# EDGAR Filing Document

**Accession Number:** 0002075816
**File Stem:** 0001213900-25-088349
**Filing Date:** 2025-9
**Character Count:** 160765
**Document Hash:** 4438edae76c2ec0f53db37579b66a434
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-088349.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0001213900-25-088349

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

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250917

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Emmis Acquisition Corp.
- **CENTRAL INDEX KEY:** 0002075816
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288530
- **FILM NUMBER:** 251318763

**BUSINESS ADDRESS:**
- **STREET 1:** 515 E LAS OLAS BLVD
- **STREET 2:** SUITE 120
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301
- **BUSINESS PHONE:** 954-294-6285

**MAIL ADDRESS:**
- **STREET 1:** 515 E LAS OLAS BLVD
- **STREET 2:** SUITE 120
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on September 17, 2025.**

**Registration No. 333-288530**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**AMENDMENT NO.4 TO**

**FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Emmis Acquisition Corp.** (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **6770** | N/A |
| (State or other jurisdiction of <br> incorporation or organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer <br> Identification Number) |

---

 **515 E Las Olas Blvd, Suite 120, Fort Lauderdale, Florida 33301 +1 954-294-6285** (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Peter Goldstein Chief Executive Officer CO Services Cayman Limited, P.O. Box 10008, Willow House, Cricket Square Grand Cayman KY1-1001 Cayman Islands Telephone: +1 954-294-6285** (Name, address, including zip code, and telephone number, including area code, of agent for service)

*Copies to:*

---

| | |
|:---|:---|
| **Ross David Carmel, Esq.**<br> **Avital Perlman, Esq.**<br> **Sichenzia Ross Ference Carmel LLP**<br> **1185 Avenue of the Americas** <br> **New York, New York 10036**<br> **Telephone: (212) 930-9700** | **Ralph V. De Martino, Esq.**<br> **Cavas Pavri, Esq.**<br> **ArentFox Schiff LLP**<br> **1717 K Street, NW**<br> **Washington, DC 20006**<br> **Telephone: (202) 724-6848** |

---

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

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

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

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

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

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

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

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

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

**EXPLANATORY NOTE**

Emmis Acquisition Corp. is filing this Amendment No. 4 to its Registration Statement on Form S-1 (File No. 333-288530) (the "Registration Statement") as an exhibits-only filing to include Exhibits 3.2, 5.1 and 5.2. Accordingly, this amendment consists only of the facing page, this explanatory note, Item 16(a) of Part II of the Registration Statement, the signature page to the Registration Statement and the filed exhibits. The remainder of the Registration Statement is unchanged and has therefore been omitted.

**Part II**

**Information not required in prospectus**

**Item 16. *Exhibits and Financial Statement Schedules.***

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex1-1_emmis.htm) |
| 1.2 | [Form of Business Combination Marketing Agreement](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex1-2_emmis.htm) |
| 3.1.1 | [Memorandum of Association.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex3-1i_emmis.htm) |
| 3.1.2 | [Articles of Association.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex3-1ii_emmis.htm) |
| 3.2\* | [Form of Amended and Restated Memorandum and Articles of Association.](ea025762301ex3-2_emmis.htm) |
| 4.1 | [Specimen Unit Certificate.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex4-1_emmis.htm) |
| 4.2 | [Specimen Ordinary Share Certificate.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex4-2_emmis.htm) |
| 4.3 | [Specimen Rights Certificate.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex4-3_emmis.htm) |
| 4.4 | [Form of Rights Agreement between VStock Transfer LLC and the Registrant.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex4-4_emmis.htm) |
| 5.1\* | [Opinion of Sichenzia Ross Ference Carmel LLP.](ea025762301ex5-1_emmis.htm) |
| 5.2\* | [Opinion of Carey Olsen Cayman Limited, Cayman Islands counsel to the Registrant.](ea025762301ex5-2_emmis.htm) |
| 10.1 | [Form of Letter Agreement among the Registrant, Emmis Capital Sponsor LLC and each of the officers and directors of the Registrant.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-1_emmis.htm) |
| 10.2 | [Form of Investment Management Trust Agreement](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-2_emmis.htm) |
| 10.3 | [Form of Registration Rights Agreement](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-3_emmis.htm) |
| 10.4 | [Form of Sponsor Private Placement Units Purchase Agreement](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-4_emmis.htm) |
| 10.5 | [Form of I-Bankers Private Placement Units Purchase Agreement](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-5_emmis.htm) |
| 10.6 | [Form of Indemnity Agreement.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-6_emmis.htm) |
| 10.7 | [Promissory Note issued to Emmis Capital Sponsor LLC](http://www.sec.gov/Archives/edgar/data/2075816/000121390025082545/ea025515101ex10-7_emmis.htm) |
| 10.8 | [Securities Subscription Agreement between Emmis Capital Sponsor LLC and the Registrant.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025082545/ea025515101ex10-8_emmis.htm) |
| 10.9 | [Form of Administrative Services Agreement.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex10-9_emmis.htm) |
| 14.1 | [Form of Code of Ethics.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex14-1_emmis.htm) |
| 23.1 | [Consent of TAAD LLP.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex23-1_emmis.htm) |
| 23.2\* | [Consent of Sichenzia Ross Ference Carmel LLP (included on Exhibit 5.1).](ea025762301ex5-1_emmis.htm) |
| 23.3\* | [Consent of Carey Olsen Cayman Limited (included on Exhibit 5.2).](ea025762301ex5-2_emmis.htm) |
| 24.1 | [Power of Attorney (included on the signature page of the initial filing).](#POA_001) |
| 99.1 | [Audit Committee Charter.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex99-1_emmis.htm) |
| 99.2 | [Compensation Committee Charter.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex99-2_emmis.htm) |
| 99.3 | [Nominating and Corporate Governance Committee Charter.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025087025/ea025687301ex99-3_emmis.htm) |
| 99.4 | [Nominee Director Consents](http://www.sec.gov/Archives/edgar/data/2075816/000121390025075824/ea025194601ex99-4_emmis.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| 107 | [Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/2075816/000121390025061576/ea024801001ex-fee_emmis.htm) |

---

**\*** Filed herwith

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Fort Lauderdale, Florida, on September 17, 2025.

---

| | |
|:---|:---|
| **EMMIS ACQUISITION CORP.** | **EMMIS ACQUISITION CORP.** |
| By: | */s/ Peter Goldstein* |
| Name: | Peter Goldstein |
| Title: | Chief Executive Officer |

---

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Peter Goldstein his true and lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities to sign any and all amendments including post-effective amendments to this registration statement and any and all registration statements filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| */s/ Peter Goldstein* | Chief Executive Officer and Director | September 17, 2025 |
| Peter Goldstein | (principal executive officer) |  |
| */s/ David Lowenstein* | Chief Financial Officer and Director | September 17, 2025 |
| David Lowenstein | (principal financial and accounting officer) |  |

---

**Authorized representative IN THE UNITED STATES**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in its capacity as the duly authorized representative of Emmis Acquisition Corp., in Fort Lauderdale, Florida on September 17, 2025.

---

| | |
|:---|:---|
| By: | */s/ Peter Goldstein* |
| Name: | Peter Goldstein |
| Title: | Chief Executive Officer |

---

## Exhibit 3.2

**Exhibit 3.2** 

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**EMMIS ACQUISITION CORP.** 

**(ADOPTED BY SPECIAL RESOLUTION DATED [ ] 2025 AND EFFECTIVE ON [ ] 2025)**

![](ex3-2_001.jpg)

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**EMMIS ACQUISITION CORP.** 

**(ADOPTED BY SPECIAL RESOLUTION DATED [ ] 2025 AND EFFECTIVE ON [ ] 2025)**

1. The name of the Company is Emmis Acquisition Corp.

2. The registered office of the Company shall be at the offices of CO Services Cayman Limited, P.O. Box 10008,
Willow House, Cricket Square, Grand Cayman KY1-1001, Cayman Islands, or at such other place as the Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the laws of the Cayman Islands.

4. The liability of each Member is limited to the amount unpaid on such Member's shares.

5. The share capital of the Company is US$22,100 divided into 200,000,000 Class A ordinary shares of a par
value of US$0.0001 each, 20,000,000 Class B ordinary shares of a par value of US$0.0001 each and 1,000,000 preference shares of a par
value of US$0.0001 each.

6. The Company has power to register by way of continuation as a body corporate limited by shares under the
laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

7. Capitalised terms that are not defined in this Amended and Restated Memorandum of Association bear the
respective meanings given to them in the Amended and Restated Articles of Association of the Company.

![](ex3-2_001.jpg)

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**EMMIS ACQUISITION CORP.**

**(ADOPTED BY SPECIAL RESOLUTION DATED [ ] 2025 AND EFFECTIVE ON [ ] 2025)**

**1.** **Interpretation** 

**1.1** In the Articles Table A in the First Schedule to the Statute does not apply and, unless there is something in the subject or context
inconsistent therewith:

---

| | |
|:---|:---|
| "**Affiliate**" | in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person's home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. |
| "**Applicable Law**" | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. |
| "**Articles**" | means these amended and restated articles of association of the Company. |

---

---

| | |
|:---|:---|
| 1 | ![](ex3-2_001.jpg) |

---

---

| | |
|:---|:---|
| "**Audit Committee**" | means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Auditor**" | means the person (if any) for the time being performing the duties of auditor of the Company. |
| "**Business Combination**" | means a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the "**target business**"), which Business Combination: (a) as long as the securities of the Company are listed on the Nasdaq Stock Market, must occur with one or more target businesses that together have an aggregate fair market value of at least 80 per cent of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into such Business Combination; and (b) must not be effectuated with another blank cheque company or a similar company with nominal operations. |
| "**business day**" | means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City. |
| "**Clearing House**" | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "**Class A Share**" | means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| "**Class B Share**" | means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| "**Company**" | means the above-named company. |
| "**Company's Website**" | means the website of the Company and/or its web-address or domain name (if any). |

---

---

| | |
|:---|:---|
| 2 | ![](ex3-2_001.jpg) |

---

---

| | |
|:---|:---|
| "**Compensation Committee**" | means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Designated Stock Exchange**" | means any United States national securities exchange on which the securities of the Company are listed for trading, including the Nasdaq Stock Market. |
| "**Directors**" | means the directors for the time being of the Company. |
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| "**Electronic Communication**" | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (as revised) of the Cayman Islands. |
| "**Equity-linked Securities**" | means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt. |
| "**Exchange Act**" | means the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| "**Founders**" | means all Members immediately prior to the consummation of the IPO. |
| "**Independent Director**" | has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be. |
| "**IPO**" | means the Company's initial public offering of securities. |

---

---

| | |
|:---|:---|
| 3 | ![](ex3-2_001.jpg) |

---

---

| | |
|:---|:---|
| "**Member**" | has the same meaning as in the Statute. |
| "**Memorandum**" | means the amended and restated memorandum of association of the Company. |
| "**Nominating Committee**" | means the nominating committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Officer**" | means a person appointed to hold an office in the Company. |
| "**Ordinary Resolution**" | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| "**Over-Allotment Option**" | means the option of the Underwriters to purchase up to an additional 15 per cent of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions. |
| "**Preference Share**" | means a preference share of a par value of US$0.0001 in the share capital of the Company. |
| "**Public Share**" | means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO. |
| "**Redemption Notice**" | means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. |
| "**Registered Office**" | means the registered office for the time being of the Company. |
| "**Representative**" | means a representative of the Underwriters. |

---

---

| | |
|:---|:---|
| 4 | ![](ex3-2_001.jpg) |

---

---

| | |
|:---|:---|
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Securities and Exchange Commission**" | means the United States Securities and Exchange Commission. |
| "**Share**" | means a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company. |
| "**Special Resolution**" | subject to Article 29.4, Article 47.1 and Article 47.2, has the same meaning as in the Statute, and includes a unanimous written resolution. |
| "**Sponsor**" | means Emmis Capital Sponsor LLC, a Delaware limited liability company, and its successors or assigns. |
| "**Statute**" | means the Companies Act (as revised) of the Cayman Islands. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |
| "**Trust Account**" | means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of units simultaneously with the closing date of the IPO, will be deposited. |
| "**Underwriter**" | means an underwriter of the IPO from time to time and any successor underwriter. |

---

1.2 In these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number and vice
versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any other legal
or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes of
representing or reproducing words in visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may"
shall be construed as permissive;

---

| | |
|:---|:---|
| 5 | ![](ex3-2_001.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law or regulation shall be construed
as references to those provisions as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include",
"in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding
those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the term "and/or" is used herein to mean both "and"
as well as "or". The use of "and/or" in certain contexts in no respects qualifies or modifies the use of
the terms "and" or "or" in others. The term "or" shall not be interpreted to be exclusive
and the term "and" shall not be interpreted to require the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored in construing
the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to delivery under the Articles include delivery
in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any requirements as to execution or signature under the Articles including
the execution of the Articles themselves can be satisfied in the form of an electronic signature as defined in the Electronic Transactions
Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) sections 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the term "clear days" in relation to the period of a notice
means that period excluding the day when the notice is received or deemed to be received and the day for which it is given or on which
it is to take effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the term "holder" in relation to a Share means a person whose
name is entered in the Register of Members as the holder of such Share.

2. COMMENCEMENT OF BUSINESS

2.1 The business of the Company may be commenced as soon after incorporation
as the Directors shall see fit.

2.2 The Directors may pay, out of the capital or any other monies of the
Company, all expenses incurred in or about the formation and establishment of the Company, including the expenses of registration.

3. ISSUER OF SHARES AND other SECURITIES

3.1 Subject to the provisions, if any, in the Memorandum (and to any direction
that may be given by the Company in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange,
the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, and without
prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares
(including fractions of a Share) with or without preferred, deferred or other rights or restrictions, whether in regard to Dividends or
other distributions, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper,
and may also (subject to the Statute and the Articles) vary such rights, save that the Directors shall not allot, issue, grant options
over or otherwise dispose of Shares (including fractions of a Share) to the extent that it may affect the ability of the Company to carry
out a Class B Share Conversion set out in the Articles.

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3.2 The Company may issue rights, options, warrants or convertible securities
or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares
or other securities in the Company on such terms as the Directors may from time to time determine.

3.3 The Company may issue units of securities in the Company, which may
be comprised of whole or fractional Shares, rights, options, warrants or convertible securities or securities of similar nature conferring
the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company, upon
such terms as the Directors may from time to time determine.

3.4 The Company shall not issue Shares to bearer.

4. REGISTER OF MEMBERS

4.1 The Company shall maintain or cause to be maintained the Register of
Members in accordance with the Statute.

4.2 The Directors may determine that the Company shall maintain one or more
branch registers of Members in accordance with the Statute. The Directors may also determine which register of Members shall constitute
the principal register and which shall constitute the branch register or registers, and to vary such determination from time to time.

5. CLOSING THE REGISTER OF MEMBERS OR FIXING A RECORD DATE

5.1 For the purpose of determining Members entitled to notice of, or to
vote at any meeting of Members or any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution,
or in order to make a determination of Members for any other purpose, the Directors may, after notice has been given by advertisement
in an appointed newspaper or any other newspaper or by any other means in accordance with the rules and regulations of the Designated
Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law,
provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed forty days.

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5.2 In lieu of, or apart from, closing the Register of Members, the Directors
may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any
meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend
or other distribution, or in order to make a determination of Members for any other purpose.

5.3 If the Register of Members is not so closed and no record date is fixed
for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of
a Dividend or other distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors
resolving to pay such Dividend or other distribution is passed, as the case may be, shall be the record date for such determination of
Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

6. CERTIFICATES FOR SHARES

6.1 A Member shall only be entitled to a share certificate if the Directors
resolve that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors
may determine. Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors
may authorise certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall
be consecutively numbered or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the
Company for transfer shall be cancelled and, subject to the Articles, no new certificate shall be issued until the former certificate
representing a like number of relevant Shares shall have been surrendered and cancelled.

6.2 The Company shall not be bound to issue more than one certificate for
Shares held jointly by more than one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of
them.

6.3 If a share certificate is defaced, worn out, lost or destroyed, it may
be renewed on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company
in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate.

6.4 Every share certificate sent in accordance with the Articles will be
sent at the risk of the Member or other person entitled to the certificate. The Company will not be responsible for any share certificate
lost or delayed in the course of delivery.

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6.5 Share certificates shall be issued within the relevant time limit as
prescribed by the Statute, if applicable, or as the rules and regulations of the Designated Stock Exchange, the Securities and Exchange
Commission and/or any other competent regulatory authority or otherwise under Applicable Law may from time to time determine, whichever
is shorter, after the allotment or, except in the case of a Share transfer which the Company is for the time being entitled to refuse
to register and does not register, after lodgement of a Share transfer with the Company.

7. TRANSFER OF SHARES

7.1 Subject to the terms of the Articles, any Member may transfer all or
any of his Shares by an instrument of transfer provided that such transfer complies with the rules and regulations of the Designated Stock
Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. If
the Shares in question were issued in conjunction with rights, options or warrants issued pursuant to the Articles on terms that one cannot
be transferred without the other, the Directors shall refuse to register the transfer of any such Share without evidence satisfactory
to them of the like transfer of such option or warrant.

7.2 The instrument of transfer of any Share shall be in writing in the usual
or common form or in a form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission
and/or any other competent regulatory authority or otherwise under Applicable Law or in any other form approved by the Directors and shall
be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee) and may be under
hand or, if the transferor or transferee is a Clearing House or its nominee(s), by hand or by machine imprinted signature or by such other
manner of execution as the Directors may approve from time to time. The transferor shall be deemed to remain the holder of a Share until
the name of the transferee is entered in the Register of Members.

8. REDEMPTION, REPURCHASE and surrender OF SHARES

8.1 Subject to the provisions of the Statute, and, where applicable, the
rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
or otherwise under Applicable Law, the Company may issue Shares that are to be redeemed or are liable to be redeemed at the option of
the Member or the Company. The redemption of such Shares, except Public Shares, shall be effected in such manner and upon such other terms
as the Company may, by Special Resolution, determine before the issue of such Shares. With respect to redeeming or repurchasing the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Members who hold Public Shares are entitled to request the redemption
of such Shares in the circumstances described in the Business Combination Article hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class B Shares held by the Sponsor shall be surrendered by the Sponsor
for no consideration to the extent that the Over-Allotment Option is not exercised in full so that the Founders will own 25 per cent of
the Company's issued Shares after the IPO or such other amount as set forth in the IPO offering documents (exclusive of any securities
purchased in a private placement simultaneously with the IPO); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Public Shares shall be repurchased by way of tender offer in the circumstances
set out in the Business Combination Article hereof.

8.2 Subject to the provisions of the Statute, and, where applicable, the
rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
or otherwise under Applicable Law, the Company may purchase its own Shares (including any redeemable Shares) in such manner and on such
other terms as the Directors may agree with the relevant Member. For the avoidance of doubt, redemptions, repurchases and surrenders of
Shares in the circumstances described in the Article above shall not require further approval of the Members.

8.3 The Company may make a payment in respect of the redemption or purchase
of its own Shares in any manner permitted by the Statute, including out of capital.

8.4 The Directors may accept the surrender for no consideration of any fully
paid Share.

9. TREASURY SHARES

9.1 The Directors may, prior to the purchase, redemption or surrender of
any Share, determine that such Share shall be held as a Treasury Share.

9.2 The Directors may determine to cancel a Treasury Share or transfer a
Treasury Share on such terms as they think proper (including, without limitation, for nil consideration).

10. VARIATION OF RIGHTS OF SHARES

10.1 Subject to Article 3.1, if at any time the share capital of the Company
is divided into different classes of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of
issue of the Shares of that class) may, whether or not the Company is being wound up, be varied without the consent of the holders of
the issued Shares of that class where such variation is considered by the Directors not to have a material adverse effect upon such rights;
otherwise, any such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued
Shares of that class (other than with respect to a waiver of the provisions of the Class B Ordinary Share Conversion Article hereof, which
as stated therein shall only require the consent in writing of the holders of a majority of the issued Shares of that class), or with
the approval of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of
the Shares of that class. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not
have a material adverse effect, to obtain consent from the holders of Shares of the relevant class. To any such meeting all the provisions
of the Articles relating to general meetings shall apply *mutatis mutandis*, except that the necessary quorum shall be one person
holding or representing by proxy at least one third of the issued Shares of the class and that any holder of Shares of the class present
in person or by proxy may demand a poll.

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10.2 For the purposes of a separate class meeting, the Directors may treat
two or more or all the classes of Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected
in the same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares.

10.3 The rights conferred upon the holders of the Shares of any class issued
with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed
to be varied by the creation or issue of further Shares ranking pari passu therewith or Shares issued with preferred or other rights.

11. COMMISSION ON SALE OF SHARES

The Company may, in so far as the Statute permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

12. NON-RECOGNITION OF TRUSTS

The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

13. LIEN ON SHARES

13.1 The Company shall have a first and paramount lien on all Shares (whether
fully paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements
to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person,
whether a Member or not, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this
Article. The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's
lien on a Share shall also extend to any amount payable in respect of that Share.

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13.2 The Company may sell, in such manner as the Directors think fit,
any Shares on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within
fourteen clear days after notice has been received or deemed to have been received by the holder of the Shares, or to the person entitled
to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the
Shares may be sold.

13.3 To give effect to any such sale the Directors may authorise any person
to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his
nominee shall be registered as the holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application
of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of
the Company's power of sale under the Articles.

13.4 The net proceeds of such sale after payment of costs, shall be applied
in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a
like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the
date of the sale.

14. CALL ON SHARES

14.1 Subject to the terms of the allotment and issue of any Shares, the Directors
may make calls upon the Members in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each
Member shall (subject to receiving at least fourteen clear days' notice specifying the time or times of payment) pay to the Company
at the time or times so specified the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors
may determine. A call may be required to be paid by instalments. A person upon whom a call is made shall remain liable for calls made
upon him notwithstanding the subsequent transfer of the Shares in respect of which the call was made.

14.2 A call shall be deemed to have been made at the time when the resolution
of the Directors authorising such call was passed.

14.3 The joint holders of a Share shall be jointly and severally liable to
pay all calls in respect thereof.

14.4 If a call remains unpaid after it has become due and payable, the person
from whom it is due shall pay interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the
Directors may determine (and in addition all expenses that have been incurred by the Company by reason of such non-payment), but the Directors
may waive payment of the interest or expenses wholly or in part.

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14.5 An amount payable in respect of a Share on issue or allotment or at
any fixed date, whether on account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not
paid all the provisions of the Articles shall apply as if that amount had become due and payable by virtue of a call.

14.6 The Directors may issue Shares with different terms as to the amount
and times of payment of calls, or the interest to be paid.

14.7 The Directors may, if they think fit, receive an amount from any Member
willing to advance all or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise
become payable) pay interest at such rate as may be agreed upon between the Directors and the Member paying such amount in advance.

14.8 No such amount paid in advance of calls shall entitle the Member paying
such amount to any portion of a Dividend or other distribution payable in respect of any period prior to the date upon which such amount
would, but for such payment, become payable.

15. FORFEITURE OF SHARES

15.1 If a call or instalment of a call remains unpaid after it has become
due and payable the Directors may give to the person from whom it is due not less than fourteen clear days' notice requiring payment
of the amount unpaid together with any interest which may have accrued and any expenses incurred by the Company by reason of such non-payment.
The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect of
which the call was made will be liable to be forfeited.

15.2 If the notice is not complied with, any Share in respect of which it
was given may, before the payment required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture
shall include all Dividends, other distributions or other monies payable in respect of the forfeited Share and not paid before the forfeiture.

15.3 A forfeited Share may be sold, re-allotted or otherwise disposed of
on such terms and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture
may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred
to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person.

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15.4 A person any of whose Shares have been forfeited shall cease to be a
Member in respect of them and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain
liable to pay to the Company all monies which at the date of forfeiture were payable by him to the Company in respect of those Shares
together with interest at such rate as the Directors may determine, but his liability shall cease if and when the Company shall have received
payment in full of all monies due and payable by him in respect of those Shares.

15.5 A certificate in writing under the hand of one Director or Officer that
a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming
to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to
the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase
money, if any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of the Share.

15.6 The provisions of the Articles as to forfeiture shall apply in the case
of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value
of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified.

16. TRANSMISSION OF SHARES

16.1 If a Member dies, the survivor or survivors (where he was a joint holder),
or his legal personal representatives (where he was a sole holder), shall be the only persons recognised by the Company as having any
title to his Shares. The estate of a deceased Member is not thereby released from any liability in respect of any Share, for which he
was a joint or sole holder.

16.2 Any person becoming entitled to a Share in consequence of the death
or bankruptcy or liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced
as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to become the holder of such Share
or to have some person nominated by him registered as the holder of such Share. If he elects to have another person registered as the
holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall, in either case, have the
same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before
his death or bankruptcy or liquidation or dissolution, as the case may be.

16.3 A person becoming entitled to a Share by reason of the death or bankruptcy
or liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions
and other advantages to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member
in respect of a Share, be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the
Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some
person nominated by him be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline
or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy
or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety
days of being received or deemed to be received (as determined pursuant to the Articles), the Directors may thereafter withhold payment
of all Dividends, other distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have
been complied with.

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17. CLASS B ORDINARY SHARE CONVERSION

17.1 The rights attaching to the Class A Shares and Class B Shares shall
rank *pari passu* in all respects, and the Class A Shares and Class B Shares shall vote together as a single class on all
matters (subject to the Variation of Rights of Shares Article and the Appointment, Continuation and Removal of Directors Article hereof)
with the exception that the holder of a Class B Share shall have the Conversion Rights referred to in this Article.

17.2 Class B Shares shall automatically convert into Class A Shares on a
one-for-one basis (the " Initial Conversion Ratio "): (a) at any time and from time
to time at the option of the holders thereof; and (b) automatically on the day of the closing of a Business Combination.

17.3 Notwithstanding the Initial Conversion Ratio, in the case that additional
Class A Shares or any other Equity-linked Securities, are issued, or deemed issued, by the Company in excess of the amounts offered in
the IPO and related to the closing of a Business Combination, all Class B Shares in issue shall automatically convert into Class A Shares
at the time of the closing of a Business Combination at a ratio for which the Class B Shares shall convert into Class A Shares will be
adjusted (unless the holders of a majority of the Class B Shares in issue agree to waive such anti-dilution adjustment with respect to
any such issuance or deemed issuance) so that the number of Class A Shares issuable upon conversion of all Class B Shares will equal,
on an as-converted basis, in the aggregate, 25 per cent of the sum of (i) all ordinary Shares issued and outstanding upon the completion
of the IPO (including any Class A Shares issued pursuant to the Underwriters' over-allotment option and excluding the securities
underlying the private placement units issued to the Sponsor), plus (ii) all Class A Shares and Equity-Linked Securities issued or deemed
issued in connection with our initial Business Combination (excluding any Shares or Equity-Linked Securities issued, or to be issued,
to any seller in the initial Business Combination and any private placement-equivalent units issued to the Sponsor or any of its Affiliates
or to any Officers or Directors of the Company upon conversion of working capital loans), minus (iii) any redemptions of Class A Shares
by public shareholders in connection with an initial Business Combination.

17.4 Notwithstanding anything to the contrary contained herein, the foregoing
adjustment to the Initial Conversion Ratio may be waived as to any particular issuance or deemed issuance of additional Class A Shares
or Equity-linked Securities by the written consent or agreement of holders of a majority of the Class B Shares then in issue consenting
or agreeing separately as a separate class in the manner provided in the Variation of Rights of Shares Article hereof.

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17.5 The foregoing conversion ratio shall also be adjusted to account for
any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise)
or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification
or recapitalisation of the Class A Shares in issue into a greater or lesser number of shares occurring after the original filing of the
Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class
B Shares in issue.

17.6 Each Class B Share shall convert into its pro rata number of Class A
Shares pursuant to this Article. The pro rata share for each holder of Class B Shares will be determined as follows: each Class B Share
shall convert into such number of Class A Shares as is equal to the product of 1 multiplied by a fraction, the numerator of which shall
be the total number of Class A Shares into which all of the Class B Shares in issue shall be converted pursuant to this Article and the
denominator of which shall be the total number of Class B Shares in issue at the time of conversion.

17.7 References in this Article to " converted ",
" conversion " or " exchange " shall
mean the compulsory redemption without notice of Class B Shares of any Member and, on behalf of such Members, automatic application of
such redemption proceeds in paying for such new Class A Shares into which the Class B Shares have been converted or exchanged at a price
per Class B Share necessary to give effect to a conversion or exchange calculated on the basis that the Class A Shares to be issued as
part of the conversion or exchange will be issued at par. The Class A Shares to be issued on an exchange or conversion shall be registered
in the name of such Member or in such name as the Member may direct.

17.8 Notwithstanding anything to the contrary in this Article, in no event
may any Class B Share convert into Class A Shares at a ratio that is less than one-for-one.

18. AMENDMENTS OF MEMORANDUM AND ARTICLES OF ASSOCIAtION AND ALTERATION OF CAPITAL

18.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights,
priorities and privileges annexed thereto, as the Company in general meeting may determine;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares
of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by subdivision of its existing Shares or any of them divide the whole or any part of its share capital
into Shares of smaller amount than is fixed by the Memorandum or into Shares without par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.

18.2 All new Shares created in accordance with the provisions of the preceding
Article shall be subject to the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission,
forfeiture and otherwise as the Shares in the original share capital.

18.3 Subject to the provisions of the Statute, the provisions of the Articles
as regards the matters to be dealt with by Ordinary Resolution, Article 29.4, Article 47.1 and Article 47.2, the Company may by Special
Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters specified therein;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

19. OFFICES AND PLACE OF BUSINESS

Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

20. GENERAL MEETINGS

20.1 All general meetings other than annual general meetings shall be called
extraordinary general meetings.

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20.2 The Company may, but shall not (unless required by the Statute) be obliged
to, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it.
Any annual general meeting shall be held at such time and place as the Directors shall appoint. At these meetings the report of the Directors
(if any) shall be presented.

20.3 The Directors, the chief executive officer or the chairman of the board
of Directors may call general meetings, and, for the avoidance of doubt, Members shall not have the ability to call general meetings.

20.4 Members seeking to bring business before the annual general meeting
or to nominate candidates for appointment as Directors at the annual general meeting must deliver notice to the principal executive offices
of the Company not less than 120 calendar days before the date of the Company's proxy statement released to Members in connection
with the previous year's annual general meeting or, if the Company did not hold an annual general meeting the previous year, or
if the date of the current year's annual general meeting has been changed by more than 30 days from the date of the previous year's
annual general meeting, then the deadline shall be set by the board of Directors with such deadline being a reasonable time before the
Company begins to print and send its related proxy materials.

21. NOTICE OF GENERAL MEETINGS

21.1 At least five clear days' notice shall be given of any general
meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted
at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the
Company, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and
whether or not the provisions of the Articles regarding general meetings have been complied with, be deemed to have been duly convened
if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than ninety-five per cent in par value of the Shares giving that right.

21.2 The accidental omission to give notice of a general meeting to, or the
non-receipt of notice of a general meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that
general meeting.

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22. PROCEEDINGS AT GENERAL MEETINGS

22.1 No business shall be transacted at any general meeting unless a quorum
is present. The holders of at least one-third of the then issued and outstanding Shares, being individuals present in person or by proxy
or if a corporation or other non-natural person by its duly authorised representative or proxy, shall be a quorum.

22.2 A person may participate at a general meeting by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other. Participation
by a person in a general meeting in this manner is treated as presence in person at that meeting.

22.3 A resolution (including a Special Resolution) in writing (in one or
more counterparts) signed by or on behalf of all of the Members for the time being entitled to receive notice of and to attend and vote
at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall be as
valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held.

22.4 If a quorum is not present within half an hour from the time appointed
for the meeting to commence, the meeting shall stand adjourned to the same day in the next week at the same time and/or place or to such
other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour
from the time appointed for the meeting to commence, the Members present shall be a quorum.

22.5 The Directors may, at any time prior to the time appointed for
the meeting to commence, appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any
such appointment, the chairman, if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such
chairman, or if he shall not be present within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to
act, the Directors present shall elect one of their number to be chairman of the meeting.

22.6 If no Director is willing to act as chairman or if no Director is present
within fifteen minutes after the time appointed for the meeting to commence, the Members present shall choose one of their number to be
chairman of the meeting.

22.7 The chairman may, with the consent of a meeting at which a quorum is
present (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall
be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

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22.8 When a general meeting is adjourned for thirty days or more, notice
of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice
of an adjourned meeting.

22.9 If, prior to a Business Combination, a notice is issued in respect of
a general meeting and the Directors, in their absolute discretion, consider that it is impractical or undesirable for any reason to hold
that general meeting at the place, the day and the hour specified in the notice calling such general meeting, the Directors may postpone
the general meeting to another place, day and/or hour provided that notice of the place, the day and the hour of the rearranged general
meeting is promptly given to all Members. No business shall be transacted at any postponed meeting other than the business specified in
the notice of the original meeting.

22.10 When a general meeting is postponed for thirty days or more, notice
of the postponed meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice
of a postponed meeting. All proxy forms submitted for the original general meeting shall remain valid for the postponed meeting. The
Directors may postpone a general meeting which has already been postponed.

22.11 A resolution put to the vote of the meeting shall be decided on a poll.

22.12 A poll shall be taken as the chairman directs, and the result of the
poll shall be deemed to be the resolution of the general meeting at which the poll was demanded.

22.13 A poll demanded on the election of a chairman or on a question of adjournment
shall be taken forthwith. A poll demanded on any other question shall be taken at such date, time and place as the chairman of the general
meeting directs, and any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the
taking of the poll.

22.14 In the case of an equality of votes the chairman shall be entitled to
a second or casting vote.

23. VOTES OF MEMBERS

23.1 Subject to any rights or restrictions attached to any Shares, including
as set out at Article 29.4, Article 47.1 and Article 47.2, every Member present in any such manner shall have one vote for every Share
of which he is the holder.

23.2 In the case of joint holders the vote of the senior holder who tenders
a vote, whether in person or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative
or proxy), shall be accepted to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order
in which the names of the holders stand in the Register of Members.

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23.3 A Member of unsound mind, or in respect of whom an order has been made
by any court, having jurisdiction in lunacy, may vote by his committee, receiver, *curator bonis*, or other person on such Member's
behalf appointed by that court, and any such committee, receiver, *curator bonis* or other person may vote by proxy.

23.4 No person shall be entitled to vote at any general meeting unless he
is registered as a Member on the record date for such meeting nor unless all calls or other monies then payable by him in respect of Shares
have been paid.

23.5 No objection shall be raised as to the qualification of any voter except
at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at
the meeting shall be valid. Any objection made in due time in accordance with this Article shall be referred to the chairman whose decision
shall be final and conclusive.

23.6 Votes may be cast either personally or by proxy (or in the case of a
corporation or other non-natural person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the
same proxy under one or more instruments to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of
proxy shall specify the number of Shares in respect of which each proxy is entitled to exercise the related votes.

23.7 A Member holding more than one Share need not cast the votes in respect
of his Shares in the same way on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution
and/or abstain from voting a Share or some or all of the Shares and, subject to the terms of the instrument appointing him, a proxy appointed
under one or more instruments may vote a Share or some or all of the Shares in respect of which he is appointed either for or against
a resolution and/or abstain from voting a Share or some or all of the Shares in respect of which he is appointed.

24. PROXIES

24.1 The instrument appointing a proxy shall be in writing and shall be executed
under the hand of the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non-natural
person, under the hand of its duly authorised representative. A proxy need not be a Member.

24.2 The Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the
Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument
appointing a proxy shall be deposited physically at the Registered Office not less than 48 hours before the time appointed for the meeting
or adjourned meeting to commence at which the person named in the instrument proposes to vote.

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24.3 The chairman may in any event at his discretion declare that an instrument
of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has
not been declared to have been duly deposited by the chairman, shall be invalid.

24.4 The instrument appointing a proxy may be in any usual or common form
(or such other form as the Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally
until revoked. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

24.5 Votes given in accordance with the terms of an instrument of proxy shall
be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the
proxy was executed, or the transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity,
revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned
meeting at which it is sought to use the proxy.

25. CORPORATE MEMBERS

**25.1** Any corporation or other non-natural person which is a Member may in accordance with its constitutional
documents, or in the absence of such provision by resolution of its directors or other governing body, authorise such person as it thinks
fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised shall be entitled
to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual
Member.

**25.2** If a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise such persons
as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that the
authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. Each person
so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts
and be entitled to exercise the same rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person was the registered
holder of such Shares held by the Clearing House (or its nominee(s)).

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26. SHARES THAT MAY NOT BE VOTED

Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

27. DIRECTORS

**27.1** There shall be a board of Directors consisting of not less than one
person provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors.

**27.2** The Directors shall be divided into three classes: Class I, Class II
and Class III. The number of Directors in each class shall be as nearly equal as possible. Upon the adoption of the Articles, the existing
Directors shall by resolution classify themselves as Class I, Class II or Class III Directors. The Class I Directors shall stand elected
for a term expiring at the Company's first annual general meeting, the Class II Directors shall stand elected for a term expiring
at the Company's second annual general meeting and the Class III Directors shall stand elected for a term expiring at the Company's
third annual general meeting. Commencing at the Company's first annual general meeting, and at each annual general meeting thereafter,
Directors elected to succeed those Directors whose terms expire shall be elected for a term of office to expire at the third succeeding
annual general meeting after their election. Except as the Statute or other Applicable Law may otherwise require, in the interim between
annual general meetings or extraordinary general meetings called for the election of Directors and/or the removal of one or more Directors
and the filling of any vacancy in that connection, additional Directors and any vacancies in the board of Directors, including unfilled
vacancies resulting from the removal of Directors for cause, may be filled by the vote of a majority of the remaining Directors then in
office, although less than a quorum (as defined in the Articles), or by the sole remaining Director. All Directors shall hold office until
the expiration of their respective terms of office and until their successors shall have been elected and qualified. A Director elected
to fill a vacancy resulting from the death, resignation or removal of a Director shall serve for the remainder of the full term of the
Director whose death, resignation or removal shall have created such vacancy and until his successor shall have been elected and qualified.

28. POWERS OF DIRECTORS

**28.1** Subject to the provisions of the Statute, the Memorandum and the Articles
and to any directions given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all
the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors
which would have been valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors
at which a quorum is present may exercise all powers exercisable by the Directors.

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**28.2** All cheques, promissory notes, drafts, bills of exchange and other negotiable
or transferable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed
as the case may be in such manner as the Directors shall determine by resolution.

**28.3** The Directors on behalf of the Company may pay a gratuity or pension
or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow
or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**28.4** The Directors may exercise all the powers of the Company to borrow money
and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue
debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation
of the Company or of any third party.

**29**. APPOINTMENT AND REMOVAL OF DIRECTORS

**29.1** Prior to the closing of a Business Combination, the Company may by Ordinary
Resolution of the holders of the Class B Shares appoint any person to be a Director or may by Ordinary Resolution of the holders of the
Class B Shares remove any Director. For the avoidance of doubt, prior to the closing of a Business Combination, holders of Class A Shares
shall have no right to vote on the appointment or removal of any Director.

**29.2** The Directors may appoint any person to be a Director, either to fill
a vacancy or as an additional Director provided that the appointment does not cause the number of Directors to exceed any number fixed
by or in accordance with the Articles as the maximum number of Directors.

**29.3** After the closing of a Business Combination, the Company may by Ordinary
Resolution appoint any person to be a Director or may by Ordinary Resolution remove any Director.

**29.4** Prior to the closing a Business Combination, Article 29.1 may only be
amended by a Special Resolution which shall include the affirmative vote of a simple majority of the Class B Shares as, being entitled
to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose
the resolution as a special resolution has been given, or by way of unanimous written resolution.

30. VACATION OF OFFICE OF DIRECTOR

The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director gives notice in writing to the Company that he resigns the office of Director;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director absents himself (for the avoidance of doubt, without being represented by proxy) from three
consecutive meetings of the board of Directors without special leave of absence from the Directors, and the Directors pass a resolution
that he has by reason of such absence vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number) determine that he should be removed as
a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened and held in accordance
with the Articles or by a resolution in writing signed by all of the other Directors.

31. PROCEEDINGS OF DIRECTORS

**31.1** The quorum for the transaction of the business of the Directors may
be fixed by the Directors, and unless so fixed shall be a majority of the Directors then in office.

**31.2** Subject to the provisions of the Articles, the Directors may regulate
their proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality
of votes, the chairman shall have a second or casting vote.

**31.3** A person may participate in a meeting of the Directors or any committee
of Directors by conference telephone or other communications equipment by means of which all the persons participating in the meeting
can communicate with each other at the same time. Participation by a person in a meeting in this manner is treated as presence in person
at that meeting. Unless otherwise determined by the Directors, the meeting shall be deemed to be held at the place where the chairman
is located at the start of the meeting.

31.4 A resolution in writing (in one or more counterparts) signed by all
the Directors or all the members of a committee of the Directors or, in the case of a resolution in writing relating to the removal of
any Director or the vacation of office by any Director, all of the Directors other than the Director who is the subject of such resolution
shall be as valid and effectual as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be,
duly convened and held.

31.5 A Director may, or other Officer on the direction of a Director shall,
call a meeting of the Directors by at least two days' notice in writing to every Director which notice shall set forth the general nature
of the business to be considered unless notice is waived by all the Directors either at, before or after the meeting is held. To any such
notice of a meeting of the Directors all the provisions of the Articles relating to the giving of notices by the Company to the Members
shall apply *mutatis mutandis*.

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31.6 The continuing Directors (or a sole continuing Director, as the case
may be) may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed by or
pursuant to the Articles as the necessary quorum of Directors the continuing Directors or Director may act for the purpose of increasing
the number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose.

31.7 The Directors may elect a chairman of their board and determine the
period for which he is to hold office; but if no such chairman is elected, or if at any meeting the chairman is not present within five
minutes after the time appointed for the meeting to commence, the Directors present may choose one of their number to be chairman of the
meeting.

31.8 All acts done by any meeting of the Directors or of a committee of the
Directors shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director, and/or
that they or any of them were disqualified, and/or had vacated their office and/or were not entitled to vote, be as valid as if every
such person had been duly appointed and/or not disqualified to be a Director and/or had not vacated their office and/or had been entitled
to vote, as the case may be.

31.9 A Director may be represented at any meetings of the board of Directors
by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed
to be that of the appointing Director.

32. PRESUMPTION OF ASSENT

A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

33. DIRECTORS' INTERESTS

33.1 A Director may hold any other office or place of profit under the Company
(other than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and
otherwise as the Directors may determine.

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33.2 A Director may act by himself or by, through or on behalf of his firm
in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were
not a Director.

33.3 A Director may be or become a director or other officer of or otherwise
interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise,
and no such Director shall be accountable to the Company for any remuneration or other benefits received by him as a director or officer
of, or from his interest in, such other company.

33.4 No person shall be disqualified from the office of Director or prevented
by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract
or transaction entered into by or on behalf of the Company in which any Director shall be in any way interested be or be liable to be
avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by or
arising in connection with any such contract or transaction by reason of such Director holding office or of the fiduciary relationship
thereby established. A Director shall be at liberty to vote in respect of any contract or transaction in which he is interested provided
that the nature of the interest of any Director in any such contract or transaction shall be disclosed by him at or prior to its consideration
and any vote thereon.

33.5 A general notice that a Director is a shareholder, director, officer
or employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be
sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest,
and after such general notice it shall not be necessary to give special notice relating to any particular transaction.

34. MINUTES

The Directors shall cause minutes to be made in books kept for the purpose of recording all appointments of Officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting.

35. DELEGATION OF DIRECTORS' POWERS

35.1 The Directors may delegate any of their powers, authorities and discretions,
including the power to sub-delegate, to any committee consisting of one or more Directors (including, without limitation, the Audit Committee,
the Compensation Committee and the Nominating Committee). Any such delegation may be made subject to any conditions the Directors may
impose and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by the Directors.
Subject to any such conditions, the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings
of Directors, so far as they are capable of applying.

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35.2 The Directors may establish any committees, local boards or agencies
or appoint any person to be a manager or agent for managing the affairs of the Company and may appoint any person to be a member of such
committees, local boards or agencies. Any such appointment may be made subject to any conditions the Directors may impose, and either
collaterally with or to the exclusion of their own powers and any such appointment may be revoked or altered by the Directors. Subject
to any such conditions, the proceedings of any such committee, local board or agency shall be governed by the Articles regulating the
proceedings of Directors, so far as they are capable of applying.

35.3 The Directors may adopt formal written charters for committees and,
if so adopted, shall review and assess the adequacy of such formal written charters on an annual basis. Each of these committees shall
be empowered to do all things necessary to exercise the rights of such committee set forth in the Articles and shall have such powers
as the Directors may delegate pursuant to the Articles and as required by the rules and regulations of the Designated Stock Exchange,
the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. Each of the
Audit Committee, the Compensation Committee and the Nominating Committee, if established, shall consist of such number of Directors as
the Directors shall from time to time determine (or such minimum number as may be required from time to time by the rules and regulations
of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise
under Applicable Law). For so long as any class of Shares is listed on the Designated Stock Exchange, the Audit Committee, the Compensation
Committee and the Nominating Committee shall be made up of such number of Independent Directors as is required from time to time by the
rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
or otherwise under Applicable Law.

35.4 The Directors may by power of attorney or otherwise appoint any person
to be the agent of the Company on such conditions as the Directors may determine, provided that the delegation is not to the exclusion
of their own powers and may be revoked by the Directors at any time.

35.5 The Directors may by power of attorney or otherwise appoint any company,
firm, person or body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory
of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the
Directors under the Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney
or other appointment may contain such provisions for the protection and convenience of persons dealing with any such attorneys or authorised
signatories as the Directors may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of
the powers, authorities and discretions vested in him.

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35.6 The Directors may appoint such Officers as they consider necessary on
such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the
Directors may think fit. Unless otherwise specified in the terms of his appointment an Officer may be removed by resolution of the Directors
or Members. An Officer may vacate his office at any time if he gives notice in writing to the Company that he resigns his office.

36. NO MINIMUM SHAREHOLDING

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

37. REMUNERATION OF DIRECTORS

37.1 The remuneration to be paid to the Directors, if any, shall be such
remuneration as the Directors shall determine, provided that no cash remuneration shall be paid to any Director by the Company prior to
the consummation of a Business Combination. The Directors shall also, whether prior to or after the consummation of a Business Combination,
be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings
of Directors or committees of Directors, or general meetings of the Company, or separate meetings of the holders of any class of Shares
or debentures of the Company, or otherwise in connection with the business of the Company or the discharge of their duties as a Director,
or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination partly of one such method and
partly the other.

37.2 The Directors may by resolution approve additional remuneration to any
Director for any services which in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a
Director who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition
to his remuneration as a Director.

38. SEAL

38.1 The Company may, if the Directors so determine, have a Seal. The Seal
shall only be used by the authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument
to which the Seal has been affixed shall be signed by at least one person who shall be either a Director or some Officer or other person
appointed by the Directors for the purpose.

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38.2 The Company may have for use in any place or places outside the Cayman
Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine,
with the addition on its face of the name of every place where it is to be used.

38.3 A Director or Officer, representative or attorney of the Company may
without further authority of the Directors affix the Seal over his signature alone to any document of the Company required to be authenticated
by him under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

39. DIVIDENDS, DISTRIBUTIONS AND RESERVES

39.1 Subject to the Statute and this Article and except as otherwise provided
by the rights attached to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise
payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed
to be an interim Dividend unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically
state that such Dividend shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised
profits of the Company, out of the share premium account or as otherwise permitted by law.

39.2 Except as otherwise provided by the rights attached to any Shares, all
Dividends and other distributions shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on
terms providing that it shall rank for Dividend as from a particular date, that Share shall rank for Dividend accordingly.

39.3 The Directors may deduct from any Dividend or other distribution payable
to any Member all sums of money (if any) then payable by him to the Company on account of calls or otherwise.

39.4 The Directors may resolve that any Dividend or other distribution be
paid wholly or partly by the distribution of specific assets and in particular (but without limitation) by the distribution of shares,
debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution,
the Directors may settle the same as they think expedient and in particular may issue fractional Shares and may fix the value for distribution
of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value
so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees in such manner as may seem expedient
to the Directors.

39.5 Except as otherwise provided by the rights attached to any Shares, Dividends
and other distributions may be paid in any currency. The Directors may determine the basis of conversion for any currency conversions
that may be required and how any costs involved are to be met.

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39.6 The Directors may, before resolving to pay any Dividend or other distribution,
set aside such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any
purpose of the Company and pending such application may, at the discretion of the Directors, be employed in the business of the Company.

39.7 Any Dividend, other distribution, interest or other monies payable in
cash in respect of Shares may be paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered
address of the holder or, in the case of joint holders, to the registered address of the holder who is first named on the Register of
Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall
be made payable to the order of the person to whom it is sent. Any one of two or more joint holders may give effectual receipts for any
Dividends, other distributions, bonuses, or other monies payable in respect of the Share held by them as joint holders.

39.8 No Dividend or other distribution shall bear interest against the Company.

39.9 Any Dividend or other distribution which cannot be paid to a Member
and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may, in the
discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted
as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend
or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other distribution becomes
payable shall be forfeited and shall revert to the Company.

40. CAPITALISATION

The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company.

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41. BOOKS OF ACCOUNT

41.1 The Directors shall cause proper books of account (including, where
applicable, material underlying documentation including contracts and invoices) to be kept with respect to all sums of money received
and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods
by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years
from the date on which they are prepared. Proper books shall not be deemed to be kept if there are not kept such books of account as are
necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

41.2 The Directors shall determine whether and to what extent and at what
times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection
of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document
of the Company except as conferred by Statute or authorised by the Directors or by the Company in general meeting.

41.3 The Directors may cause to be prepared and to be laid before the Company
in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required
by law.

42. AUDIT

42.1 The Directors may appoint an Auditor of the Company who shall hold office
on such terms as the Directors determine.

42.2 Without prejudice to the freedom of the Directors to establish any other
committee, if the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the
rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
or otherwise under Applicable Law, the Directors shall establish and maintain an Audit Committee as a committee of the Directors and shall
adopt a formal written Audit Committee charter and review and assess the adequacy of the formal written charter on an annual basis. The
composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the Designated Stock Exchange,
the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law.

42.3 If the Shares (or depositary receipts therefor) are listed or quoted
on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis
and shall utilise the Audit Committee for the review and approval of potential conflicts of interest.

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42.4 The remuneration of the Auditor shall be fixed by the Audit Committee
(if one exists).

42.5 If the office of Auditor becomes vacant by resignation or death of the
Auditor, or by his becoming incapable of acting by reason of illness or other disability at a time when his services are required, the
Directors shall fill the vacancy and determine the remuneration of such Auditor.

42.6 Every Auditor of the Company shall have a right of access at all times
to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and Officers such information
and explanation as may be necessary for the performance of the duties of the Auditor.

42.7 Auditors shall, if so required by the Directors, make a report on the
accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case of a
company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following
their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at any other
time during their term of office, upon request of the Directors or any general meeting of the Members.

43. NOTICES

43.1 Notices shall be in writing and may be given by the Company to any Member
either personally or by sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the Register of
Members (or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Notice may also be served
by Electronic Communication in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange
Commission and/or any other competent regulatory authority or by placing it on the Company's Website.

43.2 Where a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier; service of the notice shall be deemed to be effected by delivery
of the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or
public holidays) following the day on which the notice was delivered to the courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) post; service of the notice shall be deemed to be effected by properly
addressing, pre paying and posting a letter containing the notice, and shall be deemed to have been received on the fifth day (not including
Saturdays or Sundays or public holidays in the Cayman Islands) following the day on which the notice was posted;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cable, telex or fax; service of the notice shall be deemed to be effected
by properly addressing and sending such notice and shall be deemed to have been received on the same day that it was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) e-mail or other Electronic Communication; service of the notice shall
be deemed to be effected by transmitting the e-mail to the e-mail address provided by the intended recipient and shall be deemed to have
been received on the same day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the
recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing it on the Company's Website; service of the notice shall
be deemed to have been effected one hour after the notice or document was placed on the Company's Website.

43.3 A notice may be given by the Company to the person or persons which
the Company has been advised are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner
as other notices which are required to be given under the Articles and shall be addressed to them by name, or by the title of representatives
of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming
to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been given if the death
or bankruptcy had not occurred.

43.4 Notice of every general meeting shall be given in any manner authorised
by the Articles to every holder of Shares carrying an entitlement to receive such notice on the record date for such meeting except that
in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the Register of Members and every
person upon whom the ownership of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of
a Member where the Member but for his death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall
be entitled to receive notices of general meetings.

44. WINDING UP

44.1 If the Company shall be wound up, the liquidator shall apply the assets
of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching
to any Shares, in a winding up:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the assets available for distribution amongst the Members shall be insufficient to repay the whole
of the Company's issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the
Members in proportion to the par value of the Shares held by them; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the assets available for distribution amongst the Members shall be more than sufficient to repay
the whole of the Company's issued share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members
in proportion to the par value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares
in respect of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise.

44.2 If the Company shall be wound up the liquidator may, subject to the
rights attaching to any Shares and with the approval of a Special Resolution of the Company and any other approval required by the Statute,
divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of
the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the Members
or different classes of Members. The liquidator may, with the like approval, vest the whole or any part of such assets in trustees upon
such trusts for the benefit of the Members as the liquidator, with the like approval, shall think fit, but so that no Member shall be
compelled to accept any asset upon which there is a liability.

45. INDEMNITY AND INSURANCE

45.1 Every Director and Officer (which for the avoidance of doubt, shall
not include auditors of the Company), together with every former Director and former Officer (each an " Indemnified Person ")
shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses,
including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their
functions other than such liability (if any) that they may incur by reason of their own actual fraud, wilful neglect or wilful default.
No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect)
of the carrying out of their functions unless that liability arises through the actual fraud, wilful neglect or wilful default of such
Indemnified Person. No person shall be found to have committed actual fraud, wilful neglect or wilful default under this Article unless
or until a court of competent jurisdiction shall have made a finding to that effect.

45.2 The Company shall advance to each Indemnified Person reasonable attorneys'
fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such
Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the Indemnified
Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final
adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be determined by a
final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to such judgment,
costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall
be returned to the Company (without interest) by the Indemnified Person.

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45.3 The Directors, on behalf of the Company, may purchase and maintain insurance
for the benefit of any Director or Officer against any liability which, by virtue of any rule of law, would otherwise attach to such person
in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company.

46. FINANCIAL YEAR

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

47. TRANSFER BY WAY OF CONTINUATION

**47.1** If the Company is exempted as defined in the Statute, it shall, subject to the provisions of the Statute
and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of
any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. For the purposes of a Special Resolution to
be passed pursuant to this Article, a holder of Class B Shares shall have the right to one vote for every Class B Share of which he is
the holder and a holder of Class A Shares shall not have the right to vote in respect of any Class A Share of which he is the holder.

**47.2** Prior to the closing a Business Combination, Article 47.1 may only be amended by a Special Resolution
which shall include the affirmative vote of a simple majority of the Class B Shares.

48. MERGERS AND CONSOLIDATIONS

The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Statute) upon such terms as the Directors may determine and (to the extent required by the Statute) with the approval of a Special Resolution.

49. BUSINESS COMBINATION

49.1 Notwithstanding any other provision of the Articles, this Article shall
apply during the period commencing upon the adoption of the Articles and terminating upon the first to occur of the consummation of a
Business Combination and the full distribution of the Trust Account pursuant to this Article. In the event of a conflict between this
Article and any other Articles, the provisions of this Article shall prevail.

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49.2 Prior to the consummation of a Business Combination, the Company shall
either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit such Business Combination to its Members for approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide Members with the opportunity to have their Shares repurchased
by means of a tender offer for a per-Share repurchase price payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, calculated as of two business days prior to the consummation of such Business Combination, including interest earned on the Trust
Account ((net of taxes paid or payable, if any), divided by the number of then issued Public Shares; provided that the Company shall not
repurchase Public Shares in an amount that would cause the Company's net tangible assets to be less than US$5,000,001 prior to or upon
consummation of such Business Combination. Such obligation to repurchase Shares is subject to the completion of the proposed Business
Combination to which it relates.

49.3 If the Company initiates any tender offer in accordance with Rule 13e-4
and Regulation 14E of the Exchange Act in connection with a proposed Business Combination, it shall file tender offer documents with the
Securities and Exchange Commission prior to completing such Business Combination which contain substantially the same financial and other
information about such Business Combination and the redemption rights as is required under Regulation 14A of the Exchange Act. If, alternatively,
the Company holds a general meeting to approve a proposed Business Combination, the Company will conduct any redemptions in conjunction
with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, and not pursuant to the tender offer rules, and file proxy materials
with the Securities and Exchange Commission.

49.4 At a general meeting called for the purposes of approving a Business
Combination pursuant to this Article, in the event that such Business Combination is approved by Ordinary Resolution, the Company shall
be authorised to consummate such Business Combination.

49.5 Any Member holding Public Shares who is not the Sponsor, a Founder,
Officer or Director may, at least two business days' prior to any vote on a Business Combination, elect to have their Public Shares
redeemed for cash, in accordance with any applicable requirements provided for in the related proxy materials (the " IPO Redemption ");
provided that no such Member acting together with any Affiliate of his or any other person with whom he is acting in concert or as a partnership,
limited partnership, syndicate, or other group for the purposes of acquiring, holding, or disposing of Shares may exercise this redemption
right with respect to more than 15 per cent of the Public Shares in the aggregate without the prior consent of the Company and provided
further that any beneficial holder of Public Shares on whose behalf a redemption right is being exercised must identify itself to the
Company in connection with any redemption election in order to validly redeem such Public Shares. If so demanded, the Company shall pay
any such redeeming Member, regardless of whether he is voting for or against such proposed Business Combination, a per-Share redemption
price payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to
the consummation of the Business Combination, including interest earned on the Trust Account (such interest shall be net of taxes payable)
and not previously released to the Company to pay its taxes, divided by the number of then issued Public Shares (such redemption price
being referred to herein as the " Redemption Price "), but only in the event that the
applicable proposed Business Combination is approved and consummated. The Company shall not redeem Public Shares that would cause the
Company's net tangible assets to be less than US$5,000,001 following such redemptions (the " Redemption Limitation ").

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49.6 A Member may not withdraw a Redemption Notice once submitted to the
Company unless the Directors determine (in their sole discretion) to permit the withdrawal of such redemption request (which they may
do in whole or in part).

49.7 In the event that the Company does not consummate a Business Combination
by 18 months from the consummation of the IPO, or such later time as the Members may approve in accordance with the Articles (the " Business
Combination Longstop Date "), the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cease all operations except for the purpose of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as promptly as reasonably possible but not more than ten business days
thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable
and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which redemption
will completely extinguish public Members' rights as Members (including the right to receive further liquidation distributions, if any);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as reasonably possible following such redemption, subject
to the approval of the Company's remaining Members and the Directors, liquidate and dissolve,

subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

49.8 In the event that any amendment is made to this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to modify the substance or timing of the Company's obligation to allow
redemption in connection with a Business Combination or redeem 100 per cent of the Public Shares if the Company does not consummate a
Business Combination on or before the Business Combination Longstop Date; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other provision relating to Members' rights
or pre-Business Combination activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company's ability to provide such redemption in this Article is subject to the Redemption Limitation.

49.9 A holder of Public Shares shall be entitled to receive distributions
from the Trust Account only in the event of an IPO Redemption, a repurchase of Shares by means of a tender offer pursuant to this Article,
or a distribution of the Trust Account pursuant to this Article. In no other circumstance shall a holder of Public Shares have any right
or interest of any kind in the Trust Account.

49.10 After the issue of Public Shares, and prior to the consummation of a
Business Combination, the Company shall not issue additional Shares or any other securities that would entitle the holders thereof to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive funds from the Trust Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote as a class with Public Shares on a Business Combination.

49.11 A Director may vote in respect of a Business Combination in which such
Director has a conflict of interest with respect to the evaluation of such Business Combination. Such Director must disclose such interest
or conflict to the other Directors.

49.12 As long as the securities of the Company are listed on a Designated
Market, the Company must complete one or more Business Combinations having an aggregate fair market value of at least 80 per cent of the
assets held in the Trust Account (net of amounts previously disbursed to the Company's management for taxes and excluding the amount of
deferred underwriting discounts held in the Trust Account) at the time of the Company's signing a definitive agreement in connection with
a Business Combination. A Business Combination must not be effectuated with another blank cheque company or a similar company with nominal
operations.

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49.13 The Company may enter into a Business Combination with a target business
that is Affiliated with the Sponsor, a Founder, a Director or an Officer. In the event the Company seeks to consummate a Business Combination
with a target that is Affiliated with the Sponsor, a Founder, a Director or an Officer, the Company, or a committee of Independent Directors,
will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valution opinions
that such a Business Combination is fair to the Company from a financial point of view.

50. BUSINESS OPPORTUNITIES

50.1 To the fullest extent permitted by Applicable Law, no individual serving
as a Director or an Officer (" Management ") shall have any duty, except and to the extent
expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of
business as the Company. To the fullest extent permitted by Applicable Law, the Company renounces any interest or expectancy of the Company
in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for
Management, on the one hand, and the Company, on the other. Except to the extent expressly assumed by contract, to the fullest extent
permitted by Applicable Law, Management shall have no duty to communicate or offer any such corporate opportunity to the Company and shall
not be liable to the Company or its Members for breach of any fiduciary duty as a Member, Director and/or Officer solely by reason of
the fact that such party pursues or acquires such corporate opportunity for itself, himself or herself, directs such corporate opportunity
to another person, or does not communicate information regarding such corporate opportunity to the Company.

50.2 Except as provided elsewhere in this Article, the Company hereby renounces
any interest or expectancy of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter
which may be a corporate opportunity for both the Company and Management, about which a Director and/or Officer who is also a member of
Management acquires knowledge.

50.3 To the extent a court might hold that the conduct of any activity related
to a corporate opportunity that is renounced in this Article to be a breach of duty to the Company or its Members, the Company hereby
waives, to the fullest extent permitted by Applicable Law, any and all claims and causes of action that the Company may have for such
activities. To the fullest extent permitted by Applicable Law, the provisions of this Article apply equally to activities conducted in
the future and that have been conducted in the past.

51. FORUM

Unless the Company consents in writing otherwise, the courts of the Cayman Islands shall have exclusive jurisdiction in relation to all disputes arising out of or in connection with the Memorandum and/or Articles, including disputes arising out of or in connection with: (i) the creation, validity, effect, interpretation, performance or non-performance of, or the legal relationships established by, the Memorandum and/or Articles; and (ii) any non-contractual obligations arising out of or in connection with the Memorandum and/or Articles. For such purposes each Member irrevocably submits to the jurisdiction of the courts of the Cayman Islands.

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## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

September 17, 2025

Emmis Acquisition Corp.

515 E Las Olas Blvd, Suite 120,

Fort Lauderdale, Florida 33301.

Ladies and Gentlemen:

We have acted as counsel to Emmis Acquisition Corp., a Cayman Island exempt Company, (the "**Company**"), in connection with the Registration Statement on Form S-1 (File No. 333- 288530) (such registration statement, as amended through the date hereof, the "**Registration Statement**") and the prospectus forming part of the registration statement ("**Prospectus**") filed by the Company with the Securities and Exchange Commission (the "**Commission**") under the Securities Act of 1933, as amended (the "**Securities A**ct"), relating to the proposed offer and sale by the Company (the "**Offering**") of (i) 10,000,000 units (the "Units"), with each Unit consisting of one of the Company's Class A ordinary shares, $0.0001 par value (the "**Ordinary Shares**") and one right (the "**Share Rights**") entitling the holder thereof to receive one-tenth (1/10) of one Ordinary Share upon the consummation of an initial business combination; (ii) up to 1,500,000 Units (the "**Over-Allotment Units**") for which I-Bankers Securities, Inc., the representative of the underwriters (the "**Representative**"), has been granted an over-allotment option, (iii) all Ordinary Shares and Share Rights issued as part of the Units and Over-Allotment Units; and (iv) all Ordinary Shares issuable upon conversion of the Share Rights included in the Units and Over-Allotment Units.

This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

We have reviewed originals or copies of the Registration Statement; the Prospectus; the form of underwriting agreement for the Offering; and such other corporate records, agreements and documents of the Company, certificates or comparable documents of public officials and officers of the Company and have made such other investigations as we have deemed necessary as a basis for the opinions set forth below.

In rendering the opinion set forth below, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the genuineness of all signatures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the legal capacity of natural persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the authenticity of all documents submitted to us as originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the conformity to original documents of all documents submitted to us as duplicates or conformed copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. as to matters of fact, the truthfulness of the representations made in certificates or comparable documents of public officials and officers of the Company;

1185 AVENUE OF THE AMERICAS \| 31ST FLOOR \| NEW YORK, NY \| 10036

T (212) 930-9700 \| F (212) 930-9725 \| WWW.SRFC.LAW

![](ex5-1_001.jpg)

We have not independently established the validity of the foregoing assumptions.

Our opinion is limited to the laws of the State of New York (the "**Opined-on Law**") and we do not express any opinion herein concerning any other law. This opinion letter speaks only as of its date.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Units, when issued and sold by the Company in the manner contemplated in the Registration Statement
and Prospectus against payment therefor, and assuming the due authorization, execution and delivery of the Units by VStock Transfer, LLC,
as transfer agent, will constitute the legal, valid, and binding obligations of the Company, enforceable against the Company in accordance
with their terms under the laws of the State of New York, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles
of equity, including principles of commercial reasonableness, good faith, and fair dealing (regardless of whether enforcement is sought
in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Share Rights included in the Units, when the Units are issued and sold by the Company in the
manner contemplated in the Registration Statement and Prospectus against payment therefor, and assuming the due authorization, execution
and delivery of such Share Rights by the Rights Agent, will constitute the legal, valid, and binding obligations of the Company,
enforceable against the Company in accordance with their terms, under the laws of the State of New York, subject
to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors' rights
and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) .

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the use of our name under the caption "Legal Matters" in the Prospectus. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, and the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

*/s/ Sichenzia Ross Ference Carmel LLP*

Sichenzia Ross Ference Carmel LLP

1185 AVENUE OF THE AMERICAS \| 31ST FLOOR \| NEW YORK, NY \| 10036

T (212) 930-9700 \| F (212) 930-9725 \| WWW.SRFC.LAW

## Exhibit 5.2

**Exhibit 5.2**

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| ![](ex5-2_001.jpg) | PO Box 10008<br> Willow House <br> Cricket Square <br> Grand Cayman KY1-1001<br> Cayman Islands<br>T +1 345 749 2000 <br> F +1 345 749 2100 <br> E cayman@careyolsen.com |

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|:---|
| Our Reference: 4419496 |
| 17 September 2025 |
| &nbsp;&nbsp;&nbsp; <br> Emmis Acquisition Corp.<br> c/o CO Services Cayman Limited<br> Willow House, Cricket Square<br> PO Box 10008<br> Grand Cayman KY1-1001<br> Cayman Islands<br>|
| Dear Sirs and Mesdames |
| **Emmis Acquisition Corp. (the "Company")** |

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1. Background

We have acted as counsel as to Cayman Islands law to the Company in connection with the Company's registration statement on Form S-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Act**") (including its exhibits, the "**Registration Statement**") for the purposes of, registering with the Commission under the Act, the offering and sale to the public of:

(a) up to 11,500,000 units (including 1,500,000 units, which the underwriters, for whom I-Bankers Securities,
Inc. are acting as representatives ()"**Representatives** "), will have a 45-day option to purchase from the Company to cover
over-allotments, if any) ()"**Units**") at an offering price of US$10 per Unit, each Unit consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one Class A ordinary share of a par value of US$0.0001 of the Company ("**Ordinary Shares**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one right to received one-tenth (1/10) of one Ordinary Share upon the consummation of an initial business combination, as described in more detail in the Registration Statement ("**Rights**"); and

"Carey Olsen" in the Cayman Islands is the business name of Carey Olsen Cayman Limited, a body corporate recognised under the Legal Practitioners (Incorporated Practice) Regulations (as revised). The use of the title "Partner" is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: http://www.careyolsen.com/terms-business. CO Services Cayman Limited is regulated by the Cayman Islands Monetary Authority as the holder of a corporate services licence (No. 624643) under the Companies Management Act (as revised).

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| ![](ex5-2_002.jpg) | ![](ex5-2_003.jpg) |

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(b) all Ordinary Shares and Rights issued as part of the Units.

This opinion letter is given in accordance with the terms of the Legal Matters section of the Registration Statement.

Capitalised terms used in this Opinion shall have the meanings ascribed to them in this Opinion and/or the Schedules.

2. Scope of Opinion

This Opinion is given only on the laws of the Cayman Islands in force at the date hereof and is based solely on matters of fact known to us at the date hereof. We have not investigated the laws or regulations of any jurisdiction other than the Cayman Islands (collectively, "**Foreign Laws**"). We express no opinion as to matters of fact or, unless expressly stated otherwise, the veracity of any representations or warranties given in or in connection with any of the documents set out in Schedule 1.

3. Documents Reviewed and Enquiries Made

In giving this Opinion we have reviewed originals, copies, conformed copies, certified copies or notarised copies of the documents set out in Schedule 1.

4. Assumptions and Qualifications

This Opinion is given on the basis that the assumptions set out in Schedule 2 (which we have not independently investigated or verified) are true, complete and accurate in all respects. In addition, this Opinion is subject to the qualifications set out in Schedule 3.

5. Opinions

We are of the opinion that:

5.1 **Due incorporation, existence and status** 

The Company has been duly incorporated as an exempted company with limited liability under the Companies Act (as revised) of the Cayman Islands (the "**Companies Act**"), is validly existing and was, at the date of the Certificate of Good Standing, in good standing with the Registrar.

![](ex5-2_003.jpg)

5.2 **Issuance of Securities** 

The Ordinary Shares, including the Ordinary Shares issuable upon exercise of the Rights, to be offered and issued by the Company as contemplated by the Registration Statement have been duly authorised for issue, and when issued by the Company against payment in full of the consideration as set out in the Registration Statement and in accordance with the terms set out in the Registration Statement, such Ordinary Shares will be validly issued, fully paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).

5.3 **Legal validity** 

The execution and delivery of the Unit Certificate and the Right Documents, and the performance by the Company of its obligation thereunder, have been authorised by the Company and, once the Unit Certificate and the Right Documents have been executed and unconditionally delivered by any director or officer of the Company, the Unit Certificate and the Right Documents will have been executed and delivered on behalf of the Company and will constitute the legal, valid and binding obligations of the Company enforceable in accordance with their terms.

6. Reliance

Except as specifically referred to in this Opinion we have not examined, and give no opinion on, any contracts, instruments or other documents (whether or not referred to in, or contemplated by, the Documents). We do not give any opinion on the commercial merits of any transaction contemplated or entered into under or pursuant to the Documents.

This Opinion (and any obligations arising out of or in connection with it) is given on the basis that it shall be governed by and construed in accordance with the laws of the Cayman Islands. By relying on the opinions set out in this Opinion the addressee(s) hereby irrevocably agree(s) that the courts of the Cayman Islands are to have exclusive jurisdiction to settle any disputes which may arise in connection with this Opinion. We assume no responsibility to advise any person entitled to rely on this Opinion, or to undertake any investigations, as to any change in Cayman Islands law (or its application) or factual matters arising after the date of this Opinion, which might affect the opinions set out herein.

This Opinion is addressed to, and is solely for the benefit of, the addressee(s), their counsel and the purchasers of Units pursuant to the Registration Statement, and may not be relied upon by any other person without our prior written consent; provided that, in connection therewith, we hereby consent to the filing of this Opinion as an exhibit to the Registration Statements and to the reference to our firm under the headings "Legal Matters", "Risk Factors", "Description of Securities—Certain Differences in Corporate Law—Shareholders' Suits" and " Description of Securities—Certain Differences in Corporate Law—Enforcement of Civil Liabilities" in the prospectus included in the Registration Statement. In giving this consent we do not admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Yours faithfully

 

*/s/ Carey Olsen*

**Carey Olsen**

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**SCHEDULE 1**

**DOCUMENTS REVIEWED**

**A. Documents Reviewed**

1. The certificate of incorporation of the Company dated 21 March 2025 and a draft of the Amended and Restated
Memorandum and Articles of Association of the Company, filed as Exhibit 3.2 to the Registration Statement, to be in effect upon the consummation
of the sale of the Ordinary Shares (collectively, the "**Articles** ").

2. A certificate of good standing relating to the Company issued by the Registrar of Companies of the Cayman
Islands (the "**Registrar**") dated 16 September 2025 (the "**Certificate of Good Standing** ").

3. The unanimous written resolutions of the directors of the Company (the "**Directors**") passed
on 3 July 2025 (the "**Resolutions** ").

4. The Registration Statement.

5. A draft of each of the following documents (the "**Documents** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the form unit certificate representing the Units (the "**Unit Certificate** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the form of the right agreement between the Company and VStock Transfer, LLC and the Right certificate
constituting the Rights (the "**Right Documents** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the underwriting agreement between the Company and the Representatives (the "**Underwriting Agreement** ").

**B. Scope**

The above are the only documents we have examined for the purposes of this Opinion.

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**SCHEDULE 2**

**ASSUMPTIONS**

1. The full power (including both capacity and authority), legal right and good standing of each of the parties
to the Documents (other than the Company under the laws of the Cayman Islands) to execute, date, unconditionally deliver and perform their
obligations under, and their due authorisation, execution, dating and unconditional delivery of, the Documents.

2. Each Document constitutes legal, valid and binding obligations, enforceable in accordance with their terms,
of each party to that Document under all laws other than, in the case of the Company, the laws of the Cayman Islands.

3. All authorisations, consents, filings, registrations or other requirements of governmental, judicial or
public bodies and authorities required under any law (including the laws of the Cayman Islands) for any party (other than under the laws
of the Cayman Islands, the Company) to execute, or deliver, or enforce any Document or perform any of its obligations under any Document
have been obtained, remain valid and subsisting and have been complied with.

4. The choice of governing law in each of the Documents has been freely made in good faith (for example not
made with any intention of avoiding provisions of the law with which the transactions under the Documents have the closest and most real
connection) and, where such law is a Foreign Law, would be regarded as a valid and binding selection, which will be upheld by the courts
of such jurisdiction as a matter of such governing law and all other laws (other than the laws of the Cayman Islands). There is no reason
for avoiding that choice of governing law on grounds of public policy or otherwise.

5. No invitation, whether directly or indirectly, has been made to the public in the Cayman Islands to subscribe
for the Units, Rights or Ordinary Shares.

6. None of the Proceeds of Crime Act (as revised) of the Cayman Islands relating to money laundering, the
Misuse of Drugs Act (as revised) of the Cayman Islands relating to drug trafficking or the Terrorism Act (as revised) of the Cayman Islands
relating to the financing of terrorism is relevant to the transactions contemplated by the Documents or to any payment made or to be made
thereunder.

7. None of the parties to the Documents are acting, or will act in a matter inconsistent with United Nations
or United Kingdom sanctions as implemented under the laws of the Cayman Islands or extended to the Cayman Islands by the Orders of His
Majesty in Council.

8. All necessary consents have been given, actions taken (other than those required pursuant to the laws
of the Cayman Islands) and conditions met or validly waived pursuant to the Documents.

![](ex5-2_003.jpg)

9. The Company has entered into the Documents in good faith for *bona fide* commercial reasons and on
arm's length terms.

10. The conformity to the original documents of all copy documents supplied to us (whether in hard or soft
copy format).

11. The authenticity, accuracy and completeness of all documents supplied to us, whether as originals or copies.

12. The genuineness of all signatures, stamps, initials, seals, dates and markings on documents submitted
to us.

13. There is no document or other information or matter that has not been provided or disclosed to us, which
could affect the accuracy of this Opinion.

14. The Company has entered into the Documents as principal for its own account and not as agent or fiduciary.

15. No Foreign Law qualifies or affects this Opinion.

16. Words and phrases used in any documents that we have reviewed that are not governed by Cayman Islands
law have the same meanings and effect as they would have if those documents were governed by Cayman Islands law.

17. The power and authority of the Company and the Directors have not been restricted in any way other than
as set out in the Documents, memorandum and articles of association of the Company or as arising under Cayman Islands law.

18. The Directors at the date hereof are, and at the date of the Resolutions were, we set forth in the register
of directors and officers of the Company.

19. There is no contractual or other obligation, prohibition or restriction (other than arising by operation
of the laws of the Cayman Islands or as set out in the memorandum and articles of association of the Company) which may limit the Company's
ability to enter into or perform its obligations under the Documents.

20. There is nothing in the corporate records or minute book of the Company (which we have not inspected)
which would affect this Opinion.

21. Prior to, and immediately following the execution of the Documents, each of the parties thereto was solvent
(both on a "going concern" and "balance sheet" basis) and did not enter into the Documents with the intent to defraud
any creditor, prefer one creditor over another or wilfully defeat any obligation owed to a creditor.

22. In connection with the Company's entry into and performance of its obligations contained in the Documents,
each of its authorised representatives has acted in accordance with his fiduciary and other duties to such Company under all relevant
laws (including any relevant Foreign Laws) and the applicable articles of association (including in relation to any obligation to disclose
a conflict of interest in connection therewith).

![](ex5-2_003.jpg)

**schedule 3**

**QUALIFICATIONS**

1. The obligations under the Documents will not necessarily be legal, valid, binding or enforceable in all
circumstances and this Opinion is not to be taken to imply that each obligation would necessarily be capable of enforcement or be enforced
in all circumstances in accordance with its terms. In particular, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the binding effect, validity and enforceability of obligations may be
limited by laws relating to bankruptcy, administration, insolvency, moratorium, liquidation, dissolution, re-organisation and other laws
of general application relating to, or affecting the rights of, creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement may be limited by general principles of equity. For example,
equitable remedies such as specific performance or the issuing of an injunction are available only at the discretion of the court and
may not be available where, for example, damages are considered to be an adequate alternative and we therefore express no opinion on whether
such remedies will be granted if sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) claims may be or become barred under the laws relating to the prescription
and limitation of actions or may become subject to the general doctrine of estoppel or waiver in relation to representations, acts or
omissions of any relevant party or may become subject to defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the courts of the Cayman Islands may not enforce contractual provisions
to the extent that the same may be illegal or contrary to public policy in the Cayman Islands (for example, a provision purporting to
indemnify or exculpate a person for an action which constitutes actual fraud or a criminal offence) or, if obligations are to be performed
in a jurisdiction outside the Cayman Islands, to the extent that such performance would be illegal or invalid or contrary to public policy
in that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a judgment of the courts of the Cayman Islands may be required to be
made in Cayman Islands dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the courts of the Cayman Islands have jurisdiction to give judgment
in the currency of the relevant obligation and statutory rates of interest will vary according to the currency of the judgment. In a liquidation
proceeding, the courts of the Cayman Islands will require all debts to be proved in a common currency, which is likely to be the "functional
currency" of the party being liquidated determined in accordance with applicable accountancy principles. Currency indemnity provisions
have not been tested, so far as we are aware, in the courts of the Cayman Islands and as such may not be enforceable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the courts of the Cayman Islands may decline to accept jurisdiction
in an action where they determine that there is another more appropriate forum in another jurisdiction or that a court of competent jurisdiction
has already made a determination of the relevant matter or where there is litigation pending in respect thereof in another jurisdiction
or it may stay proceedings if concurrent proceedings are instituted elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there is a presumption that the courts of the Cayman Islands will give
effect to an exclusive jurisdiction clause in an agreement and upon application, may stay proceedings brought in the Cayman Islands or
grant an anti-suit injunction against a party that commences proceedings elsewhere where such proceedings are in breach of the exclusive
jurisdiction clause, unless a party can satisfy the courts of the Cayman Islands that it would be just and equitable to depart from that
presumption (for example, not to do so would deprive one party of access to justice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provision purporting to fetter any statutory power of a Cayman Islands
partnership or company (for example, a provision restricting the company's power to commence winding up, to alter its memorandum and articles
of association or to increase its share capital) may not be enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) provisions that purport to require parties to reach agreement in the
future may be unenforceable for lack of certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the courts of the Cayman Islands may find that a hybrid dispute resolution
clause, though generally recognised under Cayman Islands law, is unenforceable on the grounds, amongst others, that it confers concurrent
jurisdiction on an arbitral tribunal and the courts of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the courts of the Cayman Islands may refuse to enforce a provision that
amounts to an indemnity in respect of the costs of enforcement or of unsuccessful proceedings brought in the Cayman Islands where such
courts have already made an order to that effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) where the courts of the Cayman Islands determine that a contractual
term may be interpreted in more than one manner the courts may employ the one that is deemed to be most consistent with business and common
sense;

![](ex5-2_003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it is possible that a judgment (in the Cayman Islands or elsewhere)
relating to a particular agreement or instrument would be held to supersede the terms of such agreement or instrument with the effect
that, notwithstanding any express term to the contrary in such agreement or instrument, such terms would cease to be binding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the enforcement of contractual obligations may be limited by the provisions
of Cayman Islands law applicable to agreements or contracts held to have been frustrated by events happening after the relevant agreement
or contract was entered into; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the enforcement of obligations may be invalidated or vitiated by reason
of fraud, duress, undue influence, mistake, illegality or misrepresentation.

2. We offer no opinion as to whether the acceptance of, or the execution or performance of, the Company's
obligations under the Documents will or may result in the breach or infringement of any other deed, contract or document entered into
by, or binding upon, such Company (other than its articles of association).

3. As a matter of Cayman Islands law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a provision for the payment of additional moneys or the forfeiture of
property or rights for breach of a contractual obligation, whether expressed by way of penalty, additional interest, liquidated damages
or otherwise, will be unenforceable if such a payment or forfeiture is held to constitute a penalty. We express no opinion as to whether
any provision constitutes a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certain terms and concepts (for example the difference between "negligence"
and "gross negligence"), though commonly used, have not yet been clearly defined by the courts of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) written agreements are only effective from date on which they are signed
notwithstanding that they may contain an earlier stated effective or "as of" date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notwithstanding that it is expressly stated as such, a power of attorney
or other grant of agency (including an agent for service of process) will not be irrevocable unless, as a factual matter, it is coupled
with an interest or given to secure a proprietary interest of the donee or the performance of an obligation owed to a donee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) notwithstanding that a breach of the provisions of a document has caused
or is likely to cause damage to a party thereto, or would, on the face of such document, give rise to a specified liability or consequence,
a non-breaching party may be under an obligation to take reasonable steps to mitigate any loss and the Cayman Islands courts may take
any failure to do so into account when determining whether or not to award damages or grant relief to a claimant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the courts may, in limited circumstances (primarily in relation to fiduciary-like
or long-term arrangements) imply a contractual duty of good faith on parties, notwithstanding the absence of any such express term in
a document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) only in very limited circumstances (for example, deeds poll and/or where rights are held on trust), can a person who is not party to an agreement governed by Cayman Islands law enforce the terms of that agreement against one or more of the parties thereto, unless such person has been expressly granted the right in the agreement to enforce such terms pursuant to The Contracts (Rights of Third Parties) Act, 2014 of the Cayman Islands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a provision of an agreement that purports to impose obligations on a
person who is not party to such agreement will not be enforceable against such person.

4. We offer no opinion as to the existence or value of, or any party's interest in, any property or assets.

5. In order to maintain an exempted company in good standing with the Registrar, annual fees must be paid
and annual filings must be made with the Registrar within the prescribed periods.

6. A provision that a calculation, determination, opinion, exercise of power or certificate will be conclusive
and binding may not be effective or enforceable if such calculation, determination, opinion, exercise of power or certificate is given
unreasonably, arbitrarily or without good faith or which is fraudulent or manifestly inaccurate and will not necessarily prevent judicial
enquiry into the merits of any claim.

7. The question of whether or not any provision of an agreement or document which is illegal, invalid, unenforceable
or void may be severed from the other provisions thereof would be determined by the courts of the Cayman Islands in its discretion.

![](ex5-2_003.jpg)

8. We make no comment on references to any Foreign Laws or to any representations or warranties made in any
agreement or document.

9. The effectiveness of terms releasing or exculpating any party from, or limiting or excluding, a liability
(or duty otherwise owed) may be limited by law, and confidentiality obligations may be overridden by the requirements of legal or regulatory
process or applicable law.

10. Failure to exercise a right, or any delay in such exercise, may operate as a waiver of that right notwithstanding
a provision to the contrary.

11. Under Cayman Islands law, the register of members (shareholders) is *prima facie* evidence of title
to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where
an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal
position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications
are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 5.2, there are no circumstances or matters
of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification
of the register of members of the Company, but if such an application were made in respect of the Ordinary Shares, then the validity of
such shares may be subject to re-examination by a Cayman Islands court.

12. In this opinion letter, the phrase "non-assessable" means, with respect to the issuance of shares,
that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant
to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets
(except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose
or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

13. We express no opinion on any provision in any agreement or document requiring written amendments and waivers
thereof insofar as it suggests that all or other modifications, amendments or waivers could not be effectively agreed upon or granted
by or between the parties. It is likely that the provisions of an agreement or document governed by Cayman Islands law may be waived or
amended orally or by conduct notwithstanding any such provision.

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