Document:

EX-4.5

 Exhibit 4.5 

YUCAIPA ACQUISITION CORP. 

DESCRIPTION OF SECURITIES 
 The following
summary of the material terms of the securities of Yucaipa Acquisition Corp. is not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference to our amended and restated
memorandum and articles of association incorporated by reference as an exhibit to the company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”), and
applicable Cayman Islands law. We urge you to read our amended and restated memorandum and articles of association in their entirety for a complete description of the rights and preferences securities. 

Certain Terms 
 Unless otherwise stated in this exhibit or
the context otherwise requires, references to: 
  

	 	•	 	 “amended and restated memorandum and article of association” are to the amended and restated memorandum
and articles of association that the company adopted in connection with the consummation of our initial public offering; 

  

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

  

	 	•	 	 “forward purchase agreement” are to an agreement providing for the sale of Class A ordinary shares
and warrants to our sponsor in a private placement to occur concurrently with the closing of our initial business combination; 

  

	 	•	 	 “forward purchase securities” are to the forward purchase shares and forward purchase warrants;

  

	 	•	 	 “forward purchase shares” are to Class A ordinary shares issued pursuant to the forward purchase
agreement; 

  

	 	•	 	 “forward purchase warrants” are to warrants to purchase Class A ordinary shares issued pursuant to
the forward purchase agreement; 

  

	 	•	 	 “Founders” are to Ronald W. Burkle and Ira Tochner; 

 

	 	•	 	 “founder shares” are to our Class B ordinary shares initially issued to our sponsor in a private
placement prior to our initial public offering and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our initial business combination or earlier at the option of the
holders thereof (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”); 

  

	 	•	 	 “initial public offering” refers to our initial public offering units, consisting of one Class A
ordinary share and one-third of one redeemable warrant; 

  

	 	•	 	 “management” or our “management team” are to our executive officers and directors;

  

	 	•	 	 “ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

  

	 	•	 	 “private placement warrants” are to the warrants issued to our sponsor in a private placement
simultaneously with the closing of our initial public offering and upon conversion of working capital loans, if any; 

  

	 	•	 	 “public shares” are to our Class A ordinary shares sold as part of the units in our initial public
offering (whether they are purchased in our initial public offering or thereafter in the open market); 

  

	 	•	 	 “public shareholders” are to the holders of our public shares, including our sponsor and management
team to the extent our sponsor and/or members of our management team purchase public shares, provided that our sponsor’s and each member of our management team’s status as a “public shareholder” will only exist with respect to
such public shares; 

  

	 	•	 	 “sponsor” are to Yucaipa Acquisition Manager, LLC, a Delaware limited liability company; and

  

	 	•	 	 “we,” “us,” “our,” “company” or “our company” are to Yucaipa
Acquisition Corporation, a Cayman Islands exempted company. 

 We are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum
and articles of association, the Companies Act and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, which were adopted prior to the consummation of our initial public offering, we are
authorized to issue 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following description summarizes the material terms of our shares as set
out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you. 

Units 
 Each unit has an offering price of $10.00 and
consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50
per share, subject to adjustment as described in the final prospectus for our initial public offering. Pursuant to the warrant agreement, dated August 6, 2020, between the Company and Continental Stock Transfer & Trust Company. a
warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. 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 three units, you will not be able to receive or trade a whole warrant. 

The Class A ordinary shares and warrants comprising the units began separate trading on September 24, 2020. Holders have the option to continue to
hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the Units into shares of Class A common shares and warrants. 

Ordinary Shares 
 Prior to the closing of our initial
public offering, there were 8,625,000 Class B ordinary shares issued and outstanding, all of which were held of record by our sponsor, so that our sponsor would own 20% of our issued and outstanding shares after our initial public offering.
Upon the closing of our initial public offering, 37,500,000 of our ordinary shares are outstanding, including: 
  

	 	•	 	 34,500,000 Class A ordinary shares issued as part of our initial public offering; and 

 

	 	•	 	 8,625,000 Class B ordinary shares held by our sponsor. 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders
of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated
memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter
voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary shares that are
voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another
company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of
directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of
directors out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be entitled to vote on
the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. The provisions of our
amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial business combination may only be amended by a special resolution passed by not
less than two-thirds of our ordinary shares who attend and vote at our shareholder meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares.

  
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 Because our amended and restated memorandum and articles of association authorize the issuance of up to
500,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to
issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination. 

Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors
appointed prior to our first annual meeting of shareholders) serving a three-year term. In accordance with the NYSE corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end
following our listing on the NYSE. There is no requirement under the Companies Act for us to hold annual or shareholder meetings to elect directors. We may not hold an annual meeting of shareholders to elect new directors prior to the consummation
of our initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the
completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. 

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial
business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and each member of our management team have entered into an
agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them purchased during or after our initial public offering in connection with (i) the completion
of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders
of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the
closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct proxy
solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote
is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons,
we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business
combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as
is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, we
will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business
combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in the final prospectus related to our initial public offering), if any, could result in the approval of our initial business combination even if a
majority of our public shareholders vote, or indicate their 

  
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intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the
approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’ notice will be given of any shareholder meeting. 

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

If we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by
proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor
of our initial business combination. As a result, in addition to our initial shareholders’ founder shares, w we would need 12,937,501, or 37.5% (assuming all issued and outstanding shares are voted), or 2,156,251, or 6.25% (assuming only the
minimum number of shares representing a quorum are voted), of the 34,500,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination approved.
Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. 

Pursuant to our amended and restated memorandum and articles of association, if we have not consummated an initial business combination within 24 months from
the closing of our initial public offering, 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 the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to
pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and
dissolve, subject each case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each member of our management team have entered
into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24
months from the closing of our initial public offering (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the
prescribed time frame). Our amended and restated memorandum and articles of association provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with
respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. 

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably in all
assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price 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 income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of
our initial business combination, subject to the limitations described herein. 

  
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 Founder Shares 

The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in
the units being sold in our initial public offering, and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our initial business combination, only holders of the founder shares had the
right to vote on the election of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (b) the founder shares are subject to certain transfer restrictions, as described in more
detail below; (c) our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares (ii) to waive
their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance
or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares; and (iii) waive their rights to
liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24 months from the closing of our initial public offering (although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (d) the founder shares will automatically convert into our
Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof as described herein; and (e) the founder shares are entitled to registration rights. If we seek shareholder approval,
we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case,
our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. 

The founder shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares (which such Class A
ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business combination) at the time of our initial business combination or
earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on
an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our initial public offering, plus (ii) the total number of
Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination (including the forward purchase shares, but not the forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued,
deemed issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. In no event
will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. 

Except as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until
earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash,
securities or other property. We refer to such transfer restrictions throughout this exhibit as the lock-up. Any permitted transferees would be subject to the same restrictions and other agreements
of our sponsor and our directors and executive officers with respect to any founder shares. 

  
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 Prior to our initial business combination, only holders of our founder shares will have the right to vote on
the election of directors. Holders of our public shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares
may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not
less than two-thirds of our ordinary shares who attend and vote at our shareholder meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares.
With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote
together as a single class, with each share entitling the holder to one vote. 
 Preference Shares 

Our amended and restated memorandum and articles of association authorize 1,000,000 preference shares and provide that preference shares may be issued from
time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and
restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the
holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us
or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No
preference shares were issued or registered in our initial public offering. 
 Warrants 

Public Shareholders’ Warrants 

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing on the later of one year from the closing of our initial public offering and 30 days after the completion of our initial business combination, except as discussed in the immediately succeeding paragraph.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. 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 purchased at least three 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. 
 We will not be obligated to deliver any
Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and
we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of
the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise
such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit
containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit. 

  
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 We have agreed that as soon as practicable, but in no event later than twenty business days after the
closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of
the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement
and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant
not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their
warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our
commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the
warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an
effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our commercially reasonably efforts to register or qualify the
shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of
(A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the
warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day
prior to the date on which the notice of exercise is received by the warrant agent. 
 Redemption of warrants when the price per
Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement warrants): 

 

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 	 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as
adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Anti-Dilution Adjustments”) for any 20 trading days within a
30-trading day period ending three trading days before we send the notice of redemption to the warrant holders. 

We will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary
shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and
when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. 

We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date.
However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading
“—Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

  
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 Redemption of warrants when the price per Class A ordinary share equals or exceeds
$10.00. Once the warrants become exercisable, we may redeem the outstanding warrants: 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of
redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the
“fair market value” of our Class A ordinary shares (as defined below) except as otherwise described below; 

  

	 	•	 	 if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Anti-Dilution Adjustments”) for any 20 trading days within
the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and 

 

	 	•	 	 if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the
number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Anti-dilution Adjustments”), the private placement warrants must also be concurrently called for redemption on the same terms
as the outstanding public warrants, as described above. 

 Beginning on the date the notice of redemption is given until the warrants are
redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are
not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the
holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later
than one business day after the 10-trading day period described above ends. 
 Pursuant to the warrant
agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving
company in our initial business combination. The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our
initial business combination. 
 The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of
shares issuable upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the
adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such
adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable
upon exercise of a warrant. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “—Anti-dilution Adjustments” below, the adjusted share prices in the
column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “—Anti-dilution Adjustments” and the
denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading “— Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the
unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment. 

  
 8 

																																					
	Redemption Date	  	Fair Market Value of Class A Ordinary Shares	 
	 (period to expiration of warrants)
	  	$10.00	 	  	11.00	 	  	12.00	 	  	13.00	 	  	14.00	 	  	15.00	 	  	16.00	 	  	17.00	 	  	18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market
value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line interpolation
between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such
time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact
fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is
sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A
ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as
reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for
any Class A ordinary shares. 
 This redemption feature differs from the typical warrant redemption features used in many other blank check offerings,
which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time. This redemption
feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per public share, which may be at a time when the trading price of our Class A ordinary
shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under
“—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number
of shares for their warrants based on an option pricing model with a fixed volatility input as of the of the prospectus for our initial public offering. This redemption right provides us with an additional mechanism by which to redeem all of the
outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if
we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in
our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. 

  
 9 

 As stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price
starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless
basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer
Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of
$11.50. 
 No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A
ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a
security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants. 

Redemption procedures. A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not
have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or
such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise. 

Anti-dilution Adjustments. If the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend
payable in Class A ordinary shares, or by a split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share
dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary
shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will be deemed a
share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For
these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume weighted average price of Class A ordinary shares as reported during the 10
trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to
all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash
dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period
ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise
price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the
redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection
with 

  
 10 

 
our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our initial public offering or
(B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination,
then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect
of such event. 
 If the number of outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or
reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on
exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares. 
 Whenever the number of
Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary
shares so purchasable immediately thereafter. 
 In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities,
excluding the forward purchase 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 ordinary share (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial
business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on
the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00”
and “—Redemption of warrants when the price per Class A ordinary shares equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the
$10.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the
Market Value and the Newly Issued Price. 
 In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than
those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the
continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the
warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their
warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of
securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such
election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company as
provided for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial business

  
 11 

 
combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members
of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of
Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash,
securities or other property to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the
Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity
that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or
quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the
warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs
during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. The purpose of such exercise price reduction is to provide additional value to holders of the
warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. 

The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement
to the description of the terms of the warrants and the warrant agreement set forth in the prospectus for our initial public offering, or defective provision (ii) amending the provisions relating to cash dividends on ordinary shares as
contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or
desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 65% of the then-outstanding public warrants is required to make any change that
adversely affects the interests of the registered holders. You should review a copy of the warrant agreement, which was filed as an exhibit to the registration statement for our initial public offering, for a complete description of the terms and
conditions applicable to the warrants. 
 The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until
they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares 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 shareholders. 
 No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 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 Class A ordinary shares to be issued to the warrant holder. 

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such
action, proceeding or claim. See “Risk Factors—Our warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain
types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.” This provision applies to claims under the
Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum. 

  
 12 

 Private Placement Warrants 

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units
in our initial public offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion
of our initial business combination (except pursuant to limited exceptions as described under “Principal Shareholders—Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or
entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described under “—Public Shareholders’ Warrants—Redemption of warrants when the price per
Class A ordinary share equals or exceeds $10.00”) so long as they are held by our sponsor or its permitted transferees (except as otherwise set forth herein). Our sponsor, or its permitted transferees, has the option to exercise the
private placement warrants on a cashless basis. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and
exercisable by the holders on the same basis as the warrants included in the units being sold in our initial public offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the
private placement warrants will require a vote of holders of at least 65% of the number of the then outstanding private placement warrants. 
 Except as
described above under “—Public Shareholders’ Warrants—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00,” if holders of the private placement warrants elect to exercise them on a
cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares
underlying the warrants, multiplied by the excess of the “Sponsor fair market value” (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market
value” shall mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason
that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with us following a
business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except during
specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of
material non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open
market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an
affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of
$1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants. 
 The terms and provisions of the
forward purchase warrants shall be identical to those of the private placement warrants. 
 Dividends 

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our
initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination.
The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection with a business combination, our ability to
declare dividends may be limited by restrictive covenants we may agree to in connection therewith. 

  
 13 

 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to
indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of acts
performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity. 

Certain Differences in Corporate Law 
 Cayman Islands
companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth
below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders. 

Mergers and Similar Arrangements. In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman
Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction). 

Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or
consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 662/3 % in value of the voting shares voted at a shareholder meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent
company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The
consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act
(which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation. 
 Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made
due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the
jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and
remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is
acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors
of the foreign company are and continue to be suspended or restricted. 
 Where the surviving company is the Cayman Islands exempted company, the directors
of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to
pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company
to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign
company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be
incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation. 

  
 14 

 Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to
be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the
merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote;
(b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20
days following receipt of such notice from the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares; (d) within seven
days following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or
the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the
date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period
expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with
whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid
by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of
a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the
relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company. 

Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances,
schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to a merger. In
the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in
question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the
case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman
Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that: 

 

	 	•	 	 we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions
as to majority vote have been complied with; 

  

	 	•	 	 the shareholders have been fairly represented at the meeting in question; 

 

	 	•	 	 the arrangement is such as a businessman would reasonably approve; and 

 

	 	•	 	 the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act
or that would amount to a “fraud on the minority.” 

 If a scheme of arrangement or takeover offer (as described below) is
approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting
shareholders of United States corporations. 
 Squeeze-out Provisions. When a
takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining
shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the
shareholders. 

  
 15 

 Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances
be achieved through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business. 

Shareholders’ Suits. Our Cayman Islands counsel is not aware of any reported class action having been brought in a Cayman Islands
court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to
us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and
be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which: 
  

	 	•	 	 a company is acting, or proposing to act, illegally or beyond the scope of its authority; 

 

	 	•	 	 the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by
more than the number of votes which have actually been obtained; or 

  

	 	•	 	 those who control the company are perpetrating a “fraud on the minority.” 

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

 Enforcement of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the United States and
provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States. 

We have been advised by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us
judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against
us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory
enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on
the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or
obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands
Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. 
 Special Considerations for Exempted
Companies. We are an exempted company with limited liability (meaning our public shareholders have no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the
Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as
an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below: 
  

	 	•	 	 annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its
operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Act; 

  
 16 

	 	•	 	 an exempted company’s register of members is not open to inspection; 

 

	 	•	 	 an exempted company does not have to hold an annual shareholder meeting; 

 

	 	•	 	 an exempted company may issue negotiable or bearer shares or shares with no par value; 

 

	 	•	 	 an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance); 

  

	 	•	 	 an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands; 

  

	 	•	 	 an exempted company may register as a limited duration company; and 

 

	 	•	 	 an exempted company may register as a segregated portfolio company. 

Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections that apply to us until
the completion of our initial business combination. These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been
approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s shareholders entitled to
vote and so voting at a shareholder meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous written
resolution of all of the company’s shareholders. Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at
least two-thirds of our shareholders who attend and vote at a shareholder meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written
resolution of all of our shareholders. 
 Our sponsor and its permitted transferees, if any, who collectively beneficially own 20% of our ordinary shares
upon the closing of our initial public offering, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and
restated memorandum and articles of association provide, among other things, that: 
  

	 	•	 	 If we have not consummated an initial business combination within 24 months from the closing of our initial
public offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to
us to pay our income taxes that were paid by us or are payable by us, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

  

	 	•	 	 Prior to or in connection with our initial business combination, we may not issue additional securities that
would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in
connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond
24 months from the closing of our initial public offering or (y) amend the foregoing provisions; 

  
 17 

	 	•	 	 Although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, Founders, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or
another independent entity that commonly renders valuation opinions that such a business combination is fair to our company from a financial point of view; 

  

	 	•	 	 If a shareholder vote on our initial business combination is not required by applicable law or stock exchange
listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange
Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is
required under Regulation 14A of the Exchange Act; 

  

	 	•	 	 So long as our securities are then listed on the NYSE, our initial business combination must occur with one or
more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the
trust account) at the time of the agreement to enter into the initial business combination; 

  

	 	•	 	 If our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, we
will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the
limitations described herein; and 

  

	 	•	 	 We will not effectuate our initial business combination solely with another blank check company or a similar
company with nominal operations. 

 In addition, our amended and restated memorandum and articles of association provide that under no
circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 
 The Companies Act
permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires the approval of the holders of at
least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a shareholder meeting or by way of unanimous written resolution. A company’s articles of
association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of
whether its memorandum and articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated
memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide
dissenting public shareholders with the opportunity to redeem their public shares. 
 Anti-Money Laundering—Cayman Islands 

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering
procedures, and may require subscribers to provide evidence to verify their identity, the identity of their beneficial owners/controllers (where applicable), and source of funds. Where permitted, and subject to certain conditions, we may also rely
upon a suitable person for the maintenance of its anti-money laundering procedures (including the acquisition of due diligence information) or otherwise delegate the maintenance of such procedures to a suitable person. 

  
 18 

 We reserve the right to request such information as is necessary to verify the identity of a subscriber in
accordance with the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised from time to time (the “Regulations”). Depending on the circumstances of each application, a detailed verification of
identity might not be required where: 
  

	 	a)	 the subscriber is a relevant financial business required to comply with the Anti-Money Laundering Regulations
(2020 Revision) or is a majority-owned subsidiary of such a business; or 

  

	 	b)	 the subscriber is acting in the course of a business in relation to which a regulatory authority exercises
regulatory functions and which is in a country listed by the Cayman Islands Anti-Money Laundering Steering Committee (“Equivalent Jurisdiction”) or is a majority-owned subsidiary of such subscriber; or 

 

	 	c)	 the subscriber is a central or local government organization, statutory body or agency of government in the
Cayman Islands or an Equivalent Jurisdiction; or 

  

	 	d)	 the subscriber is a company that is listed on a recognized stock exchange and subject to disclosure
requirements which impose requirements to ensure adequate transparency of beneficial ownership, or is a majority-owned subsidiary of such a company; or 

  

	 	e)	 the subscriber is a pension fund for a professional association, trade union or is acting on behalf of
employees of an entity referred to in sub-paragraphs (a) to (d); or 

  

	 	f)	 the application is made through an intermediary which falls within one
of sub-paragraphs (a) to (e). In this situation the company may rely on a written assurance from the intermediary which confirms (i) that the requisite identification and verification
procedures on the applicant for business and its beneficial owners have been carried out; (ii) the nature and intended purpose of the business relationship; (iii) that the intermediary has identified the source of funds of the applicant
for business; and (iv) that the intermediary shall make available copies of any identification and verification data or information and relevant documents. 

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in
accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations. 

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse
to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited. 

We also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment
to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any
such laws or regulations in any applicable jurisdiction. 
 If any person in the Cayman Islands knows or suspects, or has reasonable grounds
for knowing or suspecting, that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated
sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision)
of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the
Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any
enactment or otherwise. 

  
 19 

 Certain Anti-takeover Provisions of our Amended and Restated Memorandum and Articles of Association

 Our amended and restated memorandum and articles of association provide that our board of directors is classified into three classes of directors. As
a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual shareholder meetings. 

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

Securities Eligible for Future Sale 
 Immediately after
our initial public offering, we had 34,500,000 Class A ordinary shares issued and outstanding on an as-converted basis. Of these shares, the Class A ordinary shares sold in our initial
public offering (34,500,000 Class A ordinary shares) are freely tradable without restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of
Rule 144 under the Securities Act. All of the outstanding founder shares (8,625,000 founder shares) and all of the outstanding private placement warrants (5,933,333 private placement warrants) are restricted securities under Rule 144, in that they
were issued in private transactions not involving a public offering. Upon the closing of the sale of the forward purchase shares and forward purchase warrants, all of the 5,000,000 forward purchase shares, 1,666,666 forward purchase warrants and
Class A ordinary shares underlying the forward purchase warrants were restricted securities under Rule 144. 
 Rule 144 

Pursuant to Rule 144, a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell their
securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic
reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such shorter period as we were required to file reports) preceding
the sale. 
 Persons who have beneficially owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or at any
time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of: 

 

	 	•	 	 1% of the total number of ordinary shares then-outstanding, which will equal 431,250 shares immediately after our
initial public offering; and 

  

	 	•	 	 the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale. 

 Sales by our affiliates under Rule 144 are also limited by
manner of sale provisions and notice requirements and to the availability of current public information about us. 
 Restrictions on the Use of Rule 144
by Shell Companies or Former Shell Companies 
 Rule 144 is not available for the resale of securities initially issued by shell companies (other than
business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met: 

 

	 	•	 	 the issuer of the securities that was formerly a shell company has ceased to be a shell company;

  

	 	•	 	 the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act; 

  
 20 

	 	•	 	 the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable,
during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the
time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. 

As a result, our sponsor will be able to sell its founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one
year after we have completed our initial business combination. 
 Registration and Shareholder Rights 

The holders of the founder shares, private placement warrants and any warrants that may be issued upon conversion of working capital loans (and any
Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans) are entitled to registration rights pursuant to a registration and shareholder rights
agreement that the holders signed at the closing of our initial public offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have
certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. However, the registration and shareholder rights agreement provides that we will not
permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and
(ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection with
the filing of any such registration statements. 
 Except as described herein, our sponsor and our directors and executive officers have agreed not to
transfer, assign or sell their founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our
Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar
transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of our
sponsor with respect to any founder shares. We refer to such transfer restrictions throughout this exhibit as the lock-up. 

Pursuant to the forward purchase agreement, we have agreed to use our reasonable best efforts (i) to file within 30 days after the closing of the
initial business combination a registration statement with the SEC for a secondary offering of the forward purchase shares and the forward purchase warrants (and underlying Class A ordinary shares), (ii) to cause such registration
statement to be declared effective promptly thereafter but in no event later than sixty (60) days after the initial filing, (iii) to maintain the effectiveness of such registration statement until the earliest of (A) the date on which
our sponsor or its assignees cease to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and
(iv) after such registration statement is declared effective, cause us to conduct firm commitment underwritten offerings, subject to certain limitations. In addition, the forward purchase agreement provides for “piggy-back”
registration rights to the holders of forward purchase securities to include their securities in other registration statements filed by us. 
 In addition,
pursuant to the registration and shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals for election to our board of directors, as long as the
sponsor holds any securities covered by the registration and shareholder rights agreement. 
 Listing of Securities 

Our units, Class A ordinary and warrants are each traded on the NYSE under the symbols “YAC.U,” “YAC” and “YAC WS,”
respectively.

  
 21Exhibit
4.3

 

DESCRIPTION
OF SHARES

 

Our
charter authorizes the issuance of 200.0 million Common Shares and 50.0 million shares of preferred stock, $0.01 par value per
share. In addition, our board of directors may amend our charter from time to time without stockholder approval to increase or
decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority
to issue.

 

Common
Shares

 

Subject
to the restrictions on ownership and transfer of stock contained in our charter and except as may otherwise be specified in our
charter, the holders of our Common Shares are entitled to one vote per Common Share on all matters submitted to a stockholder
vote, including the election of our directors. There is no cumulative voting in the election of our directors. Therefore, the
holders of a majority of our outstanding Common Shares can elect our entire board of directors. Except as our charter may provide
with respect to any series of preferred stock that we may issue in the future, the holders of our Common Shares will possess exclusive
voting power.

 

Holders
of our Common Shares will be entitled to receive such distributions as authorized from time to time by our board of directors
and declared by us out of legally available funds, subject to any preferential rights of any preferred stock that we issue in
the future. In any liquidation, each outstanding Common Share entitles its holder to share (based on the percentage of Common
Shares held) in the assets that remain after we pay our liabilities and any preferential distributions owed to preferred stockholders.
Holders of Common Shares do not have preemptive rights, which means that you will not have an automatic option to purchase any
new Common Shares that we issue, nor do holders of our Common Shares have any preference, conversion, exchange, sinking fund or
redemption rights. Holders of Common Shares will not have appraisal rights unless our board of directors determines that appraisal
rights apply, with respect to all or any classes or series of stock, to a particular transaction or all transactions occurring
after the date of such determination in connection with which holders of such Common Shares would otherwise be entitled to exercise
appraisal rights. Our Common Shares will be nonassessable by us upon our receipt of the consideration for which our board of directors
authorized its issuance.

 

Our
charter authorizes our board of directors to classify and reclassify any unissued Common Shares into other classes or series of
stock. Prior to issuance of shares of each class or series, the board is required by Maryland law and by our charter to set, subject
to our charter restrictions on ownership and transfer of our stock, the preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each
class or series. Our board of directors has authorized the issuance of shares of our capital stock without certificates. We expect
that, until our shares are listed on a national securities exchange, we will not issue Common Shares in certificated form. Information
regarding restrictions on the ownership and transfer of our Common Shares that, under Maryland law, would otherwise have been
required to appear on our stock certificates will instead be furnished to stockholders upon request and without charge.

 

We
maintain a stock ledger that contains the name and address of each stockholder and the number of shares that the stockholder holds.
With respect to uncertificated stock, we will continue to treat the stockholder registered on our stock ledger as the owner of
the shares noted therein until the new owner delivers a properly executed form to us, which form we will provide to any registered
holder upon request.

 

Preferred
Stock

 

Our
charter authorizes our board of directors to designate and issue one or more classes or series of preferred stock without approval
of our holders of Common Shares. Prior to issuance of shares of each class or series, the board is required by Maryland law and
by our charter to set, subject to our charter restrictions on ownership and transfer of our stock, the terms, preferences, conversion
or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and
conditions of redemption of each class or series of preferred stock so issued, which may be more beneficial than the rights, preferences
and privileges attributable to our Common Shares. The issuance of preferred stock could have the effect of delaying, deferring
or preventing a change in control. Our board of directors has no present plans to issue preferred stock, but may do so at any
time in the future without stockholder approval. However, the issuance of any additional shares of preferred stock must be approved
by a majority of independent directors not otherwise interested in the transaction, who will have access at our expense to our
legal counsel or to independent legal counsel.

 

    1

     

    

 

Meetings
and Special Voting Requirements

 

An
annual meeting of our stockholders will be held each year, at least 30 days after delivery of our annual report on the date and
at the time and place set by our board of directors. Special meetings of stockholders may be called upon the request of a majority
of our directors, a majority of our independent directors, our chief executive officer, our chairman or our president and must
be called by our secretary to act on any matter that may properly be considered at a meeting of stockholders upon the written
request of stockholders entitled to cast at least 10% of the votes entitled to be cast on such matter at the special meeting.
Upon receipt of a written request of stockholders entitled to cast at least 10% of the votes entitled to be cast stating the purpose
of the special meeting, our secretary will provide all our holders of Common Shares written notice of the meeting and the purpose
of such meeting. The written notice shall specify the time and place of the special meeting specified in the stockholders’
request; provided, however, that if none is so specified, such meeting shall be held at a time and place
convenient to stockholders. The meeting must be held not less than 15 days or more than 60 days after the distribution of the
notice of the meeting. The presence in person or by proxy of stockholders entitled to cast at least 50% of all the votes entitled
to be cast on any matter that may properly be considered at any stockholder meeting constitutes a quorum. Unless otherwise provided
by the Maryland General Corporation Law or our charter, the affirmative vote of a majority of all the votes cast is necessary
to take stockholder action. With respect to the election of directors, each candidate nominated for election to the board of directors
must receive the affirmative vote of a majority of the shares present, in person or by proxy, in order to be elected. Therefore,
if a nominee receives fewer “for” votes than “withhold” votes in an election, then the nominee will not
be elected.

 

Under
the Maryland General Corporation Law and our charter, stockholders are generally entitled to vote at a duly held meeting at which
a quorum is present on (1) amendments to our charter, (2) our liquidation or dissolution, (3) a merger, consolidation or sale
or other disposition of all or substantially all of our assets, (4) a statutory share exchange and (5) election or removal of
our directors. The affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast is required
to approve any such action (except that the affirmative vote of a majority of the shares represented in person or by proxy at
a meeting at which a quorum is present is sufficient to elect a director). Without the approval of a majority of the stockholders
entitled to vote, our board of directors may not (i) amend our charter to materially and adversely affect the rights, preferences
and privileges of the stockholders; (ii) amend provisions of our charter relating to director qualifications, fiduciary duties,
liability and indemnification, conflicts of interest, investment policies or investment restrictions; (iii) liquidate or dissolve
our company other than before the initial investment in a property, mortgage or other investment owned by our company, directly
or indirectly through one or more of our affiliates; (iv) sell all or substantially all of a property, mortgage or other investment
owned by our company, directly or indirectly through one or more of our affiliates other than in the ordinary course of business
or as otherwise permitted by law; or (v) cause the merger or similar reorganization of our company except as permitted by law.

 

Our
advisory agreement with our advisor has a one-year term but may be renewed for an unlimited number of successive one-year periods
upon the mutual consent of our advisor and us. Our independent directors will annually review our advisory agreement with our
advisor. Although the stockholders do not have the ability to vote to replace our advisor or to select a new advisor, stockholders
do have the ability, by the affirmative vote of stockholders entitled to cast a majority of the votes entitled to be cast generally
in the election of directors, to remove a director from our board with or without cause. With respect to shares of our stock owned
by our advisor, any director or any of their affiliates, neither our advisor, nor any such director nor any of their affiliates
may vote on matters submitted to the stockholders regarding the removal of our advisor, any such director or any affiliates or
any transaction between us and any of the aforementioned parties.

  

Advance
Notice for Stockholder Nominations for Directors and Proposals of New Business

 

In
order for a stockholder to nominate a director or propose new business at the annual stockholders meeting, our bylaws generally
require that the stockholder give notice of the nomination or proposal not earlier than the 150th day nor later
than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement
for the preceding year’s annual stockholders meeting and be a stockholder of record both at the time of giving advance notice
and at the time of the meeting and be entitled to vote in the election of each individual so nominated or on such other business,
unless such nomination or proposal is made pursuant to the company’s notice of the meeting or by or at the direction of
our board of directors. Our bylaws contain a similar notice requirement in connection with nominations for directors at a special
meeting of stockholders called for the purpose of electing one or more directors. With respect to special meetings of stockholders,
only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election
to the board of directors at a special meeting may be made only (i) pursuant to our notice of the meeting, (ii) by or at the direction
of the board of directors, or (iii) provided that the board of directors has determined that directors will be elected at the
meeting, by a stockholder who is a stockholder of record both at the time of giving advance notice of such nomination and at the
time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied
with the advance notice provisions of the bylaws. Failure to comply with the notice provisions will make stockholders unable to
nominate directors or propose new business.

 

    2

     

    

 

Restrictions
on Ownership of Shares

 

Ownership
Limits

 

To
maintain our REIT qualification following the taxable year ending December 31, 2015, not more than 50% in value of our outstanding
shares may be owned, directly or indirectly, by five or fewer individuals (including certain entities treated as individuals under
the Code) during the last half of each taxable year. In addition, at least 100 persons who are independent of us and each other
must beneficially own our outstanding shares for at least 335 days per 12-month taxable year or during a proportionate part of
a shorter taxable year. Each of the requirements specified in the two preceding sentences need not be met during a corporation’s
initial tax year as a REIT. We intend to elect to be taxed as a REIT commencing with our taxable year ended December 31, 2015.
We may prohibit certain acquisitions and transfers of Common Shares so as to ensure our continued qualification as a REIT under
the Code. However, we cannot assure you that this prohibition will be effective.

 

To
help ensure that we meet these tests, among other purposes, our charter prohibits any person or group of persons from acquiring,
directly or indirectly, beneficial ownership of more than 9.8% in value of the aggregate of our outstanding shares of stock and
more than 9.8% (in value or number of shares, whichever is more restrictive), of any class or series of our shares of stock, unless
exempted by our board of directors. Our board of directors may waive these ownership limits with respect to a particular person
(prospectively or retroactively) if the board receives evidence that ownership in excess of the limits will not jeopardize our
REIT status and certain other representations and undertakings required by our charter. For purposes of this provision, we treat
corporations, partnerships and other entities as single persons. However, the board may not exempt any person whose ownership
of our outstanding stock would result in our being “closely held” within the meaning of Section 856(h) of the Code
or otherwise would result in our being “closely held” within the meaning of Section 856(h) of the Code or otherwise
would result in our failing to qualify as a REIT. In order to be considered by the board for exemption, a person also must not
own, directly or indirectly, an interest in one of our tenants (or a tenant of any entity which we own or control) that would
cause us to own, directly or indirectly, more than a 9.8% interest in such tenant. The person seeking an exemption must represent
to the satisfaction of the board that it will not violate these restrictions. The person also must agree that any violation or
attempted violation of these restrictions will result in the automatic transfer of the shares of stock causing the violation to
the charitable trust.

 

Any
attempted transfer of our Common Shares that, if effective, would result in a violation of our ownership limits described above,
our being “closely held” under Section 856(h) of the Code or otherwise failing to qualify as a REIT, or in our Common
Shares being beneficially owned by fewer than 100 persons, will be null and void or will cause the number of Common Shares causing
the violation to be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries. The
prohibited transferee will not acquire any rights in the Common Shares. The automatic transfer will be deemed to be effective
as of the close of business on the business day prior to the date of the attempted transfer. We will designate a trustee of the
trust that will not be affiliated with us or the prohibited transferee. We also will name one or more charitable organizations
as a beneficiary of the trust.

 

Common
Shares held in trust will remain issued and outstanding Common Shares and will be entitled to the same rights and privileges as
all other Common Shares. The prohibited transferee will not benefit economically from any of the Common Shares held in trust,
will not have any rights to dividends or other distributions and will not have the right to vote or any other rights attributable
to the Common Shares held in the trust. The trustee will receive all dividends and other distributions on the Common Shares held
in trust and will hold such dividends or other distributions in trust for the benefit of the charitable beneficiary. The trustee
may vote any Common Shares held in the trust. Subject to Maryland law, the trustee also will have the authority: (a) to rescind
as void any vote cast by the prohibited transferee prior to our discovery that the Common Shares have been transferred to the
trust and, (b) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary.
However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast
the vote.

 

    3

     

    

 

Within
20 days of receiving notice from us that any of our Common Shares have been transferred to the trust for the charitable beneficiary,
the trustee will sell those Common Shares to a person designated by the trustee whose ownership of the Common Shares will not
violate the above ownership limitations. Upon the sale, the interest of the charitable beneficiary in the Common Shares sold will
terminate and the trustee will distribute the net proceeds of the sale to the prohibited transferee and to the charitable beneficiary
as follows. The prohibited transferee will receive an amount equal to the lesser of: (a) the price paid by the prohibited transferee
for the Common Shares or, if the prohibited transferee did not give value for the Common Shares in connection with the event causing
the Common Shares to be held in the trust (e.g., a gift, devise or other similar transaction), the market price (as defined
in our charter) of the Common Shares on the day of the event causing the Common Shares to be held in the trust and, (b) the price
received by the trustee from the sale or other disposition of the Common Shares. The trustee may reduce the amount payable to
the prohibited transferee by the amount of dividends and other distributions which have been paid to the prohibited transferee
and are owed by the prohibited transferee to the trustee. Any net sale proceeds in excess of the amount payable to the prohibited
transferee will be paid immediately to the charitable beneficiary. If, prior to our discovery that Common Shares have been transferred
to the trust, the Common Shares are sold by the prohibited transferee, then: (a) the Common Shares shall be deemed to have been
sold on behalf of the trust; and (b) to the extent that the prohibited transferee received an amount for the Common Shares that
exceeds the amount he was entitled to receive, the excess shall be paid to the trustee upon demand.

 

In
addition, Common Shares held in the trust for the charitable beneficiary will be deemed to have been offered for sale to us, or
our designee, at a price per Common Share equal to the lesser of: (a) the price per Common Share in the transaction that resulted
in the transfer to the trust (or, in the case of a devise or gift, the market price at the time of the devise or gift); and (b)
the market price on the date we, or our designee, accept the offer. We will have the right to accept the offer until the trustee
has sold the Common Shares. Upon a sale to us, the interest of the charitable beneficiary in the Common Shares sold will terminate
and the trustee will distribute the net proceeds of the sale to the prohibited transferee. We may reduce the amount payable to
the prohibited transferee by the amount of dividends and other distributions which have been paid to the prohibited transferee
and are owed by the prohibited transferee to the trustee. We may pay the amount of such reduction to the trustee for the benefit
of the charitable beneficiary.

 

Any
person who acquires Common Shares in violation of the foregoing restrictions or who would have owned the Common Shares that were
transferred to any such trust must give us immediate written notice of such event, and any person who proposes or attempts to
acquire or receive Common Shares in violation of the foregoing restrictions must give us at least 15 days’ written notice
prior to such transaction. In both cases, such persons shall provide to us such other information as we may request in order to
determine the effect, if any, of such transfer on our status as a REIT.

 

The
foregoing restrictions will continue to apply until our board of directors determines it is no longer in our best interest to
continue to qualify as a REIT or that compliance is no longer required for REIT qualification. The ownership limits do not apply
to any underwriter in an offering of our shares or to a person or persons exempted from the ownership limits by our board of directors
based upon appropriate assurances that our qualification as a REIT would not be jeopardized and certain other representations
and undertakings required by our charter.

 

Within
30 days after the end of each taxable year, every owner of 5% or more of our outstanding capital stock will be asked to deliver
to us a statement setting forth the number of shares owned directly or indirectly by such person and a description of how such
person holds the shares. Each such owner shall also provide us with such additional information as we may request in order to
determine the effect, if any, of his or her beneficial ownership on our status as a REIT and to ensure compliance with our ownership
limits.

 

These
restrictions could delay, defer or prevent a transaction or change in control of our company that might involve a premium price
for our Common Shares or otherwise be in the best interests of our stockholders.

 

Suitability
Standards and Minimum Purchase Requirements

 

State
securities laws and our charter require that purchasers of our Common Shares meet standards regarding (a) net worth or income,
and (b) minimum purchase amounts. These standards are described above at “Investor Suitability Standards” immediately
following the cover page of this prospectus and below at “Plan of Distribution — Minimum Purchase Requirements.”
Subsequent purchasers, i.e., potential purchasers of your Common Shares, must also meet the net worth or income standards, and
unless you are transferring all of your Common Shares, you may not transfer your Common Shares in a manner that causes you or
your transferee to own fewer than the number of Common Shares required to meet the minimum purchase requirements, except for the
following transfers without consideration: transfers by gift; transfers by inheritance; intrafamily transfers; family dissolutions;
transfers to affiliates; and transfers by operation of law. These suitability and minimum purchase requirements are applicable
until our Common Shares are listed on a national securities exchange, and these requirements may make it more difficult for you
to sell your Common Shares. We cannot assure you that our Common Shares will ever be listed on a national securities exchange.

 

    4

     

    

 

Distributions

 

We
currently pay, and intend to continue paying, regular monthly cash distributions to our stockholders. The actual amount and timing
of distributions is be determined by our board of directors, in its discretion, based on its analysis of our actual and expected
earnings, cash flow, capital expenditures and investments, as well as general financial conditions. The distributions that we
currently pay are equal to a daily amount equal to $0.00164383 based on a purchase price of $10.00 per share. We intend to continue
paying distributions for future periods in the amounts and at times as determined by our board.

 

Our
board of directors does not intend to fund our distributions with shares of our common stock. However, our board may have to consider
such distributions if there is a discrepancy between our taxable income and cash flow. It may be necessary to pay dividends in
the form of stock dividends in order to comply with the annual distribution requirements relating to our qualification as a REIT.
These discrepancies may arise in investments that result in taxable income without producing a corresponding amount of cash. Examples
of this may include:

 

	 	●	“residual
    interest” in REMICs or taxable mortgage pools;

 

	 	●	loans
    or mortgage-backed securities held as assets that are issued at a discount and require the accrual of taxable economic interest
    in advance of receipt in cash;

 

	 	●	loans
    on which the borrower is permitted to defer cash payments of interest, distressed loans on which the issuer may be required
    to accrue taxable interest income even though the borrower is unable to make current servicing payments in cash, and debt
    securities purchased at a discount; and

 

	 	●	a
    market downturn, such as the one that occurred in 2008–2009, where a number of publicly traded REITs paid dividends
    consisting primarily of stock because their boards of directors had determined, in the exercise of their fiduciary duties,
    that preserving cash would best serve the interests of stockholders (this is consistent with private letter rulings issued
    by the IRS).

 

We
expect to continue paying distributions monthly unless our results of operations, our general financial condition, general economic
conditions or other factors make it imprudent to do so. The timing and amount of distributions will be determined by our board,
in its sole discretion, may vary from time to time, and will be influenced in part by its intention to comply with REIT requirements
of the Code.

 

We
expect to have little, if any, funds from operations available for distribution until we make substantial investments. During
our offering stage, when we may raise capital in this offering (and possibly future offerings) more quickly than we acquire income-producing
assets and for some period after our offering stage, we may not be able to pay distributions solely from our cash flow from operations
or funds from operations, in which case distributions may be paid in part from debt financing or from proceeds from this offering.
Further, because we may receive income at various times during our fiscal year and because we may need funds from operations during
a particular period to fund expenses, we expect that at least during the early stages of our development and from time to time
during our operational stage, our board will authorize and we will declare distributions in anticipation of funds that we expect
to receive during a later period and we will pay these distributions in advance of our actual receipt of these funds. In these
instances, we also expect to look to proceeds from this offering or from the issuance of securities in the future, or to third-party
borrowings, to fund our distributions. We also may fund such distributions from advances from our sponsor or from any waiver of
fees by our advisor.

 

Our
board has the authority under our organizational documents, to the extent permitted by Maryland law, to authorize the payment
of distributions from any source, including proceeds from this offering or the proceeds from the issuance of securities in the
future. Subject to applicable law, there is no limit on the amount of offering proceeds we may use to fund distribution payments.
As of December 31, 2015, all of the distributions paid to stockholders of record since the date of inception were paid from cash
flows from operations and offering proceeds from the issuance of common stock pursuant to the DRIP. If we continue to pay distributions
from offering proceeds, or from any sources other than our funds from operations, we will have less funds available for investment
in properties, the overall return to our stockholders may be reduced and subsequent investors may experience dilution. Although
stock dividends are permissible, distributions in kind will not be permitted, except for distributions of readily marketable securities,
distributions of beneficial interests in a liquidating trust established for our dissolution and the liquidation of our assets
in accordance with the terms of our charter or distributions that meet all of the following conditions: (a) our board of directors
advises each stockholder of the risks associated with direct ownership of property; (b) our board of directors offers each stockholder
the option of receiving such in-kind distribution; and (c) in-kind distributions are only made to those stockholders who accept
such an offer.

 

    5

     

    

 

To
maintain our qualification as a REIT, we must make aggregate annual distributions to our stockholders of at least 90% of our REIT
taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction
for dividends paid and excluding net capital gain. If we meet the REIT qualification requirements, we generally will not be subject
to U.S. federal income tax on that portion of our taxable income or capital gain which is distributed to our stockholders. See
“Material U.S. Federal Income Tax Considerations — REIT Qualification Tests — Annual Distribution
Requirements.” We expect that our board of directors will authorize distributions in excess of those required for us to
maintain REIT status depending on our financial condition and such other factors as our board of directors deems relevant.

 

Each
distribution will be accompanied by a notice which sets forth: (a) the record date; (b) the amount per Common Share that will
be distributed; and (c) the equivalent annualized yield. Maryland investors also will receive notices showing (x) the amount and
percentage of each distribution paid from operations, offering proceeds and other sources; and (y) the aggregate amount of such
distribution.

 

We
have not established a minimum distribution level, and our charter does not require that we make distributions to our stockholders.

 

Inspection
of Books and Records

 

As
a part of our books and corporate records, we will maintain at our principal office an alphabetical list of the names of our holders
of Common Shares, along with their addresses and telephone numbers and the number of Common Shares held by each of them. The copy
of the list of holders of our Common Shares shall be printed in alphabetical order, on white paper, and in a readily readable
type size (in no event smaller than 10-point type). We will update this stockholder list at least quarterly. Except as noted below,
we will make the list available for inspection at our principal office by a holder of Common Shares or his or her designated agent
upon request of the stockholder and also will mail this list to any holder of Common Shares within 10 days of receipt of his or
her request. We may impose a reasonable charge for expenses incurred in reproducing such list. Stockholders, however, may not
sell or use this list for commercial purposes. The purposes for which stockholders may request this list include matters relating
to their voting rights and the exercise of stockholder rights under the federal proxy laws.

 

If
our advisor or our board of directors neglects or refuses to exhibit, produce or mail a copy of the list of holders of Common
Shares as requested, our advisor or our board of directors, as the case may be, shall be liable to the stockholder requesting
the list for the costs, including attorneys’ fees, incurred by any holder of Common Shares for compelling the production
of the stockholder list and any actual damages suffered by the stockholder for the neglect or refusal to produce the list. It
shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the stockholder list is
not for a proper purpose but is instead for the purpose of securing such list of stockholders or other information for the purpose
of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant
as a stockholder relative to the affairs of our company. We may require that the stockholder requesting the stockholder list represent
that the request is not for a commercial purpose unrelated to the stockholder’s interest in our company. The remedies provided
by our charter to stockholders requesting copies of the stockholder list are in addition to, and do not in any way limit, other
remedies available to stockholders under federal law, or the law of any state.

 

Business
Combinations

 

Under
the Maryland General Corporation Law, business combinations between a Maryland corporation and an interested stockholder or the
interested stockholder’s affiliate are prohibited for five years after the most recent date on which the stockholder becomes
an interested stockholder. For this purpose, the term “business combination” includes mergers, consolidations, share
exchanges, and, in circumstances specified in the statute, asset transfers and issuances or reclassifications of equity securities.
An “interested stockholder” is defined for this purpose as: (a) any person who beneficially owns, directly or indirectly,
ten percent or more of the voting power of the corporation’s outstanding voting stock; or (b) an affiliate or associate
of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly
or indirectly, of ten percent or more of the voting power of the then outstanding stock of the corporation. A person is not an
interested stockholder under the statute if the board of directors approved in advance the transaction by which he otherwise would
have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval
is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

 

    6

     

    

 

After
the five-year prohibition, any business combination between the corporation and an interested stockholder generally must be recommended
by the board of directors of the corporation and approved by the affirmative vote of at least: (a) 80% of the votes entitled to
be cast by holders of outstanding voting stock of the corporation, voting together as a single voting group; and (b) two-thirds
of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder
or its affiliate with whom the business combination is to be effected, or held by an affiliate or associate of the interested
stockholder, voting together as a single voting group.

 

These
supermajority vote requirements do not apply if the holders of Common Shares receive a minimum price, as defined under the Maryland
General Corporation Law, for their shares in the form of cash or other consideration in the same form as previously paid by the
interested stockholder for its shares.

 

None
of these provisions of the Maryland General Corporation Law will apply, however, to business combinations that are approved or
exempted by our board of directors prior to the time that the interested stockholder becomes an interested stockholder. Our board,
by resolution, has exempted any business combinations involving us and The Lightstone Group or any of its affiliates from these
provisions. As a result, the five-year prohibition and the supermajority vote requirement will not apply to any business combinations
between any affiliate of The Lightstone Group and us. As a result, any affiliate of The Lightstone Group may be able to enter
into business combinations with us, which may or may not be in the best interests of our stockholders.

 

Control
Share Acquisitions

 

The
Maryland General Corporation Law provides that control shares of a Maryland corporation acquired in a control share acquisition
have no voting rights except to the extent approved by the affirmative vote of stockholders entitled to cast two-thirds of the
votes entitled to be cast on the matter. Shares owned by the acquirer, an officer of the corporation or an employee of the corporation
who is also a director of the corporation are excluded from the vote on whether to accord voting rights to the control shares.
“Control shares” are voting shares that, if aggregated with all other shares owned by the acquirer or with respect
to which the acquirer has the right to vote or to direct the voting of, other than solely by virtue of revocable proxy, would
entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

 

	 	●	one-tenth
    or more but less than one-third;

 

	 	●	one-third
    or more but less than a majority; or

 

	 	●	a
    majority or more of all voting power.

 

Control
shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder
approval or shares acquired directly from the corporation. Except as otherwise specified in the statute, a “control share
acquisition” means the acquisition of issued and outstanding control shares.

 

Once
a person who has made or proposes to make a control share acquisition has undertaken to pay expenses and has satisfied other required
conditions, the person may compel the board of directors to call a special meeting of stockholders to be held within 50 days of
the demand to consider the voting rights of the shares. If no request for a meeting is made, the corporation may itself present
the question at any stockholders meeting.

 

If
voting rights are not approved for the control shares at the meeting or if the acquiring person does not deliver an “acquiring
person statement” for the control shares as required by the statute, the corporation may redeem any or all the control shares
for their fair value, except for control shares for which voting rights have previously been approved. Fair value is to be determined
for this purpose without regard to the absence of voting rights for the control shares, and is to be determined as of the date
of the last control share acquisition or of any meeting of stockholders at which the voting rights for control shares are considered
and not approved.

 

    7

     

    

 

If
voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of
the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined
for purposes of these appraisal rights may not be less than the highest price per Common Share paid in the control share acquisition.
Some of the limitations and restrictions otherwise applicable to the exercise of dissenters’ rights do not apply in the
context of a control share acquisition.

 

The
control share acquisition statute does not apply to shares acquired in a merger, consolidation or share exchange if the corporation
is a party to the transaction or to acquisitions approved or exempted by the charter or bylaws of the corporation.

 

Our
bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of shares
of our stock. There can be no assurance that this provision will not be amended or eliminated at any time in the future.

 

Subtitle
8

 

Subtitle
8 of Title 3 of the Maryland General Corporation Law, or Subtitle 8, permits a Maryland corporation with a class of equity securities
registered under the Exchange Act and at least three independent directors to elect to be subject, by provision in its charter
or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any
or all of five provisions:

 

	 	●	a classified board;

                                                                                 

	 	●	a
    two-thirds vote requirement for removing a director;

 

	 	●	a
    requirement that the number of directors be fixed only by vote of the directors;

 

	 	●	a
    requirement that a vacancy on the board be filled only by the remaining directors and (if the board is classified) for the
    remainder of the full term of the directorship in which the vacancy occurred; and

 

	 	●	a
    majority requirement for the calling of a stockholder-requested special meeting of stockholders.

 

Pursuant
to Subtitle 8, except as may be provided by our board of directors in setting the terms of any class or series of our preferred
stock, we have elected to provide that vacancies on our board of directors be filled only by the remaining directors and for the
remainder of the full term of the directorship in which the vacancy occurred. Although our board has no current intention to opt
in to any of the other above provisions permitted under Maryland law, our charter does not prohibit our board from doing so. Becoming
governed by any of these provisions could discourage an extraordinary transaction (such as a merger, tender offer or sale of all
or substantially all of our assets) that might provide a premium price for holders of our securities. Note that through provisions
in our charter and bylaws unrelated to Subtitle 8, we already vest in our board of directors the exclusive power to fix the number
of directors, provided that the number is at least three.

 

Tender
Offers

 

Our
charter provides that any tender offer made by any person, including any “mini-tender” offer, must comply with certain
notice and disclosure requirements. These procedural requirements with respect to tender offers apply to any widespread solicitation
for shares of our stock at firm prices for a limited time period.

 

In
order for any person to conduct a tender offer for shares of our stock, our charter requires that the person comply with all the
provisions of Regulation 14D of the Exchange Act (other than filing requirements) and provide the company notice of such tender
offer at least 10 business days before initiating the tender offer. Regulation 14D requires any person initiating a tender offer
to provide:

 

	 	●	specific
    disclosure to stockholders focusing on the terms of the offer and information about the bidder;

 

	 	●	the
    ability to allow stockholders to withdraw tendered shares while the offer remains open;

 

	 	●	the
    right to have tendered shares accepted on a pro rata basis throughout the term of the offer if the offer is for less than
    all of our shares; and

 

	 	●	for
    the equal treatment of all stockholders of the subject class of shares.

 

In
addition to the foregoing, there are certain ramifications to any person who attempts to conduct a noncompliant tender offer.
A stockholder may not transfer any shares to any person who initiates a tender offer without complying with the provisions set
forth above unless such stockholder first offers such shares to us at a price equal to the greater of the price in the non-complaint
tender offer or the repurchase price under our share repurchase program as it is in effect at such time. The noncomplying person
shall also be responsible for all our expenses in connection with that person’s noncompliance.

 

    8

     

    

 

Distribution
Reinvestment Program

 

We
have adopted a DRIP pursuant to which you may elect to have your dividends and other distributions reinvested in additional Common
Shares. The following discussion summarizes the principal terms of our DRIP. Appendix C to this prospectus contains
the full text of our DRIP as is currently in effect.

 

Eligibility

 

All
our holders of Common Shares are eligible to participate in our DRIP; however, we may elect to deny your participation in our
DRIP if you reside in a jurisdiction or foreign country where, in our judgment, the burden or expense of compliance with applicable
securities laws makes your participation impracticable or inadvisable.

 

At
any time prior to the listing of our Common Shares on a national stock exchange, you must cease participation in our DRIP if
you no longer meet the suitability standards or cannot make the other investor representations set forth in the then-current
prospectus or in the then-current subscription agreement. Participants must notify us promptly when they no longer meet these
standards. See “Investor Suitability Standards” (immediately following the cover page of this prospectus) and the
form of subscription agreement attached hereto as Appendix B.

 

Election
to Participate

 

In
order to participate in our DRIP, you must affirmatively opt in by so electing in the subscription agreement or other approved
enrollment form available from the dealer manager or a participating broker-dealer. Your participation in our DRIP will begin
with the next distribution made after receipt of your enrollment form. You can choose to have all or a portion of your distributions
reinvested through our DRIP. You also may change the percentage of your distributions that will be reinvested at any time by completing
a new enrollment form or other form provided for that purpose. You must make any election to increase your level of participation
through your participating broker-dealer or the dealer manager.

 

Purchases
of Common Shares

 

Common
Shares will be purchased under our DRIP promptly after the date of each distribution payment. The purchase of fractional Common
Shares is a permissible and likely result of the reinvestment of distributions under our DRIP. The offering price per Common Share
under our DRIP initially will be $9.50.

 

Account
Statements

 

You
or your designee will receive a confirmation of your purchases under our DRIP no less than quarterly. Your confirmation will disclose
the following information:

 

	 	●	each
    distribution reinvested for your account during the period;

 

	 	●	the
    date of the reinvestment;

 

	 	●	the
    number and price of the Common Shares purchased by you; and

 

	 	●	the
    total number of Common Shares in your account.

 

In
addition, within 90 days after the end of each calendar year, we will provide you with an individualized report on your investment,
including the purchase dates, purchase price, number of Common Shares owned and the amount of distributions made in the prior
year. We also will provide to all participants in our DRIP, without charge, all supplements to and updated versions of this prospectus,
to the extent required under applicable securities laws.

 

Fees
and Commissions and Use of Proceeds

 

No
selling commissions or dealer manager fee are payable on Common Shares sold under our DRIP. We expect to use the net proceeds
from the sale of Common Shares under our DRIP for general corporate purposes, including, but not limited to, the following:

 

	 	●	the
    repurchase of Common shares under our share repurchase program;

 

	 	●	capital
    expenditures, tenant improvement costs and leasing costs related to our investments in real estate properties;

 

	 	●	funding
    reserves required by any financings of our investments;

 

	 	●	funding
    obligations under any of our real estate loans;

 

	 	●	investments
    in real estate properties and real estate-related loans and securities, which would include payment of acquisition fees to
    our advisor (see “Compensation Table”); and

 

	 	●	the
    repayment of debt.

 

We
cannot predict with any certainty how much, if any, DRIP proceeds will be available for specific purposes.

 

    9

     

    

 

Voting

 

You
may vote all Common Shares, including fractional Common Shares, that you acquire through our DRIP.

 

U.S.
Federal Income Tax Consequences of Participation

 

Taxable
participants will incur tax liability even though they have elected not to receive their distributions in cash but rather to have
their distributions reinvested under the DRIP. See the section entitled “Risk Factors — U.S. Federal Income
Tax Risks” in this prospectus. In addition, to the extent you purchase shares through the DRIP at a discount to their fair
market value, you will be treated for U.S. federal income tax purposes as receiving an additional distribution equal to the amount
of the discount. At least until our offering stage is complete, we expect that (i) we will sell shares under the DRIP at $9.50
per share, (ii) no secondary trading market for our shares will develop and (iii) our board of directors will estimate the fair
value of a share of our common stock to be $10.00, the offering price in the primary offering. Therefore, at least until our offering
stage is complete, participants in the DRIP will be treated as having received a distribution of $10.00 for each $9.50 reinvested
by them under the DRIP. You will be taxed on the amount of such distribution (including the discount from fair market value) as
a dividend to the extent such distribution is from current or accumulated earnings and profits, unless we have designated all
or a portion of the dividend as a capital gain dividend or qualified dividend income. Tax information regarding each participant’s
participation in the DRIP will be provided to each participant at least annually.

 

Termination
of Participation

 

Once
enrolled, you may continue to purchase Common Shares under our DRIP until we have sold all the Common Shares registered in this
offering, have terminated this offering or have terminated our DRIP. You may terminate your participation in our DRIP at any time
by providing us with written notice. For your termination to be effective for a particular distribution, we must have received
your notice of termination at least 10 business days prior to the last day of the fiscal period to which the distribution relates.
Any transfer of your Common Shares will effect a termination of the participation of those Common Shares in our DRIP. We will
terminate your participation in our DRIP to the extent that a reinvestment of your distributions would cause you to violate the
ownership limits contained in our charter, unless you have obtained an exemption from the ownership limits from our board of directors.

 

Amendment,
Suspension or Termination of our DRIP

 

We
may amend, suspend or terminate our DRIP for any reason at any time upon 10 days’ written notice to the participants. We
may provide notice by including such information (a) in a current report on Form 8-K or in our annual or quarterly reports, all
publicly filed with the SEC, or (b) in a separate mailing to the participants. If a repurchase request by an Ohio stockholder
under our share repurchase program is ever denied, we will present such stockholder with the option and instructions to immediately
terminate participation in the DRIP.

 

Reallocation
of Available Shares

 

We
reserve the right to reallocate the Common Shares we are offering between the primary offering and our DRIP.

 

Registrar
and Transfer Agent

 

We
will engage a third party to serve as the registrar and transfer agent for our Common Shares. The name and address of our transfer
agent is as follows:

 

DST
Systems, Inc.

430 West 7th St.

Kansas City, Missouri 64105

Phone: (877) 304-4733

Fax: (855) 368-2326

 

To
ensure that any account changes are made promptly and accurately, all changes (including your address, ownership type and distribution
mailing address) should be directed to the transfer agent.

 

    10

     

    

 

Restrictions
on Roll-Up Transactions

 

A
Roll-up Transaction is a transaction involving the acquisition, merger, conversion or consolidation, directly or indirectly, of
us and the issuance of securities of an entity that is created or would survive after the successful completion of a Roll-up Transaction,
which we refer to as a Roll-up Entity. This term does not include:

 

	 	●	a
    transaction involving securities of a company that have been listed on a national securities exchange for at least 12 months;
    or

 

	 	●	a
    transaction involving our conversion to corporate, trust or association form if, as a consequence of the transaction, there
    will be no significant adverse change in stockholder voting rights, the term of our existence, compensation to our sponsor
    or advisor or our investment objectives.

 

In
connection with any proposed Roll-up Transaction, an appraisal of all our assets will be obtained from a competent independent
appraiser. Our assets will be appraised on a consistent basis, and the appraisal will be based on an evaluation of all relevant
information and will indicate the value of our assets as of a date immediately preceding the announcement of the proposed Roll-up
Transaction. If the appraisal will be included in a prospectus used to offer the securities of a Roll-Up Entity, the appraisal
will be filed with the SEC and, if applicable, the states in which registration of such securities is sought, as an exhibit to
the registration statement for the offering. Accordingly, an issuer using the appraisal shall be subject to liability for violation
of Section 11 of the Securities Act and comparable provisions under state laws for any material misrepresentations or material
omissions in the appraisal. The appraisal will assume an orderly liquidation of assets over a 12-month period. The terms of the
engagement of the independent appraiser will clearly state that the engagement is for our benefit and the benefit of our stockholders.
A summary of the appraisal, indicating all material assumptions underlying the appraisal, will be included in a report to our
stockholders in connection with any proposed Roll-up Transaction.

 

In
connection with a proposed Roll-up Transaction, the person sponsoring the Roll-up Transaction must offer to our holders of Common
Shares who vote “no” on the proposal the choice of:

 

	 	(a)	accepting
    the securities of the Roll-up Entity offered in the proposed Roll-up Transaction; or

 

	 	(b)	one
    of the following:

 

	 	(i)	remaining
    as stockholders of us and preserving their interests in us on the same terms and conditions as existed previously; or

 

	 	(ii)	receiving
    cash in an amount equal to the stockholders’ pro rata share of the appraised value of our net assets.

 

We
are prohibited from participating in any proposed Roll-up Transaction:

 

	 	●	that
    would result in our holders of Common Shares having voting rights in a Roll-up Entity that are less than those provided in
    our charter and bylaws, including rights with respect to the election and removal of directors, annual reports, annual and
    special meetings of stockholders, the amendment of our charter and our dissolution;

 

	 	●	that
    includes provisions that would operate to materially impede or frustrate the accumulation of shares by any purchaser of the
    securities of the Roll-up Entity, except to the minimum extent necessary to preserve the tax status of the Roll-up Entity,
    or that would limit the ability of an investor to exercise the voting rights of its securities of the Roll-up Entity on the
    basis of the number of shares held by that investor;

 

	 	●	in
    which investors’ rights of access to the records of the Roll-up Entity would be less than those provided in our charter
    and described in the section of this prospectus titled “Description of Shares — Meetings and Special
    Voting Requirements”; or

 

	 	●	in
    which any of the costs of the Roll-up Transaction would be borne by us if the Roll-up Transaction is rejected by holders of
    our Common Shares.

 

    11

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