Document:

Exhibit 10.1 to Form 8-K

 

AMENDMENT NO. 1 TO 

AGREEMENT AND PLAN OF MERGER AND REORGANIZATION

 

This Amendment No. 1 to Agreement and Plan of Merger and Reorganization (this “Agreement”), is made as of March 8, 2022 by and among NEW CENTURY RESOURCES CORPORATION, a Nevada corporation (the “NCR”), Emissions Zero Module, Inc, a Wyoming corporation (“EZM”). NCR and EZM are each a “Party” and referred to collectively herein as the “Parties.”

 

WHEREAS, the Parties have previously executed Agreement and Plan of Merger and Reorganization dated as of November 19, 2021 (Original Agreement”);

 

WHEREAS, the Parties have been diligently progressing towards completing the necessary documentation and conditions to close the Merger (as defined in the Original Agreement); 

 

WHEREAS, a condition to Closing (as defined in the Original Agreement) is that NCR shall have obtained approval of the Merger from the Financial Industry Regulatory Authority (“FINRA”); and    

 

WHEREAS, the Parties have determined to extend the time period to obtain FINRA approval and consummate the Merger.

NOW THEREFORE, in consideration of the covenants, agreements, representations and warranties contained herein, and for other good and valuable consideration, the Parties agree as follows.

1.All terms not otherwise defined herein shall have the meaning ascribed to such terms in the Original Agreement. 

2.The Parties mutually agree that they have substantially completed the covenants and conditions to Closing set forth in Section 1.3 and Article IV of the Original Agreement (including filing of the Certificate of Merger with the State of Nevada and the State of Wyoming and the Name Change and approvals of their respective shareholders and Board of Directors) other than the following conditions which shall occur prior to, at Closing or subsequent to Closing: 

a)obtaining approval of FINRA; 

 

b) completion of the Super 8-K as set forth in Section 4.4 of the Original Agreement; 

 

c)NCR shall deliver to EZM the various certificates, instruments and documents to be delivered by NCR pursuant to this Agreement. 

 

d) the officers and directors of each of NCR and EZM have not changed and will not change until Closing; 

 

e) EZM shall not deliver the sum of $105,000 to each Robert J. Nielson and George Christodoulou until one business day after the Closing Date; and. 

 

f)the EZM Shares have not been converted into shares of Common Stock of the Surviving Company and NCR has not issued an aggregate of 110,695,500 shares of NCR Common Stock representing 89.91% of all NCR Common Stock outstanding to the shareholders of EZM. 

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3.The Parties hereby re-confirm to each other that they shall use their reasonable commercial efforts to provide information and documentation to FINRA on a timely basis to obtain approval from FINRA for the Merger.  

4.Section 1.1 of the Original Agreement is hereby modified to remove the last sentence and insert the following sentence: 

For the avoidance of doubt, the Parties acknowledge that a condition precedent to the enforcement of this Agreement is that the Financial Industry Regulatory Authority (“FINRA”) approve the Merger and if FINRA approval is not obtained before Friday, May 6, 2022 this Agreement shall be null and void, and the Parties shall be released from liability hereunder. 

5.Section 1.2 of the Original Agreement is hereby amended and restated to read as follows: 

1.2 The Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on or before Friday, May 6, 2022, and shall take place remotely, via electronic exchange of documents, or, if all of the conditions to the obligations of the Parties to consummate the transactions contemplated hereby have not been satisfied or waived by such date, on such mutually agreeable later date as soon as practicable and in any event not later than Friday, May 13, 2022 (the “Closing Date”). As used in this Agreement, the term “Business Day” means any day other than a Saturday, a Sunday or a day on which banks in the state of New York are required or authorized by applicable Law to close. For the avoidance of doubt, the Closing shall not occur until such time as NCR has obtained Financial Industry Regulatory Authority (“FINRA”) approval of the Name Change and Merger and the Parties have complied with the requirements of Article V hereof. If FINRA approval has not been obtained by Friday, May 6, 2022, this Agreement shall be null and void.

 6.Section 6.1 (b) and Section 6.1 (c) and Section 6.1 € of the Original Agreement are hereby amended and restated to read as follows: 

(b) (b) by EZM or NCR if the Closing Date shall not have occurred by May 6, 2022; 

 

(c)by EZM if (i) any Law shall be in effect which has the effect of making the Merger illegal or otherwise prohibits or prevents the consummation of the Merger (ii) if the consummation of the Merger would violate any final and non-appealable order; or (iii) if NCR has not obtained FINRA approval of the Merger on or before May 6, 2022; or 

 

(e)NCR has failed to obtain FINRA approval of the Merger or Name Change by May 6, 2022. 

 

7.NCR shall file on a timely basis a Form 8-k with the SEC reporting the execution of this Agreement. 

8.This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  

9.This Agreement shall be governed by and construed in accordance with the internal Laws of the State of Nevada without giving effect to any choice or conflict of Law provision or rule (whether of the State of Nevada or any other jurisdiction) that would cause the application of Laws of any jurisdictions other than those of the State of Nevada. 

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10.All other terms and conditions of the Original Agreement shall remain in full force and effect. 

11.Each of the Parties has been duly authorized by its respective Board of Directors to execute this Agreement. 

IN WITNESS WHEREOF, the Parties have executed this Agreement to be executed as of the 8th day of March, 2022.

 

	COLAMBDA TECHNOLOGIES, INC.

	 

	(formerly NEW CENTURY RESOURCES CORPORATION)

	 

	 

	 

	 

	 

	 

	 

	By:

	 

	 

	 

	Name: George Christodoulo

	 

	 

	Title: President

	 

	 

	 

	 

	 

	 

	 

	EMISSIONS ZERO MODULE, INC.

	 

	 

	 

	 

	 

	 

	 

	By:

	 

	 

	 

	Name: David Riggs

	 

	 

	Title: President

	 

3Exhibit 4.6

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of the date of its Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, Mana Capital Acquisition Corp. has four classes of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1) our units; (2) our common
stock; (3) our warrants and (4), our rights.

 

The following description of our
units, common stock, warrants and rights is a summary and does not purport to be complete. It is subject to and qualified in its entirety
by reference to our amended and restated certificate of incorporation and our Bylaws (the “Bylaws”), each of
which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.6 is a part.
We encourage you to read our amended and restated certificate of incorporation, our Bylaws and the applicable provisions of Delaware General
Corporations Law (Title 8, Chapter 1 of the Delaware Code).

 

Terms not otherwise defined herein
shall have the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.6 is a part.

General

Our certificate of incorporation currently authorizes
the issuance of 300,000,000 shares of common stock, par value $0.00001 and 100,000,000 shares of preferred stock, par value $0.00001 per
share. As of the date of this Annual Report, 8,125,000 shares of common stock are outstanding. No shares of preferred stock are currently
outstanding. The following description summarizes all of the material terms of our securities. Because it is only a summary, it may not
contain all the information that is important to you. For a complete description you should refer to our amended and restated certificate
of incorporation, bylaws, and the forms of warrant agreement which are filed as exhibits to the registration statement of which this prospectus
is a part.

 Units

Each
unit was offered at a price of $10.00 and consists of one share of common stock, one-half of one redeemable warrant, and one
right entitling the holder thereof to receive one-seventh (1/7) of a share of common stock upon consummation of our initial business combination.
Each whole warrant entitles the holder thereof to purchase one share of our common stock at a price of $11.50 per share, subject to adjustment
as described in this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number
of shares of the company’s common stock. This means only a whole warrant may be exercised at any given time by a warrant holder.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase
at least two units, you will not be able to receive or trade a whole warrant.  In
addition, we will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down
to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Delaware Law. As a result, you must
hold rights in multiples of seven in order to receive shares for all of your rights upon closing of a business combination.

The common stock, warrants, and rights comprising
the units began separate trading on January 14, 2022. Once the shares of common stock, warrants, and rights commence separate trading,
holders will have the option to continue to hold units or separate their units into the component pieces. Holders will need to have their
brokers contact our transfer agent in order to separate the units into shares of common stock, warrants, and rights.

Common Stock

Our holders of record of our common stock are entitled
to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to approve our initial
business combination, our insiders, officers and directors, have agreed to vote their respective shares of common stock owned by them,
including any shares acquired in the IPO or following our IPO in the open market, in favor of the proposed business combination.

 

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Our amended and restated certificate of incorporation
provides that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001
upon consummation of our initial business combination. Accordingly, we will consummate our initial business combination only if upon
such consummation either our shares are listed on a national securities exchange as contemplated by Rule 3a51-1(a) under the Exchange
Act or we have net tangible assets (as determined in accordance with Rule 3a51-1(g) of the Exchange Act, or any successor rule) of at
least $5,000,001 (in either case, so that we are not subject to the SEC’s “penny stock” rules) and a majority of the
outstanding shares of common stock voted are voted in favor of the business combination. Further, in connection with any vote of
our stockholders to amend any provisions of our amended and restated certificate of incorporation relating to stockholder’s
rights or pre-business combination activity (including the substance or timing within which we have to complete a business combination),
we will not be able to amend our amended and restated certificate of incorporation or conduct the related redemption of our pubic shares
if holders of our public shares sought to exercise their redemption rights in connection with such proposal in such an amount that we
would not be able to satisfy the net tangible asset requirement (as described above), unless our shares are listed on a national securities
exchange as contemplated by Rule 3a51-1(a) under the Exchange Act.

Notwithstanding the foregoing description of redemptions
rights, if we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public
stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as
a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to
more than an aggregate of 15% of the shares sold in in the IPO, without our prior consent. We believe the restriction described above
will discourage stockholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to
redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market
price or on other undesirable terms. Without this provision, a public stockholder holding more than an aggregate of 15% of the shares
sold in our IPO could threaten to exercise its redemption rights against an initial business combination if such holder’s shares
are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our
stockholders’ ability to redeem to no more than 15% of the shares sold in the IPO, we believe we will limit the ability of a small
group of stockholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection
with an initial business combination with a target that requires as a closing condition that we have a minimum net worth or a certain
amount of cash. However, we would not be restricting our stockholders’ ability to vote all of their shares (including all shares
held by those stockholders that hold more than 15% of the shares sold in the IPO) for or against our initial business combination.

Pursuant to our amended and restated certificate
of incorporation, if we do not consummate our initial business combination within nine months from the closing of the IPO (or up to 21
months from the closing of the IPO if the extension criteria described elsewhere in this prospectus is met), we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100%
of the outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including
the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
(in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of
other applicable law. Our insiders have agreed to waive their rights to share in any distribution with respect to their insider shares
and private shares, although they will be entitled to liquidating distributions from the trust account with respect to any public shares
they hold if we fail to complete our initial business combination within the prescribed time period.

We will have nine months from the consummation
of our initial public offering to consummate an initial business combination. However, if we anticipate that we may not be able to consummate
our initial business combination within nine months, we may extend the period of time to consummate a business combination up to twelve
(12) times, each by an additional one month (for a total of up to 21 months to complete a business combination). Pursuant to the terms
of our amended and restated certificate of incorporation and the trust agreement we entered into with Continental Stock Transfer &
Trust Company, in order to extend the time available for us to consummate our initial business combination, our board of directors would
adopt a resolution authorizing the extension and our sponsor or its affiliates or designees (which may include the potential target business),
upon five-days advance notice prior to the applicable deadline, must deposit into the trust account $206,667 (or $237,667 if the underwriters’
over-allotment option is exercised in full) ($0.0333 per share) on or prior to the date of the applicable deadline, for each one-month
extension (or up to an aggregate of $2,480,000 (or $2,852,000 if the underwriters’ over-allotment option is exercised in full),
or $0.40 per share if we extend for the full twelve months). Any such payments would be made in the form of a loan. The definitive terms
of the promissory note to be issued in connection with any such loans have not yet been negotiated. However, any such loans will be non-interest
bearing and payable upon the consummation of our initial business combination or, at the option of the persons or persons funding such
amounts convertible into additional warrants at $1.00 per warrant for each dollar of loan and be exercisable at $11.50 per share.

 

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Our stockholders have no redemption, preemptive
or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares of common stock, except that
public stockholders have the right to sell their shares to us in any tender offer or have their shares of common stock redeemed for cash
equal to their pro rata share of the trust account if they vote on the proposed business combination and the business combination is completed.
If we hold a stockholder vote to amend any provisions of our certificate of incorporation relating to stockholder’s rights or pre-business
combination activity (including the substance or timing within which we have to complete a business combination), we will provide our
public stockholders with the opportunity to redeem their shares of common stock upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public
shares, in connection with any such vote. In either of such events, redeeming stockholders would be paid their pro rata portion of the
trust account promptly following consummation of the business combination or the approval of the amendment to the certificate of incorporation.
Public stockholders who sell or redeem their stock into their share of the trust account still have the right to exercise the warrants
that they received as part of the units. If the business combination is not consummated or the amendment is not approved, stockholders
will not be paid such amounts.

In the event of a liquidation, dissolution or
winding up of the company after a business combination, our stockholders at such time will be entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any,
having preference over the common stock. Our stockholders have no preemptive or other subscription rights.

Sponsor Shares

The sponsor shares are identical to the shares
of common stock included in the units being sold in our IPO, and our insiders have the same stockholder rights as public stockholders,
except that (i) the sponsor shares are subject to certain transfer restrictions, as described in more detail below and (ii) our insiders
have agreed (A) to vote their sponsor shares and any public shares acquired in or after our IPO in favor of any proposed business combination,
(B) not to propose an amendment to our certificate of incorporation that would affect the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination within nine months from the closing of our IPO (or up
to 21 months, if we extend the time to complete a business combination as described in this prospectus), unless we provide our public
stockholders with the opportunity to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account, net of taxes payable, divided by the number of then outstanding
public shares, (C) not to redeem any shares (including the sponsor shares) into the right to receive cash from the trust account in connection
with a stockholder vote to approve our proposed initial business combination (or sell any sponsor shares they hold to us in a tender offer
in connection with a proposed initial business combination) or a vote to amend the provisions of our certificate of incorporation relating
to the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination
within nine months from the closing of the IPO (or up to 21 months), and (D) that the sponsor shares shall not be entitled to be redeemed
for a pro rata portion of the funds held in the trust account if a business combination is not consummated.

 The
sponsor shares were deposited into an escrow account maintained in New York, New York by Continental Stock Transfer & Trust Company,
LLC, acting as escrow agent. Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from
escrow until the earlier of six months after the date of the consummation of our initial business combination and the date on which the
closing price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and
recapitalizations) for any 20 trading days within any 30-trading day period commencing after the consummation of our initial business
combination, or earlier, if, subsequent to our initial business combination, we complete a liquidation, merger, stock exchange or other
similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities
or other property. The limited exceptions referred to above include (1) transfers to our officers or directors, any affiliate
or family member of any of our officers or directors, any of the sponsor’s members, officers, directors, consultants, or affiliates
of the sponsor or any of their affiliates or any other pecuniary interest holders in the sponsor at the time of our IPO or family members
of the foregoing , (ii) to an initial holder’s stockholders or members
upon its liquidation, (iii) by gift to a member of an individual stockholder’s family or to a trust, the beneficiary of which is
a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization, (4) transfers by
virtue of the laws of descent and distribution upon death, (5) transfers pursuant to a qualified domestic relations order, (6) private
sales made at prices no greater than the price at which the securities were originally purchased (7) transfers to us for cancellation
in connection with the consummation of an initial business combination, (8) in the event of our liquidation prior to our consummation
of an initial business combination,(9) by virtue of the laws of the State of Delaware or the sponsor’s limited liability
company agreement upon dissolution of the sponsor, or (10) in the event that, subsequent to the consummation of an initial business
combination, we complete a liquidation, merger, capital stock exchange or other similar transaction which results in all of our stockholders
having the right to exchange their common stock for cash, securities or other property, in
each case (except for clauses 7 - 10) where the transferee agrees to the terms of the escrow agreement and forfeiture, as the case
may be, as well as the other applicable restrictions and agreements of the holders of the insider shares.

Preferred Stock

There are no shares of preferred stock outstanding.
Our certificate of incorporation filed with the State of Delaware authorizes the issuance of 100,000,000 shares of preferred stock, $0.00001
par value per share, with such designation, rights and preferences as may be determined from time to time by our board of directors. No
shares of preferred stock are being issued or registered in the IPO. Accordingly, our board of directors is empowered, without stockholder
approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting
power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination,
from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class with the
common stock on our initial business combination. We may issue some or all of the preferred stock to effect our initial business combination.
In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us. Although
we do not currently intend to issue any shares of preferred stock, we reserve the right to do so in the future.

 

Rights included as part of units

 

Except in cases where we are not the surviving company
in a business combination, each holder of a right will automatically receive one-seventh (1/7) of a share of common stock upon consummation
of our initial business combination, even if the holder of a public right redeemed all shares of common stock held by him, her or it in
connection with the initial business combination or an amendment to our certificate of incorporation with respect to our pre-business
combination activities. In the event we will not be the surviving company upon completion of our initial business combination, each holder
of a right will be required to affirmatively convert his, her or its rights in order to receive the one-seventh (1/7) of a share underlying
each right upon consummation of the business combination. No additional consideration will be required to be paid by a holder of rights
in order to receive his, her or its additional shares of common stock upon consummation of an initial business combination. The shares
issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of ours). If we enter into a definitive
agreement for a business combination in which we will not be the surviving entity, the definitive agreement will provide for the holders
of rights to receive the same per share consideration the holders of the common stock will receive in the transaction on an as-converted
into common stock basis.

 

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We will not issue fractional shares in connection
with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance
with the applicable provisions of the Delaware General Corporation Law. As a result, you must hold rights in multiples of seven in order
to receive shares for all of your rights upon closing of a business combination. If we are unable to complete an initial business combination
within the required time period and we liquidate the funds held in the trust account, holders of rights will not receive any of such funds
with respect to their rights, nor will they receive any distribution from our assets held outside of the trust account with respect to
such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the
holders of the rights upon consummation of an initial business combination. Additionally, in no event will we be required to net cash
settle the rights. Accordingly, the rights may expire worthless.

Warrants

Public Warrants

Upon
the separation of all of the public units into their component parts, there will be an aggregate of 3,250,000 public warrants outstanding.
Each whole redeemable warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per full share,
subject to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of an initial business combination
and 12 months from the date of this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for
a whole number of shares of common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two
units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 Except as set forth below, no warrants will
be exercisable for cash unless we have an effective and current registration statement covering the shares of common stock issuable upon
exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration
statement covering the shares of common stock issuable upon exercise of the warrants is not effective within 90 days from the consummation
of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any
period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the
exemption from registration provided by Section 3(a)(9) of the Securities Act provided that such exemption is available. In such event,
each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient
obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between
the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair
market value” shall mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the
day prior to the date of exercise. For example, if a holder held 300 warrants to purchase 150 shares and the fair market value on the
date prior to exercise was $15.00, that holder would receive 35 shares without the payment of any additional cash consideration. If an
exemption from registration is not available, holders will not be able to exercise their warrants on a cashless basis. The warrants will
expire five years from the consummation of a Business Combination at 5:00 p.m., Eastern Standard Time.

We may call the outstanding warrants for redemption,
in whole and not in part: 

	•		at any time while the warrants are exercisable,

	•		upon not less than 30 days’ prior written notice of redemption to each warrant holder;

	•		if, and only if, the reported last sale price of the shares of common stock equals or exceeds
$18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within
a 30-day trading period ending on the third business day prior to the notice of redemption to warrant holders (the “Force-Call
Provision”), and

	•		if, and only if, there is a current registration statement in effect with respect to the
shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above
and continuing each day thereafter until the date of redemption.

 

If
we call the warrants for redemption, the redemption price shall be either (i) if the holder of a warrant has followed the
procedures specified in our notice of redemption and surrendered the warrant, the number of shares of common stock as determined in accordance
with the “cashless exercise” provisions of the warrant agreement or (ii) if the holder of a warrant has not followed such
procedures specified in our notice of redemption, the price of $0.01 per warrant.

 

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The redemption criteria for our warrants have been
established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient
differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of
our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.

If we call the warrants for redemption as described
above, all holders that wish to redeem or exercise warrants can do so by paying the cash exercise price or on a “cashless basis.”
If a holder elects to exercise the warrant on a “cashless” basis, such a holder would pay the exercise price by surrendering
the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares
of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale
price of our common stock for the 5 trading days ending on the third trading day prior to the date on which the notice of redemption is
sent to the holders of warrants. Alternatively, a warrant holder may request that we redeem his, her or its warrants by surrendering such
warrants and receiving the redemption price of such number of shares of common stock determined as if the warrants were exercised on a
“cashless” basis. If the holder neither exercises his, her or its warrants nor requests redemption on a “cashless”
basis, then on or after the redemption date, a record holder of a warrant will have no further rights except to receive the cash redemption
price of $0.01 for such holder’s warrant upon surrender of such warrant. The right to exercise the warrant will be forfeited unless
the warrants are exercised prior to the date specified in the notice of redemption.

In addition, if (x) we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price
to be determined in good faith by our board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60%
of the total equity proceeds, and interest thereon, available for the funding of our initial business combination, and (z) the volume
weighted average trading price of our common stock during the 20 trading day period starting on the trading day prior to the day on which
we consummate our initial business combination (“Market Price”) is below $9.20 per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the Market Price, and the $18.00 per share redemption trigger price described
above will be adjusted (to the nearest cent) to be equal to 180% of the Market Value.

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

The exercise price and number of shares of common
stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary
dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of
shares of common stock at a price below their respective exercise prices.

The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified or
official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges
of holders of shares of common stock and any voting rights until they exercise their warrants and receive shares of common stock. After
the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of
record on all matters to be voted on by stockholders.

 

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Except as described above, no public warrants will
be exercisable for cash and we will not be obligated to issue shares of common stock unless at the time a holder seeks to exercise such
warrant, a prospectus relating to the shares of common stock issuable upon exercise of the warrants is current and the shares of common
stock have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the
warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to maintain a
current prospectus relating to the shares of common stock issuable upon exercise of the warrants until the expiration of the warrants.
However, we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the shares of
common stock issuable upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to
settle any such warrant exercise. If the prospectus relating to the shares of common stock issuable upon the exercise of the warrants
is not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants
reside, we will not be required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for
the warrants may be limited and the warrants may expire worthless.

Warrant holders may notify us in writing if it
elects to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to exercise
their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares
of common stock outstanding. Notwithstanding the foregoing, any person who acquires a warrant with the purpose or effect of changing or
influencing the control of our company, or in connection with or as a participant in any transaction having such purpose or effect, immediately
upon such acquisition will be deemed to be the beneficial owner of the underlying shares of common stock and not be able to take advantage
of this provision.

No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder.

Private Warrants

We
issued 2,500,000 private warrants to our sponsor in a private placement that was completed simultaneously with our IPO in an amount of
$2,500,000. These private warrants will be identical to the warrants underlying the units sold in our IPO and the terms of the
private warrants will remain the same irrespective of the holder thereof; provided, however, that the private warrants will be subject
to the transfer restrictions agreed to in the letter agreement with our sponsor. Accordingly, we may redeem the private warrants on the
same terms and conditions as the public warrants. Furthermore, because the
private warrants will be issued in a private transaction, the holders and their transferees will be allowed to exercise the private warrants
for cash even if a registration statement covering the shares of common stock issuable upon exercise of such warrants is not effective
and receive unregistered shares of common stock. The warrants will have an exercise price of $11.50 per share.

 In
addition, in order to meet our working capital needs following the consummation of the IPO, our founders, officers, directors and their
respective affiliates or designees may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount
they deem reasonable in their sole discretion. Each working capital loan would be evidenced by a promissory note. The working capital
notes would either be paid upon consummation of our initial business combination, without interest, or, at holder’s discretion,
up to $2,400,000 of the notes may be converted into working capital warrants at a price of $1.00 per warrant. The working capital warrants
would be identical to the private warrants issued to the sponsor.

Further, if we anticipate that we may not be
able to consummate our initial business combination within nine months, we may, but are not obligated to, extend the period for up to
twelve (12) additional one-month periods to consummate a business combination. Pursuant to the terms of our amended and restated certificate
of incorporation and the trust agreement we entered into with Continental Stock Transfer and Trust Company, in order to extend the time
available for us to consummate our initial business combination, our board of directors would adopt a resolution authorizing such extension
and our founders or their affiliates or designees (which may include the potential target business) must deposit into the trust account
$206,667 (or $237,667 if the underwriters' over-allotment option is exercised in full) ($0.0333 per share in either case) on or prior
to the date of the applicable deadline for each one-month extension (or up to an aggregate of $2,480,000 (or $2,852,000 if the underwriters'
over-allotment option is exercised in full), or $0.40 per share if we extend for the full twelve months). The providers of such additional
funds will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in
the event that we are unable to close a business combination unless there are funds available outside the trust account to do so. Such
notes would either be paid upon consummation of our initial business combination, or, at the lender's discretion, converted upon consummation
of our business combination into additional private warrants at a price of $1.00 per warrant for each dollar amount deposited. These warrants
would have an exercise price of $11.50 per share.

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Dividends 

We have not paid any cash dividends on our shares
of common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash
dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition
subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will, subject to
the laws of the State of Delaware, be within the discretion of our then board of directors. It is the present intention of our board of
directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate
declaring any cash dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not
anticipate declaring any share dividends in the foreseeable future.

Our Transfer Agent, Rights Agent and Warrant
Agent

The transfer agent for our units and common stock,
warrant agent for our warrants, and rights agent for our rights is Continental Stock Transfer & Trust Company, 1 State Street Plaza,
New York, New York 10004.

Certain Anti-Takeover Provisions of Delaware
Law and our Amended and Restated Certificate of Incorporation and By-Laws

We are subject to the provisions of Section 203
of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging
in a “business combination” with:

	•		a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an
“interested stockholder”);

	•		an affiliate of an interested stockholder; or

	•		an associate of an interested stockholder, for three years following the date that the stockholder
became an interested stockholder.

A “business combination” includes a
merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

	•		our board of directors approves the transaction that made the stockholder an “interested
stockholder,” prior to the date of the transaction;

	•		after the completion of the transaction that resulted in the stockholder becoming an interested
stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily
excluded shares of common stock; or

	•		on or subsequent to the date of the transaction, the business combination is approved by
our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least
two-thirds of the outstanding voting stock not owned by the interested stockholder.

Our authorized but unissued common stock and
preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes,
including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued
and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means
of a proxy contest, tender offer, merger or otherwise.

Exclusive Forum for Certain Lawsuits

Our amended and restated certificate of incorporation
will require that, unless the company consents in writing to the selection of an alternative forum, the Court of Chancery of the State
of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action
or proceeding brought on behalf of the company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director,
officer or other employee of the company to the company or the company’s stockholders, (iii) any action asserting a claim against
the company, its directors, officers or employees arising pursuant to any provision of the Delaware General Corporation Law or our amended
and restated certificate of incorporation or the bylaws, or (iv) any action asserting a claim against the company, its directors, officers
or employees governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, (a) any claim as to which the
Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable
party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested
in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject
matter jurisdiction, and (b) any action or claim arising under the Exchange Act or Securities Act of 1933, as amended. This provision
may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with the company and
its directors, officers, or other employees.

Special meeting of stockholders

Our bylaws provide that special meetings of our
stockholders may be called only by a majority vote of our board of directors, by our chief executive officer or by our chairman.

 Advance notice requirements for stockholder
proposals and director nominations; conduct of meetings

Our bylaws provide
that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors
at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice
will need to be delivered to our principal executive offices not later than the close of business on the 90th day
nor earlier than the opening of business on the 120th day
prior to the scheduled date of the annual meeting of stockholders. Our bylaws also specify certain requirements as to the form and content
of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders
or from making nominations for directors at our annual meeting of stockholders.

Our bylaws will allow the chairman of the meeting
at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding
the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay
or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise
attempting to influence or obtain control of us.

 

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