Document:

EX-4.2

 Exhibit 4.2 

SVF INVESTMENT CORP. 2 

DESCRIPTION OF SECURITIES 

The following summary of the material terms of the securities of SVF Investment Corp. 2 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, 2021 (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 our our securities. 
 Certain Terms 

Unless otherwise stated in this Annual Report on Form 10-K or the context otherwise requires, references to:

 Unless otherwise stated in this Annual Report on Form 10-K or the context otherwise requires,
references to: 
  

	 	•	 	 “additional forward purchase shares” are to the up to 5,000,000 Class A ordinary shares (or such
greater amount as determined by mutual agreement of the company and the forward purchase investors), that the forward purchase investors may elect to purchase pursuant to the forward purchase agreement; 

 

	 	•	 	 “amended and restated memorandum and articles of association” are to the amended and restated
memorandum and articles of association that the company have adopted prior to the consummation of our initial public offering; 

  

	 	•	 	 “committed forward purchase shares” are to the 10,000,000 Class A ordinary shares, that the
forward purchase investors have committed to purchase pursuant to the forward purchase agreement; 

  

	 	•	 	 “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 the agreement providing for the sale of forward purchase
Class A ordinary shares to the forward purchase investors in a private placement that will close substantially concurrently with the closing of our initial business combination; 

 

	 	•	 	 “forward purchase investor” is to SVF II SPAC Investment 2 (DE) LLC, an affiliate of our sponsor and a
party to the forward purchase agreement; 

  

	 	•	 	 “forward purchase shares” are to the committed forward purchase shares and/or additional forward
purchase shares that may (in each case) be issued to the forward purchase investors pursuant to the forward purchase agreement; 

  

	 	•	 	 “founder shares” are to our Class B ordinary shares initially issued to our sponsor in a private
placement before our initial public offering and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares upon our initial business combination or earlier at the option of the holders
thereof; provided that such Class A ordinary shares issued upon any conversion of Class B ordinary shares will not be treated as “public shares” for any purpose); 

 

	 	•	 	 “management” or our “management team” are to our executive officers and directors (including
our director-nominees who will become directors in connection with our initial public offering’s closing); 

  

	 	•	 	 “ordinary resolution” means a resolution of the Company adopted by the affirmative vote of at least a
majority of the votes cast by the holders of the issued shares present in person or represented by proxy at a general meeting of the company and entitled to vote on such matter, or a resolution approved in writing by all of the holders of the issued
shares entitled to vote on such matter; 

  

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

	 	•	 	 “public shares” are to our Class A ordinary shares sold in our initial public offering (whether
they are purchased in our initial public offering or thereafter in the open market), but the term “public shares” specifically excludes all of our Class A ordinary shares that are issued upon conversion of our Class B ordinary
shares; 

  

	 	•	 	 “public shareholders” are to the holders of our public shares, including our sponsor and management
team to the extent that our sponsor and/or our management-team members buy public shares; and provided that our sponsor and/or management-team members will have the status of “public shareholder(s)” with respect to such public shares only;

  

	 	•	 	 “SBIA” are to SoftBank Investment Advisers, including SBIA U.K., SBIA U.S. and their respective
subsidiaries, being entities established to provide investment advisory, portfolio management, research, deal execution and similar fund advisory services; 

  

	 	•	 	 “SBIA U.K.” are to SB Investment Advisers (UK) Limited, an affiliate of our sponsor;

  

	 	•	 	 “SBIA U.S.” are to SB Investment Advisers (US) Inc., the direct parent company of our sponsor;

  

	 	•	 	 “SoftBank” are to SoftBank Group Corp., an affiliate of our sponsor; 

 

	 	•	 	 “special resolution” means a resolution of the Company adopted by the affirmative vote of at least a two-thirds (2/3) majority (or such higher threshold as specified in the company’s amended and restated articles of association) of the votes cast by the holders of the issued shares present in
person or represented by proxy at a general meeting of the company and entitled to vote on such matter, or a resolution approved in writing by all of the holders of the issued shares entitled to vote on such matter; 

 

	 	•	 	 “sponsor” are to SVF Sponsor II (DE) LLC, a Delaware limited liability company; 

 

	 	•	 	 “we,” “us,” “our,” “company,” or “our company” means SVF
Investment Corp. 2, a Cayman Islands exempted company; and 

 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, we are authorized to issue
200,000,000 Class A ordinary shares, 20,000,000 Class B ordinary shares, and 1,000,000 preference shares, $0.0001 par value each. The following description summarizes the material terms of our shares as set out more particularly in our
amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you. 

Ordinary Shares 
 Upon the closing of our
initial public offering, 28,750,000 of our ordinary shares (excluding the 760,000 Private Placement Shares and the Forward Purchase Shares) were outstanding, including 
  

	 	•	 	 23,000,000 Class A ordinary shares underlying the shares issued as part of our initial public offering; and

  

	 	•	 	 5,750,000 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 requires a special resolution under the Companies Act and 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 appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the
appointment of directors can appoint 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 have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to 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 which shall include the affirmative vote of a simple majority of our Class B ordinary shares. 

Because our amended and restated memorandum and articles of association authorizes the issuance of up to 200,000,000 Class A ordinary
shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we will be 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 appointed in each year and each class (except for
those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with corporate governance requirements of The Nasdaq Capital Market (“NASDAQ”), we are not required to hold an annual general
meeting until one year after our first fiscal year end following our listing on NASDAQ. There is no requirement under the Companies Act for us to hold annual or general meetings to appoint directors. We may not hold an annual general meeting to
appoint 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 validly 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 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 requires these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the
SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business

 
or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution. 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 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 requires that at least five days’ notice will be given of any general 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 seeking redemption rights 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 we obtain the approval of an ordinary resolution.
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 purchaser’s founder shares, we
would need 8,245,001, or 35.8% (assuming all issued and outstanding shares are voted), or 867,501, or 3.8% (assuming only the minimum number of shares representing a quorum are voted), of the 23,000,000 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 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. 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 provides that, if a resolution of the company’s shareholders
is passed pursuant to the Companies Act of the Cayman Islands to commence the voluntary liquidation of the company, 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. 

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 shares 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 have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a
member of the board of directors for any reason; (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 we obtain the approval of an ordinary resolution. 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, excluding any private placement shares, forward purchase securities and 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 shares 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, our directors and executive officers and the
forward purchase investor have agreed not to transfer, assign or sell any of their founder shares or forward purchase 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. 
 Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of
directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to 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 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 authorizes 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 are being issued or registered in our initial public offering. 
 Private Placement Shares 

Except as described below, the private placement shares have terms and provisions that are identical to those of the Class A ordinary
shares being sold as part of the shares in our initial public offering. The private placement shares 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, Private Placement Shares and Forward Purchase Shares,” to our officers and directors and other persons or entities affiliated with the initial
purchasers of the private placement shares) and they will not be redeemable by us so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement
shares on a cashless basis. If the private placement shares are held by holders other than our sponsor or its permitted transferees, the private placement shares will be redeemable by us in all redemption scenarios. Any amendment to the terms of the
private placement shares will require a vote of holders of at least 50% of the number of the then outstanding private placement shares. 

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 $2,000,000 of such loans may be convertible into shares of the post business combination entity at
a price of $10.00 per share at the option of the lender. 

 Forward Purchase Securities 

Prior to the completion of our initial public offering, we have entered into a forward purchase agreement pursuant to which the forward
purchase investor, which has received commitments from funds affiliated with SBIA, have agreed to subscribe for 10,000,000 committed forward purchase shares for $10.00 per share, or $100,000,000 in the aggregate, in a private placement to close
substantially concurrently with the closing of our initial business combination. The forward purchase agreement also provides that the forward purchase investor may elect to purchase up to an additional $50,000,000 of forward purchase shares, which
will also have a purchase price of $10.00 per share. Any elections to purchase up to 5,000,000 additional forward purchase shares will take place in one or more private placements in such amounts and at such time as the forward purchase investor
determines, but no later than simultaneously with the closing of our initial business combination. We and the forward purchase investor may determine, by mutual agreement, to increase the number of additional forward purchase shares at any time
prior to our initial business combination. The allocation of the forward purchase securities among the ultimate SBIA funds that will be funding the forward purchase will be determined by SBIA, in its sole discretion, at the time of our initial
business combination. If the sale of the forward purchase shares fails to close, for any reason, we may lack sufficient funds to consummate our initial business combination. The forward purchase shares are identical to the Class A ordinary
shares included in the shares being sold in our initial public offering, except that they are subject to certain lock-up and registration rights, as described herein. 

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. 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. 

Our Transfer Agent 
 The transfer agent
for our ordinary shares is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer 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. 
 Listing of Securities 
 Our
publicly held Class A ordinary shares are listed on NASDAQ under the symbol “SVFB.” 
 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 (a) a special resolution; and (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 holds issued shares that together represent at least 90% of the votes at a general meeting of the subsidiary company) and its subsidiary
company, if a copy of the plane of merger is given to every member of each subsidiary company to be merged unless that member agrees otherwise. 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 where the surviving or consolidated company is the Cayman Islands exempted company, the Cayman Islands Registrar of Companies is required to be satisfied in respect of any constituent overseas company that (i) 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) 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) 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; (iv) 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; (v) the foreign company is able to pay its debts as they fall due
and that the merger or consolidation is bona fide and not intended to defraud unsecured creditors of the foreign company; (vi) 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; and (vii) 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 (viii) there is no other reason why it would be against the public interest to permit the merger or consolidation. The requirements set out in sections (i) to (vii) above shall
be met by a director of the Cayman Islands exempted company making a declaration to the effect that, having made due enquiry, they are of the opinion that such requirements have been met, such declaration to include a statement of the assets and
liabilities of the foreign company made up to the latest practicable date before making the declaration. 
 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 their 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 their 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 their 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 their 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: 
  

	 	•	 	 the company is not proposing to act illegally or beyond the scope of its corporate authority and the statutory
provisions as to duel 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. 

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. Walkers, our Cayman Islands legal counsel, is not aware of any reported class action having been brought
in a Cayman Islands court. 
 Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have
confirmed the availability 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 certain exemptions and privileges including those 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; 

  

	 	•	 	 an exempted company’s register of members is not open to inspection and can be kept outside of the Cayman
Islands; 

  

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

 

	 	•	 	 an exempted company may issue 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 30 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 contains provisions designed to provide certain rights and protections that
will 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 in person or, where proxies are allowed, by proxy at a general 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 provides that special resolutions must be approved either by at least two-thirds of the shares voted at a general 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 (excluding the private placement shares and assuming they do not purchase any shares in our initial public offering), participate in
any vote to amend our amended and restated memorandum and articles of association and have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provides, 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; 

  

	 	•	 	 Although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, 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 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 NASDAQ, 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 provides
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. 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, Counter Terrorist Financing, Prevention of Proliferation Financing and Financial Sanctions Compliance—Cayman Islands 

In order to comply with legislation or regulations aimed at the prevention of money laundering, terrorist financing, proliferation financing
and compliance with financial sanctions, 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 and source
of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering, terrorist financing, proliferation financing and compliance with financial sanctions compliance procedures (including
the acquisition of due diligence information) to a suitable person. 
 We reserve the right to request such information as is necessary to
verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under 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 Regulations 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 assessed by us as having a low degree of risk of money laundering and terrorist financing in accordance with the Regulations (each a “Low Risk Country”); or 

 

	 	c)	 the subscriber is a central or local government organization, statutory body or agency of government in the
Cayman Islands or a Low Risk Country; 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 a nominee or introduced by an introducer which falls within one of sub-paragraphs (a) to (e). In this situation the company may rely on a written assurance from the nominee or the introducer (as applicable) which confirms (i) that the requisite
identification and verification procedures on the applicant for business and (for introducers only) its beneficial owners have been carried out; (ii) the nature and intended purpose of the business relationship; (iii) that the nominee or
the introducer has identified the source of funds of the applicant for business; (iv) (for introducers only) that the introducer is supervised or monitored by an overseas regulatory authority and has measures in place to comply with customer due
diligence and record keeping requirements; and (v) that the nominee or the introducer shall make available on request and without delay 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 the Low Risk Jurisdiction. 
 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, counter-terrorist financing, prevention of proliferation financing and financial sanctions 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 resident 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, terrorist property or proliferation financing or is the target of a financial sanction 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, money laundering, terrorist financing, proliferation financing or a financial sanctions breach 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. 
 Certain Anti-takeover Provisions of our
Amended and Restated Memorandum and Articles of Association 
 Our amended and restated memorandum and articles of association provides
that our board of directors will be classified into three classes of directors. Prior to the completion of our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders of
our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to 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. 
 Our authorized but unissued Class A ordinary shares and preference shares will be 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 have 29,510,000 Class A ordinary shares issued and outstanding on an as-converted basis. Of these shares, the 23,000,000 Class A ordinary shares sold in our initial public offering 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 5,750,000 outstanding founder shares and all of the 760,000 outstanding private placement shares 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, all of the forward purchase shares will be restricted securities under Rule 144. 
 Rule 144 

Pursuant to Rule 144, a person who has beneficially owned restricted shares 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 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 230,000 shares immediately after our
initial public offering; or 

  

	 	•	 	 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; 

  

	 	•	 	 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 shares, 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 shares and any Class A ordinary shares that may be issued upon conversion of working
capital loans are entitled to registration rights pursuant to a registration and shareholder rights agreement. 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 shares, 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
prospectus as the lock-up. 
 Pursuant to the forward purchase agreement, we have agreed that
we will use our commercially reasonable efforts to (i) within 30 days after the closing of the initial business combination, file a registration statement with the SEC for a secondary offering of (A) the forward purchase investor’s
forward purchase shares, and (B) any other Class A ordinary shares acquired by the forward purchase investor, including any acquisitions after we complete our initial business combination, (ii) cause such registration statement to be
declared effective promptly thereafter, but in no event later than 90 days after the closing of the initial business combination and (iii) maintain the effectiveness of such registration statement and to ensure the registration statement does
not contain a material omission or misstatement, including by way of amendment or other update, as required, until the earlier of (A) the date on which the forward purchase investor ceases 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 without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act, subject to
certain conditions and limitations set forth in the forward purchase agreement. We will bear the cost of registering these securities. 

Except as described herein, our sponsor, our directors and executive officers and the forward purchase have agreed not to transfer, assign or
sell their founder shares or their purchase 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 prospectus as the lock-up. 

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 appointment to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.EXHIBIT 4.5

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Pursuant to our amended and
restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock,
$0.0001 par value, 10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred
stock, $0.0001 par value.

 

As of March 28, 2022, B. Riley Principal 250 Merger
Corp. has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (1) our Public Units; (2) our Public Shares; and (3) our Public Warrants.

 

The following description of our Public Units,
Public Shares, and Public Warrants is a summary and does not purport to be complete. It is subject to and qualified in its entirety by
reference to our amended and restated certificate of incorporation and our bylaws, each of which are incorporated by reference as an exhibit
to the Annual Report on Form 10-K of which this Exhibit 4.5 is a part. We encourage you to read our amended and restated certificate of
incorporation, our bylaws and the applicable provisions of Delaware General Corporations Law (Title 8, Chapter 1 of the Delaware Code)
(the “DGCL”).

 

Terms not otherwise defined herein shall have
the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.5 is a part.

 

Units

 

Public Units

 

Each Public Unit consists of one whole Public
Share and one-third of one redeemable Public Warrant. Each whole Public Warrant entitles the holder thereof to purchase one share of our
Class A common stock at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrant holder may exercise
its warrants only for a whole number of the Company’s shares of Class A common stock. This means only a whole warrant may be exercised
at any given time by a warrant holder. For example, if a warrant holder holds one-third of one Public Warrant to purchase a share of Class
A common stock, such fractional Public Warrant will not be exercisable. If a warrant holder holds three-thirds of one Public Warrant,
such whole Public Warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share. The shares of Class
A common stock and Public Warrants comprising the Public Units commenced separate trading on June 28, 2021. Since that date, holders have
the option to continue to hold Public Units or separate their Public Units into the component securities. Holders need to have their brokers
contact our transfer agent in order to separate the Public Units into Public Shares and Public Warrants. No fractional Public Warrants
are issued upon separation of the Public Units and only whole Public Warrants trade. Accordingly, unless you hold at least three Public
Units, you will not be able to receive or trade a whole Public Warrant.

 

Private Placement Units

 

The Private Placement Units (including the Private
Placement Shares, the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of such Private Placement
Warrants) are identical to the Public Units (and underlying components), except:

 

		(i)	The Private Placement Units (including the Private Placement
Shares, the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of such Private Placement Warrants)
will not be transferable, assignable or salable until 30 days after the completion of our Initial Business Combination (except,
among other limited exceptions, to our officers and directors and other persons or entities affiliated with our Sponsor);

 

		(ii)	The Private Placement Warrants will not be redeemable by
us so long as they are held by members of the Sponsor or its permitted transferees;

 

     

     

    

 

		(iii)	The Private Placement Warrants may be exercised by the
holders on a cashless basis; and

 

		(iv)	The Private Placement Units (including the Private Placement
Shares, the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of such Private Placement Warrants) will
be entitled to registration rights.

 

In order to finance transaction
costs in connection with an intended Initial Business Combination, the Sponsor or an affiliate of the 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 working capital loans may be convertible
into private placement-equivalent units at a price of $10.00 per unit at the option of the lender. Such units would be identical
to the Private Placement Units, including as to exercise price, exercisability and exercise period of the underlying warrants. The terms
of such working capital loans by the Sponsor or its affiliates, or our officers and directors, if any, have not been determined and no
written agreements exist with respect to such loans.

 

Holders of our Private Placement
Units (including the Private Placement Shares, the Private Placement Warrants and the shares of Class A common stock issuable upon
exercise of such Private Placement Warrants) are entitled to certain registration rights. Notwithstanding the foregoing, the Sponsor may
not exercise its demand and “piggyback” registration rights after five and seven years, respectively, after the commencement
of sales in our Public Offering and may not exercise its demand rights on more than one occasion.

 

Common Stock

 

As of March 25, 2022, 4,312,500 shares
of Class B common stock, par value $0.0001 per share, and 17,850,000 shares of Class A common stock, par value $0.0001 per share,
were issued and outstanding, consisting of:

 

		●	17,250,000 shares of Class A common stock underlying
the Public Units;

 

		●	4,312,500 shares of Class B common stock held by
the Sponsor; and

 

		●	600,000 shares of Class A common stock underlying
the Private Placement Units.

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and
holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders,
except as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable
provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted
is required to approve any such matter voted on by our stockholders. Our board of directors is divided into two classes, each of which
generally serves for a term of two 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 stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.

 

Because our amended and restated
certificate of incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter
into an Initial Business Combination, we may (depending on the terms of such an Initial Business Combination) be required to increase
the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the Initial
Business Combination to the extent we seek stockholder approval in connection with our Initial Business Combination.

 

In accordance with Nasdaq corporate
governance requirements, we are not required to hold an annual meeting until no later than one year after our first full fiscal year end
following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders
for the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such
a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our Initial Business
Combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if
our stockholders want us to hold an annual meeting prior to the consummation of our Initial Business Combination, they may attempt to
force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

    2

     

    

 

We will provide our public
stockholders 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 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 franchise and income taxes, divided by the number of then outstanding Public Shares, subject to the
limitations described herein. The amount in the Trust Account is anticipated to be approximately $10.00 per Public Share. Our Sponsor,
officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights
with respect to any Founder Shares, Private Placement Shares and any Public Shares held by them in connection with the completion of our
Initial Business Combination. We will provide our public stockholders with the opportunity to redeem all or a portion of their Public
Shares upon the completion of our Initial Business Combination either (i) in connection with a stockholder meeting called to approve
the Initial Business Combination or (ii) by means of a tender offer. If we seek stockholder approval, we will complete our Initial
Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Initial Business Combination.
A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the Company
representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting.
If we conduct redemptions by means of a tender offer, the tender offer documents will contain substantially the same financial and other
information about the Initial Business Combination and the redemption rights as required under the SEC’s proxy rules.

 

If we seek stockholder approval,
the participation of the Sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions, if any,
could result in the approval of our Initial Business Combination even if a majority of our public stockholders vote, or indicate their
intention to vote, against such Initial Business Combination. For purposes of seeking approval of the majority of our outstanding shares
of common stock voted, non-votes will have no effect on the approval of our Initial Business Combination once a quorum is obtained.
These quorum and voting thresholds, and the voting agreements of the Sponsor and our officers and directors, may make it more likely that
we will consummate our Initial Business Combination.

 

If we seek stockholder approval
of our Initial Business Combination and we do not conduct redemptions in connection with our Initial Business Combination pursuant to
the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 20%
of the Public Shares, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’ ability to
vote all of their Public Shares (including Excess Shares) for or against our Initial Business Combination. Our public stockholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our Initial Business Combination, and such
public stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such public stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the Initial Business
Combination. And, as a result, such public stockholders will continue to hold that number of Public Shares exceeding 20% and, in order
to dispose such Public Shares would be required to sell their stock in open market transactions, potentially at a loss.

 

If we seek stockholder approval
in connection with our Initial Business Combination, pursuant to the letter agreement the Sponsor, officers and directors have agreed
to vote their Founder Shares, the Private Placement Shares and any Public Shares purchased by them in favor of our Initial Business Combination.
As a result, in addition to the Founder Shares and Private Placement Shares, we would need only 6,168,751, or 35.8% of the 17,250,000
Public Shares to be voted in favor of an Initial Business Combination (assuming all outstanding shares are voted) in order to have our
Initial Business Combination approved. Additionally, each public stockholder may elect to redeem its Public Shares irrespective of whether
they vote for or against the proposed transaction (subject to the limitation described in the preceding paragraph).

 

Pursuant to our amended and
restated certificate of incorporation, if we are unable to complete our Initial Business Combination by May 11, 2023, 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
subject to lawfully available funds therefor, 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 franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then
outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the
right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The
Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights
to liquidating distributions from the Trust Account with respect to any Founder Shares or Private Placement Shares held by them if we
fail to complete our Initial Business Combination by May 11, 2023. However, if our Sponsor, officers or directors hold or acquire Public
Shares, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if we fail to complete
our Initial Business Combination within the prescribed time period.

 

    3

     

    

 

In the event of a liquidation,
dissolution or winding up of the Company after an Initial Business Combination, our stockholders 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 stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking
fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their
Public Shares for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, upon the completion
of our Initial Business Combination, subject to the limitations described herein.

 

Founder Shares

 

The Founder Shares are identical
to the Public Shares included in the Public Units, and holders of Founder Shares have the same stockholder rights as public stockholders,
except that (i) the Founder Shares are subject to certain transfer restrictions, as described in more detail below, (ii) the
Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their
redemption rights with respect to any Founder Shares, Private Placement Shares and any Public Shares held by them in connection with the
completion of our Initial Business Combination, (B) to waive their redemption rights with respect to their Founder Shares, Private
Placement Shares and Public Shares in connection with a stockholder vote to approve an amendment to our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our Public Shares if we do not complete our Initial
Business Combination by May 11, 2023 and (C) to waive their rights to liquidating distributions from the Trust Account with respect
to any Founder Shares or Private Placement Shares held by them if we fail to complete our Initial Business Combination by May 11, 2023,
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 by such deadline, (iii) the Founder Shares are shares of our Class B common stock
that will automatically convert into shares of our Class A common stock at the time of our Initial Business Combination on a one-for-one basis,
subject to adjustment as described herein, and (iv) are entitled to registration rights. If we submit our Initial Business Combination
to our public stockholders for a vote, the Sponsor, and our officers and directors have agreed pursuant to the letter agreement to vote
any Founder Shares, Private Placement Shares and any Public Shares held by them in favor of our Initial Business Combination.

 

The shares of Class B
common stock will automatically convert into shares of Class A common stock at the time of our Initial Business Combination on a
one-for-one basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and
subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities,
are issued or deemed issued in connection with our Initial Business Combination, the ratio at which shares of Class B common stock
shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of
Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares
of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis,
20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions
of Public Shares by public stockholders), including all shares of Class A common stock 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 (excluding any shares of Class A common stock or equity-linked securities
exercisable for or convertible into Class A common stock issued, or to be issued, to any seller in the Initial Business Combination
and any private placement equivalent-units issued to the Sponsor upon conversion of working capital loans, provided that such conversion
of Founder Shares will never occur on a less than one-for-one basis). We cannot determine at this time whether a majority of the
holders of our Founder Shares at the time of any future issuance would agree to waive such adjustment to the conversion ratio. They may
waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement for our Initial
Business Combination; (ii) negotiation with public stockholders on structuring an Initial Business Combination; or (iii) negotiation
with parties providing financing which would trigger the anti-dilution provisions of the Founder Shares. If such adjustment is not
waived, the issuance would not reduce the percentage ownership of holders of our Founder Shares, but would reduce the percentage ownership
of holders of our Class A common stock. If such adjustment is waived, the issuance would reduce the percentage ownership of holders
of both classes of our common stock. The term “equity-linked securities” refers to any debt or equity securities that
are convertible, exercisable or exchangeable for shares of Class A common stock issues in a financing transaction in connection with
our Initial Business Combination, including but not limited to a private placement of equity or debt. Securities could be “deemed
issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible
securities, warrants or similar securities.

 

    4

     

    

 

With certain limited exceptions,
the Founder Shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated
with the Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion
of our Initial Business Combination or (B) subsequent to our Initial Business Combination, (x) if the last sale price of our
Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our Initial Business
Combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or
other property.

 

Preferred Stock

 

Our amended and restated certificate
of incorporation provides that shares of preferred stock 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 stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power
and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to
issue preferred stock without stockholder 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 preferred stock outstanding at the date hereof. Although we do not currently intend
to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

Public Warrants

 

Each whole Public Warrant entitles
the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing 30 days after the completion of our Initial Business Combination. Pursuant to the warrant
agreement, a warrant holder may exercise its Warrants only for a whole number of shares of Class A common stock. No fractional Public
Warrant will be issued upon separation of the Public Units and only whole Public Warrants will trade. Accordingly, unless you hold at
least three Public Units, you will not be able to receive or trade a whole Public 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.

 

    5

     

    

 

We will not be obligated to
deliver any shares of Class A common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such
Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock
underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No Public Warrant will be exercisable and we will not be obligated to issue shares of Class A
common stock upon exercise of a Public Warrant unless Class A common stock issuable upon such Public 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 such Public Warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder
of such Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless.
In no event will we be required to net cash settle any Public Warrant. In the event that a registration statement is not effective for
the exercised Public Warrants, the purchaser of a Public Unit containing such Public Warrant will have paid the full purchase price for
the Public Unit solely for the Public Share underlying such Public Unit.

 

We registered the shares of
Class A common stock issuable upon exercise of the Public Warrants in the registration statement for our Public Offering because the Warrants
will become exercisable 30 days after the completion of our Initial Business Combination, which may be within one year of our Public Offering.
However, because the Warrants will be exercisable through their expiration date of up to five years after the completion of our Initial
Business Combination, in order to comply with the requirements of Section 10(a)(3) of the Securities Act following the consummation of
our Initial Business Combination, under the terms of the warrant agreement, we have agreed that as soon as practicable, but in no event
later than 15 business days after the closing of our Initial Business Combination, we will use our best efforts to file with the SEC a
post-effective amendment to the registration statement for our Public Offering or a new registration statement for the registration under
the Securities Act of the shares of Class A common stock issuable upon exercise of the Warrants and thereafter will use our best efforts
to cause the same to become effective within 60 business days following our Initial Business Combination and to maintain a current prospectus
relating to the Class A common stock issuable upon exercise of the Warrants, until the expiration of the Warrants in accordance with the
provisions of the warrant agreement. We cannot assure you that we will be able to do so if, for example, any facts or events arise which
represent a fundamental change in the information set forth in the registration statement or prospectus, the financial statements contained
or incorporated by reference therein are not current or correct or the SEC issues a stop order. If the shares issuable upon exercise of
the Public Warrants are not registered under the Securities Act, we will be required to permit holders to exercise their Public Warrants
on a cashless basis. However, no Warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any
shares to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above,
if our Class A common stock is at the time of any exercise of a Public Warrant not listed on a national securities exchange such that
it satisfies 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 Public 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, and
in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the
extent an exemption is not available. In no event will we be required to net cash settle any Warrant, or issue securities or other compensation
in exchange for the Warrants in the event that we are unable to register or qualify the shares underlying the Warrants under applicable
state securities laws and there is no exemption available. If the issuance of the shares upon exercise of the Warrants is not so registered
or qualified or exempt from registration or qualification, the holder of such Warrant will not be entitled to exercise such Warrant and
such Warrant may have no value and expire worthless. In such event, holders who acquired their Public Warrants as part of a purchase of
Public Units will have paid the full Public Unit purchase price solely for the Public Shares included in the Public Units. If and when
the Public Warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise
of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect
such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky
laws of the state of residence in those states in which the Warrants were offered by us in the Public Offering. However, there may be
instances in which holders of our Public Warrants may be unable to exercise such Public Warrants but holders of our Private Placement
Warrants may be able to exercise such Private Placement Warrants.

 

    6

     

    

 

Once the Public Warrants become
exercisable, we may call the Public Warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per Public Warrant;

 

		●	upon not less than 30 days’ prior written notice
of redemption (the “30-day redemption period”) to each warrant holder; and

 

		●	if, and only if, the reported last sale price of the Class A
common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption
to the warrant holders.

 

If and when the Public Warrants
become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the Public
Warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration
or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state
of residence in those states in which the Public Warrants were offered by us in the Public Offering.

 

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 Public Warrants, each
warrant holder will be entitled to exercise its Public Warrant prior to the scheduled redemption date. However, the price of the Class A
common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the Public Warrants
for redemption as described above, our management will have the option to require any holder that wishes to exercise its Public Warrant
to do so on a “cashless basis.” In determining whether to require all holders to exercise their Public Warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of Warrants that are outstanding and the
dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of
our Warrants. If our management takes advantage of this option, all holders of Public Warrants would pay the exercise price by surrendering
their Public Warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the Public Warrants, multiplied by the excess of the “fair
market value” (defined below) of the Class A common stock over the exercise price of the Public Warrants by (y) the fair
market value. The “fair market value” shall mean the average reported last sale price of the Class A common stock for
the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public
Warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate
the number of shares of Class A common stock to be received upon exercise of the Public Warrants, including the “fair market
value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen
the dilutive effect of a Public Warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from
the exercise of the Public Warrants after our Initial Business Combination. If we call our Public Warrants for redemption and our management
does not take advantage of this option, the Sponsor and its permitted transferees would still be entitled to exercise their Private Placement
Warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to
use had all warrant holders been required to exercise their Public Warrants on a cashless basis, as described in more detail below.

 

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 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of Class A
common stock outstanding immediately after giving effect to such exercise.

 

    7

     

    

 

If the number of outstanding
shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of
shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar
event, the number of shares of Class A common stock issuable on exercise of each Warrant will be increased in proportion to such
increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders
to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number
of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold
in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for Class A common stock) and (ii) one (1) minus the quotient of (x) the price per share of Class A common stock
paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities
convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will
be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) fair market value means the volume weighted average price of Class A common stock as reported during the ten (10) trading
day period ending on the trading day prior to the first date on which the shares of Class A common stock 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 the
holders of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into
which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy
the redemption rights of the holders of Public Shares in connection with a proposed Initial Business Combination, (d) to satisfy
the redemption rights of the holders of Public Shares in connection with a stockholder vote to amend our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our Public Shares if we do not complete our Initial
Business Combination by May 11, 2023 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 share of Class A common
stock in respect of such event.

 

If the number of outstanding
shares of our Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares
of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each Warrant will be decreased
in proportion to such decrease in outstanding shares of Class A common stock.

 

Whenever the number of shares
of Class A common stock purchasable upon the exercise of the Warrants is adjusted, as described above, the warrant exercise price
will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of
which will be the number of shares of Class A common stock purchasable upon the exercise of the Warrants immediately prior to such
adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately
thereafter.

 

In addition, if (x) we
issue additional shares of Class A common stock or securities convertible into or exercisable or exchangeable for shares of Class A
common stock for capital raising purposes in connection with the closing of the Initial Business Combination, at an issue price or effective
issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined
in good faith by our board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account
any Founder Shares held by the 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 funding the Initial Business Combination, and (z) the volume weighted average trading price of the Class A common
stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the Initial Business
Combination (the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will be adjusted (to
the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption
trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

    8

     

    

 

In case of any reclassification
or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects the
par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization
of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of
the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders
of the Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the Warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the Warrants would have received if such holder had exercised their Warrants immediately prior to such event. If less than 70%
of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of Class A
common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so 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 in order to determine and realize the option value component of the Warrant. This formula is to compensate the warrant holder
for the loss of the option value portion of the Warrant due to the requirement that the warrant holder exercise the Warrant within 30 days
of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price
for an instrument is available.

 

The Warrants have been issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You
should review a copy of the warrant agreement, which is filed as an exhibit to the Annual Report, for a complete description of the terms
and conditions applicable to the Warrants. The warrant agreement provides that the terms of the Warrants may be amended without the consent
of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the
vote or written consent of the holders of at least 50% of the then outstanding Public Warrants and, solely with respect to any amendment
to the terms of the Private Placement Warrants, a majority of the then outstanding Private Placement Warrants.

 

The Warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise
their Warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise
of the Warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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

 

    9

     

    

 

Private Placement Warrants

 

The Private Placement Warrants
(including the shares issuable upon exercise of such Private Placement Warrants) are identical to the Public Warrants, except that the
Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by us,
(ii) may not (including the Class A common stock issuable upon exercise of the Private Placement Warrants), subject to certain
limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of our Initial Business Combination,
(iii) may be exercised by the holders on a cashless basis, (iv) will be entitled to registration rights and (v) for so
long as they are held by the Sponsor, will not be exercisable more than five years from the commencement of sales in our Public Offering
in accordance with FINRA Rule 5110(g)(8)(A).

 

If holders of the Private Placement
Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their Private Placement Warrants
for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of
shares of Class A common stock underlying the Private Placement Warrants, multiplied by the excess of the “fair market value”
(defined below) of the Class A common stock over the exercise price of the Private Placement Warrants by (y) the fair market
value. The “fair market value” shall mean the average reported last sale price of the Class A common stock 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 the Private Placement Warrants will be exercisable on a cashless basis so long as they are held by the
Sponsor or its permitted transferees is because it was not known at the time of the Public Offering whether they will be affiliated with
us following an Initial 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 prohibit 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 stockholders who could sell
the shares of Class A common stock issuable upon exercise of the Public Warrants freely in the open market, the insiders could be
significantly restricted from doing so. As a result, we believe that allowing the holders to exercise the Private Placement Warrants on
a cashless basis is appropriate.

 

Dividends

 

We have not paid any cash dividends
on our common stock to date and do not intend to pay cash dividends prior to the completion of an 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 conditions
subsequent to completion of an Initial Business Combination. The payment of any cash dividends subsequent to an Initial Business Combination
will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness, our ability to declare dividends
may be limited by restrictive covenants we may agree to in connection therewith.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our
common stock 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 stockholders, 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 liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

 

Certain Provisions of our Amended and Restated
Certificate of Incorporation 

 

Exclusive Forum for Certain Lawsuits

 

Our amended and restated certificate
of incorporation requires, unless we consent in writing to the selection of an alternative forum, that (i) any derivative action
or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer
or other employee to us or our stockholders, (iii) any action asserting a claim against us, our directors, officers or employees
arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws, or (iv) any action
asserting a claim against us, our directors, officers or employees governed by the internal affairs doctrine, may be brought only in the
Court of Chancery in the State of Delaware, except any claim (A) as to which the Court of Chancery of the State of Delaware determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent
to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, or (C) for which the Court of Chancery does not have subject matter
jurisdiction. If an action is brought outside Delaware, the stockholder bringing the suit will be deemed to have consented to service
of process on such stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the
application of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable,
and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although
our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

 

    10

     

    

 

Notwithstanding the foregoing,
our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply to suits brought to enforce
a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Section 27
of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules and regulations thereunder.

 

Additionally, unless we consent
in writing to the selection of an alternative forum, the federal courts shall be the exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Securities Act against us or any of our directors, officers, other employees or agents.
Section 22 of the Securities Act, however, created concurrent jurisdiction for federal and state courts over all suits brought to
enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, there is uncertainty
as to whether a court would enforce these exclusive forum provisions, and the enforceability of similar choice of forum provisions in
other companies’ charter documents has been challenged in legal proceedings. While the Delaware courts have determined that such
exclusive forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated
in the exclusive forum provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions.
Any person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented
to these provisions; however, we note that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder.

 

Special Meeting of Stockholders

 

Our bylaws provide that special
meetings of our stockholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our
Chairman.

 

Advance Notice Requirements for Stockholder
Proposals and Director Nominations

 

Our bylaws provide that stockholders
seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to
be received by the Company secretary at our principal executive offices not later than the close of business on the 90th day
nor earlier than the opening of business on the 120th day prior to the anniversary date of the immediately preceding annual
meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement
must comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a stockholders’
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.

 

Action by Written Consent

 

Any action required or permitted
to be taken by our common stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be
effected by written consent of the stockholders other than with respect to our Class B common stock.

 

    11

     

    

 

Classified Board of Directors

 

Our board of directors is divided
into two classes, Class I and Class II, with members of each class serving staggered two-year terms. Our amended and restated certificate
of incorporation provides that the authorized number of directors may be changed only by resolution of the board of directors. Subject
to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and only by
the affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock entitled to vote
generally in the election of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy
resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

 

Class B Common Stock Consent Right

 

For so long as any shares of
Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the
shares of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision our amended
and restated certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would
alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock.
Any action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the
holders of the outstanding Class B common stock having not less than the minimum number of votes that would be necessary to authorize
or take such action at a meeting at which all shares of Class B common stock were present and voted.

 

Registration Rights

 

The holders of the Founder
Shares (and any shares of Class A common stock issuable upon conversion of the Founder Shares), Private Placement Units, Private
Placement Shares, Private Placement Warrants (and any shares of Class A common stock issuable upon the exercise of the Private Placement
Warrants), and securities that may be issued upon conversion of working capital loans (and any securities that may be issued upon conversion thereof) will be entitled to registration rights pursuant to the registration rights agreement signed prior to or on
the effective date of the Public Offering, requiring us to register such securities for resale. The holders of the majority 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 and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities
Act. However, the registration rights agreement provides that we will not permit any registration statement filed under the Securities
Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the Founder Shares,
on the earlier of (A) one year after the completion of our Initial Business Combination or (B) subsequent to our Initial Business
Combination, (x) if the last reported sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after our Initial Business Combination, or (y) the date on which we complete a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to
exchange their shares of common stock for cash, securities or other property and (ii) in the case of the Private Placement Units
and the securities underlying such Private Placement Units, 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. We will bear the expenses incurred
in connection with the filing of any such registration statements. Notwithstanding the foregoing, the Sponsor may not exercise its demand
and “piggyback” registration rights after five and seven years, respectively, after the commencement of sales in the Public
Offering and may not exercise its demand rights on more than one occasion.

 

 

12

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