive Director |
|  Paul Arrouet | 52 | President and Executive Director |
|  Mark Zoldan | 50 | Chief Financial Officer |
|  Harvey Golub | 83 | Chairman of the Board |
|  Richard Goldman | 61 | Director |
|  Alan Mintz | 61 | Director |
|  Wallace Mathai-Davis | 78 | Director |
|  Patrick J. Bartels, Jr. | 47 | Director |

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The experience of our directors and executive officers is as follows:

***Andrew Milgram*** has served as our Chief Executive Officer and an executive director since January 2021. Since August 2008, he has served as the managing partner of Marblegate, which he co-founded. Prior to forming Marblegate, Mr. Milgram was a Principal at Epic Asset Management, where he was responsible for generating, evaluating, executing and managing investments in a portfolio of distressed and special situation assets across a

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variety of industry sectors. In addition, he coordinated the firm's overall research process and directed its team of investment analysts. Mr. Milgram has sat on a variety of official and ad-hoc creditor committees, and has been deeply involved in a number of corporate restructurings in both the United States and abroad. Prior to joining Epic, Mr. Milgram was a part of the capital market businesses at Deutsche Bank Alex. Brown and Bank of Tokyo-Mitsubishi. Mr. Milgram began his career at Swiss Bank Corporation (now UBS), where he was part of the global emerging market team responsible for the bank's proprietary investments in Russia, Africa and the Middle East. Mr. Milgram holds the Chartered Financial Analyst designation. Mr. Milgram is the Chairman of the Board of Millennium Health, and a member of the board of directors of Septuagint Solutions LLC, STVT-AAI Education Inc. (d/b/a Ancora Education), Britax Group Limited and Rhinoco Inc. He sits on the Board of Directors of the Greenwich Council of the Boy Scouts of America. Mr. Milgram is a member of the Economic Club of New York and the Metro NY Chapter of YPO.

***Paul Arrouet*** has served as our President and an executive director since January 2021. Since 2008, he has also served as Managing Partner of Marblegate Asset Management, LLC. Prior to forming Marblegate, Mr. Arrouet was a six-year Senior Managing Director as well as a twelve-year distressed specialist in the Distressed/High Yield Trading & Sales Department at Bear Stearns & Co. At Bear Stearns, he managed the trading book focused on stressed/distressed capital structures as well as actively making markets to generate customer flow. Mr. Arrouet spent the first part of his career at Bear Stearns in sales, specializing in distressed debt, high yield and restructuring opportunities. Prior to joining Bear Stearns, he was a salesman and Vice President at Alex. Brown, responsible for helping launch a distressed sales and trading platform as an extension of a successful High Yield Group. He began his career as a junior distressed trader at Oppenheimer & Co. Mr. Arrouet earned a Bachelor of Arts degree from the University of Pennsylvania.

***Mark Zoldan*** has served as our Chief Financial Officer since January 2021. Since 2008, he has served as the Chief Financial Officer of Marblegate Asset Management where he was responsible for the accounting, operational and financial activities of the firm. From December 2004 to October 2008, Mr. Zoldan served as Chief Financial Officer and Chief Operating Officer at Boone Capital, a multi-strategy global hedge fund. From 1994 to 2004, Mr. Zoldan was a senior manager with the New York office of American Express Tax and Business Services Inc./Goldstein Golub Kessler LLP. Mr. Zoldan is a graduate of Brooklyn College with a B.S. in Accounting and is a Certified Public Accountant. He is a member of the New York State Society of Certified Public Accountants and of the American Institute of Certified Public Accountants.

***Harvey Golub*** has served as our Chairman of the Board since October 2021. In early 2001, Mr. Golub retired as CEO and chairman of American Express. Currently, Mr. Golub is the non-executive chairman of the board of Dynasty Financial Partners. He also serves on the board of Pagaya Technologies, Ltd., and is a member of its audit, risk and nominating and corporate governance committees. He served as chairman of Miller Buckfire & Company (a Stifel Company) from July 2011 to December 2018. He also serves as a member of the advisory board of Marblegate Asset Management, LLC since 2009. Mr. Golub also serves on the boards of the American Enterprise Institute (AEI) and the Manhattan Institute for Policy Research, serves on Jupiter Medical Center's board of trustees and is the chairman of its finance and planning committees. Mr. Golub is also chairman of the Maltz Jupiter Theatre endowment board, and is a director emeritus of New York-Presbyterian Hospital and the Lincoln Center for the Performing Arts and a member of its investment committee. Previously, Mr. Golub served as non-executive chairman on the boards of American International Group (AIG), Campbell Soup Company, and The Reader's Digest Association. He has also served as a member of the board of Dow Jones & Company, Hess Corporation, RHJ International and several private companies. Mr. Golub received a B.S. degree from the New York University in 1961. Mr. Golub is well qualified to serve as a member of our board of directors due to his extensive experience in leadership and advisor roles and his network of business contacts.

***Richard M. Goldman*** has served as one of our directors since October 2021. Since 2012, Mr. Goldman has been the managing member of Becket Capital, LLC, an advisory services firm for investment management companies. From 2011 to 2012, Mr. Goldman served as Chief Operating Officer of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. From 2006 to 2012,

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Mr. Goldman was the Chief Executive Officer of Rydex Investments, the investment advisor to Rydex Funds. He also served as the Chief Executive Officer of Forstmann Leff Associates from 2003 to 2005 and was the Head of Deutsche Asset Management's Americas Institutional Business from 1999 to 2003. Prior to this, Mr. Goldman held leadership positions at State Street Global Advisors, IBM and Procter & Gamble. From August 2019 to June 2021, Mr. Goldman served as a member of the Board of Directors of Silver Spike Acquisition Corporation, a special purpose acquisition company that completed a business combination with WM Holding Company, LLC (NASDAQ:MAPS) in June 2021. Since August 2019, he has also served as a director of Silver Spike Acquisition Corp. II (NASDAQ:SPKB) and Silver Spike III Acquisition Corp. (NEO:SPKC.UN.U), two special purpose acquisition companies that are still searching for business combination targets. Mr. Goldman previously served as the Independent Chairman of the Board of the Harvest Volatility Edge Trust, the Board of Directors of Trinitas Capital Management, a credit-focused investment management firm; and as Lead Independent Director for the Axonic Alternative Income Interval Fund and as an Independent Director for the O'Shares Investments ETF Trust. Mr. Goldman received a bachelor's degree from Bowdoin College. Mr. Goldman is well qualified to serve as a member of our board of directors due to his extensive leadership and business development roles.

Trust

***Alan J. Mintz*** has served as one of our directors since October 2021. Mr. Mintz is a Managing Principal of Stone Lion L.P. Mr. Mintz co-founded Stone Lion in August 2008 and launched the Stone Lion Funds in November 2008. From 1997 to 2008, Mr. Mintz was employed by Bear Stearns, where he served as a Senior Managing Director, a Global Co-Head of Distressed Debt Trading and Proprietary Investments and the Director of Distressed Research. Mr. Mintz served on the board of directors of Ultra Petroleum Corporation from 2017 through 2020. He also served as a board member of various Bear Stearns' portfolio companies. From 1990 to 1997, Mr. Mintz worked at Policano & Manzo as a Restructuring Advisor, advising creditors and debtors of financially troubled companies. For several years prior to that, he worked in public accounting, beginning his career at Arthur Andersen & Company, a nationally recognized accounting firm, where he was employed from 1983 until 1989 and was a Senior Manager in the Tax Division. Mr. Mintz received a Bachelor of Science from Boston University in 1983. Mr. Mintz is well qualified to serve as a member of our board of directors due to his extensive experience as an investment professional and financial advisor.

***Wallace Mathai-Davis, Ph.D.,*** has served as one of our directors since October 2021. Mr. Mathai-Davis has been a member of Marblegate's Board of Advisors since 2009. He has over 30 years of experience as a C-suite executive in FinTech, international asset management, wealth management and merchant banking. Mr. Mathai-Davis is a co-founder and Board member of Q.ai, an artificial intelligence (AI) digital Registered Investment Advisor which offers AI constructed SMA hedge fund portfolios digitally to non-institutional investors. A controlling interest of Q.ai was acquired by Forbes Global Media in 2019. Mr. Mathai-Davis is Chairman of 360 Trading Networks Inc., the North American subsidiary of 360 Treasury Systems (the largest FX ECN in Europe). He was a member of the Supervisory Board of the parent 360 Treasury Systems in Germany for many years prior to its sale to the Deutsche Boerse. Mr. Mathai-Davis co-founded and was co-CEO and Board member of ChinaVest, Ltd., one of the first independent merchant banks chartered in the People's Republic of China. He was a director of Regina Pacific International, a China Holding Company (CHC), with diversified real estate and operating company assets in China. Prior to co-founding ChinaVest, he joined the Board of Directors of Mercantile Bankshares as Chairman of Investment and Wealth Management for the purpose of restructuring the investment and wealth management businesses. Mr. Mathai-Davis was the COO, CFO and managing director at Offitbank, a trust bank offering diversified investments, private funds and mutual funds, from 1986 to 2002. Mr. Mathai-Davis has served on the boards of three public companies and numerous boards of investment related funds. Mr. Mathai Davis has been widely involved in the nonprofit sector and was treasurer of the Board of trustees the Cathedral Church of St John the Divine for 13 years. Mr. Mathai-Davis is well qualified to serve as a member of our board of directors due to his extensive experience in leadership roles within the financial sector.

***Patrick J. Bartels, Jr.*** has served as one of our directors and a member of the Special Committee since December 2022. Mr. Bartels as served as the Managing Member of Redan Advisors LLC, a firm that provides fiduciary services, including board of director representation and strategic planning advisory services for

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domestic and international public and private business entities, since December 2018. His professional experience includes investing in complex financial restructurings and process-intensive situations in North America, Asia and Europe in a broad universe of industries. Mr. Bartels has served as a director on numerous public and private boards of directors. Mr. Bartels has served on the board of directors of Arch Resources, Inc. (NYSE: ARCH) since October 2016. He serves on or previously served on the boards of WCI Communities, Inc. (from August 2009 to February 2017), Grizzly Energy, LLC (f/k/a Vanguard Natural Resources, Inc.) (since February 2019), Parker Drilling Company (since March 2019), B. Riley Principal Merger Corp. (from April 2019 to February 2020), Hexion Inc. (since July 2019), Monitronics International, Inc. (since July 2019), Centric Brands Inc. (from March 2020 to October 2020), B. Riley Principal Merger Corp. II (from May 2020 to November 2020), Libbey Inc. (since May 2020), Noble Corporation (from February 2021 to October 2022) and on several private company boards. From April 2002 to November 2018, Mr. Bartels served as a Managing Principal at Monarch Alternative Capital LP, a private investment firm that focused primarily on event-driven credit opportunities. From February 2000 to April 2002, he served as research analyst for high yield investments at INVESCO, where he analyzed primary and secondary debt offerings of companies in various industries. Mr. Bartels began his career at PricewaterhouseCoopers LLP, where he was a Certified Public Accountant. He holds the Chartered Financial Analyst designation. Mr. Bartels received a Bachelor of Science in Accounting with a concentration in Finance from Bucknell University. Mr. Bartels brings to our Board extensive accounting, financial and investment experience, as well as experience as a director for multiple companies including several that have undertaken bankruptcy and restructuring processes.

**Number and Terms of Office of Officers and Directors** 

Our board of directors consists of seven members. Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing on Nasdaq. The stockholders re-elected Richard Goldman and Wallace Mathai-Davis, who comprise our first class of directors, at the special meeting held on December 2, 2022. The term of office of the second class of directors, consisting of Harvey Golub and Alan J. Mintz, will expire at the second annual meeting of stockholders. The term of office of the third class of directors, consisting of Andrew Milgram, Paul Arrouet and Patrick J. Bartels, Jr., will expire at the third annual meeting of stockholders.

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 bylaws as it deems appropriate. Our bylaws provide that our officers may consist of a Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices as may be determined by the board of directors.

**Director Independence** 

Nasdaq listing standards require that a majority of our board of directors be independent. An "independent director" is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying out the responsibilities of a director. Our board of directors has determined that Richard Goldman, Alan Mintz, Wallace Mathai-Davis and Patrick J. Bartels, Jr. are "independent directors" as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors have regularly scheduled meetings at which only independent directors are present.

**Executive Officer and Director Compensation** 

None of our officers have received any cash compensation for services rendered to us. We have agreed to pay our Sponsor a total of $10,000 per month for secretarial and administrative support. Upon completion of our

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initial business combination or our liquidation, we will cease paying these monthly fees. Other than Patrick J. Bartels, Jr., no compensation of any kind, including any finder's fee, advisory fee, reimbursement or consulting fee will be paid by us to our Sponsor, officers and directors or any affiliate of our Sponsor or officers prior to, or in connection with, any services rendered in order to effectuate the consummation of our initial business combination (regardless of the type of transaction that it is). However, these individuals 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. We do not have a policy that prohibits our Sponsor, executive officers or directors, or any of their respective affiliates, from negotiating for the reimbursement of out-of-pocket expenses by a target business.

In connection with Patrick J. Bartels, Jr.'s appointment as a member of the Special Committee, he will be entitled to cash compensation of fifty thousand dollars ($50,000) per month for his service, and he has entered into an indemnification agreement and letter agreements with MAC in connection with his appointment as a member of the MAC Board, which agreements are in substantially the same form as those entered into with the executive officers and other directors of MAC.

Our audit committee reviews on a quarterly basis all payments that were made to our Sponsor, officers or directors or our or their affiliates. Any such payments prior to an initial business combination will be made using funds held outside the Trust Account. Other than quarterly audit committee review of such payments, we do not expect to have any additional controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with identifying and consummating an initial business combination.

After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed initial business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.

We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management's motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment.

**Committees of the Board of Directors** 

Our board of directors has two standing committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception, Nasdaq rules and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors, and Nasdaq rules require that the compensation committee of a listed company be comprised solely of independent directors.

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***Audit Committee***

We have established an audit committee of the board of directors. Alan Mintz, Richard Goldman and Wallace Mathai-Davis serve as members of our audit committee, and Alan Mintz chairs the audit committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent. Each of Alan Mintz, Richard Goldman and Wallace Mathai-Davis meet the independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of the Exchange Act.

Each member of the audit committee is financially literate and our board of directors has determined that Alan Mintz qualifies as an "audit committee financial expert" as defined in applicable SEC rules.

We have adopted an audit committee charter, which details the principal functions of the audit committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment, compensation, retention, replacement and oversight of the work of the independent registered
public accounting firm engaged by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us and establishing pre-approval policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• setting clear hiring policies for employees or former employees of the independent registered public accounting
firm including, but not limited to, as required by applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• setting clear policies for audit partner rotation in compliance with applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining and reviewing a report, at least annually, from the independent registered public accounting firm
describing (i) the independent registered public accounting firm's internal quality-control procedures, (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit 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 and (iii) all relationships
between the independent registered public accounting firm and us to assess the independent registered public accounting firm's independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&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***

We have established a compensation committee of the board of directors. Alan Mintz and Richard Goldman serve as members of our compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least two members of the compensation committee, all of whom must be independent. Alan Mintz and Richard Goldman are independent and Richard Goldman chairs the compensation committee.

We have adopted a compensation committee charter, which details the principal functions of the compensation committee, including:

&nbsp;&nbsp;&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, if any is paid by us, evaluating our Chief Executive Officer's

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performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving on an annual basis the compensation, if any is paid by us, of all of our other officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing on an annual basis our executive compensation policies and plans;

&nbsp;&nbsp;&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;&nbsp;&nbsp;• assisting management in complying with our proxy statement and annual report disclosure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving all special perquisites, special cash payments and other special compensation and benefit arrangements
for our officers and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if required, producing a report on executive compensation to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

Notwithstanding the foregoing, as indicated above, other than the payment to our Sponsor of $10,000 per month for secretarial and administrative support and reimbursement of expenses, no compensation of any kind, including finders, consulting or other similar fees, will be paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that prior to the consummation of an initial business combination, the compensation committee will only be responsible for the review and recommendation of any compensation arrangements to be entered into in connection with such initial business combination.

The charter also provides 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.

**Director Nominations** 

We do not have a standing nominating committee though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules. In accordance with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee. The directors who will participate in the consideration and recommendation of director nominees are Alan Mintz and Richard Goldman. In accordance with Rule 5605 of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not have a nominating committee charter in place.

The board of directors will also consider director candidates recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a Special Meeting). Our stockholders that wish to nominate a director for election to our board of directors should follow the procedures set forth in our bylaws.

We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, the board of

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directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom and the ability to represent the best interests of our stockholders.

**Code of Ethics** 

We have adopted a Code of Ethics applicable to our directors, officers and employees. We have filed a copy of our Code of Ethics and our audit and compensation committee charters as exhibits to the Registration Statement. You can review these documents by accessing our public filings at the SEC's web site at *www.sec.gov*. In addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K.

**Legal Proceedings** 

From time to time, we may become involved in legal proceedings relating to claims arising from the ordinary course of business. To the knowledge of our management team, there is no litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF MAC** 

*The following discussion and analysis of MAC's financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this proxy statement/prospectus. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact included in this proxy statement/prospectus including, without limitation, statements under this "Management's Discussion and Analysis of Financial Condition and Results of Operations of MAC" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. When used in this proxy statement/prospectus, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to MAC or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the SEC.* 

*As used in this section, "we," "us," "our," or "MAC" refers to MAC prior to the consummation of the Business Combination.* 

**Overview** 

We are a blank check company incorporated in Delaware on December 10, 2020, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our Sponsor is Marblegate Acquisition LLC, a Delaware limited liability company.

The registration statement for our IPO was declared effective on September 30, 2021. On October 5, 2021, the Company consummated the IPO of 30,000,000 units (the "<u>Units</u>" and, with respect to the shares of Class A common stock included in the Units sold, the "<u>Public Shares</u>"), generating gross proceeds of $300,000,000.

Simultaneously with the closing of our IPO, the Company consummated the sale of 910,000 units (the "<u>Private Placement Units</u>") at a price of $10.00 per Private Placement Unit in a private placement to Marblegate Acquisition LLC (the "<u>Sponsor</u>") and Cantor, generating gross proceeds of $9,100,000.

Transaction costs amounted to $42,630,587, consisting of $6,000,000 of underwriting fees, net of reimbursement, $[●] of deferred underwriting fees, $1,015,137 of other offering costs (including $509,600 for the fair value of the Private Placement Warrants included in the Private Placement Units, and $505,537 of offering costs) and $20,615,450 for the fair value of the Founder Shares attributable to certain anchor investors.

Following the closing of the IPO on October 5, 2021, an amount of $301,500,000 ($10.05 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Units was placed in a trust account (the "<u>Trust Account</u>"), located in the United States and held in cash items or invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company's stockholders, as described below.

If we have not completed a business combination by July 5, 2023, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,

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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 us to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish Public Stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

**Extension of Time to Consummate Initial Business Combination** 

At the time of our IPO, our amended and restated certificate of incorporation provided that we must complete an initial business combination by January 5, 2023. In December 2022, we held the Extension Meeting at which time our stockholders approved an amendment to our amended and restated certificate of incorporation and a related amendment to the Investment Management Trust Agreement that governs the Trust Account to extend the deadline for completing our initial business combination to July 5, 2023. In connection with the charter amendment, we were required to permit holders of Public Shares to redeem their shares. A total of 28,989,609 Public Shares were redeemed for an aggregate payment of $293.5 million. As a result of such Extension Redemption, we held approximately $9.4 million of funds in the Trust Account.

**Proposed Business Combination** 

On February 14, 2023, we entered into the Business Combination Agreement with New MAC, the Manager, the DePalma Companies and Merger Sub, pursuant to which MAC agreed to combine with DePalma in a series of transactions that will result in New MAC becoming a publicly traded company on Nasdaq.

Pursuant to the Business Combination Agreement, and subject to the terms and conditions contained therein, the Business Combination will be effected as follows: (i) immediately prior to the consummation of the transactions contemplated by the Business Combination Agreement, New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC; and (ii) Merger Sub will merge with and into MAC in the Merger, with MAC surviving as a wholly-owned subsidiary of New MAC.

Pursuant to the Business Combination, among other things, in connection with the Merger, (a) each share of MAC Class A Common Stock and MAC Class B Common Stock outstanding immediately prior to the effectiveness of the Merger is being converted into the right to receive one share of New MAC Common Stock, and (b) each warrant of MAC outstanding immediately prior to the effectiveness of the Merger is being converted into the right to receive one New MAC Warrant, with New MAC assuming MAC's obligations under the existing warrant agreement. See the section entitled "*Proposal No. 1 — The Business Combination Proposal — The Background of the Business Combination*" for more information.

The Closing is subject to certain conditions, including, but not limited to the approval of our stockholders of the Business Combination Agreement. The Business Combination Agreement may also be terminated by either party under certain circumstances. The parties have agreed to customary exclusivity obligations. The Closing will occur as promptly as practicable, but in no event later than three business days following the satisfaction or waiver of all of the closing conditions contained in the Business Combination Agreement. For additional details about the Business Combination Agreement, refer to the section entitled "*The Business Combination Agreement*."

The Business Combination also calls for additional agreements, including, among others, the Sponsor Support Agreement, the Registration Rights Agreement and the MSA as described in the section entitled "*Certain Agreements Related to the Business Combination*."

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*Accounting Treatment* 

[●]

**Recent Developments** 

On June 30, 2022, MAC issued a promissory note in the principal amount of up to $600,000 (the "<u>June 2022 Note</u>") to the Master Fund, a member of MAC's Sponsor. The June 2022 Note was issued in connection with advances the Master Fund has made, and may make in the future, to MAC for working capital expenses (such advances, referred to herein collectively as the "Working Capital Loan"). The June 2022 Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which MAC consummates its initial business combination and (ii) the date that the winding up of MAC is effective. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note may be converted into shares of MAC Class A Common Stock (the "<u>Conversion Shares</u>"), equal to: (x) the portion of the principal amount of the June 2022 Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note. As of the date of this proxy statement/prospectus, MAC borrowed $600,000 under the June 2022 Note for the Working Capital Loan.

On February 13, 2023, MAC issued a promissory note in the principal amount of up to $1,100,000 (the "<u>February 2023 Note</u>") to the Master Fund, a member of MAC's Sponsor. The February 2023 Note was issued in connection with advances the Master Fund has made, and may make in the future, to MAC for working capital expenses. The February 2023 Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which MAC consummates its initial business combination and (ii) the date that the winding up of MAC is effective. At the election of the Master Fund, all or a portion of the unpaid principal amount of the February 2023 Note may be converted into Conversion Shares, equal to: (x) the portion of the principal amount of the February 2023 Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the February 2023 Note. As of the date of this proxy statement/prospectus, MAC borrowed $125,000 under the February 2023 Note for the Working Capital Loan.

On February 14, 2023, MAC entered into the Business Combination Agreement with the Manager, the DePalma Companies, New MAC, and Merger Sub, pursuant to which MAC agreed to combine with DePalma in the Business Combination that will result in New MAC becoming a publicly-traded company on Nasdaq.

Pursuant to the Business Combination Agreement, and subject to the terms and conditions contained therein, the Business Combination will be effected as follows: (i) immediately prior to the consummation of the transactions contemplated by the Business Combination Agreement, New MAC and the DePalma Companies will effect a series of reorganization transactions, resulting in the DePalma Companies becoming wholly-owned subsidiaries of New MAC; and (ii) Merger Sub will merge with and into MAC in the Merger, with MAC surviving as a wholly-owned subsidiary of New MAC.

For more information on the Business Combination Agreement, see "*The Business Combination Agreement*" contained elsewhere in this proxy statement/prospectus.

**Results of Operations** 

We have neither engaged in any operations nor generated any revenues to date. Our only activities from December 10, 2020 (inception) through December 31, 2021, were organizational activities, those necessary to

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prepare for the IPO, described below, and identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest income on marketable securities held in the trust account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence and other expenses in connection with searching for and completing a Business Combination.

For the year ended December 31, 2021, we had a net loss of $267,638, which consists of formation and operating costs of $503,572, an unrealized loss on marketable securities held in the trust account of $16,895 and transaction costs associated with the IPO of $42,344, offset by interest income on marketable securities held in the trust account of $35,823 and change in fair value of warrant liabilities of $259,350.

For the period from December 10, 2020 (inception) through December 31, 2020, we had net loss of $1,000, which consisted of operating and formation costs.

**Liquidity and Capital Resources** 

On October 5, 2021, we consummated the IPO of 30,000,000 units, generating gross proceeds of $300,000,000. Simultaneously with the closing of the IPO, we consummated the sale of 910,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement to the Sponsor and Cantor, generating gross proceeds of $9,100,000.

Following the IPO and the private placement, a total of $301,500,000 was placed in the trust account. We incurred $42,630,587 in IPO-related costs, including $6,000,000 of underwriting fees, $[●] of deferred underwriting fees, net of reimbursement, $1,015,137 of other offering costs including $509,600 for the fair value of the private warrants included in the Private Placement Units, and $505,537 of offering costs, and $20,615,450 for the fair value of the founder shares attributable to certain anchor investors.

For the year ended December 31, 2021, cash used in operating activities was $739,303. Net loss of $267,638 was affected by interest earned on marketable securities held in the trust account of $35,823, unrealized loss in marketable securities held in the trust account of $16,895, transaction costs associated with the IPO of $42,344 and change in fair value of warrant liabilities of $259,350. Changes in operating assets and liabilities used $235,731 of cash from operating activities.

For the period from December 10, 2020 (inception) through December 31, 2020, cash used in operating activities was $0. Net loss of $1,000 was offset by the changes in operating assets and liabilities.

As of December 31, 2021, we had marketable securities held in the trust account of $301,518,928 (including approximately $18,928 of interest income, net of unrealized losses) consisting of U.S. Treasury bills with a maturity of 185 days or less. Interest income on the balance in the trust account may be used by us to pay taxes. Through December 31, 2021, we have not withdrawn any interest earned from the trust account.

We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less deferred underwriting commissions and taxes payable), to complete our Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our 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.

As of December 31, 2021, we had cash of $380,160. We intend to use the funds held outside the trust account 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

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representatives or owners, review corporate documents and material agreements of prospective target businesses and structure, negotiate and complete a Business Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, members of the Sponsor or certain of our officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such loaned amounts. In the event that a 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 for such repayment. 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.

On June 30, 2022, MAC issued the June 2022 Note in the principal amount of up to $600,000 to the Master Fund, a member of MAC's Sponsor. The June 2022 Note was issued in connection with advances the Master Fund has made, and may make in the future, to MAC for working capital expenses. The June 2022 Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which MAC consummates its initial business combination and (ii) the date that the winding up of MAC is effective. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note may be converted into <u>Conversion Shares</u>, equal to: (x) the portion of the principal amount of the June 2022 Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note. As of the date of this proxy statement/prospectus, MAC borrowed $600,000 under the June 2022 Note for the Working Capital Loan.

We expect to incur significant costs in pursuit of our acquisition plans. We will likely need to raise additional capital through loans or additional investments from our Sponsor, stockholders, officers, directors or third parties. Our officers, directors and the Sponsor may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet our working capital needs. In instances of working capital deficits, the Sponsor has agreed to fund cash shortfalls up to $600,000. We may not be able to obtain additional financing. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. If the Company is unable to complete the Business Combination because it does not have sufficient funds available, the Company will be forced to cease operations and liquidate the Trust Account. If a business combination is not consummated prior to July 5, 2023, and an extension has not been requested by the Sponsor and approved by the Company's stockholders, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity issue and the mandatory liquidation raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be required to liquidate after July 5, 2023.

**Contractual Obligations** 

We do not have any long-term debt obligations, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the sponsor a total of up to $10,000 per month for secretarial and administrative support. We began incurring these fees on September 30, 2021, and will continue to incur these fees monthly until the earlier of the completion of the Business Combination and our liquidation.

The underwriters are entitled to a deferred fee of 5.0% of the gross proceeds of the initial 30,000,000 Units sold in the IPO, or $[●]. The deferred fee will be paid in cash upon the closing of the Business Combination from the amounts held in the trust account, subject to the terms of the underwriting agreement.

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**Critical Accounting Policies** 

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:

***Warrant Liabilities***

We account for the warrants issued in connection with our IPO in accordance with the guidance contained in Accounting Standards Codification ("<u>ASC</u>") 815-40-15-7D under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the Private Placement Warrants are exercised or expire, and any change in fair value will be recognized in our statements of operations.

***Class A Common Stock Subject to Possible Redemption***

We account for our Class A common stock subject to possible redemption in accordance with the guidance in Financial Accounting Standards Board ("<u>FASB</u>") ASC Topic 480 "Distinguishing Liabilities from Equity." Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders' equity. Our Class A common stock features certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders' (deficit) equity section of our balance sheets.

***Net Loss Per Common Share***

Net loss per common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

***Recent Accounting Standards***

In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("<u>ASU</u> <u>2020-06</u>"), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. We adopted ASU 2020-06 effective on June 30, 2021. Adoption of ASU 2020-06 did not have an impact

on our financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

**Off-Balance Sheet Arrangements** 

As of December 31, 2021, we have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements. We do not participate in transactions that create relationships with

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unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

**JOBS Act** 

The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an "emerging growth company" and under the JOBS Act are 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, the unaudited condensed 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, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of nonemerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) 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 (iv) 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 our IPO or until we are no longer an "emerging growth company," whichever is earlier.

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**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS** 

**MAC** 

*Unless the context otherwise requires, all references to "we," "Company" "us," or "our" in this section refer to MAC.* 

***Founder Shares***

On January 15, 2021, in consideration for the payment of certain of the Company's offering costs, the Company applied $25,000 of outstanding advances from the Sponsor towards the issuance of 8,625,000 shares of MAC Class B Common Stock. In September 2021, the Company effected a stock dividend of 0.3694 shares for each share of MAC Class B Common Stock outstanding, resulting in the Sponsor holding 11,810,833 Founder Shares. The Founder Shares include an aggregate of up to 1,507,500 shares subject to forfeiture by the Sponsor to the extent that the underwriter's over-allotment is not exercised in full or in part, so that the holders of the Founder Shares will collectively own, on an as-converted basis, 25% of the Company's issued and outstanding shares after the IPO (including the Private Placement Shares). As a result of the underwriter's option not to exercise its over-allotment option, a total of 1,507,500 Founder Shares were forfeited.

Our Sponsor and Cantor purchased an aggregate of 910,000 Private Placement Units (610,000 Private Placement Units purchased by our Sponsor and 300,000 Private Placement Units purchased by Cantor) for a purchase price of $10.00 per Unit in the Private Placement that occurred simultaneously with the closing of our IPO. Each Private Placement Unit contains one share of MAC Class A Common Stock and one-half of one whole Private Placement Warrant. Each whole warrant contained in a Private Placement Unit entitles the holder to purchase one whole share of MAC Class A Common Stock at $11.50 per share. The Private Placement Warrants included in the Private Placement Units (including the MAC Class A Common Stock issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30 days after the completion of our initial business combination. Additionally, the Private Placement Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the Sponsor, Cantor or their permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor, Cantor or their permitted transferees, the Private Placement Warrants are redeemable by MAC and exercisable by such holders on the same basis as the Public Warrants.

Pursuant to the Letter Agreement, the holders of the Founder Shares have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier 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 MAC Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock 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, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

In connection with the closing of the IPO, the Sponsor sold 2,473,864 Founder Shares to the Anchor Investors, who are unaffiliated with the Sponsor, at their original purchase price. The Company estimated the aggregate fair value of the Founder Shares attributable to the Anchor Investors to be $20,656,764, or $8.35 per share.

On October 5, 2021, upon the closing of the IPO, the Sponsor sold Membership Interests to each of four directors of the Company. The Membership Interests entitle each director to 25,000 shares of Founder Shares, for an aggregate of 100,000 shares, to be transferred to the directors if the Business Combination is consummated.

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The total consideration paid for these membership interests was $200. Three of the directors were also part of the Sponsor investor group and invested $409,929 for their pro-rata share of the Sponsor contribution for Founder Shares and Private Placement Units. Each Founder Share will automatically convert to one share of MAC Class A Common Stock upon consummation of a Business Combination. The Sponsor will retain all voting and dispositive power over all Founder Shares until the consummation of the Business Combination, after which the Sponsor will distribute to each holder of the Membership Interests its share of the Founder Shares, subject to applicable lock-up or escrow restrictions.

***Promissory Notes***

On January 15, 2021, MAC issued an unsecured promissory note (the "<u>January 2021 Note</u>") to the Sponsor, pursuant to which MAC may borrow up to an aggregate principal amount of $300,000. The January 2021 Note was non-interest bearing and payable on the earlier of September 30, 2021, or the completion of the IPO. The outstanding loan of $186,819 was repaid at the time of the IPO.

On June 30, 2022, MAC issued a promissory note in the principal amount of up to $600,000 (the "<u>June 2022 Note</u>") to the Master Fund, a member of MAC's Sponsor. The June 2022 Note was issued in connection with advances the Master Fund has made, and may make in the future, to MAC for working capital expenses. The June 2022 Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which MAC consummates its initial business combination and (ii) the date that the winding up of MAC is effective. At the election of the Master Fund, all or a portion of the unpaid principal amount of the June 2022 Note may be converted into shares of MAC Class A Common Stock (the "<u>Conversion Shares</u>"), equal to: (x) the portion of the principal amount of the June 2022 Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the June 2022 Note.

On February 13, 2023, MAC issued a promissory note in the principal amount of up to $1,100,000 (the "<u>February 2023 Note</u>") to the Master Fund, a member of MAC's Sponsor. The February 2023 Note was issued in connection with advances the Master Fund has made, and may make in the future, to MAC for working capital expenses. The February 2023 Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which MAC consummates its initial business combination and (ii) the date that the winding up of MAC is effective. At the election of the Master Fund, all or a portion of the unpaid principal amount of the February 2023 Note may be converted into Conversion Shares, equal to: (x) the portion of the principal amount of the February 2023 Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of shares. The Conversion Shares will be identical to the shares of MAC Class A Common Stock included in the Private Placement Units issued by MAC to its Sponsor and Cantor, the representative of the underwriters, in a private placement in connection with MAC's IPO. The Conversion Shares are entitled to the registration rights set forth in the February 2023 Note. As of the date of this proxy statement/prospectus, MAC borrowed $125,000 under the February 2023 Note for the Working Capital Loan.

***Administrative Support Agreement***

The Company entered into an administrative support agreement, commencing on September 30, 2021, through the earlier of the Company's consummation of a Business Combination and its liquidation, to pay the Sponsor a total not to exceed $10,000 per month for secretarial and administrative support.

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**DePalma** 

*Unless the context otherwise requires, references to "we," "us," "our" and "the Company" in this subsection are to the business and operations of DePalma I and DePalma II prior to the Business Combination. References to "MAM" are to Marblegate Asset Management LLC.* 

The DePalma Companies are directly owned by the DePalma Equityholders and are managed by MAM. One of the DePalma Equityholders is the Master Fund, Marblegate Special Opportunities Master Fund, L.P., which has an indirect controlling interest in the Sponsor. The Sponsor in turn owns a majority of MAC Common Stock. As a result, through their positions as managing partners of the general partners of the Master Fund and their control over the Master Fund's portfolio, Messrs. Andrew Milgram and Paul Arrouet may be deemed to have a controlling interest in the DePalma Companies and MAC.

We are directly owned by the DePalma Equityholders. MAM has an indirect controlling interest in the DePalma Companies and is also the managing member of the Sponsor. As a result, MAM and its affiliates indirectly receive fees from, and have an indirect financial interest in, the DePalma Companies.

**Post-Business Combination Arrangements** 

In connection with the Business Combination, certain agreements were entered into or will be entered into pursuant to the Business Combination Agreement. The agreements described in this section, or forms of such agreements as they will be in effect substantially concurrently with the completion of the Business Combination, are filed as exhibits to the registration statement of which this prospectus forms a part, and the following descriptions are qualified by reference thereto. These agreements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sponsor Support Agreement (see the section entitled "*Certain Agreements Related to the Business Combination   —   Sponsor Support Agreement* ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration Rights Agreement (see the section entitled "*Certain Agreements Related to the Business Combination   —   Registration Rights Agreement* "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Services Agreement (see the section entitled "*Certain Agreements Related to the Business Combination   — Management Services Agreement*") *.* 

**Statement of Policy Regarding Transactions with Related Persons** 

The Company will adopt a formal written policy that will be effective upon the completion of the Business Combination providing that the Company's officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of the Company's capital stock, any member of the immediate family of any of the foregoing persons and any firm, corporation or other entity in which any of the foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest are not permitted to enter into a related party transaction with the Company without the approval of the Company's nominating and corporate governance committee, subject to certain exceptions. For more information, see the section entitled "*Management After the Business Combination — Related Person Policy of the Company*."

**Indemnification of Directors and Officers** 

The Proposed Bylaws will provide that we will indemnify our directors and officers to the fullest extent permitted by the DGCL. In addition, the Proposed Charter will provide that our directors will not be liable for monetary damages for breach of fiduciary duty to the fullest extent permitted by the DGCL.

There is no pending litigation or proceeding naming any of MAC's or DePalma's respective directors or officers to which indemnification is being sought, and we are not aware of any pending or threatened litigation that may result in claims for indemnification by any director or officer.

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**MANAGEMENT AFTER THE BUSINESS COMBINATION** 

*Unless the context otherwise requires, all references in this section to "we," "us," "our" or the "Company" refer to (i) DePalma and its consolidated subsidiaries prior to the consummation of the Business Combination and (ii) New MAC following the Closing.* 

**Directors and Executive Officers** 

The following table sets forth the names, ages and positions of the directors and executive officers of the Company following the Business Combination.

The following table sets forth certain information concerning the individuals who will serve as our executive officers and directors upon the consummation of the Business Combination.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held** |

---

**[**●**]** 

**Controlled Company Exception** 

Upon consummation of the Business Combination, the Manager will control a majority of the voting power of our outstanding Common Stock. As a result, we will be a "controlled company" under the Nasdaq corporate governance standards. As a controlled company, exemptions under the standards will free us from the obligation to comply with certain corporate governance requirements, including the requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that a majority of our board of directors consists of "independent directors" as defined under the
rules of the Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that we have, to the extent applicable, a nominating and corporate governance committee that is composed entirely
of independent directors with a written charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that any corporate governance and nominating committee or compensation committee be composed entirely of
independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for an annual performance evaluation of the nominating and governance committees and compensation committee.

Because we intend to avail ourselves of the "controlled company" exception under the rules, we may choose to rely upon these exemptions. These exemptions, however, do not modify the independence requirements for our audit committee and we intend to comply with the requirements of Rule 10A-3 of the Exchange Act and the rules of the Nasdaq within the applicable time frame.

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**Board Composition** 

New MAC's business affairs will be managed under the direction of the New MAC Board. The New MAC Board will initially consist of five members.

The New MAC Board upon the completion of the Business Combination will be the following individuals: [●], serving as Chairperson, [●], [●], [●] and [●].

**Director Independence** 

In connection with the Business Combination, the Company's Common Stock will be listed on Nasdaq. Under the rules of the Nasdaq, independent directors must comprise a majority of a listed company's board of directors. In addition, the rules of the Nasdaq require that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating and corporate governance committees be independent. Under the rules of the Nasdaq, a director will only qualify as an "independent director" if, in the opinion of that company's board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Exchange Act and the rules of Nasdaq. Compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under the Exchange Act and the rules of Nasdaq.

In order to be considered independent for purposes of Rule 10A-3 under the Exchange Act and under the rules of the Nasdaq, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the committee, the board of directors or any other board committee: (1) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries or (2) be an affiliated person of the listed company or any of its subsidiaries.

To be considered independent for purposes of Rule 10C-1 under the Exchange Act and under the rules of the Nasdaq, the board of directors must affirmatively determine that the member of the compensation committee is independent, including a consideration of all factors specifically relevant to determining whether the director has a relationship to the company which is material to that director's ability to be independent from management in connection with the duties of a compensation committee member, including, but not limited to: (i) the source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the company to such director and (ii) whether such director is affiliated with the company, a subsidiary of the company or an affiliate of a subsidiary of the company.

The New MAC Board has undertaken a review of the independence of each director and considered whether each director of the Company has a material relationship with the Company that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities. As a result of this review, the Company anticipates that [●] will each be considered "independent directors" as defined under the listing requirements and rules of the Nasdaq and the applicable rules of the Exchange Act.

**Board Committees** 

We anticipate that, prior to the Closing, the New MAC Board will establish an audit committee, compensation committee and nominating and corporate governance committee. The responsibilities of each committee are described below. The composition of each committee will be determined prior to the Closing and made in accordance with the Nasdaq listing standards and the independence standards of Rule 10A-3 of the Exchange Act, as applicable. The New MAC Board may also establish from time to time any other committees that it deems necessary or desirable. Members serve on these committees until their resignation or until otherwise determined by the New MAC Board.

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***Audit Committee***

Following the Closing, we expect our audit committee will consist of [●], with [●] serving as chair. Each of these individuals qualify as independent directors under the Nasdaq listing standards and the independence standards of Rule 10A-3 of the Exchange Act. 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.

Our audit committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and hiring our independent auditors and approving the audit and non-audit services to be performed by our independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in evaluating the qualifications, performance and independence of our
independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the quality and integrity of our financial statements and our
accounting and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring our compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our internal control over financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the performance of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the performance of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management and our independent auditors our annual and quarterly financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the receipt, retention and treatment of complaints received by us regarding
accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the audit committee report that the rules and regulations of the SEC require to be included in our
annual proxy statement.

***Compensation Committee***

Following the Closing, we expect our compensation committee will consist of [●], with [●] serving as chair. Each of these individuals qualify as independent directors under the Nasdaq listing standards.

The compensation committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving corporate goals and objectives relevant to the compensation of our CEO, evaluating our
CEO's performance in light of those goals and objectives and, either as a committee or together with the other independent directors (as directed by the board of directors), determining and approving our CEO's compensation level based on
such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or making recommendations to the board of directors with respect to, the compensation of
our other executive officers, including annual base salary, bonus and equity-based incentives and other benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing annually with management our "Compensation Discussion and Analysis" disclosure
required by SEC rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report required by the SEC to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations with respect to our equity compensation plans.

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***Nominating and Corporate Governance Committee***

Following the Closing, we expect our nominating and corporate governance committee will consist of [●] serving as chair. [●] qualify as independent directors under the Nasdaq listing standards.

The nominating and corporate governance committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in identifying prospective director nominees and recommending nominees to the
board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation of the board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing developments in corporate governance practices and developing and recommending a set of corporate
governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending members for each committee of our board of directors.

**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers currently serves, or has served during the last completed fiscal year as a member of the board of directors or compensation committee (or other committee performing equivalent functions) of any entity that has one or more executive officers serving on our board of directors or compensation committee. We are party to certain transactions with affiliates of our Principal Stockholders described in "*Certain Relationships and Related Person Transactions*."

**Code of Ethics** 

We will adopt a new Code of Business Conduct and Ethics that applies to all of our officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, which will be posted on our website. Our Code of Business Conduct and Ethics is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website. The information contained on, or accessible from, our website is not part of this prospectus by reference or otherwise.

**Related Person Policy of the Company** 

The Company will adopt a formal written policy that will be effective upon the Business Combination providing that the Company's officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of the Company's voting securities, any member of the immediate family of any of the foregoing persons and any firm, corporation or other entity in which any of the foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest are not permitted to enter into a related party transaction with the Company without the approval of the Company's nominating and corporate governance committee, subject to the exceptions described below.

A related person transaction is generally a transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which the Company and any related person are, were or will be participants in which the amount involved exceeds $120,000. Transactions involving compensation for services provided to the Company as an employee or director are not covered by this policy.

Under the policy, the Company will collect information that the Company deems reasonably necessary from each director, executive officer and, to the extent feasible, significant stockholder to enable the Company to identify any existing or potential related-person transactions and to effectuate the terms of the policy. In addition, under the Code of Conduct, employees and directors have an affirmative responsibility to disclose any transaction or relationship that reasonably could be expected to give rise to a conflict of interest.

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The policy will require that, in determining whether to approve, ratify or reject a related person transaction, the Company's audit committee, or other independent body of the Company's board of directors, must consider, in light of known circumstances, whether the transaction is or is not inconsistent with, the Company's best interests and those of the Company's stockholders, as the Company's audit committee, or other independent body of the Company's board of directors, determines in the good faith exercise of its discretion.

The Company's audit committee has determined that certain transactions will not require the approval of the audit committee including certain employment arrangements of officers, director compensation, transactions with another company at which a related party's only relationship is as a director, nonexecutive employee or beneficial owner of less than 10% of that company's outstanding capital stock, transactions where a related party's interest arises solely from the ownership of the Company's common stock and all holders of the Company's common stock received the same benefit on a pro rata basis and transactions available to all employees generally.

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**BENEFICIAL OWNERSHIP OF SECURITIES** 

The following table sets forth information regarding the beneficial ownership of shares of MAC Common Stock as of the date of this proxy statement/prospectus based on information obtained from the persons named below, with respect to the beneficial ownership of shares of MAC Common Stock, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to be the beneficial owner of more than 5% of our outstanding shares of MAC Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers and directors that beneficially owns shares of MAC Common Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all our executive officers and directors 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 shares of MAC Common Stock beneficially owned by them.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Before the Business Combination** | **Before the Business Combination** | **Before the Business Combination** | **Before the Business Combination** | **Before the Business Combination** | **Before the Business Combination** | **Before the Business Combination** |
|  | | | | | **Assuming No**<br>**Redemptions** | **Assuming No**<br>**Redemptions** | **Assuming<br>Maximum<br>Redemptions** |
|  | **MAC Class A Common Stock** | **MAC Class A Common Stock** | **MAC Class B Common Stock** | **MAC Class B Common Stock** | **New MAC**<br>**Common**<br>**Stock** | **New MAC**<br>**Common**<br>**Stock** | **New MAC**<br>**Common**<br>**Stock** |
| **Name and Address of Beneficial**<br> **Owner (1)** | **# Shares Beneficially**<br>**Owned** | **% of**<br>**Class** | **# Shares**<br>**Beneficially**<br>**Owned** | **% of**<br>**Class** | **#**<br>**Shares** | **%** | **# Shares** |
|  ***Directors and Executive Officers of MAC*** |  |  |  |  |  |  |  |
|  Marblegate Acquisition LLC (2) | 610000 | 2.0% | 7829469 | 76.0% |  |  |  |
|  Andrew Milgram (2) | 610000 | 2.0% | 7829469 | 76.0% |  |  |  |
|  Paul Arrouet (2) | 610000 | 2.0% | 7829469 | 76.0% |  |  |  |
|  Richard Goldman (3) |  |  |  |  |  |  |  |
|  Harvey Golub (3) |  |  |  |  |  |  |  |
|  Mark Zoldan (3) |  |  |  |  |  |  |  |
|  Alan J. Mintz (3) |  |  |  |  |  |  |  |
|  Wallace Mathai-Davis (3) |  |  |  |  |  |  |  |
|  Patrick J. Bartels, Jr. (3) |  |  |  |  |  |  |  |
|  **All Directors and Executive Officers of MAC as a Group (8 Individuals)** |  |  |  |  |  |  |  |
|  ***Five Percent Holders*** |  |  |  |  |  |  |  |
|  The Farallon Funds (4) | 150000 | 14.8% |  |  |  |  |  |
|  ***Directors and Executive Officers of New MAC*** |  |  |  |  |  |  |  |
|  [●] |  |  |  |  |  |  |  |
|  **All Directors and Executive Officers of New MAC as a Group ([**●**] Individuals)** |  |  |  |  |  |  |  |
|  ***Five Percent Holders*** |  |  |  |  |  |  |  |
|  [●] |  |  |  |  |  |  |  |

---

(1) Unless otherwise noted, the business address of each of the following entities or individuals is
c/o Marblegate Acquisition LLC, 5 Greenwich Office Park, Suite 400, Greenwich, CT 06831.

(2) The Sponsor is the record holder of such shares. Marblegate Asset Management, LLC is the managing member of the
Sponsor and has voting and investment discretion with respect to the securities held by the Sponsor and may be deemed to beneficially own such shares. Andrew Milgram and Paul Arrouet, as

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Managing Partners of Marblegate Asset Management, LLC, may be deemed to exercise voting and investment power over the securities held by the Sponsor and therefore may be deemed to beneficially own such securities. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

(3) Each such person is a direct or indirect member of the Sponsor and disclaims any beneficial ownership of the
reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

(4) According to a Schedule 13G filed on October 12, 2021, Grassland Investors, LLC, Farallon Capital
Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners II, L.P., Farallon Capital Institutional Partners III, L.P., Four Crossings Institutional Partners V, L.P., Farallon Capital Offshore Investors
II, L.P., Farallon Capital F5 Master I, L.P., Farallon Capital (AM) Investors, L.P., Farallon Partners, L.L.C., Farallon Institutional (GP) V, L.L.C. and Farallon F5 (GP), L.L.C. acquired 2,970,000 shares of Class A common stock. The business
address for each reporting person is c/o Farallon Capital Management, L.L.C., One Maritime Plaza, Suite 2100, San Francisco, California 94111.

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**DESCRIPTION OF NEW MAC SECURITIES** 

*As used in this section, "we," "us," "our" or "New MAC" refer to New MAC following the consummation of the Business Combination.* 

The following summary of the material terms of our securities following the Business Combination is not intended to be a complete summary of the rights and preferences of such securities. We urge you to read the Proposed Charter and Proposed Bylaws in their entirety for a complete description of the rights and preferences of our securities following the Business Combination. The Proposed Charter and Proposed Bylaws are described in "*Proposal No. 2 — The Organizational Document Proposals*" and the full text of the Proposed Charter and Proposed Bylaws are attached as <u>Annex B</u> and <u>Annex C</u>, respectively, to this proxy statement/prospectus.

**Authorized and Outstanding Capital Stock** 

The Proposed Charter of New MAC will authorize the issuance of [●] shares, consisting of two classes of stock as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [●] shares of preferred stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [●] shares of New MAC Common Stock, par value $0.0001 per share;

***Voting Power***

Except as otherwise provided in the Proposed Charter or as required by applicable law, holders of New MAC Common Stock will each be entitled to one vote per share.

***Dividends***

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of New MAC Common Stock will be entitled to receive dividends and other distributions as may from time to time be declared by the New MAC Board in its discretion out of legally available New MAC assets, ratably in proportion to the number of shares held by each such holder, and at such times and in such amounts as the board of directors in its discretion may determine.

***Liquidation, Dissolution or Winding Up***

In the event of any voluntary or involuntary liquidation, dissolution or winding up of New MAC, after payment of debts and other liabilities and of preferential and after the rights of holders of preferred stock, if any, have been satisfied, the holders of all outstanding shares of New MAC Common Stock will be entitled to receive the remaining assets of New MAC available for distribution ratably in proportion to the number of shares held by each such stockholder.

***Election of Directors***

Directors of New MAC shall be elected by a majority of the votes cast at an annual meeting of stockholders by holders of the New MAC Common Stock.

**Warrants** 

Each outstanding New MAC Warrant will entitle the holder to purchase one share of New MAC Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time 30 days after the completion of the Closing. A New MAC Warrant holder may exercise its warrants only for a whole number of shares of New MAC Common Stock. The New MAC Warrants will expire five years after the Closing, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

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***Redemption of Warrants***

New MAC will not be obligated to deliver any shares of New MAC Common Stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of New MAC Common Stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to New MAC satisfying its obligations described below with respect to registration. No warrant will be exercisable and New MAC will not be obligated to issue shares of New MAC Common Stock upon exercise of a warrant unless New MAC Common Stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will New MAC be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of New MAC Common Stock underlying such unit.

Once the warrants become exercisable, New MAC may call the warrants for redemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at a price of $0.01 per warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrant holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the reported last sale price of the New MAC Common Stock equals or exceeds $18.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and
ending on the third trading day prior to the date New MAC sends the notice of redemption to the warrant holders.

If and when the warrants become redeemable by New MAC, New MAC may not exercise its redemption right if the issuance of shares of New MAC Common Stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. New MAC will use its best efforts to register or qualify such shares of New MAC Common Stock under the blue sky laws of the state of residence in those states in which the warrants were offered by MAC in the IPO.

New MAC has established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and New MAC issues a notice of redemption of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the New MAC Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

If New MAC calls the warrants for redemption as described above, New MAC's management will have the option to require any holder that wishes to exercise its warrant to do so on a "cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis," New MAC's management will consider, among other factors, New MAC's cash position, the number of warrants that are outstanding and the dilutive effect on its stockholders of issuing the maximum number of shares of New MAC Common Stock issuable upon the exercise of its warrants. If New MAC's management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of New MAC Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of New MAC Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants

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and the "fair market value" (defined below) by (y) the fair market value. The "fair market value" shall mean the average reported last sale price of the New MAC Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If New MAC's management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of New MAC Common Stock to be received upon exercise of the warrants, including the "fair market value" in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. New MAC believes this feature is an attractive option to it if it does not need the cash from the exercise of the warrants after consummation of the Business Combination. If New MAC calls its warrants for redemption and its management does not take advantage of this option, the Sponsor, Cantor, and their permitted transferees would still be entitled to exercise their private placement warrants that are included in the private placement units for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

A holder of a warrant may notify New MAC in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of New MAC Common Stock outstanding immediately after giving effect to such exercise.

If the number of outstanding shares of New MAC Common Stock is increased by a stock dividend payable in shares of New MAC Common Stock, or by a split-up of shares of New MAC Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of New MAC Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of New MAC Common Stock. A rights offering to holders of New MAC Common Stock entitling holders to purchase shares of New MAC Common Stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of New MAC Common Stock equal to the product of (i) the number of shares of New MAC Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for New MAC Common Stock) and (ii) one (1) minus the quotient of (x) the price per share of New MAC Common Stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for New MAC Common Stock, in determining the price payable for New MAC Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of New MAC Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of New MAC Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if New MAC, at any time while the warrants are outstanding and unexpired, pays a dividend or make a distribution in cash, securities or other assets to the holders of New MAC Common Stock on account of such shares of New MAC Common Stock (or other shares of its capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of New MAC Common Stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of New MAC Common Stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the substance or timing of our obligation to redeem 100% of our New MAC Common Stock if it do not complete the Business Combination by July 5, 2023 or (ii) with respect to any other provision relating to stockholders' rights or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon New MAC's failure to complete the Business Combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of New MAC Common Stock in respect of such event.

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If the number of outstanding shares of New MAC Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of New MAC Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of New MAC Common Stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of New MAC Common Stock.

Whenever the number of shares of New MAC Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of New MAC Common Stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of New MAC Common Stock so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding shares of New MAC Common Stock (other than those described above or that solely affects the par value of such shares of New MAC Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which New MAC is the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of New MAC Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which New MAC is dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our New MAC Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.

The warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and MAC. You should review a copy of the warrant agreement, which is filed as an exhibit to this proxy statement/prospectus, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in this prospectus, or to correct any defective provision, but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of New MAC Common Stock and any voting rights until they exercise their warrants and receive shares of New MAC Common Stock. After the issuance of shares of New MAC Common Stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

In addition, if (x) New MAC issue additional shares of New MAC Common Stock or equity-linked securities for capital raising purposes in connection with the closing of the Business Combination at a Newly Issued Price of less than $9.20 per share of New MAC Common Stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares or Private Placement Units (or underlying securities) held by the Sponsor or its affiliates, as applicable, prior to such issuance), (y) the aggregate gross

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proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, New MAC will, upon exercise, round down to the nearest whole number of shares of New MAC Common Stock to be issued to the warrant holder.

New MAC has agreed that, subject to applicable law, any action, proceeding or claim against New MAC arising out of or relating in any way to the warrant agreement 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 New MAC irrevocably submits to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

***Redemption Procedures***

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the shares of New MAC Common Stock outstanding immediately after giving effect to such exercise.

***Anti-Dilution Adjustments***

If the number of outstanding shares of New MAC Common Stock is increased by a stock dividend payable in shares of New MAC Common Stock, or by a split-up of shares of New MAC Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of New MAC Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of New MAC Common Stock. A rights offering to holders of New MAC Common Stock entitling holders to purchase shares of New MAC Common Stock at a price less than the "historical fair market value" (as defined below) will be deemed a stock dividend of a number of shares of New MAC Common Stock equal to the product of (1) the number of shares of New MAC Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for New MAC Common Stock) multiplied by (2) one minus the quotient of (x) the price per share of New MAC Common Stock paid in such rights offering divided by (y) the historical fair market value. For these purposes (1) if the rights offering is for securities convertible into or exercisable for New MAC Common Stock, in determining the price payable for New MAC Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (2) "historical fair market value" means the volume weighted average price of New MAC Common Stock as reported during the 10-trading day period ending on the trading day prior to the first date on which the shares of New MAC Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if New MAC, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of New MAC Common Stock on account of such shares, other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of New MAC Common Stock in connection with a proposed initial business combination, or (d) in connection with the redemption of our public shares upon New MAC's failure to complete our initial

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business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of New MAC Common Stock in respect of such event.

If the number of outstanding shares of New MAC Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of New MAC Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of New MAC Common Stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of New MAC Common Stock.

Whenever the number of shares of New MAC Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of New MAC Common Stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of New MAC Common Stock so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding shares of New MAC Common Stock (other than those described above or that solely affects the par value of such shares of New MAC Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of New MAC Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of New MAC Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by stockholders of the company as provided for in the Proposed Charter or as a result of the redemption of shares of New MAC Common Stock by the company if a proposed initial business combination is presented to the stockholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of New MAC Common Stock, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the New MAC Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. Additionally, if less than 70% of the consideration receivable by the holders of New MAC Common Stock in such a transaction is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so

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listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.

The Private Placement Warrants are identical to the Public Warrants except that the Private Placement Warrants: (i) are not redeemable by New MAC and (ii) may be exercised for cash or on a cashless basis, as described in the prospectus related to the IPO, so long as they are held by the Sponsor, Cantor or any of their permitted transferees. If the Private Placement Warrants are held by holders other than the Sponsor or any of its permitted transferees, they will be redeemable by New MAC and exercisable by the holders on the same basis as the Public Warrants in the Units sold in the IPO. The Private Placement Warrants included in the Private Placement Units (including the New MAC Common Stock issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30 days after the completion of the Business Combination.

***Anti-Takeover Effects of the Proposed Charter, the Proposed Bylaws and Certain Provisions of Delaware Law***

The Proposed Charter, the Proposed Bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, which are intended to enhance the likelihood of continuity and stability in the composition of the New MAC Board and to discourage certain types of transactions that may involve an actual or threatened acquisition of New MAC. These provisions are intended to avoid costly takeover battles, reduce New MAC's vulnerability to a hostile change of control or other unsolicited acquisition proposal, and enhance the ability of the New MAC Board to maximize stockholder value in connection with any unsolicited offer to acquire New MAC. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition of New MAC by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including attempts that might result in a premium over the prevailing market price for the shares of New MAC Common Stock. The Proposed Charter will provide that any action required or permitted to be taken by New MAC's stockholders must be effected at a duly called annual or special stockholder meeting of such stockholders and may not be effected by any consent in writing by such holders unless such action is recommended or approved by all directors of the New MAC Board then in office, except that holders of New MAC Common Stock or one or more series of Preferred Stock, if such series are expressly permitted to do so by the certificate of designation relating to such series, may take any action by written consent if such action permitted to be taken by such holders and the written consent is signed by the holders of outstanding shares of the relevant class or series having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting. See also "*Risk Factors — Risks Related to New MAC's Corporate Structure  — Delaware law, the Proposed Charter and the Proposed Bylaws will contain certain provisions, including anti-takeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable*."

***Authorized but Unissued Capital Stock***

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of the Nasdaq, which would apply if and so long as the New MAC Common Stock remains listed on the Nasdaq, require stockholder approval of certain issuances equal to or exceeding 20% of then

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outstanding voting power or then outstanding number of shares of New MAC Common Stock. Additional shares that may be issued in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

One of the effects of the existence of unissued and unreserved common stock may be to enable the New MAC Board to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of New MAC by means of a merger, tender offer, proxy contest or otherwise and thereby protect the continuity of management and possibly deprive stockholders of opportunities to sell their shares of New MAC Common Stock at prices higher than prevailing market prices.

***Election of Directors and Vacancies***

The Proposed Charter will provide that the New MAC Board will determine the number of directors who will serve on the board.

In addition, the Proposed Charter will provide that any vacancy on the New MAC Board, including a vacancy that results from an increase in the number of directors or a vacancy that results from the removal of a director with cause, may be filled only by a majority of the directors then in office, subject to any rights of the holders of Preferred Stock.

Notwithstanding the foregoing provisions of this section, each director will serve until his successor is duly elected and qualified or until his earlier death, resignation, retirement, disqualification or removal. No decrease in the number of directors constituting the New MAC Board will shorten the term of any incumbent director.

***Business Combinations***

New MAC has elected not to be governed by Section 203 of the DGCL. Notwithstanding the foregoing, the Proposed Charter will provide that New MAC will not engage in any "business combinations" (as defined in the Proposed Charter), at any point in time at which New MAC's Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, with any "interested stockholder" (as defined in the Proposed Charter) for a three-year period after the time that such person became an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to such time, the New MAC Board approved either the business combination or the transaction which resulted
in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of the voting stock of New MAC outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the
interested stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the
plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or subsequent to such time, the business combination is approved by the New MAC Board and authorized at an
annual or Special Meeting, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock of New MAC which is not owned by the interested stockholder.

Under the Proposed Charter, a "business combination" is defined to generally include a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation's outstanding voting stock. Under certain circumstances, such provisions in the Proposed Charter make it more difficult for a person who

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would be an "interested stockholder" to effect various business combinations with a corporation for a three-year period. Accordingly, such provisions in the Proposed Charter could have an anti-takeover effect with respect to certain transactions which the New MAC Board does not approve in advance. Such provisions may encourage companies interested in acquiring New MAC to negotiate in advance with the New MAC Board because the stockholder approval requirement would be avoided if the New MAC Board approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. However, such provisions also could discourage attempts that might result in a premium over the market price for the shares held by stockholders. These provisions also may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

***Quorum***

The Proposed Bylaws will provide that at any meeting of the New MAC Board a majority of the total number of directors then in office constitutes a quorum for all purposes.

***No Cumulative Voting***

Under Delaware law, the right to vote cumulatively does not exist unless the Proposed Charter expressly authorizes cumulative voting. The Proposed Charter does not authorize cumulative voting.

***General Stockholder Meetings***

The Proposed Charter will provide that special meetings of stockholders may be called only by or at the direction of the New MAC Board, the Chairman of the Board or the Chief Executive Officer.

***Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals***

The Proposed Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the New MAC Board or a committee of the New MAC Board. For any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide New MAC with certain information. Generally, to be timely, a stockholder's notice must be received at New MAC's principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders (for the purposes of the first annual meeting of the stockholders of New MAC following the adoption of the Proposed Bylaws, the date of the preceding annual meeting will be deemed to be [●] of the preceding calendar year). The Proposed Bylaws also specify requirements as to the form and content of a stockholder's notice. The Proposed Bylaws allow the presiding officer at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of New MAC.

***Supermajority Provisions***

The Proposed Charter and the Proposed Bylaws will provide that the New MAC Board is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part, the Proposed Bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware or the Proposed Charter. Any amendment, alteration, rescission or repeal of the Proposed Charter by New MAC's stockholders requires the affirmative vote of the holders of at least 66 2/3%, in case of provisions in Articles 4(B), 5, 6, 7 or 9, and a majority, in case of any other provisions, in voting power of all then outstanding shares of New MAC's stock entitled to vote thereon.

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The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon is required to amend a corporation's Proposed Charter, unless the Proposed Charter requires a greater percentage.

These provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control of New MAC or its management, such as a merger, reorganization or tender offer. These provisions are intended to enhance the likelihood of continued stability in the composition of the New MAC Board and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of New MAC. These provisions are designed to reduce New MAC's vulnerability to an unsolicited acquisition proposal. The provisions are also intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for New MAC's shares and, as a consequence, may inhibit fluctuations in the market price of New MAC's shares that could result from actual or rumored takeover attempts. Such provisions may also have the effect of preventing changes in management.

***Exclusive Forum***

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would enforce this provision, and the enforceability of similar choice of forum provisions in other companies' charter documents has been challenged in legal proceedings. Further, investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. It is possible that a court could find these types of provisions to be inapplicable or unenforceable, and if a court were to find this provision of the Proposed Charter inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, New MAC may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect New MAC's business, financial condition and results of operations and result in a diversion of the time and resources of New MAC's management and board of directors.

***Conflicts of Interest***

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. The Proposed Charter, to the maximum extent permitted from time to time by Delaware law, renounces any interest or expectancy that New MAC has in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to New MAC's officers, directors or stockholders or their respective affiliates, other than those officers, directors, stockholders or affiliates who are employees of New MAC or its subsidiaries. The Proposed Charter provides that, to the fullest extent permitted by law, none of the non-employee directors or his or her affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which New MAC or its affiliates now engage or propose to engage or (ii) otherwise competing with New MAC or its affiliates. In addition, to the fullest extent permitted by law, in the event that any non-employee director or any of his or her affiliates acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or herself or its or his or her affiliates or for New MAC or its affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to New MAC or any of its affiliates and they may take any such opportunity for themselves or offer it to another person or entity. The Proposed Charter does not renounce New MAC's interest in any business opportunity that is expressly offered to, or acquired or developed by a non-employee director solely in his or her capacity as a director or officer of New MAC. To the fullest extent permitted by law, a corporate opportunity shall not be deemed to be a potential corporate opportunity for New MAC if it is a business opportunity that (i) New MAC is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of New MAC's business or is of no practical advantage to New MAC, (iii) is one in which New MAC has no interest or reasonable expectancy, or (iv) is one presented to any account for the benefit of a member of the New MAC Board or such member's affiliate over which such member of the New MAC Board has no direct or indirect influence or control, including, but not limited to, a blind trust.

***Limitations on Liability and Indemnification of Officers and Directors***

The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties, subject to certain exceptions. The Proposed Charter includes a provision that eliminates, to the fullest extent permitted by law, the personal liability of directors for monetary damages for any breach of fiduciary duty as a director. The effect of these provisions is to eliminate the rights of New MAC and its stockholders, through stockholders' derivative suits on New MAC's behalf, to recover monetary damages from a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation does not apply to any director if the director has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions or derived an improper benefit from his or her actions as a director.

The Proposed Bylaws provide that New MAC must indemnify and advance expenses to directors and officers to the fullest extent permitted by Delaware law. New MAC is also expressly authorized to carry directors' and officers' liability insurance providing indemnification for directors, officers and certain employees for some liabilities. New MAC believes that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

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The limitation of liability, indemnification and advancement provisions in the Proposed Charter and the Proposed Bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit New MAC and its stockholders. In addition, your investment may be adversely affected to the extent New MAC pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. New MAC believes that these provisions, liability 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 New MAC's directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, New MAC has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

***Registration Rights Agreement***

At the Closing, New MAC will enter into the Registration Rights Agreement, pursuant to which, among other things, the Sponsor and certain of its affiliates and certain other stockholders party thereto will have specified rights to require New MAC to register all or a portion of their shares under the Securities Act. The defined term Registrable Securities therein includes the shares of New MAC Common Stock and warrants to purchase New MAC Common Stock issued in connection with the Business Combination. See the section entitled "*Certain Agreements Related to the Business Combination — Registration Rights Agreement*."

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**COMPARISON OF CORPORATE GOVERNANCE AND STOCKHOLDERS' RIGHTS** 

**General** 

New MAC is incorporated under the laws of the State of Delaware and the rights of New MAC stockholders will be governed by the laws of the State of Delaware, including the DGCL, The Proposed Charter and Proposed Bylaws. As a result of the Business Combination, MAC stockholders who receive shares of New MAC Common Stock will become stockholders of New MAC. Thus, following the Business Combination, the rights of MAC stockholders who become New MAC stockholders in the Business Combination will continue to be governed by Delaware law but will no longer be governed by the Existing Charter and the Existing Bylaws and instead will be governed by the Proposed Charter and Proposed Bylaws.

**Comparison of Corporate Governance and Stockholders' Rights** 

This section describes the material differences between the rights of MAC stockholders before the consummation of the Business Combination, and the rights of New MAC stockholders after the Business Combination. These differences in stockholder rights result from the differences between the respective governing documents of MAC and New MAC.

This section does not include a complete description of all differences among such rights, nor does it include a complete description of such rights. Furthermore, the identification of some of the differences of these rights as material is not intended to indicate that other differences that may be equally important do not exist. MAC stockholders are urged to carefully read the relevant provisions of the Proposed Charter that will be in effect as of consummation of the Business Combination (which form is included as <u>Annex B</u> to this proxy statement/prospectus). References in this section to the Proposed Charter are references thereto as it will be in effect upon consummation of the Business Combination. However, the Proposed Charter may change at any time prior to consummation of the Business Combination by mutual agreement of MAC and the DePalma Companies, or be amended any time after the consummation of the Business Combination by amendment in accordance with its terms. If the Proposed Charter is amended, the below summary may cease to accurately reflect the Proposed Charter is so amended.

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| | |
|:---|:---|
| **MAC** | **New MAC** |
| ***Authorized Capital Stock*** | ***Authorized Capital Stock*** |
| The authorized capital stock of MAC, consists of (i) 221,000,000 shares of MAC Common Stock, including (a) 200,000,000 shares of MAC Class A Common Stock, of which 1,010,391 are issued and outstanding, (b) 20,000,000 MAC Class B Common Stock, of which 10,303,333 shares are issued and outstanding and (ii) 1,000,000 shares of preferred stock, of which none are issued or outstanding. | New MAC will be authorized to issue [●] shares of New MAC Common Stock and [●] shares of preferred stock. |
| ***Number and Qualification of Directors*** | ***Number and Qualification of Directors*** |
| The number of directors, other than those who may be elected by the holders of one or more series of the preferred stock voting separately by class or series, shall be fixed from time to time exclusively by the board of directors pursuant to a resolution adopted by a majority of the board of directors. | The total number of directors shall be determined from time to time by resolution adopted by the New MAC Board. |
| ***Election of Directors*** | ***Election of Directors*** |
| Directors shall be elected by the holders of a plurality of the votes cast by the holders of shares present in person or represented by proxy at the meeting of stockholders. | Directors shall be elected by the holders of a plurality of the votes cast by the holders of shares present in person or represented by proxy at the meeting of stockholders. |

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|:---|:---|
| **MAC** | **New MAC** |
| Newly created directorships resulting from an increase in the number of directors and any vacancies resulting from death, resignation, retirement, disqualification, removal or other cause may be filled solely and exclusively by a majority vote of the remaining directors then in office, even if less than a quorum, or by a sole remaining director (and not by stockholders). | Subject to any rights of any preferred stockholders, newly created directorships resulting from an increase in the number of directors and any vacancy (whether occurring due to death, resignation, retirement, disqualification, removal or other cause) shall be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders). |
| ***Board Classification*** | ***Board Classification*** |
| Directors shall be divided into three classes designated Class I, Class II and Class III. Each class shall consist, as nearly as possible, of one-third of the total number of such directors. Class I directors shall initially serve for a term expiring at the first annual meeting of stockholders following the adoption of the Existing Charter, Class II directors shall initially serve for a term expiring at the second annual meeting of stockholders following the adoption of the Existing Charter and Class III directors shall initially serve for a term expiring at the third annual meeting of stockholders following the adoption of the Existing Charter. At each annual meeting following adoption of the Existing Charter, successors to the class of directors whose term expires at that annual meeting shall be elected for a term expiring at the third succeeding annual meeting of stockholders. | The board of directors shall be comprised of single class of directors. |
| ***Removal of Directors*** | ***Removal of Directors*** |
| Any or all of the directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of capital stock entitled to vote generally in the election of directors, voting together as a single class. | Any or all of the directors may be removed only for cause and only upon the affirmative vote of the holders of at least 66-2/3% of the total voting power of all then outstanding shares of stock entitled to vote generally in the election of directors. |
| ***Voting*** | ***Voting*** |
| Holders of shares of MAC Common Stock are entitled to one vote per share on each matter properly submitted to the stockholders which the holders of the MAC Common Stock are entitled to vote. | Holders of New MAC Common Stock will be entitled to one vote per share. |
| ***Stockholder Rights Plan*** | ***Stockholder Rights Plan*** |
| While Delaware law does not include a statutory provision expressly validating stockholder rights plans, such plans have generally been upheld by court decisions applying Delaware law. | While Delaware law does not include a statutory provision expressly validating stockholder rights plans, such plans have generally been upheld by court decisions applying Delaware law. |
| MAC does not have a stockholder rights plan currently in effect, but under the DGCL, MAC's board of directors could adopt such a plan without stockholder approval. | New MAC does not have a stockholder rights plan currently in effect, but under the DGCL, the New MAC Board could adopt such a plan without stockholder approval. |

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|:---|:---|
| **MAC** | **New MAC** |
| ***Special Meeting of the Stockholders*** | ***Special Meeting of the Stockholders*** |
| Special meetings of stockholders may be called only by the chairman of the board of directors, chief executive officer, or by a resolution adopted by a majority of the board of directors. | Special meetings of the stockholders may be called only by or at the direction of the chairman of the board of directors, the chief executive officer or the board of directors. |
| ***Amendment to Certificate of Incorporation*** | ***Amendment to Certificate of Incorporation*** |
| An amendment to the Existing Charter requires the approval of a majority of the combined voting power of then outstanding shares of voting stock, voting together as a single class and the separate approval of a majority of the holders of shares of Class B Common Stock, voting as a separate class. | Under Delaware law, an amendment to the Proposed Charter generally requires the approval of the board of directors and a majority of the voting power of then outstanding shares of voting stock. In addition, pursuant to the Proposed Charter, the affirmative vote of the holders of at least 66-2/3% of the total voting power of all then outstanding shares entitled to vote generally in the election of directors is required to amend provisions relating to: (i) stockholder meetings, (ii) the board of directors, (iii) indemnification and limitation of liability of officers and directors, (iv) election not be governed by Section 203 of the DGCL and business combinations generally, (v) forum selection and (vi) amendment of the Proposed Charter. Additionally, an affirmative vote of at least 80% of the total voting power of all then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class, is required to amend provisions with respect to competition and corporate opportunities. |
| ***Amendment of Bylaws*** | ***Amendment of Bylaws*** |
| The Board may, subject to the DGCL, amend, alter, change, add to or repeal the Existing Bylaws by the affirmative vote of a majority of the Board. In addition, the Existing Bylaws may be adopted, amended, altered or repealed by the stockholders of the Corporation; provided, however, that in addition to any vote of the holders of any class or series of capital stock of the Corporation required by law or by the Existing Charter, the affirmative vote of the holders of a majority of the voting power of all then outstanding shares of capital stock entitled to vote generally in the election of directors, voting together as a single class, shall be required for the stockholders to adopt, amend, alter or repeal the Existing Bylaws. | The New MAC Board may, subject to the DGCL, amend, alter, change, add to or repeal the Proposed Bylaws without the assent or vote of the stockholders in any manner not inconsistent with Delaware law or the Proposed Charter. In addition, pursuant to the Proposed Charter, the affirmative vote of the holders of at least [66]% of the total voting power of all then outstanding shares entitled to vote generally in the election of directors is required to amend provisions of the Proposed Bylaws relating to: (i) stockholder meetings, (ii) the board of directors and (iii) indemnification and limitation of liability of officers and directors. |
| ***Quorum*** | ***Quorum*** |
| A majority of the Board shall constitute a quorum for the transaction of business at any meeting of the Board. | A majority of the total number of directors then in office shall constitute a quorum for the transaction of business by the board of directors. |

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| **MAC** | **New MAC** |
| The presence, in person or by proxy, at a stockholders meeting of the holders of shares of outstanding capital stock representing a majority of the voting power of all outstanding shares of capital stock entitled to vote at such meeting shall constitute a quorum for the transaction of business at such meeting, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of shares representing a majority of the voting power of the outstanding shares of such class or series shall constitute a quorum of such class or series for the transaction of such business. | The holders of a majority in voting power of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. |
| ***Special Stockholder Meetings*** | ***Special Stockholder Meetings*** |
| Subject to the rights of the holders of any series of preferred stock, special meetings of the stockholders may be called only by or at the direction of the board of directors, the chairman of the board of directors or the chief executive officer. | Subject to the rights of the holders of any series of preferred stock, special meetings of the stockholders may be called only by or at the direction of the New MAC board, the chairman of the New MAC board or the chief executive officer. |
| ***Notice of Stockholder Meetings*** | ***Notice of Stockholder Meetings*** |
| Notice of a meeting of stockholders must be given not more than 60, nor less than 10, days previous thereto, to each stockholder entitled to vote at the meeting as of the record date. | Notice of a meeting of stockholders must be given not more than 60, nor less than 10, days previous thereto, to each stockholder entitled to vote at the meeting as of the record date. |
| Notice to stockholders must be given (i) in writing and sent either by hand delivery, through the United States mail, or by a nationally recognized overnight delivery service for next day delivery or (ii) by electronic transmission. | Notice to stockholders must be given (i) by United States mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the records of New MAC or (ii) by electronic transmission. |
| ***Stockholder Proposals (Other than Nomination of Persons for Election as Directors)*** | ***Stockholder Proposals (Other than Nomination of Persons for Election as Directors)*** |
| Nominations or other business to be properly brought before an annual meeting by a stockholder must have given timely notice in writing to the corporate secretary and such business must otherwise be a proper matter for stockholder action. | Nominations or other business to be properly brought before an annual meeting by a stockholder must have given timely notice in writing to the corporate secretary and, in the case of business other than nominations of directors, such other business must be a proper matter for stockholder action. |
| To be timely, must be received by not later than the close of business on the 90th day nor earlier than the opening of business on the 120th day before the anniversary date of the immediately preceding annual meeting of stockholders; provided, however, that in the event that the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice must delivered not earlier than the close of business on the 120th day before the meeting and not later than the later of (x) the close of business on the 90th day before the meeting or (y) the close of business on the 10th day following the day on which public announcement of the date of the annual meeting is first made by the Corporation. | To be timely, notice must be delivered not less than 90 days nor more than one hundred twenty 120 days prior to the first anniversary of the preceding year's annual meeting; provided, however, that in the event that the date of the annual meeting is scheduled for more than 30 days before, or more than 70 days following, such anniversary date, notice must be delivered not later than the 10th day following the day on which public announcement of the date of such meeting is first made. |

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|:---|:---|
| **MAC** | **New MAC** |
| ***Limitation of Liability of Directors and Officers*** | ***Limitation of Liability of Directors and Officers*** |
| A director shall not be personally liable to MAC or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or may hereafter be amended, unless a director violated his or her duty of loyalty to MAC or its stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived improper personal benefit from his or her actions as a director. | To the fullest extent permitted by applicable law, no director will have any personal liability to New MAC or its stockholders for monetary damages for any breach of fiduciary duty as a director. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. |
| ***Indemnification of Directors, Officers, Employees and Agents*** | ***Indemnification of Directors, Officers, Employees and Agents*** |
| MAC, to the fullest extent permitted by law, as the same exists or may hereafter be amended, MAC shall indemnify and hold harmless each person who is or was made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he or she is or was a director or officer of MAC or, while a director or officer, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit reasonably incurred by such indemnitee in connection with such proceeding. | New MAC, to the fullest extent permitted by law, shall indemnify and advance expenses to any person made or threatened to be made a party to any action, suit or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he or she is or was a director or officer of New MAC or any predecessor of New MAC, or, while serving as a director or officer of New MAC, serves or served at any other enterprise as a director or officer at the request of New MAC or any predecessor of New MAC. |
| ***Dividends, Distributions and Stock Repurchases*** | ***Dividends, Distributions and Stock Repurchases*** |
| Subject to the rights of the holders of any series of preferred stock, the holders of shares of MAC Common Stock shall be entitled to receive such dividends and other distributions when, as and if declared thereon by the board of directors from time to time out of any assets or funds legally available therefor and shall share equally on a per share basis in such dividends and distributions. | Subject to the rights of the holders of any series of preferred stock having a preference over or the right to participate with the New MAC Common Stock with respect to the payment of dividends and other distributions, the holders of New MAC Common Stock shall be entitled to receive ratably in proportion to the number of shares held by each such stockholder such dividends and other distributions as may from time to time be declared by the New MAC board in its discretion out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the board of directors in its discretion shall determine. |

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Upon the consummation of the Business Combination, New MAC will have, based on the assumptions set out elsewhere in this proxy statement/prospectus, up to [●] shares of New MAC Common Stock issued and outstanding. All of the New MAC Common Stock issued to the Public Stockholders in connection with the Business Combination will be freely transferable by persons other than by Sponsor or MAC's, New MAC's and DePalma's affiliates without restriction or further registration under the Securities Act. Sales of substantial amounts of the New MAC Common Stock in the public market could adversely affect prevailing market prices of the New MAC Common Stock. Prior to the Business Combination, there has been no public market for New MAC Common Stock. New MAC will apply for listing of the New MAC Common Stock and New MAC Warrants on the Nasdaq, but there can be no assurance that a regular trading market will develop in the New MAC Common Stock and New MAC Warrants.

**Registration Rights** 

The Registration Rights Agreement will provide customary registration rights, including demand and "piggyback" rights with respect to the shares of New MAC Common Stock and New MAC Warrants held by parties thereto following the consummation of the Business Combination. For additional information, see the sections entitled "*Certain Agreements Related to the Business Combination — Registration Rights Agreement*."

**Rule 144** 

Pursuant to Rule 144 under the Securities Act ("<u>Rule 144</u>"), a person who has beneficially owned restricted New MAC Common Stock or New MAC Warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been an affiliate of New MAC at the time of, or at any time during the three months preceding, a sale and (ii) New MAC is 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 New MAC was required to file reports) preceding the sale.

Persons who have beneficially owned restricted New MAC Common Stock or New MAC Warrants for at least six months but who are affiliates of New MAC 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;&nbsp;&nbsp;• 1% of the total number of New MAC Common Stock then outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly reported trading volume of New MAC Common Stock during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to the sale.

Sales by affiliates of New MAC under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about New MAC.

**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;&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;&nbsp;&nbsp;• the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act;

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&nbsp;&nbsp;&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 Form 8-K reports; and

&nbsp;&nbsp;&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, the Sponsor will be able to sell their Founder Shares and Private Placement Warrants, as applicable, pursuant to Rule 144 without registration one year after New MAC has completed the Business Combination.

MAC anticipates that following the consummation of the Business Combination, New MAC will no longer be a shell company, and so, once the conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of the above noted restricted securities.

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**OTHER STOCKHOLDER COMMUNICATIONS** 

Stockholders and interested parties may communicate with the MAC Board, any committee chairperson or the non-management directors as a group by writing to the board or committee chairperson in care of Marblegate Acquisition Corp., at its principal executive offices at (914) 415-4081 and 411 Theodore Fremd Avenue, Suite 206S, Rye, New York 10580. Following the Business Combination, such communications should be sent in care of Marblegate Capital Corporation, at its principal executive offices at ([●]) [●]-[●] and [●]. Each communication will be forwarded, depending on the subject matter, to the New MAC Board, the appropriate committee chairperson or all non-management directors.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS** 

The following discussion is a summary of the material U.S. federal income tax considerations relevant to holders of Public Shares or Public Warrants that either (a) participate in the Merger, or (b) elect to have their shares of MAC Common Stock redeemed for cash. This discussion also addresses certain U.S. federal income tax consequences to such holders of owning and disposing of the New MAC Common Stock and New MAC Warrants received in the Merger. This discussion addresses only those MAC security holders that hold their securities, and, if they participate in the Merger, will hold New MAC's securities, as capital assets within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>") (generally, property held for investment). The following does not purport to be a complete analysis of all potential tax effects arising in connection with the Merger or the redemptions of shares of MAC Class A Common Stock. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case as in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect the tax consequences discussed below. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences discussed below. This discussion does not address any tax considerations for any transaction other than the Merger or the redemptions of shares of MAC Class A Common Stock described in the section of this proxy statement/prospectus entitled "*Special Meeting of MAC Stockholders — Redemption Rights*."

This discussion does not address all U.S. federal income tax consequences that may be relevant to a holder's particular circumstances, including the impact of the U.S. federal excise tax on net investment income. In addition, it does not address consequences relevant to holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and certain other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies, mutual funds and real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders in securities that elect to mark to market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding MAC Common Stock or MAC Warrants as part of a hedge, straddle, constructive sale, or other risk
reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules as a result of any item of gross income with respect to MAC
Common Stock or the MAC Warrants being taken into account in an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more (by vote or value) of MAC Common Stock or, following the
Business Combination, New MAC Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and corporations
that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• S corporations, partnerships or other entities or arrangements treated as partnerships or other flow-through
entities for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. holders" (as defined below) having a functional currency other than the U.S. dollar;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or received MAC Common Stock or MAC Warrants pursuant to the exercise of any employee stock
option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Non-U.S. holder (as defined below) that is a nonresident alien
individual present in the United States for 183 days or more during the applicable taxable year and certain other requirements are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of
the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sponsor or any of its affiliates, officers or directors

For purposes of this discussion, a "U.S. holder" is any beneficial owner of MAC Common Stock and/or MAC Warrants that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation) created or organized under the laws of the United
States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more
"United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

Also, for purposes of this discussion, a "Non-U.S. holder" means a beneficial owner of MAC Common Stock and/or MAC Warrants, as the case may be, who is neither a U.S. holder nor an entity or arrangement classified as a partnership for U.S. federal income tax purposes.

If an entity or an arrangement treated as a partnership for U.S. federal income tax purposes holds MAC Common Stock and/or MAC Warrants, the tax treatment of an owner of such entity or arrangement will depend on the status of the owners, the activities of the entity or arrangement and certain determinations made at the owner level. Accordingly, entities or arrangements treated as partnerships for U.S. federal income tax purposes and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER U.S. FEDERAL ESTATE, GIFT OR OTHER TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.** 

**Material U.S. Federal Income Tax Considerations of the Merger** 

***U.S. Holders***

The Merger, taken together with the Related Transactions, is intended to qualify as an integrated transaction described in Section 351 of the Code. However, the provisions of Section 351 of the Code are complex and qualification as a non-recognition transaction thereunder could be adversely affected by events or actions that occur following the Merger and the Related Transactions that are beyond the control of MAC or New MAC. Any position of MAC and New MAC is not binding on the IRS or the courts, and the parties do not intend to request a ruling from the IRS with respect to the Merger qualifying as a transaction described in Section 351 of the Code. Accordingly, no assurance can be given that the IRS will not assert, or that a court will not sustain, a position contrary to such intended treatment of the Merger.

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The Merger could also potentially qualify as a reorganization under Section 368 of the Code. To qualify as a reorganization under Section 368 of the Code, a transaction must satisfy certain requirements, including, among others, that the acquiring corporation continue, either directly or indirectly through certain controlled corporations, either a significant line of the acquired corporation's historic business or use a significant portion of the acquired corporation's historic business assets in a business, in each case, within the meaning of Treasury Regulations Section 1.368-1(d). However, due to the absence of guidance bearing directly on how the above rules apply in the case of an acquisition of stock of a corporation with no active business and only investment-type assets, such as MAC, the qualification of the Merger as a reorganization under Section 368 of the Code is not free from doubt. No opinion is being provided to MAC or New MAC regarding whether the Merger will qualify as a reorganization under Section 368 of the Code. Furthermore, any position of MAC and New MAC is not binding on the IRS or the courts, and the parties do not intend to request a ruling from the IRS with respect to the Merger qualifying as a reorganization under Section 368 of the Code. Accordingly, no assurance can be given that the Merger will qualify as a Section 368 reoganization.

*U.S. Holders Exchanging Only MAC Common Stock for New MAC Common Stock*. Assuming the Merger qualifies as qualifies as a transaction described in Section 351(a) of the Code or a reorganization within the meaning of Section 368(a) of the Code, a U.S. holder that owns only shares of MAC Common Stock but not MAC Warrants and that exchanges such MAC Common Stock for New MAC Common Stock pursuant to the Merger generally should not recognize gain or loss. The aggregate tax basis of the for New MAC Common Stock received by such U.S. holder should be the same as the aggregate adjusted tax basis of the MAC Common Stock exchanged therefor. The holding period of the for New MAC Common Stock received by such U.S. holder will include the period during which the shares of MAC Common Stock exchanged therefor were held by such U.S. holder.

If the Merger were to fail to qualify as a transaction described in Section 351 of the Code and were to also fail to qualify as a reorganization under Section 368 of the Code, then a U.S. holder that owns only shares of MAC Common Stock should recognize gain or loss upon the exchange of such MAC Common for New MAC Common Stock pursuant to the Merger in an amount equal to the difference between the fair market value of the New MAC Common Stock received and such U.S. holder's adjusted tax basis in such U.S. holder's MAC Common Stock. A U.S. holder's tax basis in the New MAC Common Stock received in the Merger would equal the fair market value of such New MAC Common Stock. A U.S. holder's holding period in the New MAC Common Stock received in the Merger would begin on the day after the Merger. The aggregate tax basis of a U.S. holder in the New MAC Common Stock received in the Mrger generally would equal its fair market value at the time of the Merger, and the holding period of the New MAC Common Stock received in Merger would begin on the day after the Merger. Gain, if any, that is recognized by a U.S. holder would generally be long-term capital gain to the extent such shares MAC Common Stock were held by such U.S. holder for more than one year at the time of the Merger. Long-term capital gains recognized by a non-corporate U.S. holder generally would be eligible to be taxed at reduced rates under current law. The deductibility of capital losses is subject to limitations. It is unclear whether the redemption rights with respect to the MAC Common Stock described in this proxy statement/prospectus could toll a U.S. holder's holding period.

*U.S. Holders Whose MAC Warrants Become New MAC Warrants.* If the Merger qualifies as a reorganization under Section 368 of the Code, a U.S. holder of MAC Warrants that are converted to New MAC Warrants pursuant to the Merger generally would not recognize gain or loss. The aggregate tax basis of the New MAC Warrants received by such U.S. holder should be the same as the aggregate adjusted tax basis of MAC Warrants exchanged therefor. The holding period of the New MAC Warrants received by such U.S. holder would include the period during which MAC Warrants exchanged therefor were held by such U.S. holder.

If the Merger qualifies as a transaction described in Section 351 of the Code but not as a reorganization under Section 368 of the Code, a U.S. holder that owns only MAC Warrants but not MAC Common Stock should recognize gain or loss upon the conversion of those MAC Warrants to New MAC Warrants pursuant to the Merger in an amount equal to the difference between the fair market value of the New MAC Warrants received

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and such U.S. holder's adjusted tax basis in such U.S. holder's MAC Warrants. A U.S. holder's tax basis in the New MAC Warrants received in the Merger would equal the fair market value of such New MAC Warrants. A U.S. holder's holding period in the New MAC Warrants received in the Merger should begin on the day after the Merger. Gain, if any, that is recognized by a U.S. holder would generally be long-term capital gain to the extent to such New MAC Warrants were held by such U.S. holder for more than one year at the time of the Merger. Long-term capital gains recognized by a non-corporate U.S. holder generally would be eligible to be taxed at reduced rates under current law. The deductibility of capital losses is subject to limitations. It is unclear whether the redemption rights with respect to the MAC Common Stock described in this proxy statement/prospectus could toll a U.S. holder's holding period.

If the Merger qualifies as a transaction described in Section 351 of the Code but not as a reorganization under Section 368 of the Code, the treatment of a U.S. holder that owns both MAC Common Stock that are exchanged for New MAC Common Stock and MAC Warrants that are converted into New MAC Warrants in the Merger depends on whether the conversion of MAC Warrants into New MAC Warrants in the Merger is treated as part of the transaction as described in Section 351 of the Code or as a separate transaction. If the conversion of MAC Warrants into New MAC Warrants is treated as a separate transaction, then the U.S. federal income tax treatment of the U.S. holder's exchange of MAC Common Stock for New MAC Common Stock should be treated as described above under "— *U.S. Holders Exchanging Only MAC Common Stock for New MAC Common Stock*," and the U.S. federal income tax treatment of the conversion of MAC Warrants for New MAC Warrants should generally be treated as described in the previous paragraph.

If the conversion of MAC Warrants into New MAC Warrants in the Merger is treated as part of the transaction described in Section 351 of the Code, a U.S. holder would generally be treated as transferring each of (i) its MAC Common Stock and (ii) its MAC Warrants for a combination of New MAC Common Stock and New MAC Warrants received by such U.S. holder in the Merger. The New MAC Warrants received by such U.S. holder in the Merger would be allocated ratably between the MAC Common Stock and the MAC Warrants in proportion to their relative fair market values, and the U.S. holder would generally recognize gain (but not loss) with respect to each share of its MAC Common Stock and each of its MAC Warrants equal to the lesser of (i) the excess (if any) of the fair market value of such share or warrant over such U.S. holder's tax basis in such share or warrant or (ii) the fair market value of such New MAC Warrants allocated to such share or warrant. Any loss realized by a U.S. holder would not be recognized. A U.S. holder should have a tax basis in the New MAC Common Stock equal to the tax basis in the MAC Common and MAC Warrants surrendered, plus any gain recognized in the exchange, less the fair market value of the New MAC Warrants received, and a U.S. holder's tax basis in the New MAC Warrants should be the fair market value of such New MAC Warrnats. The holding period of the New MAC Common Stock received by such U.S. holder should include the period during which the MAC Common Stock exchanged therefor were held by such U.S. holder. A U.S. holder's holding period in the New MAC Warrants received in the Merger should begin on the day after the Merger.

Gain, if any, described in the previous paragraph that is recognized by a U.S. holder would generally be long-term capital gain to the extent it is allocated to exchanged MAC Common Stock, or MAC Warrants converted into New MAC Warrants, that were held by such U.S. holder for more than one year at the time of the Merger. Long-term capital gains recognized by a non-corporate U.S. holder generally would be eligible to be taxed at reduced rates under current law. The deductibility of capital losses is subject to limitations. It is unclear whether the redemption rights with respect to the MAC Common Stock described in this proxy statement/prospectus could toll a U.S. holder's holding period.

*Information Reporting, Backup Withholding and Additional Reporting Requirements.* The information reporting and backup withholding requirements applicable to the redemption of MAC Common Stock, described below in "*Material U.S. Federal Income Tax Considerations of the Redemption — U.S. Holders — Information Reporting and Backup Withholding*", may apply to the Merger to the extent it results in a taxable exchange of (or otherwise results in the recognition of gain or loss with respect to the exchange of) MAC Common Stock and/or MAC Warrants.

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*Non-U.S. Holders* 

The U.S. federal income tax consequences of the Merger to Non-U.S. holders generally will correspond to the U.S. federal income tax consequences of the Merger to U.S. holders, as described above under "*— Material U.S. Federal Income Tax Considerations of the Merger — U.S. Holders*"although to the extent the Merger results in a taxable exchange of (or otherwise results in the recognition of gain or loss with respect to the exchange of) MAC Common Stock or MAC Warrants, the consequences would be similar to those described below under the heading "*Material U.S. Federal Income Tax Considerations of the Redemption — Non-U.S. Holders — Gain or Loss on Redemption Treated as a Sale of MAC Common Stock*" and "*Material U.S. Federal Income Tax Considerations — Non-U.S. Holders — Information Reporting and Backup Withholding*" for a Non-U.S. holder that recognizes gain on the redemption of MAC Common Stock and the related information reporting and backup withholding requirements.

**Material U.S. Federal Income Tax Considerations of Redemption** 

***U.S. Holders***

*Tax Characterization of Redemption*. In the event that a U.S. holder exercises redemption rights with respect to its MAC Common Stock pursuant to the redemption provisions described in the section of this proxy statement/prospectus entitled "*Special Meeting of MAC Stockholders  — Redemption Rights*," the treatment of the transaction for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale of the MAC Common Stock under Section 302 of the Code. If the redemption qualifies as a sale of the MAC Common Stock for U.S. federal income tax purposes, the U.S. holder generally will be treated as described under "*— Material U.S. Federal Income Tax Considerations of Redemption — U.S. Holders — Gain or Loss on Redemption Treated as Sale of MAC Common Stock*" below. If the redemption does not qualify as a sale of MAC Common Stock for U.S. federal income tax purposes, the U.S. holder generally will be treated as receiving a corporate distribution with the tax consequences described below under "*— Material U.S. Federal Income Tax Considerations of Redemption — U.S. Holders — Taxation of Redemption Treated as a Distribution*."

Whether a redemption qualifies for sale treatment will depend largely on the total number of shares of MAC Common Stock treated as held by the U.S. holder (including any stock constructively owned by the U.S. holder as a result of owning MAC Warrants or otherwise) relative to all MAC Common Stock outstanding both before and after the redemption. The redemption of a U.S. holder's MAC Common Stock generally will be treated as a sale of the shares (rather than as a corporate distribution) if the redemption (i) is "substantially disproportionate" with respect to the U.S. holder, (ii) results in a "complete termination" of the U.S. holder's interest in MAC, or (iii) is "not essentially equivalent to a dividend" with respect to the U.S. holder. These tests are explained more fully below.

In determining whether any of the foregoing tests are satisfied, a U.S. holder takes into account not only MAC Common Stock actually owned by the U.S. holder, but also shares of MAC Common Stock that are constructively owned by the U.S. holder. A U.S. holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals and entities in which the U.S. holder has an interest or that have an interest in such U.S. holder, as well as any stock the U.S. holder has a right to acquire by exercise of an option, which would generally include shares of MAC Common Stock which could be acquired pursuant to the exercise of the MAC Warrants. In order to meet the substantially disproportionate test, the percentage of MAC outstanding voting stock actually and constructively owned by the U.S. holder immediately following the redemption of MAC Common Stock must, among other requirements, be less than 80% of the percentage of MAC outstanding voting stock actually and constructively owned by the U.S. holder immediately before the redemption. There generally will be a complete termination of a U.S. holder's interest if either (i) all of the shares of MAC stock actually and constructively owned by the U.S. holder are redeemed or (ii) all of the shares of MAC stock actually owned by the U.S. holder are redeemed and the U.S. holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members, the U.S. holder does not constructively own any other shares of MAC stock and the U.S. holder otherwise

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complies with specific conditions. The redemption of MAC Common Stock generally will not be essentially equivalent to a dividend if such redemption results in a "meaningful reduction" of the U.S. holder's proportionate interest in MAC. Whether the redemption will result in a meaningful reduction in a U.S. holder's proportionate interest in MAC 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 stockholder in a publicly held corporation who exercises no control over corporate affairs may constitute such a "meaningful reduction." A U.S. holder should consult with its own tax advisors as to the tax consequences of a redemption.

If none of the foregoing tests are satisfied, then the redemption generally will be treated as a corporate distribution and the tax effects generally will be as described under "*— Material U.S. Federal Income Tax Considerations of Redemption* — *U.S. Holders — Taxation of Redemption Treated as a Distribution*" below. After the application of those rules, any remaining tax basis of the U.S. holder in the redeemed MAC Common Stock will be added to the U.S. holder's adjusted tax basis in its remaining MAC stock, or, if it has none, to the U.S. holder's adjusted tax basis in its MAC Warrants or possibly in other MAC stock constructively owned by it. U.S. holders that hold shares of MAC stock with differing tax bases or holding periods are urged to consult their tax advisors regarding the application of the rules related to redemptions.

*Gain or Loss on Redemption Treated as Sale of MAC Common Stock*. If the redemption qualifies as a sale of MAC Common Stock for U.S. federal income tax purposes, 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 the MAC Common Stock redeemed. A U.S. holder's adjusted tax basis in its MAC Common Stock generally will equal the U.S. holder's purchase price allocated to such MAC Common Stock, less any prior distributions paid to such U.S. holder that were treated as a return of capital for U.S. federal income tax purposes. Any such capital gain or loss recognized with respect to a redemption may be long-term capital gain or loss if the U.S. holder held such MAC Common Stock for more than one year. It is unclear, however, whether the redemption rights with respect to the MAC Common Stock may suspend the running of the applicable holding period for this purpose. If the running of the holding period for the MAC Common Stock is suspended, then the holding period of such shares may not be considered to begin until the date of such redemption, and non-corporate U.S. holders may not be able to satisfy the one-year holding period requirement for long-term capital gain treatment, in which case any such capital gain or loss recognized with respect to a redemption would be subject to short-term capital gain or loss treatment and would be taxed at regular ordinary income tax rates. Long-term capital gains recognized by non-corporate U.S. holders generally will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.

*Taxation of Redemption Treated as a Distribution*. If the redemption does not qualify as a sale of MAC Common Stock for U.S. federal income tax purposes, a U.S. holder generally will be treated as receiving a distribution of cash from MAC. Such distribution generally will constitute a dividend for U.S. federal income tax purposes to the extent paid from MAC's current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of MAC's current and accumulated earnings and profits generally will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder's adjusted tax basis in its MAC Common Stock. Any remaining excess generally will be treated as gain realized on the sale of the MAC Common Stock and will be treated as described under "*— Material U.S. Federal Income Tax Considerations of Redemption — U.S. Holders — Gain or Loss on Redemption Treated as Sale of MAC Common Stock*" above.

Provided that certain holding period requirements are met, dividends MAC pays to a U.S. holder that is a corporation for U.S. federal income tax purposes may qualify for the dividends received deduction. Such dividends also may be subject to the "extraordinary dividends" provisions of the Code, which could cause a reduction in the tax basis of such corporate U.S. holder's shares and cause such U.S. holder to recognize capital gain. Provided that certain holding period requirements are met, and with certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations), dividends MAC pays to a non-corporate U.S. holder may constitute "qualified dividends" that will be subject to

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tax at preferential long-term capital gains rates. It is unclear whether the redemption rights with respect to the MAC Common Stock may prevent a U.S. holder from satisfying the applicable holding period requirements with respect to the dividends received deduction or the preferential tax rate on qualified dividend income, as the case may be. If the holding period requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and may have taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified dividend income. U.S. holders should consult with their own tax advisors regarding its applicable holding period for these purposes.

*Information Reporting and Backup Withholding*. Payments received by a U.S. holder as a result of the redemption of MAC Common Stock may be subject, under certain circumstances, to information reporting and backup withholding. Backup withholding, at a current rate of 24%, may apply to such payments if the U.S. holder fails to provide a taxpayer identification number or certification of exempt status, has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn), or otherwise fails to make the required certifications (generally on an IRS Form W-9) or establish an exemption. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a credit against a U.S. holder's U.S. federal income tax liability and may entitle such U.S. holder to a refund of any excess amounts withheld, provided the required information is timely furnished to the IRS.

***Non-U.S. Holders***

*Tax Characterization of Redemption*. The U.S. federal income tax characterization of the exercise of redemption rights by a Non-U.S. holder with respect to its MAC Common Stock pursuant to the redemption provisions described in the section of this proxy statement/prospectus entitled "*Special Meeting of MAC Stockholders — Redemption Rights*" generally will correspond to the characterization of the exercise of redemption rights by a U.S. holder with respect to its MAC Common Stock, as described under "*— Material U.S. Federal Income Tax Considerations of Redemption — U.S. Holders — Tax Characterization of Redemption*" above. However, the consequences of such redemption to the Non-U.S. holder generally will differ from the consequences for U.S. holders, as described below. It is possible that because the applicable withholding agent may not be able to determine the proper characterization of a redemption of a Non-U.S. holder's MAC Common Stock, the withholding agent might treat the redemption as a distribution subject to withholding tax.

*Gain on Redemption Treated as Sale of MAC Common Stock*. Subject to the discussions of backup withholding and FATCA below, if the redemption qualifies as a sale of MAC Common Stock for U.S. federal income tax purposes with respect to a Non-U.S. holder, such Non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized upon the redemption of its MAC Common Stock, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder within the U.S. (and, if required under an applicable income tax treaties, is attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S. holder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MAC is or has been a "U.S. real property holding corporation" for U.S. federal income tax purposes at
any time during the shorter of the five-year period ending on the date of the redemption or the period that the Non-U.S. holder held the MAC Common Stock, and, in the case where MAC stock is considered
regularly traded on an established securities market for this purpose, the Non-U.S. holder has owned, directly or constructively, more than 5% of the MAC stock at any time within such period. There can be no
assurance that MAC stock will be treated as regularly traded on an established securities market for this purpose.

Unless an applicable treaty provides otherwise, gain described in the first bullet point above generally will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S. holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign corporation may also be subject to an additional "branch profits tax" at a 30% rate (or lower treaty rate).

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If the second bullet point above applies to a Non-U.S. holder, gain recognized by such holder with respect to the redemption of MAC Common Stock generally will be subject to tax at generally applicable U.S. federal income tax rates and a U.S. federal withholding tax could apply. However, MAC believes that it is not, and has not been at any time since its formation, a U.S. real property holding corporation.

*Taxation of Redemption Treated as a Distribution*. If the redemption does not qualify as a sale of MAC Common Stock for U.S. federal income tax purposes, a Non-U.S. holder will generally be treated as receiving a corporate distribution of cash from MAC. The determination of the extent to which such distribution will be treated as a dividend, return of capital, or gain realized on the sale of MAC Common Stock will generally be the same as for U.S. holders of MAC Common Stock, as described in "*— Material U.S. Federal Income Tax Considerations of Redemption — U.S. Holders — Taxation of Redemption Treated as a Distribution*" above.

In general, any distributions the Non-U.S. holder is treated as receiving as a result of a redemption, to the extent paid out of MAC's current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes. Subject to the withholding requirements under Sections 1471 through 1474 of the Code and the U.S. Treasury regulations and administrative guidance issued thereunder, collectively "FATCA," and provided such dividends are not effectively connected with the Non-U.S. holder's conduct of a trade or business within the United States, withholding of tax from the gross amount of the dividend generally will be required at a rate of 30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). Because it generally cannot be determined at the time of a distribution whether or not the distribution will exceed current and accumulated earnings and profits, withholding tax generally will apply on the entire amount of any distribution at the 30% rate (subject to reduction by an applicable income tax treaty). However, some or all of any amounts thus withheld may be refundable to the Non-U.S. holder if it is subsequently determined that such distribution was, in fact, in excess of MAC's current and accumulated earnings and profits.

Any distribution not constituting a dividend generally will be treated first as reducing (but not below zero) the Non-U.S. holder's adjusted tax basis in its MAC Common Stock and, to the extent such distribution exceeds the Non-U.S. holder's adjusted tax basis, as gain realized from the sale or other disposition of the MAC Common Stock, which generally will be treated as described under "*— Material U.S. Federal Income Tax Considerations of Redemption — Non-U.S. Holders — Gain on Redemption Treated as Sale of MAC Common Stock*" above.

The withholding tax described above does not apply to dividends paid to a Non-U.S. holder who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. holder's conduct of a trade or business within the U.S. (and, if required under an applicable income tax treaty, are attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S. holder). Instead, the effectively connected dividends generally will be subject to regular U.S. income tax as if the Non-U.S. holder were a U.S. resident, subject to an applicable income tax treaty providing otherwise. A Non-U.S. holder that is a corporation receiving effectively connected dividends may also be subject to an additional "branch profits tax" imposed at a rate of 30% (or a lower treaty rate).

*Information Reporting and Backup Withholding*. Any distributions paid to a Non-U.S. holder (including constructive distributions pursuant to a redemption of MAC Common Stock) generally will be reported annually to the IRS and to the Non-U.S. holder. Copies of these information returns may be made available to the tax authorities in the country in which the Non-U.S. holder resides or is established. Any distributions paid to a Non-U.S. holder (including constructive distributions pursuant to a redemption of MAC Common Stock) generally will not be subject to backup withholding if the Non-U.S. holder establishes an exemption by properly certifying its non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form).

Payments of the proceeds of the sale or other disposition by a Non-U.S. holder of MAC Common Stock effected by or through a U.S. office of a broker generally will be subject to information reporting and backup

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withholding (at the applicable rate) unless the Non-U.S. holder establishes an exemption by properly certifying its non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form) and/or certain other conditions are met.

Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability (if any) of persons subject to backup withholding generally will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund may be obtained, provided that the required information is timely furnished to the IRS.

*FATCA Withholding Taxes.* 

FATCA generally imposes withholding of 30% on payments of dividends (including constructive dividends) on MAC stock to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities, unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied by, or an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). The IRS has issued proposed Treasury regulations (on which taxpayers may rely until final Treasury regulations are issued) that would generally not apply these withholding requirements to gross proceeds from sales or other disposition of MAC stock. Jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules. Under certain circumstances, a Non-U.S. holder might be eligible for refunds or credits of such withholding taxes, and a Non-U.S. holder might be required to file a U.S. federal income tax return to claim such refunds or credits.

**Material U.S. Federal Income Tax Consequences of Ownership and Disposition of New MAC Common Stock and New MAC Warrants** 

***U.S. Holders***

*Distributions on New MAC Common Stock.* The gross amount of any distribution on shares of New MAC Common Stock that is made out of New MAC's current or accumulated profits (as determined for U.S. federal income tax purposes) will generally be taxable to a U.S. holder as ordinary dividend income on the date such distribution is actually or constructively received by such U.S. holder. Any such dividends paid to corporate U.S. holders generally will qualify for a dividends received deduction (pursuant to which a portion of the dividend may be deducted) if the requisite holding period is satisfied. Subject to applicable requirements and limitations, dividends paid to a non-corporate U.S. holder generally will constitute "qualified dividends" that will be subject to tax at the preferential tax rate accorded to long-term capital gains.

Non-corporate U.S. holders that do not meet a minimum holding period requirement or that elect to treat the dividend income as "investment income" pursuant to Section 163(d)(4) of the Code (dealing with the deduction for investment interest expense) will not be eligible for the reduced rates of taxation applicable to qualified dividends. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met.

To the extent that the amount of any distribution made by New MAC on the New MAC Common Stock exceeds New MAC's current and accumulated earnings and profits for a taxable year (as determined under U.S. federal income tax principles), the distribution will first be treated as a tax-free return of capital, causing a reduction (but not below zero) in the adjusted basis of the U.S. holder's shares of New MAC Common Stock, and to the extent the amount of the distribution exceeds the U.S. holder's tax basis, the excess will be taxed as capital gain recognized on a sale or exchange as described below under "*— Sale, Exchange, Redemption or Other Taxable Disposition of Shares of New MAC Common Stock.*"

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*Sale, Exchange, Redemption or Other Taxable Disposition of Shares of New MAC Common Stock and New MAC Warrants.* A U.S. holder will generally recognize gain or loss on any sale, exchange, or other taxable disposition of New MAC Common Stock or New MAC Warrants, including on a redemption that is treated as a sale or exchange under Section 302 of the Code, in an amount equal to the difference between the amount realized on the disposition and such U.S. holder's adjusted tax basis in such New MAC Common Stock or New MAC Warrants. Any gain or loss recognized by a U.S. holder on a taxable disposition of New MAC Common Stock or New MAC Warrants will generally be capital gain or loss and will be long-term capital gain or loss if the U.S. holder's holding period in the New MAC Common Stock or New MAC Warrants exceeds one year at the time of the disposition. Preferential tax rates may apply to long-term capital gains recognized by non-corporate U.S. holders (including individuals). The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S. holder on the sale or exchange of New MAC Common Stock or New MAC Warrants will generally be treated as U.S. source gain or loss.

*Exercise or Lapse of New MAC Warrants.* Except as discussed below with respect to the cashless exercise of a New MAC Warrant, a U.S. holder generally will not recognize taxable gain or loss on the exercise of a New MAC Warrant. The U.S. holder's tax basis in the New MAC Common Stock received upon exercise of a New MAC Warrant generally will be an amount equal to the sum of the U.S. holder's adjusted tax basis in the New MAC Warrant and the exercise price of such New MAC Warrant. It is unclear whether the U.S. holder's holding period for the New MAC Common Stock received upon exercise of the New MAC Warrants will begin on the date following the date of exercise or on the date of exercise of the New MAC Warrants; in either case, the holding period will not include the period during which the U.S. holder held the New MAC Warrants. If a New MAC Warrant is allowed to lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such U.S. holder's tax basis in the New MAC Warrant.

The tax consequences of a cashless exercise of a New MAC Warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S. holder's basis in the New MAC Common Stock received would equal the holder's basis in the New MAC Warrants. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder's holding period in the New MAC Common Stock will commence on the date following the date of exercise or on the date of exercise of the New MAC Warrant. If the cashless exercise were treated as a recapitalization, the holding period of the New MAC Common Stock would include the holding period of the New MAC Warrants.

It is also possible that a cashless exercise could be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder could be deemed to have surrendered a number of New MAC Warrants having an aggregate fair market value equal to the exercise price for the total number of New MAC Warrants to be exercised, and the U.S. holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the New MAC Warrants deemed surrendered and the U.S. holder's tax basis in such New MAC Warrants. In that case, a U.S. holder's tax basis in the New MAC Common Stock received would equal the sum of the U.S. holder's tax basis in the New MAC Warrants exercised and the exercise price of such New MAC Warrants. It is unclear whether a U.S. holder's holding period for the New MAC Common Stock would commence on the date following the date of exercise or on the date of exercise of the New MAC Warrants; in either case, the holding period would not include the period during which the U.S. holder held the New MAC Warrants. There may also be alternative characterizations of any such taxable exchange that would result in similar tax consequences, except that a U.S. holder's gain or loss would be short-term.

Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder's holding period would commence with respect to the New MAC Common Stock received, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their tax advisors regarding the tax consequences of a cashless exercise.

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*Information Reporting and Backup Withholding.* New MAC generally must report annually to the IRS and to each holder the amount of cash dividends and certain other distributions it pays to such holder on such holder's New MAC Common Stock and the amount of tax, if any, withheld with respect to those distributions. Information reporting is also generally required with respect to proceeds from the sales and other dispositions of New MAC Common Stock or New MAC Warrants. In addition, certain information concerning a U.S. holder's adjusted tax basis in its New MAC Common Stock or New MAC Warrants and adjustments to that tax basis and whether any gain or loss with respect to such securities is long-term or short-term also may be required to be reported to the IRS.

Moreover, backup withholding of U.S. federal income tax at a rate of 24% generally will apply to cash distributions made on New MAC Common Stock to, and the proceeds from sales and other dispositions of New MAC Common Stock or New MAC Warrants by, a U.S. holder (other than an exempt recipient) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fails to provide an accurate taxpayer identification number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is notified by the IRS that backup withholding is required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in certain circumstances, fails to comply with applicable certification requirements.

Backup withholding is not an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. holder's U.S. federal income tax liability and may entitle such U.S. holder to a refund, provided that certain required information is timely furnished to the IRS. U.S. holders are urged to consult their own tax advisors regarding the application of backup withholding and the availability of and procedures for obtaining an exemption from backup withholding in their particular circumstances.

***Non-U.S. Holders***

*Distributions on New MAC Common Stock.* Distributions of cash or property to a Non-U.S. holder in respect of New MAC Common Stock will generally constitute dividends for U.S. federal income tax purposes to the extent paid from New MAC's current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds New MAC's current and accumulated earnings and profits, the excess will generally be treated first as a tax-free return of capital to the extent of the Non-U.S. holder's adjusted tax basis in the New MAC Common Stock. Any remaining excess will be treated as capital gain and will be treated as described below under "— *Sale, Exchange, Redemption or Other Taxable Disposition of New MAC Common Stock or New MAC Warrants.*"

Dividends paid to a Non-U.S. holder of New MAC Common Stock generally will be subject to withholding of U.S. federal income tax at a 30% rate, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate as described below. However, dividends that are effectively connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment or fixed base of the Non-U.S. holder) are not subject to such withholding tax, provided certain certification and disclosure requirements are satisfied (generally by providing an IRS Form W-8ECI). Instead, such dividends are subject to U.S. federal income tax on a net income basis in the same manner as if the Non-U.S. holder were a United States person as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A Non-U.S. holder of New MAC Common Stock who wishes to claim the benefit of an applicable treaty rate and avoid backup withholding, as discussed below, for dividends will be required (a) to complete the applicable IRS FormW-8 and certify under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if the shares of New MAC Common Stock are

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held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable U.S. Treasury regulations. A Non-U.S. holder of New MAC Common Stock eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders are urged to consult their own tax advisors regarding their entitlement to the benefits under any applicable income tax treaty.

*Sale, Exchange, Redemption or Other Taxable Disposition of New MAC Common Stock or New MAC Warrants.* Subject to the discussion of backup withholding and FATCA below, any gain realized by a Non-U.S. holder on the taxable disposition of New MAC Common Stock or New MAC Warrants (including on a redemption that is treated as a sale or exchange under Section 302 of the Code) generally will not be subject to U.S. federal income tax unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with a trade or business of the Non-U.S. holder in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment or fixed base of the Non-U.S. holder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New MAC is or has been a "United States real property holding corporation" for U.S. federal
income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the Non-U.S. holder's holding period for such securities disposed of, and either
(A) shares of New MAC Common Stock are not considered to be regularly traded on an established securities market or (B) such Non-U.S. holder has owned or is deemed to have owned, at any time during
the shorter of the five-year period preceding such disposition and such Non-U.S. holder's holding period more than 5% of the outstanding shares of New MAC Common Stock or New MAC Warrants. There can be no
assurance that New MAC Common Stock will be treated as regularly traded on an established securities market for this purpose. It is unclear how the rules for determining the 5% threshold for this purpose would be applied with respect to New MAC
Common Stock or the New MAC Warrants, including how a Non-U.S. holder's ownership of New MAC Warrants impacts the 5% threshold determination with respect to New MAC Common Stock. In addition, special
rules may apply in the case of a disposition of New MAC Warrants if New MAC Common Stock is considered to be regularly traded, but New MAC Warrants are not considered to be regularly traded.

If a Non-U.S. holder falls under the first bullet point immediately above, it will be subject to tax on its net gain in the same manner as if it were a United States person as defined under the Code and, in addition, if such Non-U.S. holder is a foreign corporation, it may be subject to the branch profits tax equal to 30% (or such lower rate as may be specified by an applicable income tax treaty) of its effectively connected earnings and profits, subject to adjustments. If the second bullet point immediately above applies to a Non-U.S. holder, gain recognized by such Non-U.S. holder on the sale, exchange or other disposition of New MAC Common Stock or New MAC Warrants generally will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of such New MAC Common Stock or New MAC Warrants from a Non-U.S. holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized upon such disposition. New MAC does not expect to be classified as a "U.S. real property holding corporation" following the Business Combination. However, such determination is factual in nature and subject to change, and no assurance can be provided as to whether New MAC is or will be a U.S. real property holding corporation with respect to a Non-U.S. holder following the Business Combination or at any future time.

*Exercise or Lapse of New MAC Warrant*. The U.S. federal income tax treatment of a Non-U.S. holder's exercise of a New MAC Warrant or the lapse of a New MAC Warrant held by a Non-U.S. holder for cash generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a New MAC Warrant by a U.S. holder, as described under "*— U.S. Holders — Exercise or Lapse of New MAC Warrants,*" above, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described under the heading "*— Non-U.S. Holders* — *Sale, Exchange, Redemption or Other Taxable Disposition of New MAC Common Stock or New MAC Warrants"* for a Non-U.S. holder's gain on the sale or other disposition of New MAC Warrants.

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*Information Reporting and Backup Withholding.* New MAC generally must report annually to the IRS and to each holder the amount of cash dividends and certain other distributions it pays to such holder on such holder's New MAC Common Stock and the amount of tax, if any, withheld with respect to those distributions. In the case of a Non-U.S. holder, copies of the information returns reporting those distributions and withholding also may be made available to the tax authorities in the country in which the Non-U.S. holder is a resident under the provisions of an applicable income tax treaty or agreement. Information reporting may also be required with respect to proceeds from the sales and other dispositions of New MAC Common Stock or New MAC Warrants.

A Non-U.S. holder may have to comply with certification procedures to establish that is is not a United States person to eliminate the requirement for information reporting and backup withholding, which generally requires providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or otherwise establishing an exemption.

Backup withholding is not an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a Non-U.S. holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information is timely furnished to the IRS. Non-U.S. holders are urged to consult their own tax advisors regarding the application of backup withholding and the availability of and procedures for obtaining an exemption from backup withholding in their particular circumstances.

*Possible Constructive Distributions*. The terms of each New MAC Warrant provide for an adjustment to the number of shares of New MAC Common Stock for which the New MAC Warrant may be exercised or to the exercise price of the New MAC Warrant in certain events. An adjustment which has the effect of preventing dilution generally is not taxable. However, Non-U.S. holders of New MAC Warrants would be treated as receiving a constructive distribution from New MAC if, for example, the adjustment to the number of such shares or to such exercise price increases the holder's proportionate interest in our assets or earnings and profits (*e.g.*, through an increase in the number of shares of New MAC Common Stock that would be obtained upon exercise or through a decrease in the exercise price of the New MAC Warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares of New MAC Common Stock or as a result of the issuance of a stock dividend to holders of shares of New MAC Common Stock, in each case which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject to U.S. federal income tax (including any applicable withholding) as if the Non-U.S. holder received a cash distribution from New MAC equal to the fair market value of such increased interest resulting from the adjustment. This withholding tax will be imposed, even though there is no corresponding cash distribution, and a withholding agent may fund the withholding taxes from other assets of the applicable holder that are in its custody.

*FATCA.* FATCA generally imposes withholding of 30% on payments of dividends (including constructive dividends) on New MAC Common Stock and New MAC Warrants to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities, unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied by, or an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). The IRS has issued proposed Treasury regulations (on which taxpayers may rely until final Treasury regulations are issued) that would generally not apply these withholding requirements to gross proceeds from sales or other disposition of New MAC Common Stock or New MAC Warrants. Jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules. Under certain circumstances, a Non-U.S. holder might be eligible for refunds or credits of such withholding taxes, and a Non-U.S. holder might be required to file a U.S. federal income tax return to claim such refunds or credits.

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**LEGAL MATTERS** 

Certain legal matters relating to the validity of the New MAC Common Stock, the New MAC Warrants and the shares of New MAC Common Stock issuable upon exercise of New MAC Warrants to be issued hereunder will be passed upon for us by Paul Hastings LLP.

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**EXPERTS** 

The consolidated financial statements of DePalma Acquisition I LLC and DePalma Acquisition II LLC at December 31, 2021 and 2020, and for each of the two years in the period ended December 31, 2021, included in this proxy statement/prospectus, have been audited by Ernst & Young Ltd., independent registered public accounting firm, as set forth in their report appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The financial statements of Marblegate Acquisition Corp. as of December 31, 2021, and for the year ended December 31, 2021, included in this proxy statement/prospectus have been audited by Marcum LLP, an independent registered public accounting firm, as set forth in their report thereon, appearing elsewhere herein, and are included in reliance on such report given on the authority of such firm as experts in auditing and accounting.

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**DELIVERY OF DOCUMENTS TO STOCKHOLDERS** 

Pursuant to the rules of the SEC, MAC and service providers that it employs to deliver communications to its stockholders are permitted to deliver to two or more stockholders sharing the same address a single copy of the proxy statement/prospectus. Upon written or oral request, MAC will deliver a separate copy of the proxy statement/prospectus to any stockholder at a shared address to which a single copy of the proxy statement/prospectus was delivered and who wishes to receive separate copies in the future. Stockholders receiving multiple copies of the proxy statement/prospectus may likewise request delivery of single copies of the proxy statement/prospectus in the future. Stockholders may notify MAC of their requests by calling or writing Marblegate Acquisition Corp. at its principal executive offices at (914) 415-4081 and 411 Theodore Fremd Avenue, Suite 206S, Rye, New York 10580. Following the Business Combination, such requests should be made by calling or writing to Marblegate Capital Corporation at its principal executive offices at ([●]) [●]-[●] and [●].

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**WHERE YOU CAN FIND MORE INFORMATION** 

New MAC has filed with the SEC a registration statement on Form S-4, as amended, under the Securities Act with respect to the securities offered by this proxy statement/prospectus. This proxy statement/prospectus does not contain all of the information included in the registration statement. For further information pertaining to New MAC and its securities, you should refer to the registration statement and to its exhibits. Whenever reference is made in this proxy statement/prospectus to any of MAC's or DePalma's contracts, agreements or other documents, the references are not necessarily complete, and you should refer to the annexes to the proxy statement/prospectus and the exhibits attached to the registration statement for copies of the actual contract, agreement or other document.

Upon the effectiveness of the registration statement of which this proxy statement/prospectus forms a part, New MAC will be subject to the information and periodic reporting requirements of the Exchange Act and will file annual, quarterly and current reports, proxy statements and other information with the SEC. You can read New MAC's and MAC's SEC filings, including New MAC's registration statement over the internet at the SEC's website at http://www.sec.gov.

Information and statements contained in this proxy statement/prospectus or any annex to this proxy statement/prospectus are qualified in all respects by reference to the copy of the relevant contract or other annex filed as an exhibit to this proxy statement/prospectus.

All information contained in this document relating to MAC has been supplied by MAC, and all such information relating to DePalma I and DePalma II has been supplied by DePalma. Information provided by one entity does not constitute any representation, estimate or projection of the other entity.

**If you would like additional copies of this document or if you have questions about the Business Combination, you should contact via phone or in writing MAC's proxy solicitation agent at the following address, telephone number and email:** 

Advantage Proxy, Inc.

P.O. Box 13581

Des Moines, WA98198

Attn: Karen Smith

Toll Free: 1-877-870-8565

Collect: 1-206-870-8565

Email: <u>ksmith@advantageproxy.com</u>

If you are a MAC stockholder and would like to request documents, please do so by , 2023, to receive them before the Special Meeting. If you request any documents from us, we shall mail them to you by first class mail, or another equally prompt means.

None of MAC, New MAC or DePalma has authorized anyone to give any information or make any representation about the Business Combination or their companies that is different from, or in addition to, that which is contained in this proxy statement/prospectus or in any of the materials that have been incorporated in this proxy statement/prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. If you are in a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the securities offered by this proxy statement/prospectus or the solicitation of proxies is unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this proxy statement/prospectus does not extend to you.

The information contained in this proxy statement/prospectus speaks only as of the date of this proxy statement/prospectus unless the information specifically indicates that another date applies.

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**INDEX TO FINANCIAL STATEMENTS** 

**Marblegate Acquisition Corp.** 

**Audited Financial Statements of Marblegate Acquisition Corp. as of December 31, 2020 and 2021 and for the years ended December 31, 2020 and 2021** 

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| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin441116_1) | F-2 |
|  [Balance Sheet](#fin441116_2) | F-3 |
|  [Statement of Operations](#fin441116_3) | F-4 |
|  [Statement of Changes in Stockholder's Equity](#fin441116_4) | F-5 |
|  [Statement of Cash Flows](#fin441116_5) | F-6 |
|  [Notes to Financial Statements](#fin441116_6) | F-7 |

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**DePalma Acquisition I LLC** 

**Audited Consolidated Financial Statements of DePalma Acquisition I LLC as of December 31, 2020 and 2021 and for the years ended December 31, 2020 and 2021** 

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| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin441116_7) | F-24 |
|  [Consolidated Statements of Assets and Liabilities](#fin441116_8) | F-25 |
|  [Consolidated Statements of Operations](#fin441116_9) | F-26 |
|  [Consolidated Statements of Changes in Net Assets](#fin441116_10) | F-27 |
|  [Consolidated Statements of Cash Flows](#fin441116_11) | F-28 |
|  [Notes to Consolidated Financial Statements](#fin441116_12) | F-33 |

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**DePalma Acquisition II LLC** 

**Audited Consolidated Financial Statements of DePalma Acquisition II LLC as of December 31, 2020 and 2021 for the years ended December 31, 2020 and 2021** 

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| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin441116_13) | F-43 |
|  [Consolidated Statements of Assets and Liabilities](#fin441116_14) | F-44 |
|  [Consolidated Statements of Operations](#fin441116_15) | F-45 |
|  [Consolidated Statements of Changes in Net Assets](#fin441116_16) | F-46 |
|  [Consolidated Statements of Cash Flows](#fin441116_17) | F-47 |
|  [Notes to Consolidated Financial Statements](#fin441116_18) | F-50 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Stockholders and the Board of Directors of

Marblegate Acquisition Corp.

**Opinion on the Financial Statements** 

We have audited the accompanying balance sheets of Marblegate Acquisition Corp. (the "Company") as of December 31, 2021 and December 31, 2020, and the related statements of operations, changes in stockholders' deficit and cash flows for the year ended December 31, 2021 and for the period from December 10, 2020 (inception) through December 31, 2020, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020 and the results of its operations and its cash flows for the year ended December 31, 2021 and for the period from December 10, 2020 (inception) through December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

**Emphasis of a Matter** 

As described in Note 1 to the financial statements, the Company is a Special Purpose Acquisition Corporation with a scheduled liquidation date of January 5, 2023. The Company must consummate a successful business combination or merger no later than January 5, 2023 to avoid liquidation of the entity, unless such date is extended by approval of the Company's stockholders.

**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 audits. 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 audits 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 audits, 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 audits 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 audits 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 audits provide a reasonable basis for our opinion.

/s/ Marcum LLP

**PCAOB ID Number 688** 

Marcum LLP

We have served as the Company's auditor since 2020.

Los Angeles, CA

March 31, 2022

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**MARBLEGATE ACQUISITION CORP.** 

**BALANCE SHEETS** 

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2021** | **2020** |
|  **ASSETS** |  |  |
|  Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $380160 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 344281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Assets | 724441 |  |
|  Other assets | 237900 |  |
|  Deferred offering costs |  | 42500 |
|  Marketable securities held in Trust Account | 301518928 |  |
|  **TOTAL ASSETS** | $**302481269** | $**42500** |
|  **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
|  Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | $347950 | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance from related party |  | 42500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Liabilities | 347950 | 43500 |
|  Warrant liability | 250250 |  |
|  Deferred underwriting fee payable | 15000000 |  |
|  **Total Liabilities** | **15597700** | **43500** |
|  **Commitments and Contingencies (Note 6)** |  |  |
|  Class A common stock subject to possible redemption, $0.0001 par value; 200,000,000 shares authorized; 30,000,000 shares at $10.05 per share redemption value and no shares at redemption value as of December 31, 2021 and 2020, respectively | 301500000 |  |
|  **Stockholders' Deficit** |  |  |
|  Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued and outstanding |  |  |
|  Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 910,000 shares and no shares issued and outstanding (excluding 30,000,000 shares and no shares subject to possible redemption) as of December 31, 2021 and 2020, respectively | 91 |  |
|  Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,303,333 shares and no shares issued and outstanding as of December 31, 2021 and 2020, respectively | 1030 |  |
|  Additional paid-in capital |  |  |
|  Accumulated deficit | (14617552) | (1000) |
|  **Total Stockholders' Deficit** | **(14616431)** | **(1000)** |
|  **TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT** | $**302481269** | $**42500** |

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*The accompanying notes are an integral part of the financial statements.*

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**MARBLEGATE ACQUISITION CORP.** 

**STATEMENTS OF OPERATIONS** 

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **For the**<br>**Period from<br>December 10,<br>2020<br>(Inception)<br>through<br>December 31,** |
|  | **2021** | **2020** |
|  Operating and formation costs | $503572 | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(503572)** | **(1000)** |
|  Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on marketable securities held in Trust Account | 35823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities held in Trust Account | (16895) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrant liabilities | 259350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction costs associated with the Initial Public Offering | (42344) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 235934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss** | $**(267638)** | $**(1000)** |
|  Basic and diluted weighted average shares outstanding, Class A common stock | 7457143 |  |
|  **Basic and diluted net loss per common share, Class A common stock** | $**(0.01)** | $— |
|  Basic and diluted weighted average shares outstanding, Class B common stock and non-redeemable Class A common stock | 10529533 | 10303333 |
|  **Basic and diluted net loss per common share, Class B common stock and non-redeemable Class A common stock** | $**(0.01)** | $(0.00) |

---

*The accompanying notes are an integral part of the financial statements.*

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##### [**Table of Contents**](#toc)
**MARBLEGATE ACQUISITION CORP.** 

**STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT** 

**FOR THE YEAR ENDED DECEMBER 31, 2021AND FOR THE PERIOD FROM DECEMBER 10, 2020 THROUGH DECEMBER 31, 2020** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**<br>**Common Stock** | **Class A**<br>**Common Stock** | **Class B**<br>**Common Stock** | **Class B**<br>**Common Stock** | **Additional<br>Paid-in**<br>**Capital** | **Retained**<br>**Earnings** | **Total<br>Stockholders'**<br>**Deficit** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in**<br>**Capital** | **Retained**<br>**Earnings** | **Total<br>Stockholders'**<br>**Deficit** |
|  **Balance – December 10, 2020 (Inception)** | **—** | $— | **—** | $**—** | $**—** | $**—** | $**—** |
|  Net loss |  |  |  |  |  | (1000) | (1000) |
|  **Balance – December 31, 2020** |  |  |  |  |  | **(1000)** | **(1000)** |
|  Issuance of Class B common stock to Sponsor |  |  | 11810833 | 1181 | 23819 |  | 25000 |
|  Remeasurement for Class A common stock to redemption amount |  |  |  |  | (24255612) | (14348914) | (38604526) |
|  Sale of 910,000 Private Placement Units | 910000 | 91 |  |  | 9099909 |  | 9100000 |
|  Proceeds received in excess of fair value of 455,000 Private Placement Warrants, net of offering costs |  |  |  |  | (509600) |  | (509600) |
|  Proceeds allocated to Public Warrants |  |  |  |  | 15600000 |  | 15600000 |
|  Offering costs charged to operations allocated to anchor investors |  |  |  |  | 41333 |  | 41333 |
|  Forfeiture of Founder Shares |  |  | (1507500) | (151) | 151 |  |  |
|  Net loss |  |  |  |  |  | (267638) | (267638) |
|  **Balance – December 31, 2021** | **910000** | $**91** | **10303333** | $**1030** | $— | $**(14617552)** | $**(14616431)** |

---

*The accompanying notes are an integral part of the financial statements.*

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##### [**Table of Contents**](#toc)
**MARBLEGATE ACQUISITION CORP.** 

**STATEMENTS OF CASH FLOWS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **For the Period<br>from<br>December 10,<br>2021<br>(Inception)<br>through<br>December 31,** |
|  | **2021** | **2020** |
|  **Cash Flows from Operating Activities:** |  |  |
|  Net loss | $(267638) | $(1000) |
|  Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest earned on marketable securities held in Trust Account | (35823) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities held in Trust Account | 16895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction costs associated with the Initial Public Offering | 42344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrant liabilities | (259350) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (344281) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (237900) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 346450 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | **(739303)** | **—** |
|  **Cash Flows from Investing Activities:** |  |  |
|  Investment of cash in Trust Account | (301500000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | **(301500000)** | **—** |
|  **Cash Flows from Financing Activities:** |  |  |
|  Proceeds from issuance of Class B common stock to Sponsor | 25000 |  |
|  Proceeds from sale of Units, net of underwriting discounts paid | 294000000 |  |
|  Proceeds from sale of Private Placement Units | 9100000 |  |
|  Advances from related party |  | 42500 |
|  Repayment of advances from related party | (42500) |  |
|  Proceeds from promissory notes – related party | 186819 |  |
|  Repayment of promissory notes – related party | (186819) |  |
|  Payment of offering costs | (463037) | (42500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | **302619463** | **—** |
|  **Net Change in Cash** | **380160** |  |
|  Cash – Beginning |  |  |
|  **Cash – Ending** | $**380160** | $— |
|  **Non-cash investing and financing activities:** |  |  |
|  Deferred underwriting fee payable | $15000000 | $— |
|  Remeasurement for Class A common stock subject to redemption amount | $38604526 | $— |
|  Initial classification of warrant liability | $509600 | $— |
|  Initial classification of common stock subject to redemption | $301500000 | $— |
|  Offering costs charged to operations allocated to anchor investors | $41333 | $— |

---

*The accompanying notes are an integral part of the financial statements.*

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##### [**Table of Contents**](#toc)
**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

**NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS** 

Marblegate Acquisition Corp. (the "Company") is a blank check company incorporated in Delaware on December 10, 2020. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the "Business Combination").

The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. 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 December 31, 2021, the Company had not yet commenced any operations. All activity through December 31, 2021 relates to the Company's formation, the initial public offering (the "Initial Public Offering"), which is described below, and identifying a target Company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the marketable securities held in the Trust Account (as defined below).

The registration statement for the Company's Initial Public Offering was declared effective on September 30, 2021. On October 5, 2021, the Company consummated the Initial Public Offering of 30,000,000 units (the "Units" and, with respect to the shares of Class A common stock included in the Units sold, the "Public Shares"), generating gross proceeds of $300,000,000, which is described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 910,000 units (the "Private Placement Units") at a price of $10.00 per Private Placement Unit in a private placement to Marblegate Acquisition LLC (the "Sponsor") and Cantor Fitzgerald & Co. ("Cantor"), generating gross proceeds of $9,100,000, which is described in Note 4.

Transaction costs amounted to $42,630,587, consisting of $6,000,000 of underwriting fees, net of reimbursement, $15,000,000 of deferred underwriting fees, $1,015,137 of other offering costs (including $509,600 for the fair value of the private warrants included in the Private Placement Units, and $505,537 of offering costs) and $20,615,450 for the fair value of the Founder Shares attributable to certain anchor investors (see Note 5).

Following the closing of the Initial Public Offering on October 5, 2021, an amount of $301,500,000 ($10.05 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the "Trust Account"), located in the United States and held in cash items or invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company's stockholders, as described below.

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing a definitive agreement to enter 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 outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination

The Company will provide its holders of the outstanding Public Shares (the "public stockholders") 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 stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus 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 warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the "Amended and Restated Certificate of Incorporation"), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission ("SEC") and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), Private Placement Shares and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all.

Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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% or more of the Public Shares, without the prior consent of the Company.

The Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of a Business Combination, (b) to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within 15 months from the closing of the Initial Public Offering and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company's obligation to allow redemption in connection with the Company's initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

relating to stockholders' rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

The Company will have until January 5, 2023 to complete a Business Combination (the "Combination Period"). 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 not more than ten 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 to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining stockholders and the Company's board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the Company's obligations under Delaware 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 the Company's warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.

The Sponsor and Cantor have agreed to waive their liquidation rights with respect to the Founder Shares and the shares of Class A common stock underlying the Private Placement Units (the "Private Placement 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 Initial 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 their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other 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 $10.05.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to 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 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) $10.05 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account nor will it apply to any claims under the Company's indemnity of the underwriters of the Initial 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 (except the Company's independent registered public accounting firm), 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.

The anchor investors will not be entitled to (i) redemption rights with respect to any Founder Shares held by them in connection with the completion of the initial Business Combination, (ii) redemption rights with respect

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

to any Founder Shares held by them in connection with a stockholder vote to amend the Amended and Restated Certificate of Incorporation in a manner that would affect the substance or timing of the Company's obligation to redeem 100% of its Public Shares if the Company has not consummated an initial Business Combination within the Combination Period or (iii) rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if the Company fails to complete the initial Business Combination within the Combination Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period).

***Risks and Uncertainties***

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company's financial position, results of its operations, and the search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Liquidity and Capital Resources***

As of December 31, 2021, the Company had $380,160 in its operating bank accounts, $301,518,928 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and working capital of $577,041 which excludes franchise and income taxes payable as such amounts can be paid from the interest earned in the Trust Account. As of December 31, 2021, approximately $18,928 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company's tax obligations.

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.

The Company may need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company's officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company's working capital needs. Accordingly, the Company may not be able to obtain additional financing. In instances of working capital deficits, the Sponsor has agreed to fund cash shortfalls up to $600,000. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

**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.

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

**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 companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, 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 stockholder 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 the 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.

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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Accordingly, the actual results could differ significantly from those estimates.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of December 31, 2021 and 2020.

***Marketable Securities Held in Trust Account***

At December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. All of the Company's investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in interest earned on marketable securities held in the Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.

***Class A Common Stock Subject to Possible Redemption***

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) is classified as temporary equity. At all other times, Class A common stock is classified as stockholders' equity. The Company's Class A common stock features certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders' deficit section of the Company's balance sheet.

At December 31, 2021, the Class A common stock reflected in the balance sheet is reconciled in the following table:

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| | |
|:---|:---|
|  Gross proceeds | $300000000 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds allocated to Public Warrants | (1560000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock issuance costs | (21504526) |
|  Plus: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of carrying value to redemption value | 38604526 |
|  **Class A common stock subject to possible redemption** | $301500000 |

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***Offering Costs***

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – "Expenses of Offering". Offering costs consist of underwriting, legal, accounting and other expenses incurred through the Initial Public Offering that are directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred and presented as non-operating expenses. Offering costs associated with the Public Shares were charged to stockholders' deficit upon the completion of the Initial Public Offering. Offering costs amounted to $42,630,587, of which $42,588,262 were charged to stockholders' deficit upon the completion of the Initial Public Offering (inclusive of the $20,615,450 for the fair value of the Founder Shares attributable to certain anchor investors (see Note 5) and $41,314 were expensed to the statements of operation. Offering costs of $1,011 allocated to the Private Placement Warrants were expensed to the statements of operations.

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

***Income Taxes***

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes" which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions 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, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and 2020. 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.

***Net Loss Per Common Share***

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share". Net loss per common stock is computed by dividing net loss by the weighted average number of common stock outstanding for the period. Remeasurement associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 15,455,000 Class A common stock in the aggregate. As of December 31, 2021 and 2020, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the periods presented.

The following table reflects the calculation of basic and diluted net loss per common stock (in dollars, except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** | **For the Period from<br>December 10, 2020<br>(Inception) through<br>December 31, 2020** | **For the Period from<br>December 10, 2020<br>(Inception) through<br>December 31, 2020** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
|  Basic and diluted net loss per common stock |  |  |  |  |
|  Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation of net loss, as adjusted | $(110961) | $(156677) | $— | $(1000) |
|  Denominator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted weighted average shares outstanding | 7457143 | 10529533 |  | 10303333 |
|  Basic and diluted net loss per common stock | $(0.01) | $(0.01) | $— | $(0.00) |

---

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

***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 sheets, primarily due to their short-term nature, except for the warrant liabilities (see Note 10.)

***Fair Value Measurements***

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active
markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an
entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

***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". Derivative instruments are initially recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statements of operation. Derivative assets and liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instruments is required within 12 months of the balance sheet date.

***Warrant Liabilities***

The Company will account for the warrants to be issued in connection with the private placement in accordance with the guidance contained in FASB ASC Topic 815 "Derivatives and Hedging" whereby under that provision the warrants that do not meet the criteria for equity treatment must be recorded as a liability. Accordingly, the Company evaluated and will classify the warrants included in the Private Placement Units (the "Private Placement Warrants") under liability treatment at its fair value and adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the Private Placement Warrants are exercised or expire, and any change in fair value will be recognized in the Company's statements of operations.

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

***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 Deposit Insurance Corporation maximum 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 account.

***Recent Accounting Standards***

In August 2020, the FASB issued Accounting Standards Update 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40) ("ASU 2020-06") to simplify certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity's own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity's own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is for fiscal years beginning after December 15, 2021 and should be applied on a full or modified retrospective basis. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2020-06 effective June 30, 2021. The adoption of ASU 2020-06 did not have a material impact on the Company's financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

**NOTE 3. INITIAL PUBLIC OFFERING** 

Pursuant to the Initial Public Offering, the Company sold 30,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company's Class A common stock and one-half of one redeemable warrant ("Public Warrant"). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per whole share (see Note 7).

**NOTE 4. PRIVATE PLACEMENT** 

Simultaneously with the closing of the Initial Public Offering, the Sponsor and Cantor purchased an aggregate of 910,000 Private Placement Units at a price of $10.00 per Private Placement Unit, for an aggregate purchase price of $9,100,000, in a private placement. Each Private Placement Unit consists of one share of Class A common stock and one-half of one warrant. Each whole warrant is exercisable to purchase one Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). A portion of the proceeds from the Private Placement Units were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Units will expire worthless.

**NOTE 5. RELATED PARTY TRANSACTIONS** 

***Founder Shares***

On January 15, 2021, in consideration for the payment of certain of the Company's offering costs, the Company applied $25,000 of outstanding advances from the Sponsor towards the issuance of 8,625,000 shares of the

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

Company's Class B common stock. In September 2021, the Company effected a stock dividend of 0.3694 shares for each share of Class B common stock outstanding, resulting in the Sponsor holding 11,810,833 Founder Shares (the "Founder Shares"). The Founder Shares include an aggregate of up to 1,507,500 shares subject to forfeiture by the Sponsor to the extent that the underwriter's over-allotment is not exercised in full or in part, so that the holders of the Founder Shares will collectively own, on an as-converted basis, 25% of the Company's issued and outstanding shares after the Initial Public Offering (including the Private Placement Shares). As a result of the underwriter's option not to exercise its over-allotment option, a total of 1,507,500 Founder Shares were forfeited.

The holders of the Founder Shares have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the 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 common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock 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, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

In connection with the closing of the Initial Public Offering, the Sponsor sold 2,473,864 Founder Shares to the anchor investors at their original purchase price. The Company estimated the aggregate fair value of the Founder Shares attributable to the anchor investors to be $20,656,764, or $8.35 per share. The fair value of the Founder Shares were valued using a binomial/lattice model. The excess of the fair value of the Founder Shares was determined to be an offering cost in accordance with Staff Accounting Bulletin Topic 5A. Accordingly, the offering cost was allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs related to the Founder Shares amounted to $20,656,764, of which $20,615,450 was charged to stockholders' deficit upon the completion of the Initial Public Offering and $41,314 was expensed to the statements of operation and included in transaction costs attributable to warrant liabilities.

On October 5, 2021, upon the closing of the Initial Public Offering, the Sponsor sold Membership Interests to each of four directors of the Company. The Membership Interests entitle each director to 25,000 shares of Founder Shares, for an aggregate of 100,000 shares, to be transferred to the directors if a Business Combination is consummated. The total consideration paid for these membership interests was $200. Three of the directors were also part of the Sponsor investor group and invested $409,929 for their pro-rata share of the Sponsor contribution for Founder Shares and Private Placement Units. Each Founder Share will automatically convert to one share of Class A Common Stock upon consummation of a Business Combination. The Sponsor will retain all voting and dispositive power over all Founder Shares until the consummation of the Business Combination, after which the Sponsor will distribute to each holder of the Membership Interests its share of the Founder Shares, subject to applicable lock-up or escrow restrictions.

The sale of the Membership Interests to the Company's directors is in the scope of FASB ASC Topic 718, "Compensation-Stock Compensation" ("ASC 718"). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 100,000 shares granted to the Company's directors was $835,000 or $8.35 per share. The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of December 31, 2021, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.

***Promissory Note – Related Party***

On January 15, 2021, the Company issued an unsecured promissory note (the "Promissory Note") to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of September 30, 2021 or the completion of the Initial Public Offering. The outstanding loan of $186,819 was repaid at the time of the Initial Public Offering.

***Administrative Support Agreement***

The Company entered into an agreement, commencing on September 30, 2021 through the earlier of the Company's consummation of a Business Combination and its liquidation, to pay the Sponsor a total not to exceed $10,000 per month for secretarial and administrative support. For the year ended December 31, 2021, the Company incurred $30,000 in fees for these services, of which such fees is included in accrued expenses in the accompanying balance sheet. For the period from December 10, 2020 (inception) through December 31, 2020, the Company did not incur any fees for these services.

***Related Party Loans***

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor 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 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. There are no outstanding balances under the Working Capital Loans as of December 31, 2021 and 2020. 

**NOTE 6. COMMITMENTS AND CONTINGENCIES** 

***Registration Rights***

Pursuant to a registration rights agreement entered into on September 30, 2021, the holders of the Founder Shares, the Private Placement Units (and the securities contained therein), and the units that may be issued upon conversion of Working Capital Loans (and the securities contained therein) are entitled to registration rights. 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 "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

the Securities Act. Notwithstanding anything to the contrary, Cantor may only make a demand on one occasion and only during the 5-year period beginning on the effective date of the registration statement of which this prospectus forms a part. In addition, Cantor may participate in a "piggy-back" registration only during the 7-year period beginning on the effective date of the registration statement. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company's securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

***Underwriting Agreement***

The Company granted the underwriters a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. As a result of the underwriters' election not to exercise their over-allotment, 4,500,000 Units are no longer available for purchase.

The underwriters are entitled to a deferred fee of 5.0% of the gross proceeds of the 30,000,000 Units sold in the Initial Public Offering, or $15,000,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

**NOTE 7. PRIVATE WARRANTS** 

As of December 31, 2021 and 2020, there are 455,000 and no outstanding Private Placement Warrants, respectively. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the common stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

**NOTE 8. STOCKHOLDERS' (DEFICIT) EQUITY** 

***Preferred Stock —*** The Company is authorized to issue 1,000,000 shares of $0.0001 par value preferred stock. At December 31, 2021 and 2020, there were no shares of preferred stock issued or outstanding.

***Class A Common Stock —*** The Company is authorized to issue up to 200,000,000 shares of Class A common stock, $0.0001 par value. Holders of the Company's Class A common stock are entitled to one vote for each share. At December 31, 2021, there were 910,000 shares of Class A common stock issued and outstanding, excluding 30,000,000 shares of Class A common stock subject to possible redemption. At December 31, 2020, there were no shares of Class A common stock issued and outstanding.

***Class B Common Stock —*** The Company is authorized to issue up to 20,000,000 shares of Class B common stock, $0.0001 par value. Holders of the Company's Class B common stock are entitled to one vote for each share. At December 31, 2021 and 2020, there were 10,303,333 and no shares of Class B common stock issued and outstanding, respectively.

Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders, except as required by law.

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination, on a one-for-one basis, subject to adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which the shares of Class B common stock will convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the issued and outstanding shares of our Class B common stock agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 25% of the sum of all shares of common stock issued and outstanding upon the completion of the Initial Public Offering, plus all shares of Class A common stock 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 and any private placement-equivalent units issued to the Sponsor or its affiliates upon conversion of loans made to the Company.

***Public Warrants —*** Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A common stock issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A common stock issuable upon exercise of the warrants. The Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If any such registration statement has not been declared effective by the 60th business day following the closing of a Business Combination, holders of the warrants will have the right, during the period beginning on the 61st business day after the closing of a Business Combination and ending upon such registration statement being declared effective by the SEC, and during any other period when the company fails to have maintained an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Company will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable, the Company may not exercise its redemption right

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. The Company will use its best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by the Company in this Initial Public Offering.

*Redemption of Warrants When the Price per share of Class A common stock Equals or Exceeds $18.00* — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at a price of $0.01 per Public Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon not less than 30 days' prior written notice of redemption to each warrant holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the last reported sale price of the shares of Class A common stock for any 20 trading days
within a 30-trading day period ending on the third trading day prior to the date on which the Company sends to the notice of redemption to the warrant holders (the "Reference Value") equals or
exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the warrants for redemption, its management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis.

The exercise price and number of Class A common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company's assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company's board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares or Private Placement Units (or underlying securities) held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company's initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

**NOTE 9. INCOME TAX** 

The Company's net deferred tax assets at December 31, 2021 and 2020 are as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss carryforward | $42160 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Startup/Organization Expenses | 63590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities | (3975) |  |
|  Total deferred tax assets | 101775 |  |
|  Valuation Allowance | (101775) |  |
|  Deferred tax assets | $— | $— |

---

The income tax provision for the year ended December 31, 2021 and for the Period from December 10, 2020 (Inception) through December 31, 2020 consists of the following:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  Federal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred | (101775) |  |
|  State and Local |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred |  |  |
|  Change in valuation allowance | 101775 |  |
|  Income tax provision | $— | $— |

---

As of December 31, 2021 and 2020, the Company had $200,764 and $0 of U.S. federal net operating loss carryovers available to offset future taxable income, respectively. The net operating loss carryforwards do not expire.

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended December 31, 2021, the change in the valuation allowance was $101,775. For the period from December 10, 2020 (inception) through December 31, 2020, the change in the valuation allowance was $0.

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

A reconciliation of the federal income tax rate to the Company's effective tax rate at December 31, 2021 and 2020 are as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  Statutory federal income tax rate | 21.0% | 21.0% |
|  State taxes, net of federal tax benefit | 0.0% | 0.0% |
|  Change in fair value of warrant liabilities | 20.4% | 0.0% |
|  Transaction costs associated with the Initial Public Offering | -3.4% | 0.0% |
|  True-ups | 0.0% | 0.0% |
|  Valuation allowance | -38.0% | 0.0% |
|  Income tax provision | 0.0% | 21.0% |

---

The Company files income tax returns in the U.S. federal jurisdiction. The Company's tax returns for the year ended December 31, 2021 and 2020 remain open and subject to examination.

**NOTE 10. FAIR VALUE MEASUREMENTS**

The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

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| | | | |
|:---|:---|:---|:---|
|  | **Description** | **Level** | **December 31,<br>2021** |
|  Assets: |  |  |  |
|  Marketable securities held in Trust Account |  | 1 | $301518928 |
|  Liabilities: |  |  |  |
|  Warrant liabilities – Private Placement Warrants |  | 3 | $250250 |

---

The Private Placement Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the accompanying balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within the statements of operations.

The Private Placement Warrants were valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model's primary unobservable input utilized in determining the fair value of the Warrants is the expected volatility of the common stock. The expected volatility as of the closing date of the Initial Public Offering date was derived from observable public warrant pricing on comparable 'blank-check' companies without an identified target.

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**MARBLEGATE ACQUISITION CORP.** 

**NOTES TO FINANCIAL STATEMENTS** 

**DECEMBER 31, 2021** 

The following table provides quantitative information regarding Level 3 fair value measurements:

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| | |
|:---|:---|
|  | **October 5, 2021**<br>**(Initial<br>Measurement)** |
|  Stock price | $10.00 |
|  Exercise price | $11.50 |
|  Expected term (in years) | 5.99 |
|  Volatility | 15.9% |
|  Risk-free rate | 1.14% |
|  Dividend yield | 0.0% |

---

---

| | |
|:---|:---|
|  | **December 31,<br>2021** |
|  Stock price | $9.77 |
|  Exercise price | $11.50 |
|  Term (years) | 5.75 |
|  Volatility | 10.2% |
|  Risk-free rate | 1.32% |
|  Dividend yield | 0.0% |

---

The following table presents the changes in the fair value of Level 3 warrant liabilities:

---

| | |
|:---|:---|
|  | **Warrant<br>Liabilities** |
|  Fair value as of December 10, 2020 (inception) | $— |
|  Initial measurement on October 5, 2021 | 509600 |
|  Change in fair value | (259350) |
|  Fair value as of December 31, 2021 | $250250 |

---

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy for the period from December 10, 2020 (inception) through December 31, 2021.

**NOTE 11. SUBSEQUENT EVENTS** 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

------

##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Members of DePalma Acquisition I LLC

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statements of assets and liabilities of DePalma Acquisition I LLC (the "Co-investment vehicle"), including the consolidated schedules of investments, as of December 31, 2021, and 2020, the related consolidated statements of operations, changes in net assets and cash flows for each of the two years in the period ended December 31, 2021, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Co-investment vehicle at December 31, 2021 and 2020, and the results of its operations, changes in its net assets, and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Co-investment vehicle's management. Our responsibility is to express an opinion on the Co-investment vehicle's financial statements based on our audits. 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 Co-investment vehicle 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 audits 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 Co-investment vehicle is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, 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 Co-investment vehicle's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits 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 audits 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 audits provide a reasonable basis for our opinion.

/s/ Ernst & Young Ltd.

We have served as the Co-investment vehicle's auditor since 2020.

Grand Cayman, Cayman Islands

February 12, 2023

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Statements of Assets and Liabilities** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  **Assets:** |  |  |
|  Investments at fair value (amortized cost of $392,748,388 and $462,992,717 as of December 31, 2021 and December 31, 2020, respectively) | $499829073 | $569310369 |
|  Cash | 1296702 | 33823345 |
|  Interest receivable | 423915 | 628007 |
|  Receivable for repayment on investments | 332418 | 2908794 |
|  Due from affiliates | 35886 | 441340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 501917994 | 607111855 |
|  **Liabilities:** |  |  |
|  Service fee payable | 1210000 | 1457463 |
|  Accrued expenses and other liabilities | 437203 | 822579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 1647203 | 2280042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total members capital (Units outstanding of 313,604,631 and 388,621,532, respectively)** | $500270791 | $604831813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and members capital** | $501917994 | $607111855 |
|  Members capital per unit | $1.60 | $1.56 |

---

See notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Statements of Operations** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31, 2021** | **For the Year Ended<br>December 31, 2020** |
|  **Investment income:** |  |  |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $3254795 | $7150718 |
|  **Total investment income** | 3254795 | 7150718 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fee expense | 4664265 | 5113661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2828366 | 3753786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 358080 | 401390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  | 50247 |
|  **Total expenses** | 7850711 | 9319084 |
|  **Net investment income (loss)** | (4595916) | (2168366) |
|  **Net realized and unrealized gains (losses) on investment transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments | 16512941 | 18389728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) from investments | 763033 | 71156722 |
|  **Net realized and unrealized gains (losses)** | 17275974 | 89546450 |
|  **Net increase (decrease) in members capital from operations** | $12680058 | $87378084 |

---

See notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Statements of Changes in Net Assets** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **Total members capital** | **Total members capital** |
|  | **Units** | **Value** |
|  **Balance, January 1, 2020** | 174534419 | $231549928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  | (2168366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  | 18389728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | 71156722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 260184940 | 354122290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital distributions | (46097827) | (68218489) |
|  **Balance, December 31, 2020** | 388621532 | $604831813 |
|  | **Total members capital** | **Total members capital** |
|  | **Units** | **Value** |
|  **Balance, January 1, 2021** | 388621532 | $604831813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  | (4595916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  | 16512941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | 763033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital distributions | (75016901) | (117241080) |
|  **Balance, December 31, 2021** | 313604631 | $500270791 |

---

\* All capital activity is with affiliated parties, refer to Note 6.

See notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Statements of Cash Flows** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31, 2021** | **For the Year Ended<br>December 31, 2020** |
|  **Cash flows from operating activities:** |  |  |
|  Net increase (decrease) in members capital resulting from operations | $12680058 | $87378084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in members capital resulting from operations to net cash provided (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities |  | (351827494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of loan investments | 29731190 | 74973759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments | (16512941) | (18389728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation from investments | (763033) | (71156722) |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for repayment on investments | 2576376 | (2908794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 204092 | (628007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from affiliates | 405454 | 850662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | 199490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fee payable | (247463) | 515623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (385376) | 159910 |
|  **Net cash provided by (used in) operating activities** | 27688357 | (280833217) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from capital contributions |  | 354122290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for capital redemptions | (60215000) | (49007049) |
|  **Net cash provided by (used in) financing activities** | (60215000) | 305115241 |
|  **Net increase (decrease) in cash** | (32526643) | 24282024 |
|  **Cash at beginning of year** | 33823345 | 9541321 |
|  **Cash at end of year** | $1296702 | $33823345 |
|  **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind distribution and sale to affiliates (Note 6) | $57026080 | $19211440 |

---

See notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Schedule of Investments** 

*(Stated in United States Dollars)* 

**Year Ended December 31, 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Loan ID** | **Interest Rate** | **Maturity Date** | **Principal** | **Fair Value** | **Percentage of<br>Members'<br>Capital** |
|  **Investments, at fair value** | **Investments, at fair value** |  |  |  |  |  |
|  Private Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans |  |  |
|  | 100361602<sup>1</sup> | 3.00% | 9/1/2021 | $41044759 | $14992107 | 3.00% |
|  | 960001167<sup>1</sup> | 4.00% | 10/23/2016 | 5367587 | 1960578 | 0.39% |
|  | 960002047<sup>1</sup> | 2.75% | 5/24/2017 | 5014753 | 1831701 | 0.37% |
|  | 960002046<sup>1</sup> | 2.75% | 5/18/2017 | 4407016 | 1609717 | 0.32% |
|  | 960002408<sup>1</sup> | 4.00% | 8/18/2016 | 4302610 | 1571582 | 0.31% |
|  | 960002049<sup>1</sup> | 2.75% | 9/18/2018 | 3909560 | 1428015 | 0.29% |
|  | 960001170<sup>1</sup> | 4.00% | 10/23/2016 | 3034013 | 1108211 | 0.22% |
|  | 960000909<sup>1</sup> | 1.00% | 9/9/2016 | 2662684 | 972578 | 0.19% |
|  | 960001168<sup>1</sup> | 4.00% | 10/23/2016 | 2333871 | 852475 | 0.17% |
|  | 960005319<sup>1</sup> | 0.00% | 1/23/2023 | 2291390 | 836959 | 0.17% |
|  | 960001586<sup>1</sup> | 4.00% | 10/23/2016 | 2267601 | 828269 | 0.17% |
|  | 960001794<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 817523 | 0.16% |
|  | 960001795<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 817523 | 0.16% |
|  | 960001796<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 817523 | 0.16% |
|  | 960001797<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 817523 | 0.16% |
|  | 960001792<sup>1</sup> | 3.75% | 5/12/2017 | 2238022 | 817465 | 0.16% |
|  | 960001793<sup>1</sup> | 3.75% | 5/12/2017 | 2238022 | 817465 | 0.16% |
|  | 960001790<sup>1</sup> | 3.75% | 4/29/2017 | 2237007 | 817095 | 0.16% |
|  | 960001791<sup>1</sup> | 3.75% | 4/29/2017 | 2237007 | 817095 | 0.16% |
|  | 960001788<sup>1</sup> | 3.75% | 4/21/2017 | 2236850 | 817037 | 0.16% |
|  | 960001789<sup>1</sup> | 3.75% | 4/21/2017 | 2236850 | 817037 | 0.16% |
|  | 960001728<sup>1</sup> | 3.75% | 4/14/2017 | 2236459 | 816894 | 0.16% |
|  | 960001729<sup>1</sup> | 3.75% | 4/14/2017 | 2236459 | 816894 | 0.16% |
|  | 960001726<sup>1</sup> | 3.75% | 4/7/2017 | 2236067 | 816751 | 0.16% |
|  | 960001727<sup>1</sup> | 3.75% | 4/7/2017 | 2236067 | 816751 | 0.16% |
|  | 960001724<sup>1</sup> | 3.75% | 3/25/2017 | 2235048 | 816379 | 0.16% |
|  | 960001725<sup>1</sup> | 3.75% | 3/25/2017 | 2235048 | 816379 | 0.16% |
|  | 960001722<sup>1</sup> | 3.75% | 3/17/2017 | 2234891 | 816322 | 0.16% |
|  | 960001723<sup>1</sup> | 3.75% | 3/17/2017 | 2234891 | 816322 | 0.16% |
|  | 960001720<sup>1</sup> | 3.75% | 3/6/2017 | 2233399 | 815777 | 0.16% |
|  | 960001721<sup>1</sup> | 3.75% | 3/6/2017 | 2233399 | 815777 | 0.16% |
|  | 100435401<sup>1</sup> | 3.50% | 9/1/2016 | 2175000 | 794446 | 0.16% |
|  | 960001169<sup>1</sup> | 4.00% | 10/23/2016 | 2100522 | 767242 | 0.15% |
|  | 8905000100<sup>1</sup> | 2.25% | 1/1/2022 | 2091009 | 763767 | 0.15% |
|  | 8905000102<sup>1</sup> | 2.25% | 1/1/2022 | 2091009 | 763767 | 0.15% |
|  | 8905000110<sup>1</sup> | 2.25% | 1/1/2022 | 2091009 | 763767 | 0.15% |
|  | 960002851<sup>1</sup> | 5.25% | 7/31/2023 | 2056570 | 751188 | 0.15% |
|  | 100437542<sup>1</sup> | 3.50% | 8/1/2020 | 1977075 | 722151 | 0.14% |

---

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Schedule of Investments (continued)** 

*(Stated in United States Dollars)* 

**Year Ended December 31, 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Loan ID** | **Interest Rate** | **Maturity Date** | **Principal** | **Fair Value** | **Percentage of<br>Members'<br>Capital** |
|  | 100436633<sup>1</sup> | 5.00% | 5/1/2024 | 1839231 | 671802 | 0.13% |
|  | 960004275<sup>1</sup> | 0.00% | 1/1/2050 | 1759574 | 642706 | 0.13% |
|  | 960002298<sup>1</sup> | 4.00% | 10/16/2016 | 1728386 | 631314 | 0.13% |
|  | 960002299<sup>1</sup> | 4.00% | 10/16/2016 | 1708951 | 624216 | 0.12% |
|  | 960002300<sup>1</sup> | 4.00% | 10/16/2016 | 1701118 | 621354 | 0.12% |
|  | 960000914<sup>1</sup> | 1.00% | 9/9/2016 | 1693699 | 618644 | 0.12% |
|  | 960002301<sup>1</sup> | 4.00% | 10/16/2016 | 1693384 | 618530 | 0.12% |
|  | 960000055<sup>1</sup> | 3.75% | 5/19/2017 | 1686314 | 615947 | 0.12% |
|  | 960000915<sup>1</sup> | 1.00% | 9/9/2016 | 1679510 | 613462 | 0.12% |
|  | 960002352<sup>1</sup> | 3.50% | 9/7/2015 | 1678810 | 613206 | 0.12% |
|  | 960005318<sup>1</sup> | 0.00% | 1/23/2023 | 1674614 | 611674 | 0.12% |
|  | 960005317<sup>1</sup> | 0.00% | 1/23/2023 | 1674612 | 611672 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | 156464443 | 57150579 | 11.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Taxi Medallion Loans<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Taxi Medallion Loans<sup>2</sup> | 0.0%-24.0% | 2/25/2014-1/1/2050 | 1338564647 | 442678494 | 88.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $392,748,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $392,748,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $392,748,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $392,748,388) |  | $499829073 | 99.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $392,748,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $392,748,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $392,748,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $392,748,388) |  | $499829073 | 99.91% |
|  **Total Investments, at fair value<br>(cost - $392,748,388)** | **Total Investments, at fair value<br>(cost - $392,748,388)** | **Total Investments, at fair value<br>(cost - $392,748,388)** | **Total Investments, at fair value<br>(cost - $392,748,388)** | $**1495029090** | $**499829073** | **99.91%** |

---

<sup>1</sup> Non-performing loan

<sup>2</sup> Consists of non-performing loans of approximately $1,229,317,000 

Non-performing loans are considered loans that are greater than 0-30 days past due.

See notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Schedule of Investments** 

*(Stated in United States Dollars)* 

**Year Ended December 31, 2020** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Loan ID** | **Interest Rate** | **Maturity Date** | **Principal** | **Fair Value** | **Percentage of<br>Members'<br>Capital** |
|  **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |  |  |  |  |
|  Private Loans: | Private Loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Largest Taxi Medallion Loans |  |  |  |
|  | 100361602<sup>1</sup> | 3.00% | 9/1/2021 | $41044759 | $14918768 | 2.47% |
|  | 960001167<sup>1</sup> | 4.00% | 10/23/2016 | 5367587 | 1950987 | 0.32% |
|  | 960002047<sup>1</sup> | 2.75% | 5/24/2017 | 5014753 | 1822740 | 0.30% |
|  | 960002046<sup>1</sup> | 2.75% | 5/18/2017 | 4407016 | 1601843 | 0.26% |
|  | 960002408<sup>1</sup> | 4.00% | 8/18/2016 | 4302610 | 1563894 | 0.26% |
|  | 960002049<sup>1</sup> | 2.75% | 9/18/2018 | 3909560 | 1421030 | 0.23% |
|  | 960001170<sup>1</sup> | 4.00% | 10/23/2016 | 3034013 | 1102790 | 0.18% |
|  | 960000909<sup>1</sup> | 1.00% | 9/9/2016 | 2662684 | 967821 | 0.16% |
|  | 960001168<sup>1</sup> | 4.00% | 10/23/2016 | 2333871 | 848305 | 0.14% |
|  | 960005319<sup>1</sup> | 0.00% | 1/23/2023 | 2291390 | 832864 | 0.14% |
|  | 960001586<sup>1</sup> | 4.00% | 10/23/2016 | 2267601 | 824218 | 0.14% |
|  | 960001797<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 813524 | 0.13% |
|  | 960001794<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 813524 | 0.13% |
|  | 960001795<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 813524 | 0.13% |
|  | 960001796<sup>1</sup> | 3.75% | 5/20/2017 | 2238179 | 813524 | 0.13% |
|  | 960001793<sup>1</sup> | 3.75% | 5/12/2017 | 2238022 | 813467 | 0.13% |
|  | 960001792<sup>1</sup> | 3.75% | 5/12/2017 | 2238022 | 813467 | 0.13% |
|  | 960001790<sup>1</sup> | 3.75% | 4/29/2017 | 2237007 | 813098 | 0.13% |
|  | 960001791<sup>1</sup> | 3.75% | 4/29/2017 | 2237007 | 813098 | 0.13% |
|  | 960001788<sup>1</sup> | 3.75% | 4/21/2017 | 2236850 | 813040 | 0.13% |
|  | 960001789<sup>1</sup> | 3.75% | 4/21/2017 | 2236850 | 813040 | 0.13% |
|  | 960001729<sup>1</sup> | 3.75% | 4/14/2017 | 2236459 | 812898 | 0.13% |
|  | 960001728<sup>1</sup> | 3.75% | 4/14/2017 | 2236459 | 812898 | 0.13% |
|  | 960001726<sup>1</sup> | 3.75% | 4/7/2017 | 2236067 | 812756 | 0.13% |
|  | 960001727<sup>1</sup> | 3.75% | 4/7/2017 | 2236067 | 812756 | 0.13% |
|  | 960001724<sup>1</sup> | 3.75% | 3/25/2017 | 2235048 | 812386 | 0.13% |
|  | 960001725<sup>1</sup> | 3.75% | 3/25/2017 | 2235048 | 812386 | 0.13% |
|  | 960001722<sup>1</sup> | 3.75% | 3/17/2017 | 2234891 | 812328 | 0.13% |
|  | 960001723<sup>1</sup> | 3.75% | 3/17/2017 | 2234891 | 812328 | 0.13% |
|  | 960001720<sup>1</sup> | 3.75% | 3/6/2017 | 2233399 | 811786 | 0.13% |
|  | 960001721<sup>1</sup> | 3.75% | 3/6/2017 | 2233399 | 811786 | 0.13% |
|  | 960002549<sup>1</sup> | 3.75% | 5/21/2017 | 2188480 | 795459 | 0.13% |
|  | 960002547<sup>1</sup> | 3.75% | 5/21/2017 | 2188479 | 795459 | 0.13% |
|  | 100435401<sup>1</sup> | 3.50% | 9/1/2016 | 2175000 | 790559 | 0.13% |
|  | 960001169<sup>1</sup> | 4.00% | 10/23/2016 | 2100522 | 763489 | 0.13% |
|  | 8905000100<sup>1</sup> | 2.25% | 1/1/2022 | 2091009 | 760031 | 0.13% |
|  | 8905000102<sup>1</sup> | 2.25% | 1/1/2022 | 2091009 | 760031 | 0.13% |
|  | 8905000110<sup>1</sup> | 2.25% | 1/1/2022 | 2091009 | 760031 | 0.13% |

---

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Consolidated Schedule of Investments (continued)** 

*(Stated in United States Dollars)* 

**Year Ended December 31, 2020** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Loan ID** | **Interest Rate** | **Maturity Date** | **Principal** | **Fair Value** | **Percentage of<br>Members'<br>Capital** |
|  | 960002851<sup>1</sup> | 5.25% | 7/31/2023 | 2056570 | 747513 | 0.12% |
|  | 960002283<sup>1</sup> | 3.75% | 4/23/2017 | 1987735 | 722493 | 0.12% |
|  | 960002284<sup>1</sup> | 3.75% | 4/23/2017 | 1987735 | 722493 | 0.12% |
|  | 960002285<sup>1</sup> | 3.75% | 4/23/2017 | 1987735 | 722493 | 0.12% |
|  | 960002286<sup>1</sup> | 3.75% | 4/23/2017 | 1987735 | 722493 | 0.12% |
|  | 960002282<sup>1</sup> | 3.75% | 4/23/2017 | 1987735 | 722493 | 0.12% |
|  | 960002534<sup>1</sup> | 3.75% | 5/21/2017 | 1987226 | 722308 | 0.12% |
|  | 960002550<sup>1</sup> | 3.75% | 5/21/2017 | 1987226 | 722308 | 0.12% |
|  | 960002548<sup>1</sup> | 3.75% | 5/21/2017 | 1987226 | 722308 | 0.12% |
|  | 100437542<sup>1</sup> | 3.50% | 8/1/2020 | 1977075 | 718614 | 0.12% |
|  | 960000839<sup>1</sup> | 1.00% | 8/25/2016 | 1847103 | 671377 | 0.11% |
|  | 960000840<sup>1</sup> | 1.00% | 8/25/2016 | 1847103 | 671377 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 50 Largest Taxi Medallion Loans | 159917758 | 58126203 | 9.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Taxi Medallion Loans<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Taxi Medallion Loans<sup>2</sup> | 0.0% - 24.0% | 2/25/2014-1/1/2050 | 1474611818 | 511184166 | 84.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $462,992,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $462,992,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $462,992,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America<br>(cost - $462,992,717) |  | $569310369 | 94.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $462,992,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $462,992,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $462,992,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Private Loans<br>(cost - $462,992,717) |  | $569310369 | 94.13% |
|  **Total Investments, at fair value<br>(cost -$462,992,717)** | **Total Investments, at fair value<br>(cost -$462,992,717)** | **Total Investments, at fair value<br>(cost -$462,992,717)** | **Total Investments, at fair value<br>(cost -$462,992,717)** | $**1634529576** | $**569310369** | **94.13%** |

---

<sup>1</sup> Non-performing loan

<sup>2</sup> Consists of non-performing loans of approximately $1,356,898,000 

Non-performing loans are considered loans that are greater than 0-30 days past due.

See notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**DePalma Acquisition I LLC** 

**Notes to Consolidated Financial Statements** 

*(Stated in United States Dollars)* 

**Year Ended December 31, 2021 and 2020** 

**1. Organization** 

DePalma Acquisition I LLC ("DePalma" or the "Co-investment vehicle") is a Delaware limited liability company which was formed on February 23, 2018 and commenced operations on March 29, 2018. At December 31, 2021, DePalma has an investment in DePalma Acquisition I Grantor Trust and DePalma Acquisition I Grantor Trust II (together, the "Trusts"). The Trusts, which are wholly owned, are established to issue certificates and notes, to acquire certain assets, to enter into certain contracts in connection therewith, and to engage in those activities that are necessary, suitable or convenient to accomplish the foregoing. The financial position and results of operations of the Trusts have been consolidated with those of DePalma. There is no defined end of life for DePalma.

The investment objective of DePalma is to achieve superior risk-adjusted returns through investing all of its assets in opportunistic investments in the taxi industry, including but not limited to, loans secured by taxi medallions.

Pursuant to the Third Amended and Restated Limited Liability Company Agreement dated July 1, 2020 (the "LLC Agreement"), DePalma issued one class of equity Units to its members in consideration for their cash contributions to DePalma. DePalma's members consist of Marblegate Tactical Master Fund I, L.P., a Delaware limited partnership, Marblegate Special Opportunities Master Fund, L.P., a Cayman Islands exempted limited partnership, Marblegate Strategic Opportunities Master Fund I, LP, a Delaware limited partnership, Marblegate Partners Master Fund I, L.P., a Cayman Islands exempted limited partnership, Marblegate Tactical III Master Fund I, LP, a Cayman Islands exempted limited partnership and Marblegate Cobblestone Master Fund I, LP, a Delaware limited partnership (collectively, the "Members"). DePalma is managed by its Members, each of which is managed by Marblegate Asset Management, LLC, a Delaware limited liability company (the "Investment Manager").

The Members, by the affirmative vote of 100% of the Member Units, have full and compete authority, power, and discretion to manage and control the business, affairs and properties of DePalma, make all decisions regarding those matters and perform any and all other acts or activities customary to the management of DePalma's business. The Members have limited liability and are managed and controlled by the Investment Manager and affiliates thereof, and none of the limited partners of the Members participate in the management of their respective partnerships.

At December 31, 2021, Marblegate Special Opportunities Master Fund, L.P., Marblegate Strategic Opportunities Master Fund, LP, Marblegate Partners Master Fund I, L.P., Marblegate Tactical Master Fund I, L.P., Marblegate Cobblestone Master Fund I, LP, and Marblegate Tactical III Master Fund I, L.P. owned approximately 12.87%, 18.35%, 5.25%, 16.28%, 12.74%, and 34.51%, respectively, of DePalma.

Pursuant to the LLC Agreement, all distributions made to the Members are made in proportion to the Members' respective Units.

Field Point Servicing, LLC ("Loan Servicer") is the loan servicer for all of the loan investments held by DePalma and the Trusts.

SS&C Financial Services LLC ("the Administrator") serves as administrator to DePalma. The Administrator performs certain middle-office and/or back-office support activities.

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##### [**Table of Contents**](#toc)
**2. Significant Accounting Policies** 

**Basis of Accounting** 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are stated in United States Dollars.

The following is a summary of the significant accounting policies followed by the Co-investment vehicle in the preparation of its consolidated financial statements. These consolidated financial statements should be read in conjunction with the Co-investment vehicle's operating agreement and LLC agreement ("the Agreements").

**Assessment as Investment Company** 

The Co-investment vehicle is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in FASB's Accounting Standards Codification ("ASC") 946, Financial Services **–** Investment Companies ("ASC 946"). This conclusion will be reassessed on an annual basis, if any of the criteria or characteristics described in ASC 946 change.

**Basis of Consolidation** 

The Co-investment vehicle's investments are generally made through investment vehicles, each whose sole purpose is to hold the interests of the Co-investment vehicle in the underlying portfolios in the name of the Co-investment vehicle. The Co-investment vehicle consolidates these entities to the extent such entities are wholly owned by the Co-investment vehicle. All inter-company transactions and balances have been eliminated in the consolidation.

**Use of Estimates** 

Consolidated financial statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Management believes that the estimates utilized in preparing these consolidated financial statements are reasonable and prudent; however, actual results could differ from these estimates.

**Receivable for repayment of investments** 

This represents amounts owed to the Co-investment vehicle as a result of repayments of loans, discounted payoffs or paydown and surrender transactions that occurred prior to the year end, but not yet settled as of the year end.

**Cash** 

The Co-investment vehicle's cash is held by major financial institutions, which accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per legal entity. At times, cash balances may exceed federally insured limits, and this potentially subjects the Co-investment vehicle to concentration of credit risk. The Co-investment vehicle has not experienced any losses in such accounts and believes that it is not exposed to any significant risk on its balances. DePalma does not maintain any cash equivalents and none of the cash reflected on the Statement of Assets and Liabilities is restricted.

**Consolidated Condensed Schedule of Investments** 

The industry and geographic classifications of the investments reflected in the accompanying consolidated condensed schedule of investments are based on the Members' reasonable belief as to the most accurate classifications as of December 31, 2021 and 2020.

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##### [**Table of Contents**](#toc)
**Recent Accounting Pronouncements** 

In June 2016, the FASB issued ASU 2016-13 "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". The guidance significantly changes how entities will measure credit losses on most financial assets and requires entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. The Member are still evaluating the impact of ASU 2016-13 on the Co-investment vehicle.

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Subsequent to the issuance of ASU 2021-01, Accounting Standards Update No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" further defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, for all entities. The Members are still evaluating the impact of ASU 2021-01 on the Co-investment vehicle.

**Investment Transactions** 

DePalma records investment transactions and related income and expenses on a trade date basis. Realized gains and losses from investment transactions are generally recorded on an average cost basis in the consolidated statement of income.

Interest income is generally recorded on the accrual basis.

Taxi medallion loans are recorded on non-accrual status when there is doubt as to the collectability of interest or principal, unless management has determined that they are both well-secured and in the process of collection. Interest income on non-accrual loans is generally recognized when cash is received, unless a determination has been made to apply all cash receipts to principal. A loan is considered to be impaired, or nonperforming, when based on current information and events, it is likely DePalma will be unable to collect all amounts due according to the contractual terms of the original loan agreement. If the medallion collateral is foreclosed on, a gain or loss is recorded to write the collateral up or down to its fair value less any costs, and the collateral is distributed out to the Members and their respective feeder funds who will then recontribute the medallion collateral to its affiliate, DePalma Acquisition II LLC ("DePalma II").

When the medallion collateral is distributed, the net value of the medallion collateral is applied to the loan, and any remaining balance is written off as a realized loss and any excess is recorded as a realized gain. During the year end as of December 31, 2021 and 2020, the investment in the taxi medallion loan portfolio is primarily composed of non-performing loans, and therefore are recorded on a non-accrual status.

**Valuation of Investments** 

Investments shall be valued by a reputable independent third-party valuation agent or other valuation service selected in good faith in a commercially reasonable manner by the Members.

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##### [**Table of Contents**](#toc)
For the taxi medallion loan portfolio, a valuation methodology consistent with the income approach (value indicated by the present value of current market expectations about future cash flows or earnings) in conjunction with market approach (value is indicated by prices or other relevant information reflective of medallion market transactions) is utilized for estimating fair value.

**Fair Value of Financial Instruments** 

The fair value of the DePalma's assets and liabilities, which qualify as financial instruments under ASC Topic 825, Financial Instruments, approximates the carrying amounts presented in the consolidated financial statements.

Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

**Income Taxes** 

DePalma is not a taxable entity and is not subject to federal, state or local income taxes. The Members are individually liable for the taxes on their share of the Co-investment vehicle's taxable income or loss. The Co-investment vehicle applies the provisions of ASC 740, *Accounting for Uncertainty in Income Taxes*, which clarifies the accounting for and reporting of income tax uncertainties, and requires additional disclosures, related to uncertain income tax positions.

ASC 740 requires that the Co-investment vehicle determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Co-investment vehicle presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The Co-investment vehicle classifies interest and penalties associated with uncertain tax positions, if any, within income tax expense. In accordance with provisions set forth in ASC 740, *Accounting for Uncertainty in Income Taxes*, the Members have reviewed the Co-investment vehicle's tax positions, including interest and penalties, for all open tax years and concluded that the application of ASC 740 had no effect on the Co-investment vehicle's financial position, results of operations or cash flows. As of December 31, 2021 and 2020, the Members have concluded that a provision for income taxes is not required.

**3. Fair Value Measurements** 

DePalma applies the provisions of ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establish a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments and liabilities at fair value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, a fair value hierarchy is implemented for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of DePalma.

Unobservable inputs reflect the Members' own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

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##### [**Table of Contents**](#toc)
The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1-Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities and in which transaction for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2-Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3-Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The types of investments which would generally be included in this category are private equity and/or debt securities issued by private entities, and thinly traded securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities.

The following table presents information about the DePalma's investments by levels within the valuation hierarchy as of December 31, 2021. Refer to the consolidated schedule of investments for further detail on the industry and geographic concentration.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices in**<br>**Active Markets**<br>**For Identical**<br>**Assets (Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Balance as of**<br>**December 31,**<br>**2021**<br>**Total** |
|  **Investments** |  |  |  |  |
|  Private Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | $— | $— | $499829073 | $499829073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**—** | $**—** | $**499829073** | $**499829073** |

---

The following table presents information about the DePalma's investments by levels within the valuation hierarchy as of December 31, 2020. Refer to the consolidated schedule of investments for further detail on the industry and geographic concentration.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices in**<br>**Active Markets**<br>**For Identical**<br>**Assets (Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Balance as of**<br>**December 31,**<br>**2020**<br>**Total** |
|  **Investments** |  |  |  |  |
|  Private Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | $— | $— | $569310369 | $569310369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**—** | $**—** | $**569310369** | $**569310369** |

---

With respect to instruments valued by a third-party valuation agent, the valuation techniques that may be considered are the evaluation of arm's-length transactions with third parties, an income approach reflecting a discounted cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated by market participants.

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##### [**Table of Contents**](#toc)
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2021:

---

| | |
|:---|:---|
|  | **Total**<br>**Investments** |
|  Balance as of December 31, 2020 | $569310369 |
|  Realized gain/(loss) from investments | 16512941 |
|  Net change in unrealized appreciation (depreciation) from investments | 763033 |
|  Repayments and distributions of investments | (86757270) |
|  Balance as of December 31, 2021 | $499829073 |

---

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2020:

---

| | |
|:---|:---|
|  | **Total**<br>**Investments** |
|  Balance as of December 31, 2019 | $222121623 |
|  Realized gain/(loss) from investments | 18389728 |
|  Net change in unrealized appreciation (depreciation) from investments | 71156722 |
|  Purchases of investments | 351827494 |
|  Repayments and distributions of investments | (94185198) |
|  Balance as of December 31, 2020 | $569310369 |

---

Net change in unrealized gain (loss) from Level 3 investments still held at December 31, 2021 and 2020 included in net change in unrealized appreciation (depreciation) from investments on the consolidated statements of operations was $10,390,642 and $80,298,998, respectively.

The following table summarizes the valuation techniques and significant unobservable inputs used for the DePalma's investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2021:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value** | **Approach** | **Unobservable Input** | **Low**<br>**Range** | **High**<br>**Range** |
|  Taxi medallion loans | $499829073 | Market & Income | Discount Rate | 12.25% | 12.25% |
|  |  | Approach | Capitalization Rate<br> Market Medallion Price | 7.09<br> N/A% <br>| 7.09<br> N/A% <br>|
|  Total | $499829073 |  |  |  |  |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the DePalma's investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2020:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value** | **Approach** | **Unobservable Input** | **Low**<br>**Range** | **High**<br>**Range** |
|  Taxi medallion loans | $569310369 | Market & Income | Discount Rate | 16.00% | 16.00% |
|  |  | Approach | Capitalization Rate<br> Market Medallion Price | 9.25<br> N/A% <br>| 9.25<br> N/A% <br>|
|  Total | $569310369 |  |  |  |  |

---

The value of the underlying collateral and thus, the portfolio of loans may be impacted by multiple factors including, but not limited to, general macroeconomic conditions and state of the taxi industry, loan

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restructurings, governmental initiatives, and medallion transfers. Without a readily ascertainable market value, the estimated value of DePalma's portfolio of investments and loans may differ significantly from the values that would be placed on the portfolio if there existed a ready market for the investments. The illiquidity of DePalma's loan portfolio and investments may adversely affect DePalma's ability to dispose of loans at times when it may be advantageous for DePalma to liquidate such portfolio or investments. In addition, if DePalma were required to liquidate some or all of the investments in the portfolio, the proceeds of such liquidation may be significantly less than the current value of such investments. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.

There were no transfers in and out of Level 3 during the years ended December 31, 2021 or December 31, 2020.

**4. Risk Management** 

In the ordinary course of business, DePalma manages a variety of risks including market risk and liquidity risk.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, such as interest and currency rate movements and volatility in commodity or security prices.

DePalma's exposure to market risk may be due to many factors, including the movements in interest rates, market volatility, and security values underlying these instruments. DePalma manages its exposure to market risk through its restructuring strategies and how it chooses to resolve loans with borrowers.

Liquidity risk arises in the general funding of DePalma's trading activities.

DePalma may have investments in loans and other interests acquired through both assignments and/or participations. As with other types of debt instruments, such interests involve the risk of loss in the case of default or insolvency of the borrower, particularly if the borrowing is unsecured. When purchasing loan participations, DePalma may also assume the credit risk associated with a bank or other financial intermediary administering principal and interest payments and crediting such to DePalma as the holder of the loan. Disposal of these loan interests may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

In addition, since the collateral consists primarily of taxi medallions (in addition to some real estate and personal guaranties), if the overall market for taxi services, income generated from operating medallions, and the value of taxi medallions decreases, this will adversely affect the value of the collateral securing the outstanding medallion loans. If taxi medallion values decline in the future, there is likely to be an increase in medallion loan delinquencies, foreclosures and borrower bankruptcies. DePalma's ability to recover on defaulted medallion loans by foreclosing on and selling the taxi medallion collateral would be diminished, which would result in future losses on defaulted medallion loans that could have an effect on DePalma's business. If we are required to liquidate all or a portion of DePalma's medallion loans quickly, we could realize less than the value at which DePalma had previously recorded such medallions.

The Members are responsible for identifying and controlling risks. The Members perform risk management of DePalma. The Members have noted the impact of the COVID-19 pandemic and the impact on financial risk. The COVID-19 pandemic, perceptions regarding its broad impact and preventive measures taken to contain or mitigate the pandemic have had, and are likely to continue to have, significant negative effects on the US and global economy, employment levels, employee productivity and financial market conditions, which, in turn, may continue to have negative effects on the ability of borrowers repay outstanding loans and the value of medallion collateral securing loans. A prolonged economic slowdown could adversely affect the performance of DePalma.

DePalma relies heavily on Field Point Servicing, LLC for most of the day-to-day servicing of the taxi medallion loans. Since inception, Field Point Servicing, LLC has provided various services, including, but not limited to,

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handling the loan foreclosure process and the transfer and registration of medallions. DePalma is subject to the risk of discontinuation of its servicing agreement with Field Point Servicing, LLC, and the risk that, upon such event, no suitable replacement will be found. The success of DePalma's operations depend to a significant extent upon the expertise and services of Field Point Servicing, LLC, and the loss of this key service provider could have a material adverse effect on DePalma's business. If DePalma does not effectively develop and manage our outsourcing strategies, there could be a material adverse effect on DePalma's business, financial condition and results of operations.

**5. Loan servicing fees** 

DePalma pays a servicing fee to the third-party Loan Servicer under a loan servicing agreement. Fees paid during the years ended December 31, 2021 and December 31, 2020, amounted to $4,664,265 and $5,113,361, respectively, and is included in the consolidated statements of operations.

**6. Related Party Transactions** 

Due to some Member sensitivities around effectively connected income, just prior to foreclosure of a loan or surrender agreement, the underlying medallion collateral for the loan will be distributed out (in-kind) to the Members and their respective feeders who then recontribute the medallion collateral (in-kind) into DePalma II, an entity under the same ownership, which was established to hold medallion assets that may produce effectively connected income. DePalma, via its Members, contributed taxi medallions with a fair value of $57,026,080 in-kind into DePalma II as a result of foreclosures and paydown and surrender agreements during the year ended December 31, 2021. DePalma, via its members, contributed taxi medallions with a fair value of $19,211,440 in- kind into DePalma II as a result of foreclosures and paydown and surrender agreements during the year ended December 31, 2020. Refer to Note 2 for additional information on foreclosures. The above transactions were reflected as in-kind purchases and sales of investments at the Members' level. Net realized gain (loss) for the year ended December 31, 2021 and 2020 included in net realized gain (loss) from investments on the consolidated statements of operations for these in-kind transactions was $40,432,595 and $10,975,980, respectively, none of which remained receivable or payable as of the respective years ended.

During the year ended December 31, 2021, DePalma, via its Members, contributed $4,365,000 into DePalma II to clear an intercompany payable balance between DePalma and DePalma II. During the year ended December 31, 2020, DePalma II, via its Members, contributed $39,327,202 and at the same time distributed $1,587,197 into and out of DePalma, respectively, to effect a rebalancing of member ownership interests in DePalma and DePalma II.

During the course of business, DePalma may pay certain expenses such as medallion filing fees and other administrative expenses, on behalf of DePalma II. When this occurs, the amounts are shown as due from affiliates in the statements of assets and liabilities. As of December 31, 2021 and December 31, 2020, the amount due from affiliates is $35,886, and $441,340, respectively.

**7. Members' Capital** 

**Allocation of profits and losses** 

Net investment income or loss, net realized gain or loss, and unrealized gain or loss on investments are allocated to the Members pro rata in proportion to their respective capital balance. Management and performance fees are charged directly to the Members at their respective funds, and are not charged at DePalma.

**Contributions** 

Units may be issued to the Members for contributions made to DePalma.

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**Distributions** 

Distributions to Members are made at the times and amounts determined by the Members, by affirmative vote of 100% of the Members, in proportion to the Members' respective Units.

**8. Commitments and Contingencies** 

As of December 31, 2021 and December 31, 2020, DePalma had no unfunded loan commitments.

**9. Indemnifications** 

In the normal course of business, DePalma enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. DePalma's maximum exposure under these arrangements cannot be estimated, as this would involve future claims that may be made against DePalma that have not yet occurred. However, based on experience, the DePalma expects the risk of loss to be remote.

**10. Financial Highlights** 

The following represents total return information and the ratios to average members'capital for the years ended December 31, 2021, and December 31, 2020:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **2021** | **2020** |
|  **Total return** |  |  |
|  Total return <sup>(1)(2)(3)</sup> | 2.50% | 16.33% |
|  **Ratios to average members' capital** |  |  |
|  Total expenses <sup>(4)</sup> | 1.47% | 1.60% |
|  Net investment gain/(loss) <sup>(4)</sup> | (0.86)% | (0.37)% |

---

------

(1) Total return information and the ratios to average members' capital are calculated for all members taken
as a whole. Each member's return and ratios may vary from these returns and ratios based on the timing of capital transactions.

(2) The total return above is calculated by compounding monthly rates of return.

(3) For the years ended December 31, 2021 and December 31, 2020, prior to the effect of transactions with
affiliates, the total return is (5.01)% and 14.21%, respectively.

(4) The expense and net investment gain/(loss) ratios are calculated as total operating expenses and net investment
gain/(loss) to the Members divided by the Members' average capital balance for the year.

**11. Subsequent Events** 

The Members have evaluated the impact of subsequent events on DePalma through February 12, 2023, the date the financial statements were available to be issued. Subsequent to December 31, 2021 and prior to the issuance of these financial statements, DePalma recorded no capital contributions and recorded distributions of approximately $35,942,000, of which approximately $11,575,000 were capital in-kind distributions.

In March of 2021, New York City announced the Medallion Relief Program ("MRP") to provide debt forgiveness and loan restructuring for medallion owners and in November 2021, New York City announced the MRP+ to provide additional support for medallion owners. As of the date of this report, approximately 1,300 loans have been restructured.

As of the date of this report, DePalma II and DePalma I are proposing to enter into a business combination agreement among, Marblegate Acquisition Corp., a blank check company incorporated in Delaware ("MAC"),

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and Marblegate Capital Corporation ("Newco"), a Delaware corporation incorporated for purposes of consummating the merger and one or more Newco merger subsidiaries, each, a Delaware corporation and a direct wholly-owned subsidiary of Newco ("Merger Subs"), formed for the purpose of effectuating the merger transactions as part of a tax-free merger pursuant to which all or substantially all of DePalma II and DePalma I (but in no event less than 80%) will be merged into and acquired by Newco.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Members of DePalma Acquisition II LLC

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statements of assets and liabilities of DePalma Acquisition II LLC (the "Co-investment vehicle"), including the consolidated schedules of investments, as of December 31, 2021, and 2020, the related consolidated statements of operations, changes in net assets and cash flows for each of the two years in the period ended December 31, 2021, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Co-investment vehicle at December 31, 2021 and 2020, and the results of its operations, changes in its net assets, and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Co-investment vehicle's management. Our responsibility is to express an opinion on the Co-investment vehicle's financial statements based on our audits. 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 Co-investment vehicle 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 audits 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 Co-investment vehicle is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, 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 Co-investment vehicle's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits 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 audits 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 audits provide a reasonable basis for our opinion.

/s/ Ernst & Young Ltd.

We have served as the Co-investment vehicle's auditor since 2020.

Grand Cayman, Cayman Islands

February 12, 2023

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**DePalma Acquisition II LLC** 

**Consolidated Statements of Assets and Liabilities** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  **Assets:** |  |  |
|  Investments at fair value (amortized cost of $160,288,742 and $103,262,661 as of December 31, 2021 and December 31, 2020, respectively) | $171170900 | $101689700 |
|  Cash | 41118 | 270062 |
|  Installment sale contracts receivable | 5075119 | 2463962 |
|  Promissory notes receivable | 2370006 | 901069 |
|  Interest receivable | 789 | 300 |
|  Due from affiliate | 191341 | 191341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 178849273 | 105516434 |
|  **Liabilities:** |  |  |
|  Due to affiliates | 35886 | 441340 |
|  Accrued expenses and other liabilities | 85900 | 88403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 121786 | 529743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total members capital (Units outstanding of 166,577,412 and 104,727,505, respectively)** | $178727487 | $104986691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and members capital** | $178849273 | $105516434 |
|  Members capital per unit | $1.07 | $1.00 |

---

See notes to consolidated financial statements.

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**DePalma Acquisition II LLC** 

**Consolidated Statements of Operations** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31, 2021** | **For the Year Ended<br>December 31, 2020** |
|  **Investment income:** |  |  |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $219426 | $44035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion lease income |  | 92652 |
|  **Total investment income** | 219426 | 136687 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 228799 | 186389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 96031 | 70110 |
|  **Total expenses** | 324830 | 256499 |
|  **Net investment income (loss)** | (105404) | (119812) |
|  **Net realized and unrealized gains (losses) on investment transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments |  | (7849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) from investments | 12455120 | (7995401) |
|  **Net realized and unrealized gains (losses)** | 12455120 | (8003250) |
|  **Net increase (decrease) in members capital from operations** | $12349716 | $(8123062) |

---

See notes to consolidated financial statements.

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**DePalma Acquisition II LLC** 

**Consolidated Statements of Changes in Net Assets** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **Total members capital** | **Total members capital** |
|  | **Units** | **Value** |
|  **Balance, January 1, 2020** | 68094372 | $75215776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  | (119812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  | (7849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | (7995401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 36633133 | 77221179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital distributions |  | (39327202) |
|  **Balance, December 31, 2020** | 104727505 | $104986691 |
|  | **Total members capital** | **Total members capital** |
|  | **Units** | **Value** |
|  **Balance, January 1, 2021** | 104727505 | $104986691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  | (105404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | 12455120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 61849907 | 61391080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital distributions |  |  |
|  **Balance, December 31, 2021** | 166577412 | $178727487 |

---

\* All capital activity is with affiliated parties, refer to Note 9.

See notes to consolidated financial statements.

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**DePalma Acquisition II LLC** 

**Consolidated Statements of Cash Flows** 

*(Stated in United States Dollars)* 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31, 2021** | **For the Year Ended<br>December 31, 2020** |
|  **Cash flows from operating activities:** |  |  |
|  Net increase (decrease) in members capital resulting from operations | $12349716 | $(8123062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in members capital resulting from operations to net cash provided (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities |  | (4716910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of loan investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments |  | 7849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation from investments | (12455120) | 7995401 |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installment sale contracts receivable | (2611157) | (2058162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory notes receivable | (1468937) | (651069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (489) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from affiliate |  | (191341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates | (405454) | (587504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (2503) | (201177) |
|  **Net cash provided by (used in) operating activities** | (4593944) | (8526275) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from capital contributions | 4365000 | 48123539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for capital redemptions |  | (39327202) |
|  **Net cash provided by (used in) financing activities** | 4365000 | 8796337 |
|  **Net increase (decrease) in cash** | (228944) | 270062 |
|  **Cash at beginning of year** | 270062 |  |
|  **Cash at end of year** | $41118 | $270062 |
|  **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind contribution and purchase to affiliates (Note 9) | $57026080 | $29097640 |

---

See notes to consolidated financial statements.

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**DePalma Acquisition II LLC** 

**Consolidated Schedule of Investments** 

*(Stated in United States Dollars)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Description** | **Jurisdiction** | **Quantity** | **Fair Value** | **Percentage<br>of<br>Members'<br>Capital** |
|  **Investments, at fair value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxi Medallions: |  |  |  |  |
|  | New York City | 999 | $169830000 | 95.02% |
|  | Chicago | 69 | 1104000 | 0.62% |
|  | Philadelphia | 46 | 236900 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Taxi Medallions (cost—$160,288,742) |  |  | $171170900 | 95.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America (cost—$160,288,742) |  |  | $171170900 | 95.77% |
|  **Total Investments, at fair value (cost—$160,288,742)** |  |  | $**171170900** | **95.77%** |

---

See notes to consolidated financial statements.

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##### [**Table of Contents**](#toc)
**DePalma Acquisition II LLC** 

**Consolidated Schedule of Investments** 

*(Stated in United States Dollars)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** |
| **Description** | **Jurisdiction** | **Quantity** | **Fair Value** | **Percentage<br>of<br>Members'<br>Capital** |
|  **Investments, at fair value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxi Medallions: |  |  |  |  |
|  | New York City | 635 | $100380800 | 95.61% |
|  | Chicago | 67 | 1072000 | 1.02% |
|  | Philadelphia | 46 | 236900 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Taxi Medallions (cost—$103,262,661) |  |  | $101689700 | 96.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States of America (cost—$103,262,661) |  |  | $101689700 | 96.86% |
|  **Total Investments, at fair value (cost—$103,262,661)** |  |  | $**101689700** | **96.86%** |

---

See notes to consolidated financial statements.

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##### [**Table of Contents**](#toc)
**DePalma Acquisition II LLC** 

**Notes to Consolidated Financial Statements** 

*(Stated in United States Dollars)* 

**Year Ended December 31, 2021 and 2020** 

**1. Organization** 

DePalma Acquisition II LLC ("DePalma II" or the "Co-investment vehicle") is a Delaware limited liability company which was formed on February 23, 2018 and commenced operations on March 29, 2018. At December 31, 2021, DePalma II invested in numerous wholly owned limited liability companies ("Mini-LLCs") which were incorporated in New York or Delaware, to hold at least two taxi medallions each. The financial position and results of operations of the Mini-LLCs have been consolidated with those of DePalma II. There is no defined end of life for DePalma II.

The investment objective of DePalma II is to achieve superior risk-adjusted returns through investing all of its assets in opportunistic investments in the taxi industry, including taxi medallions.

Pursuant to the Third Amended and Restated Limited Liability Company Agreement dated July 1, 2020 (the "LLC Agreement"), DePalma II issued one class of equity Units to its members in consideration for their cash contributions to DePalma II. DePalma II's members consist of Marblegate Tactical Master Fund II, L.P., a Delaware limited partnership, DePalma Dispatch Inc., a Delaware corporation and an entity indirectly 100% owned by Marblegate Special Opportunities Master Fund, L.P, a Cayman Islands exempted limited partnership, Marblegate Strategic Opportunities Master Fund I, LP, a Delaware limited partnership, Marblegate Partners Master Fund II, L.P., a Cayman Islands exempted limited partnership, Marblegate Tactical III Master Fund II, L.P., a Delaware limited partnership and Marblegate Cobblestone Master Fund I, LP, a Delaware limited partnership (collectively, the "Members"). DePalma II is managed by its Members, each of which is managed by Marblegate Asset Management, LLC ("Marblegate") a Delaware limited liability company ("the Investment Manager").

The Members, by the affirmative vote of 100% of all Member Units, have full and compete authority, power, and discretion to manage and control the business, affairs and properties of DePalma II, make all decisions regarding those matters and perform any and all other acts or activities customary to the management of DePalma II's business. The Members have limited liability and are managed and controlled by the Investment Manager and affiliates thereof, and none of the limited partners of the Members participate in the management of their respective partnerships.

At December 31, 2021, DePalma Dispatch Inc., Marblegate Strategic Opportunities Master Fund I, LP, Marblegate Partners Master Fund II, L.P., Marblegate Tactical Master Fund II, L.P., Marblegate Cobblestone Master Fund I, LP, and Marblegate Tactical III Master Fund II, L.P. owned approximately 12.87%, 18.34%, 5.25%, 16.29%, 12.74% and 34.51%, respectively, of DePalma II.

SS&C Financial Services LLC ("the Administrator") serves as administrator to DePalma II. The Administrator performs certain middle-office and/or back-office support activities.

**Investment in Septuagint** 

In February 2019, DePalma II entered into a non-controlling joint venture with a third-party, Kirie Eleison Corp ("KE"), and formed Septuagint Solutions LLC ("Septuagint"), for the purpose of operating and servicing each party's taxi cab medallions. Septuagint is a fully functioning Medallion Leasing Agent and Taxi Fleet operating company, licensed by the New York City Taxi and Limousine Commission as an agent/broker for managing New

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York City taxi medallions. The owners of KE have been in the business of managing taxis for decades, and this joint venture was seen as the entryway towards getting the DePalma II medallions on the road to generate revenues. Septuagint's business is overseen by a board of directors comprised of two designated DePalma II members and two designated KE members. All transactions between DePalma II, the Mini-LLCs and Septuagint occur in the ordinary course of business.

**2. Significant Accounting Policies** 

**Basis of Accounting** 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are stated in United States Dollars.

The following is a summary of the significant accounting policies followed by the Co-investment vehicle in the preparation of its consolidated financial statements. These consolidated financial statements should be read in conjunction with the Co-investment vehicle's operating agreement ("the Agreement").

**Assessment as Investment Company** 

DePalma II is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in FASB's Accounting Standards Codification ("ASC") 946, Financial Services **–** Investment Companies ("ASC 946"). This conclusion will be reassessed on an annual basis, if any of the criteria or characteristics described in ASC 946 change.

**Basis of Consolidation** 

The Co-investment vehicle's investments are generally made through investment vehicles, each whose sole purpose is to hold the interests of the Co-investment vehicle in the underlying portfolios in the name of the Co-investment vehicle. The Co-investment vehicle consolidates these entities to the extent such entities are wholly owned by the Co-investment vehicle. All inter-company transactions and balances have been eliminated in the consolidation.

**Use of Estimates** 

Consolidated financial statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Management believes that the estimates utilized in preparing these financial statements are reasonable and prudent; however, actual results could differ from these estimates.

**Interest Receivable** 

Interest income, including accretion of discount, is recorded on an accrual basis. Interest income also includes interest earned from cash on hand.

**Cash** 

DePalma II's cash is held by major financial institutions, which accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per legal entity. At times, cash balances may exceed federally insured limits, and this potentially subjects DePalma II to concentration of credit risk. The Co-investment vehicle

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has not experienced any losses in such accounts and believe that it is not exposed to any significant risk on its balances. DePalma II does not maintain any cash equivalents and none of the cash reflected on the Statement of Assets and Liabilities is restricted.

**Consolidated Schedule of Investments** 

The industry and geographic classifications of the investments reflected in the accompanying consolidated schedule of investments are based on the Members' reasonable belief as to the most accurate classifications as of December 31, 2021 and 2020.

**Recent Accounting Pronouncements** 

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The guidance significantly changes how entities will measure credit losses on most financial assets and requires entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of the amortized cost that the entity expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. The Members are still evaluating the impact of ASU 2016-13 on the Co-investment vehicle.

ASC 842, Leases, is a new leases standard update from ASC 840 and requires lessors to classify leases with lease payments that are predominantly variable and are not based on an index or rate as operating leases; provide lessees with an option to re-measure lease liabilities for changes in an index or rate affecting future lease payments on the date that those changes take effect and exempt lessees and lessors from applying the standard's modification guidance when one or more lease components are terminated before the end of the lease term and the economics of the remaining lease components stay the same. Private companies are required to adopt the new leases standard for annual periods beginning after 15 December 2021 and interim periods in annual periods beginning after 15 December 2022 with early adoption permitted. DePalma II does not have plans to early adopt this guidance. The Members are still evaluating the impact of ASC 842 on the Co-investment vehicle.

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Subsequent to the issuance of ASU 2021-01, Accounting Standards Update No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" further defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, for all entities. The Members are still evaluating the impact of ASU 2021-01 on the Co-investment vehicle.

**Investment Transactions** 

The Co-investment vehicle records investment transactions and related income and expenses on a trade date basis. Realized gains and losses from investment transactions are generally recorded on a first in, first out basis in the consolidated statement of income.

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**Valuation of Investments** 

Instruments shall be valued by a reputable independent third-party valuation agent or other valuation service selected in good faith in a commercially reasonable manner by the Members.

For taxi medallions, a valuation methodology consistent with the market approach (value is indicated by prices or other relevant information reflective of medallion market transactions) is utilized for estimating fair value.

**Fair Value of Financial Instruments** 

The fair value of the DePalma II's assets and liabilities, which qualify as financial instruments under ASC Topic 825, Financial Instruments, approximates the carrying amounts presented in the financial statements.

Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

**Income Taxes** 

DePalma II is not a taxable entity and is not subject to federal, state or local income taxes. The Members are individually liable for the taxes on their share of the Co-investment vehicle's taxable income or loss. The Co-investment vehicle applies the provisions of ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for and reporting of income tax uncertainties, and requires additional disclosures, related to uncertain income tax positions. ASC 740 requires that the Co-investment vehicle determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Co-investment vehicle presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The Co-investment vehicle classifies interest and penalties associated with uncertain tax positions, if any, within income tax expense.

In accordance with provisions set forth in ASC 740, Accounting for Uncertainty in Income Taxes, the Members have reviewed the Co-investment vehicle's tax positions, including interest and penalties, for all open tax years and concluded that the application of ASC 740 had no effect on the Co-investment vehicle's financial position, results of operations or cash flows. As of December 31, 2021 and 2020, the Members have concluded that a provision for income taxes is not required.

**3. Fair Value Measurements** 

DePalma II applies the provisions of ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establish a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments and liabilities at fair value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, a fair value hierarchy is implemented for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of DePalma II.

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Unobservable inputs reflect the Members' own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1-Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities and in which transaction for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2-Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3-Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The inputs or methodology used for valuing investments are not necessarily an indication of the risks associated with investing in those investments. The types of investments which would generally be included in this category are private equity and/or debt investments issued by private entities, and thinly traded investments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities.

The following table presents information about DePalma II's investments by levels within the valuation hierarchy as of December 31, 2021. Refer to the consolidated schedule of investments for further detail on the industry and geographic concentration.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices in**<br>**Active Markets**<br>**For Identical**<br>**Assets (Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Balance as of**<br>**December 31,**<br>**2021**<br>**Total** |
|  **Investments** |  |  |  |  |
|  Taxi Medallions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | $— | $— | $171170900 | $171170900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**—** | $**—** | $**171170900** | $**171170900** |

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The following table presents information about the DePalma II's investments by levels within the valuation hierarchy as of December 31, 2020. Refer to the consolidated schedule of investments for further detail on the industry and geographic concentration.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices in**<br>**Active Markets**<br>**For Identical**<br>**Assets (Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Balance as of**<br>**December 31,**<br>**2020**<br>**Total** |
|  **Investments** |  |  |  |  |
|  Taxi Medallions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | $— | $— | $101689700 | $101689700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**—** | $**—** | $**101689700** | $**101689700** |

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With respect to instruments valued by a third-party valuation agent, the valuation techniques that may be considered are the evaluation of arm's-length transactions with third parties, an income approach reflecting a

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discounted cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated by market participants.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2021:

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| | |
|:---|:---|
|  | **Total<br>Investments** |
|  Balance as of December 31, 2020 | $101689700 |
|  Net change in appreciation (depreciation) from investments | 12455120 |
|  Purchases of investments | 57026080 |
|  Balance as of December 31, 2021 | $171170900 |

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2020:

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| | |
|:---|:---|
|  | **Total<br>Investments** |
|  Balance as of December 31, 2019 | $75878400 |
|  Realized gain/(loss) from investments | (7849) |
|  Net change in appreciation (depreciation) from investments | (7995401) |
|  Purchases of investments | 33814550 |
|  Balance as of December 31, 2020 | $101689700 |

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Net change in unrealized gain (loss) from Level 3 investments still held at December 31, 2021 and 2020 included in net change in unrealized appreciation (depreciation) from investments on the consolidated statements of operations was $12,455,120 and $(7,995,401), respectively.

The following table summarizes the valuation techniques and significant unobservable inputs used for DePalma II's investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2021:

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|:---|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value** | **Approach** | **Unobservable Input** | **Low**<br>**Range** | **High**<br>**Range** |
|  Taxi medallions | $171170900 | Market Approach | Capitalization Rate | 7.09% | 7.09% |
|  Total | $171170900 |  |  |  |  |

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The following table summarizes the valuation techniques and significant unobservable inputs used for the DePalma II's investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2020:

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|:---|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value** | **Approach** | **Unobservable Input** | **Low**<br>**Range** | **High**<br>**Range** |
|  Taxi medallions | $101689700 | Market Approach | Capitalization Rate | 9.25% | 9.25% |
|  |  |  | Market Medallion Price | N/A | N/A |
|  Total | $101689700 |  |  |  |  |

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The value of DePalma II's medallion portfolio may be impacted by multiple factors including, but not limited to, general macroeconomic conditions and state of the taxi industry, governmental initiatives, and medallion

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transfers. Without a readily ascertainable market value, the estimated value of DePalma II's medallion portfolio may differ significantly from the values that would be placed on the portfolio if there existed a ready market for the medallions. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.

There were no transfers in and out of Level 3 during the years ended December 31, 2021 or December 31, 2020.

**4. Promissory Notes** 

Pursuant to various promissory notes entered into between DePalma II and Septuagint, DePalma II extended promissory loans to Septuagint aggregating $2,100,000 (collectively, the "Note"). The Note accrues interest at a rate of 12% per annum and, following extensions, matures June 03, 2023, and any accrued unpaid interest is automatically treated as PIK interest. As of December 31, 2021 and December 31, 2020, the balance owed on the Note, inclusive of accrued interest, is approximately $2,370,000 and $901,100, respectively.

**5. Installment Sales Contracts** 

DePalma II, through the various Mini-LLCs, offers automotive financial opportunities for taxi drivers and earns revenue from payments made under installment sales contracts for new vehicles. Septuagint, as agent on behalf of the Mini-LLCs, enters into installment sales contracts with taxi drivers. The Mini-LLCs hold security interest in the vehicles purchased through these installment sale contracts entered with the taxi drivers pursuant to which the drivers make monthly vehicle payments towards taking full ownership of the vehicles at the end of the contractual term. The net purchase price owed by the driver typically is paid over a specified number of months with interest at a fixed rate negotiated between Septuagint, as agent and the driver. As of December 31, 2021 and December 31, 2020, the average original term and fixed interest rate of the installment sale contracts entered into was 36 months and 6% and 36 months and 6%, respectively. DePalma II implemented a payment holiday beginning February 2020 which lasted through April 30, 2022. Payments received in 2022 amounted to approximately $1,200,000.

**6. Revenue Recognition** 

FASB ASC Topic 606, *Revenue from Contracts with Customers* requires revenue to be recognized when a customer obtains control rather than when all risks and rewards of a good or service have been substantially transferred. For DePalma II, revenue is generated primarily from interest on installment sale contracts, net of certain deferred origination costs that are included as a reduction of interest income, and such revenue is recognized over the term of the receivable using the effective interest method. Revenue is also generated from taxi medallions which are leased to Septuagint. The lease contracts are accounted for as an operating lease, with lease revenue and profits recognized over the term of the lease under FASB ASC Topic 840, *Leases*. The Lease contracts are entered into between the Mini-LLCs and Septuagint for a monthly contractual lease fee and Septuagint, as agent, then enters into lease contracts with the taxi drivers directly. Septuagint acts as guarantor for receiving payments on the installment sale contracts and taxi medallion lease contracts from taxi drivers and such payments are transferred to DePalma II via Mini-LLCs. All transactions between DePalma II, the Mini-LLCs and Septuagint occur in the ordinary course of business. Income is generated to the extent revenues exceed expenses, most of which are interest and operating expenses.

**7. Risk Management** 

In the ordinary course of business, DePalma II manages a variety of risks including market risk and liquidity risk.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, such as interest and currency rate movements and volatility in commodity or security prices.

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DePalma II's exposure to market risk may be due to many factors, including the movements in interest rates, indexes, market volatility, and investment values underlying these instruments.

Liquidity risk arises in the general funding of DePalma II's trading activities.

DePalma II relies heavily on Field Point Servicing, LLC for most of the day-to-day servicing of the taxi medallion loans collateral. Since inception, Field Point Servicing, LLC has provided various services, including, but not limited to, handling the loan foreclosure process and the transfer and registration of medallions. DePalma II is subject to the risk of discontinuation of its servicing agreement with Field Point Servicing, LLC, and the risk that, upon such event, no suitable replacement will be found. The success of DePalma II's operations depend to a significant extent upon the expertise and services of Field Point Servicing, LLC, and the loss of this key service provider could have a material adverse effect on DePalma II's business. If DePalma II does not effectively develop and manage its outsourcing strategies, there could be a material adverse effect on DePalma II's business, financial condition and results of operations.

The Members are responsible for identifying and controlling risks. The Members perform risk management for DePalma II. The Members have noted the impact of the COVID-19 pandemic and the impact on financial risk. The COVID-19 pandemic, perceptions regarding its broad impact and preventive measures taken to contain or mitigate the pandemic have had, and are likely to continue to have, significant negative effects on the US and global economy, employment levels, employee productivity and financial market conditions, which, in turn, may continue to have negative effects on the ability of taxi drivers to pay amounts due under their vehicle and medallion lease agreements. A prolonged economic slowdown could adversely affect the performance of DePalma II.

**8. Indemnifications** 

In the normal course of business, DePalma II enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. DePalma II's maximum exposure under these arrangements cannot be estimated, as this would involve future claims that may be made against DePalma II that have not yet occurred. However, based on experience, DePalma II expects the risk of loss to be remote.

**9. Related Party Transactions** 

During the year ended December 31, 2021, DePalma Acquisition I LLC ("DePalma I"), via its members, contributed $4,365,000 into DePalma II to clear an intercompany receivable/payable balance between DePalma I and DePalma II. During the year ended December 31, 2020, DePalma II, via its Members, contributed $39,327,202 and at the same time distributed $1,587,197 into and out of DePalma II, respectively, to effect a rebalancing of member ownership interests in DePalma I and DePalma II.

DePalma I, an entity under the same ownership as DePalma II, was established to hold taxi medallion loans that are collateralized by taxi medallions. Due to some member sensitivities around effectively connected income, just prior to foreclosure of a loan or surrender agreement being executed by DePalma I, the underlying medallion collateral for the loan will be distributed out (in-kind) to the members and their respective feeder funds who then re-contribute the medallion collateral (in-kind) into DePalma II which is less sensitive to effectively connected income. DePalma I, via its members, contributed taxi medallions with a fair value of $57,026,080 and $19,211,440 in-kind into DePalma II as a result of foreclosures and paydown and surrender agreements during the years ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2020, DePalma Dispatch Inc. contributed all of its assets with a fair value of $9,886,200 in-kind into DePalma II.

As further discussed in Note 1, in February 2019, DePalma II entered into a non-controlling joint venture and formed Septuagint as an entryway toward getting DePalma II medallions on the road to generate revenues. As discussed, DePalma II has entered into various promissory notes with Septuagint to provide working capital. As of December 31, 2021 and 2020, that balance, inclusive of accrued interest is approximately $2,370,000 and

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$901,100, respectively, for which no payments have been received. As further discussed in Note 5 and Note 6, Septuagint remits payments to DePalma II on the installment sale contracts and medallion lease contracts from the taxi drivers. During the year ended December 31, 2020, DePalma II received payments for the installment sales contracts and medallion lease contracts amounting to $64,896 and $92,652, respectively. Payments of $54,429 from the installment sales contracts is related to principal and is reflected under Installment sale contracts receivable on the Consolidated Statements of Assets and Liabilities and $10,467 is included under Interest income on the Consolidated Statement of Operations. There were no payments received for the installment sales contracts and medallion lease contracts during the year ended December 31, 2021. DePalma II has a $191,341 receivable from Septuagint, relating to reimbursable expenses, which is included on the Consolidated Statement of Assets and Liabilities under Due from affiliate.

During the course of business, DePalma I may pay certain expenses such as medallion filing fees and other administrative expenses, on behalf of DePalma II. When this occurs, the amounts are shown as due to affiliates in the statements of assets and liabilities. As of December 31, 2021 and December 31, 2020, the amount of due to affiliates is $35,886, and $441,340, respectively.

**10. Members' Capital** 

**Allocation of profits and losses** 

Net investment income or loss, net realized gain or loss, and unrealized gain or loss on investments are allocated to the Members pro rata in proportion to their respective capital balance. Management and performance fees are charged directly to the Members at their respective funds, and are not charged at DePalma II. Management and performance fees are charged directly to the Members at their respective funds, and are not charged at DePalma.

**Contributions** 

Units may be issued to the Members for contributions made to DePalma.

**Distributions** 

Distributions to Members are made at the times and amounts determined by the Members, by affirmative vote of 100% of the Members, in proportion to the Members' respective Units.

**11. Financial Highlights** 

The following represents total return information and the ratios to average members'capital for the years ended December 31, 2021 and December 31, 2020:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **2021** | **2020** |
|  **Total return** |  |  |
|  Total return <sup>(1)(2)</sup> | 7.03% | (9.24)% |
|  **Ratios to average members' capital** |  |  |
|  Total expenses <sup>(3)</sup> | 0.24% | 0.29% |
|  Net investment gain/(loss) <sup>(3)</sup> | (0.08)% | (0.14)% |

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(1) Total return information and the ratios to average members' capital are calculated for all members taken
as a whole. Each member's return and ratios may vary from these returns and ratios based on the timing of capital transactions.

(2) The total return above is calculated by compounding monthly rates of return.

(3) The expense and net investment gain/(loss) ratios are calculated as total operating expenses and net investment
gain/(loss) to the Members divided by the Members' average capital balance for the year.

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**12. Subsequent Events** 

The Members have evaluated the impact of subsequent events on DePalma II through February 12, 2023, the date the financial statements were available to be issued. Subsequent to December 31, 2021 and prior to the issuance of these financial statements, DePalma II recorded in-kind contributions of approximately $11,575,000.

As of the date of this report, DePalma II and DePalma I are proposing to enter into a business combination agreement among, Marblegate Acquisition Corp., a blank check company incorporated in Delaware ("MAC"), and Marblegate Capital Corporation ("Newco"), a Delaware corporation incorporated for purposes of consummating the merger and one or more Newco merger subsidiaries, each, a Delaware corporation and a direct wholly-owned subsidiary of Newco ("Merger Subs"), formed for the purpose of effectuating the merger transactions as part of a tax-free merger pursuant to which all or substantially all of DePalma II and DePalma I (but in no event less than 80%) will be merged into and acquired by Newco.

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**ANNEX G**![LOGO](g441116g00s87.jpg)

February 5, 2023

Special Committee of the Board of Directors

Marblegate Acquisition Corp.

411 Theodore Fremd Avenue

Suite 206S

Rye, New York 10580

Dear Special Committee:

You have requested our opinion as to the fairness, from a financial point of view, to Marblegate Acquisition Corp. (the "Company") of the Consideration (as defined below) proposed to be paid in the Transaction (as defined below) for DePalma Acquisition I LLC ("DePalma I") and DePalma Acquisition II LLC ("DePalma II" and, together with DePalma I, the "DePalma Companies") pursuant to the Business Combination Agreement (the "Agreement") proposed to be entered into by the Company, the DePalma Companies, Marblegate Asset Management, LLC ("Marblegate"), Marblegate Capital Corporation ("Newco"), which is a newly-formed entity, and MAC Merger Sub, Inc. ("Merger Sub"), which is a newly-formed, wholly-owned subsidiary of Newco. We understand that the Agreement provides for, among other things, contributions by certain parties of all of the respective issued and outstanding equity interests of the DePalma Companies to Newco immediately followed by the merger of Merger Sub with and into the Company (such merger, together with such contributions, the "Transaction"). We also understand that the Agreement provides that, in connection with the Transaction, Newco will issue shares of common stock, par value $0.0001 per share, of Newco ("Newco Common Stock"), at a stated exchange value of $10.00 per share, in exchange for the contributed equity interests of the DePalma Companies to be valued, in the case of DePalma I, as the sum of (i) the Minimum Cash Amount plus (ii) the Total Medallion Loan Value and, in the case of DePalma II, as the Total Owned Medallion Value (such resulting valuation, the "DePalma Transaction Valuation"). The terms and conditions of the Transaction are more fully set forth in the Agreement, and all capitalized terms used but undefined herein have the meanings given to them in the Agreement.

For purposes of our analyses and this opinion, the Company has advised us and, with the consent and approval of the Special Committee (the "Special Committee") of the Board of Directors (the "Board") of the Company, we have assumed, without independent verification, that, based on a DePalma Transaction Valuation (excluding the Minimum Cash Amount) equal to $750,595,712 (the "January 27, 2023 DePalma Transaction Valuation ") derived by the Company from the Medallion Loans owned by DePalma I (including the unpaid principal balance thereof and, for each Medallion Loan, the New York City Medallion(s), the Chicago Medallion(s) and/or the Philadelphia Medallion(s) securing such Medallion Loan) and the New York City Medallions, the Chicago Medallions and the Philadelphia Medallions owned by DePalma II, in each case as of January 27, 2023, the consideration for the DePalma Companies in the Transaction will be 75,059,571.2 shares of Newco Common Stock (the "Consideration"), excluding shares issued on account of cash. For purposes of our analyses and this opinion, with the consent and approval of the Special Committee, we have assumed, without independent verification, that each share of Newco Common Stock will have a value equal to $10.00 per share (with such $10.00 value being based on the Company's initial public offering and the Company's approximate cash held in the Company's trust account per outstanding share of Class A common stock of the Company (together with Class B common stock of the Company, "Company Common Stock") (excluding the dilutive impact of (i) non-redeemable shares of Class A common stock of the Company, (ii) shares of Class B common stock of the Company, and (iii) any warrants to purchase Company Common Stock) and, accordingly, the Consideration will have an implied value equal to the January 27, 2023 DePalma Transaction Valuation. With the consent and approval of the Special Committee, we have rendered this opinion as if the Consideration will be paid directly by the Company.

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Special Committee of the Board of Directors

Marblegate Acquisition Corp.

February 5, 2023

Huron Transaction Advisory LLC ("Huron") has been engaged solely to render this opinion to the Special Committee (the "Special Committee") of the Board of Directors (the "Board") of the Company and has not otherwise acted as financial advisor to the Special Committee, the Board, the Company or any other party in connection with the Transaction. We will receive a fee in connection with the rendering of this opinion, no portion of which is contingent upon the consummation of the Transaction. In addition, the Company has agreed to reimburse certain of our expenses arising, and indemnify us against certain liabilities that may arise, out of our engagement. In the past two years, we have not been engaged to provide financial advisory or other services to the Company for which we have received compensation. In the past two years, we have been engaged to provide due diligence services to a portfolio company of Marblegate, and we have received compensation for such services during such period. In the ordinary course, we and our affiliates and employees may acquire, hold or sell, long or short positions, or trade, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, Marblegate, the DePalma Companies or any other party that may be involved in the Transaction and their respective affiliates or security holders.

In connection with this opinion, we have (i) reviewed a draft dated February 3, 2023 of the Agreement; (ii) reviewed certain publicly available financial and other information relating to the Company contained in its public filings; (iii) reviewed certain financial and other information relating to the DePalma Companies and their assets made available to us by Marblegate, including (A) the unpaid principal balance of loans of DePalma I secured by taxi medallions, payment information for such loans participating in the New York City Taxi and Limousine Commission's Medallion Relief Program and Loan Guaranty Program and other performing loans of DePalma I secured by taxi medallions and other loan information contained in data tape provided by Marblegate and (B) "run- rate" financial estimates relating to taxi medallions owned by the DePalma Companies for the calendar year 2024 under a fleet leasing scenario contemplated by the management of Marblegate; (iv) utilized certain sensitivities to the fleet leasing scenario contemplated by the management of Marblegate as directed by the Special Committee; (v) engaged in discussions with certain members of the management of Marblegate, and with the Special Committee, regarding the DePalma Companies and their assets, the Transaction and related matters; (vi) reviewed publicly available information regarding purchase prices paid in recent sales of taxi medallions in New York City, Chicago and Philadelphia; (vii) reviewed financial and stock market data, including valuation multiples, for certain other companies, the securities of which are publicly traded, in lines of business that we deemed relevant; and (viii) conducted such other financial studies, analyses and inquiries and considered such other information and factors as we deemed appropriate. As discussed with the Special Committee, we have not performed any analysis to value the securities of the Company or Newco, including Company Common Stock or Newco Common Stock. In addition, based on the unavailability of financial projections (other than the limited "run-rate" financial estimates referred to above), we have not performed any analysis of the DePalma Companies as an operating business and our analyses have been necessarily limited to sum-of-the parts analyses of implied asset-level values by asset type. Furthermore, we have not considered the corporate overhead costs to be incurred by Newco following the Transaction and have assumed, without independent verification, that incremental future corporate overhead costs resulting from acquiring the DePalma Companies in the Transaction in lieu of an asset purchase by the Company of loans and taxi medallions from the DePalma Companies will not be material to our analyses or this opinion.

We have assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished, or otherwise made available, to us, discussed with or reviewed by us, or publicly available, and do not assume any responsibility with respect to such data, material and other information. We have assumed, without independent verification, that there has been no change in the assets, liabilities, business, financial condition, results of operations, or prospects of any of the Company or the DePalma Companies since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to us that would be material to our analyses or this opinion, that such financial statements and other information reflect all of the assets and liabilities of the Company and the DePalma Companies, and that there is

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Special Committee of the Board of Directors

Marblegate Acquisition Corp.

February 5, 2023

no information or any facts that would make any of the information reviewed by us incomplete or misleading. Furthermore, we have assumed that the "run-rate" financial estimates referred to above have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Marblegate assuming the fleet leasing scenario contemplated by such management. We express no view or opinion as to such financial estimates, the assumptions on which they are based or the sensitivities to such contemplated fleet leasing scenario utilized by us as directed by the Special Committee. We have assumed, based on discussions with the management of Marblegate and with the consent of the Special Committee, that all information relied upon by us provides a reasonable basis upon which to evaluate the DePalma Companies and the Transaction. In addition, we have not made any independent evaluation or appraisal of any of the individual assets or liabilities (contingent, derivative, off balance-sheet or otherwise) of any of the Company or the DePalma Companies or the individual collateral securing any of such assets or liabilities, or the collectability of any such assets, nor have we been furnished with any such evaluation or appraisal, and we have not conducted a physical inspection of the properties or assets of any of the Company or the DePalma Companies, nor have we examined any individual loan or credit files.

We have assumed that (i) the final executed Agreement will not differ in any respect material to our analyses or this opinion from the draft of the Agreement reviewed by us, (ii) the representations and warranties made by the parties to the Agreement and related agreements are and will be true and correct in all respects material to our analyses and this opinion, (iii) each party will perform all of the covenants and agreements required to be performed by it under the Agreement in all respects material to our analyses and this opinion, (iv) all conditions to the consummation of the Transaction will be satisfied without material waiver or modification thereof, and (v) the actual amount of the DePalma Transaction Valuation and the number of shares of Newco Common Stock actually issued as consideration for the DePalma Companies at the closing of the Transaction pursuant to the Agreement will not differ from the January 27, 2023 DePalma Transaction Valuation and the Consideration we have assumed in any respect that would be material to our analyses or this opinion. We have also assumed that the Transaction will be consummated on the terms set forth in the Agreement and in accordance with all applicable laws and other relevant documents or requirements, without delay or the waiver, modification or amendment of any term, condition or agreement, the effect of which would be material to our analyses or this opinion, and that all governmental, regulatory, and other consents and approvals necessary for the consummation of the Transaction will be obtained and that no delay, limitations, restrictions or conditions will be imposed or amendments, modifications or waivers made that would result in the disposition of any assets of any of the Company, Newco or the DePalma Companies, or otherwise have an effect on the Transaction, any of the Company, Newco or the DePalma Companies or any expected benefits of the Transaction that would be material to our analyses or this opinion. We have assumed, without independent verification, that the Transaction will have the tax treatment described in discussions with, and materials furnished to us by, representatives of the Company. We have not evaluated and do not express any opinion as to the solvency or fair value of any of the Company, Newco or the DePalma Companies or any other party, or the ability of any of the Company, Newco or the DePalma Companies or such other party to pay its respective obligations when they come due, or as to the impact of the Transaction on such matters, under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. We are not legal, regulatory, tax or accounting advisors, and we express no opinion as to any legal, regulatory, tax, accounting or other similar matters.

We express no view as to, and our opinion does not address, the underlying business decision of the Special Committee, the Board or the Company to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies or transactions (including, without limitation, liquidation) that might be available to the Company or in which the Company might engage. This opinion is limited to and addresses only the fairness, from a financial point of view, as of the date hereof, to the Company of the Consideration to be paid for the DePalma Companies in the Transaction pursuant to the Agreement. We express no view as to, and our opinion does not address, any other term or aspect of the Agreement or the

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Special Committee of the Board of Directors

Marblegate Acquisition Corp.

February 5, 2023

Transaction, including, without limitation, the structure or form of the Transaction, the calculations used to derive the DePalma Transaction Valuation and the Consideration (including, without limitation, the various per medallion collateral values set forth in the Agreement), any allocation of the Consideration (including, without limitation, the relative fairness to the Company of the portion thereof paid in exchange for the contributed equity of DePalma I as compared to the portion thereof paid in exchange for the contributed equity of DePalma II, or vice versa), the payment of expenses, or any management services, support, registration rights, lock-up or other agreements or arrangements contemplated by the Agreement or entered into in connection with or otherwise contemplated by the Transaction. We express no view or opinion as to (i) the fairness of the Transaction or any other term or aspect of the Transaction to, or any consideration to be received in connection therewith by, or the impact of the Transaction on, the holders of any class of securities, creditors or other constituencies of the Company or any other party (including, without limitation, the relative fairness of the Consideration as compared to any such consideration or vice versa) or (ii) the future financial performance of any of the Company, Newco or the DePalma Companies or the future financial or other effects or impact of the Transaction on, or any other consequences of the Transaction to, any of the Company, Newco or the DePalma Companies. In addition, we express no view or opinion as to the fairness (financial or otherwise) of the amount, nature or any other aspect of any compensation to be paid or payable to any of the officers, directors or employees of any of the Company, Newco or the DePalma Companies or any party, or class of such persons, in connection with the Transaction, whether relative to the Consideration or otherwise. Our opinion is necessarily based on financial, economic, monetary, currency, market and other conditions and circumstances as in effect on, and the information made available to us as of, the date hereof, and we do not have any obligation or responsibility to update, revise or reaffirm this opinion based on circumstances, developments or events occurring after the date hereof. There is currently significant volatility in the stock and other financial markets arising from global tensions and political unrest, economic uncertainty, inflation, and the COVID-19 pandemic, including the effect of evolving governmental interventions and non-interventions, and in particular the metropolitan taxi medallion industry continues to undergo a significant long-term downturn. We express no view or opinion as to the actual value of Newco Common Stock when issued in the Transaction or the prices at which Newco Common Stock, Company Common Stock or any other securities of any of the Company, Newco or the DePalma Companies (including the shares of Newco Common Stock issued as consideration in the Transaction) will trade or otherwise be transferable at any time, including following the announcement or consummation of the Transaction. We also express no view or opinion as to what the Minimum Cash Amount, the other components of the DePalma Transaction Valuation and the resulting number of Newco Common Stock issued as consideration actually will be in connection with the Transaction. Our opinion does not constitute a recommendation to any stockholder of the Company or any other person as to how such stockholder or other person should vote or act with respect to the Transaction or any other matter, including whether or not any such stockholder should elect to redeem all or a portion of their shares of Company Common Stock.

Our financial advisory services and the opinion expressed herein are provided for the information and assistance of the Special Committee (in its capacity as such and not in any other capacity) in connection with and for purposes of its consideration of the Transaction. The issuance of this opinion was approved by a committee of Huron authorized to approve opinions of this nature.

Based upon and subject to the foregoing, including the various assumptions made, procedures followed, matters considered, and qualifications and limitations set forth herein, we are of the opinion, as of the date hereof, that the Consideration proposed to be paid in the Transaction for the DePalma Companies pursuant to the Agreement is fair, from a financial point of view, to the Company.

Very truly yours

/s/ Huron Transaction Advisory LLC

HURON TRANSACTION ADVISORY LLC

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**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 20.** **Indemnification of Directors and Officers** <br>

The Existing Charter provides, and the Proposed Charter will provide, that the officers and directors will be indemnified by MAC and New MAC, respectively, to the fullest extent authorized by Delaware law, as it now exists or may in the future be amended. In addition, the Existing Charter provides and the Proposed Charter will provide, that their directors will not be personally liable for monetary damages to MAC or New MAC, respectively, or stockholders for breaches of their fiduciary duties as directors, except to the extent such exemption from liability or limitation thereof is not permitted by the DGCL.

MAC has also entered, and New MAC will enter, into agreements with its officers and directors to provide contractual indemnification in addition to the indemnification provided for in MAC's Charter and the Proposed Charter, respectively. MAC's bylaws and the Proposed Bylaws also permit MAC and New MAC, respectively, to maintain insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. MAC has in place, and New MAC will enter into, policies of directors' and officers' liability insurance that insures their officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures MAC or New MAC, as applicable, against its obligations to indemnify their officers and directors.

**Item 21.** **Exhibits and Financial Statement Schedules** <br>

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1\*\* | Business Combination Agreement, dated February 14, 2023, by and among Marblegate Acquisition Corp., Marblegate Asset Management, LLC, Marblegate Capital Corporation, MAC Merger Sub, Inc., DePalma Acquisition I LLC and DePalma Acquisition II LLC (included as <u>Annex A</u> to the proxy statement/prospectus). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Amended and Restated Certificate of Incorporation of Marblegate Acquisition Corp. (incorporated by reference to Exhibit 3.1 to Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Amendment to Amended and Restated Certificate of Incorporation of Marblegate Acquisition Corp. (incorporated by reference to Exhibit 3.1 to Marblegate Acquisition Corp.'s Current Report on Form 8-K , filed with the SEC on December 7, 2022). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Bylaws of Marblegate Acquisition Corp. (incorporated by reference to Exhibit 3.2 to Marblegate Acquisition Corp.'s Annual Report on Form 10-K, filed with the SEC on April, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4\*\* | Form of Proposed Charter of Marblegate Capital Corporation (included as <u>Annex B</u> to the proxy statement/prospectus) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5\*\* | Form of Proposed Bylaws of Marblegate Capital Corporation (included as <u>Annex C</u> to the proxy statement/prospectus) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Specimen Unit Certificate (incorporated by reference to Exhibit 4.1 to Marblegate Acquisition Corp's Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Specimen Class A Common Stock Certificate (incorporated by reference to Exhibit 4.2 to Marblegate Acquisition Corp.'s Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to Marblegate Acquisition Corp.'s Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Warrant Agreement between Continental Stock Transfer & Trust Company and Marblegate Acquisition Corp. (incorporated by reference to Exhibit 4.1 to Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021). |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1\*\* | Opinion of Paul Hastings LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1\*\* | Tax Opinion of Paul Hastings |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | Letter Agreement, dated September 30, 2021, by and among Marblegate Acquisition Corp., its officers, its directors and the Sponsor (incorporated by reference to Exhibit 10.1 to Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Promissory Note, dated June 30, 2022, issued to Marblegate Special Opportunity Master Fund LP (incorporated by reference to Exhibit 99.1 to Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on July 7, 2022). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3\*\* | Promissory Note, dated February [●], 2023, issued to [●]. |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | Investment Management Trust Agreement, dated September 30, 2021, by and between Marblegate Acquisition Corp. and Continental Stock Transfer & Trust Company, as trustee. (incorporated by reference to Exhibit 10.2 to Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | Registration Rights Agreement, dated September 30, 2021, by and among Marblegate Acquisition Corp., the Sponsor and certain other security holders. (incorporated by reference to Exhibit 10.3 to Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 | Administrative Support Agreement, dated September 30, 2021, by and between Marblegate Acquisition Corp. and the Sponsor. (incorporated by reference to Exhibit 10.4 to the Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | Unit Subscription Agreement, dated September 30, 2021, by and between Marblegate Acquisition Corp. and the Sponsor. (incorporated by reference to Exhibit 10.5 to the Marblegate Acquisition Corp.'s Current Report on Form 8-K, filed with the SEC on October 5, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.8 | Unit Subscription Agreement, dated September 30, 2021, by and between Marblegate Acquisition Corp. and Cantor Fitzgerald & Co. (incorporated by reference to Exhibit 10.6 to Marblegate Acquisition Corp's Current Report on Form 8-K, filed with the SEC on October 5, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.9 | Form of Indemnity Agreement (incorporated by reference to Exhibit 10.8 to Marblegate Acquisition Corp.'s Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.10 | Form of Investment Agreement by and among Marblegate Acquisition Corp., Marblegate Acquisition LLC and the anchor investors (9.9%) (incorporated by reference to Exhibit 10.10 to Marblegate Acquisition Corp.'s Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.11 | Form of Investment Agreement by and among Marblegate Acquisition Corp. Marblegate Acquisition LLC and the anchor investors (4.9%) (incorporated by reference to Exhibit 10.11 to Marblegate Acquisition Corp.'s Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.12 | Form of Investment Agreement by and among Marblegate Acquisition Corp., Marblegate Acquisition LLC and the anchor investors (2.5%) (incorporated by reference to Exhibit 10.12 to Marblegate Acquisition Corp.'s Registration Statement on Form S-1, filed with the SEC on September 9, 2021). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.13\*# | Form of Sponsor Support Agreement (included as <u>Annex D</u> to the proxy statement/prospectus). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.14\*\* | Form of Registration Rights Agreement (included as <u>Annex E</u> to the proxy statement/prospectus). |
| &nbsp;&nbsp;&nbsp;&nbsp;10.15\*# | Form of Management Services Agreement (included as <u>Annex F</u> to the proxy statement/prospectus). |
| &nbsp;&nbsp;&nbsp;&nbsp;23.1\*\* | Consent of Marcum LLP. |
| &nbsp;&nbsp;&nbsp;&nbsp;23.2\*\* | Consent of Ernst & Young Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;23.3\*\* | Consent of Paul Hastings LLP (included in Exhibit 5.1) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;23.4\*\* | Consent of Paul Hastings (included in Exhibit 8.1). |
| &nbsp;&nbsp;&nbsp;&nbsp;24\*\* | Power of Attorney (included on the signature page of this Registration Statement). |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1\*\* | Form of Proxy Card (attached to the proxy statement/prospectus which forms part of this registration statement as <u>Annex</u> [●]). |
| &nbsp;&nbsp;&nbsp;&nbsp;99.2\*\* | Consent of Huron Transaction Advisory LLC. |
| &nbsp;&nbsp;&nbsp;&nbsp;99.3\*\* | Consent of [ ] to be named a director. |
| &nbsp;&nbsp;&nbsp;&nbsp;107\*\* | Filing Fee Table. |

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# Indicates management contract or compensatory plan or arrangement.

† Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

\* Filed herewith.

\*\* To be filed by amendment

**Item 22.** **Undertakings** <br>

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement: (i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act"); (ii) to reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement (notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement) and (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
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) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That for the purpose of determining liability under the Securities Act to any purchaser: 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in
the initial distribution of the securities, that in a primary offering of securities of the 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: (i) any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant; (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 (iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That prior to any public reoffering of the securities registered hereunder through use of a prospectus which is
a part of this registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering prospectus will contain the information called for by the applicable
registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That every prospectus (i) that is filed pursuant to paragraph (6) above, or (ii) that purports
to meet the requirements of Section 10(a)(3) of the Securities Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of an amendment to the registration statement and will not be used until
such amendment is effective, and that for purposes of determining any liability under the Securities Act, each such post-effective amendment 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;(8) Insofar as indemnification for liabilities arising under the Securities Act 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 Securities 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 Securities Act and will be governed by the final
adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) To respond to requests for information that is incorporated by reference into the prospectus pursuant to Item
4, 10(b), 11 or 13 of this form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the
effective date of the registration statement through the date of responding to the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) To supply by means of a post-effective amendment all information concerning a transaction, and the company
being acquired involved therein, that was not the subject of and included in this registration statement when it became effective.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in [●], on the [●] day of [●], 2023.

**MARBLEGATE CAPITAL CORPORATION** 

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KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints [●], his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement on Form S-4, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.