Document:

Exhibit
4.5

 

DESCRIPTION
OF SECURITIES

 

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 500,000,000 Class A ordinary shares, each having a par or nominal value of $0.0001, 53,333,345.5 Class B ordinary
shares, each having a par or nominal value of approximately $0.00009, as well as 5,000,000 preference shares, each having a par or nominal
value of $0.0001. The following description summarizes the material terms of our shares as set out more particularly in our amended and
restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important
to you.

 

Units

 

Each
unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant
entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described
in this annual report. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s
Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.

 

The
Class A ordinary shares began trading on November 5, 2021 and warrants constituting the units began trading on September 16, 2021.

 

Ordinary
shares

 

As of March 30, 2022, a total of 30,666,667
our ordinary shares are outstanding, including:

 

		●	23,000,000
                                            Class A ordinary shares; and

 

		●	7,666,667
                                            Class B ordinary shares held by our initial shareholders.

 

Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described
below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum and articles
of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote
of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of
certain actions will require a special resolution under Cayman Islands law, and pursuant to our amended and restated memorandum and articles
of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory
merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve
for a term of three years with only one class of directors being 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 will
have the right to vote on the appointment of directors and to vote to continue our company in a jurisdiction outside the Cayman Islands
(including, but not limited to, the approval of the organizational documents of our company in such other jurisdiction). Holders of our
public shares will not be entitled to vote on the appointment of directors or to vote to continue our company in a jurisdiction outside
the Cayman Islands during such time. In addition, prior to the completion of an initial business combination, holders of a majority of
our founder shares may remove a member of the board of directors for any reason. The provisions of our amended and restated memorandum
and articles of association governing the appointment or removal of directors prior to our initial business combination may only be amended
by a special resolution passed by not less than 90% of our ordinary shares attending and voting at our general meeting. In connection
with our initial business combination, we may enter into a shareholders agreement or other arrangements with the shareholders of the
target or other investors to provide for voting or other governance arrangements that differ from those currently in effect.

 

    1

     

    

 

Because
our amended and restated memorandum and articles of association authorize the issuance of up to 500,000,000 Class A ordinary shares,
if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of Class A ordinary shares which we 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.

 

We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares in connection with 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 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 $10.30 per public share. The per share amount we will
distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to
the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to valid redeem
its shares. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) 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 15 months (or up to 21 months, if applicable) from the closing of our IPO or during any Extension
Period 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 in connection with such initial business combinations even when a vote is not
required by law, if a shareholder vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote
is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business
or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant
to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination.
Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the same
financial and other information about the initial business combination and the redemption rights as is required under the SEC’s
proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements,
or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder
approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution. However, the participation
of our sponsor, initial shareholders, officers, directors, advisors or their respective affiliates in privately-negotiated transactions
(as described in this annual report), 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 require that at least
five days’ notice will be given of any general meeting.

 

    2

     

    

 

If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public
shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as
a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to
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 shareholders’ founder shares, we would need 7,666,667,
or 33.3% (assuming all issued and outstanding shares are voted) of the 23,000,000 public shares sold in our IPO 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
15 months (or up to 21 months, if applicable) from the closing of our IPO, 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 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), subject to applicable law; 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 15 months (or up to 21 months, if applicable)
from the closing of our IPO or during any Extension Period (although they will be entitled to liquidating distributions from the trust
account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time
frame). Our amended and restated memorandum and articles of association provide that, if we wind up for any other reason prior to the
consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust
account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

 

In
the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each
class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights.
There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the
opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided
by the number of the then-outstanding public shares, in connection with our initial business combination, subject to the limitations
described herein.

 

    3

     

    

 

Founder
Shares

 

The
founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary
shares included in the units sold in our IPO, 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 to vote to continue our company in a jurisdiction outside the Cayman Islands (including, but not limited to, the approval
of the organizational documents of our company in such other jurisdiction) 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 and public shares in connection
with our initial business combination; (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 15 months (or up to 21 months, if applicable) from the closing of our IPO 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 15 months (or up to 21 months, if applicable) from the closing of our IPO or during any Extension Period (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 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, 25% of the sum of (i) the total number of ordinary shares
issued and outstanding upon completion of our IPO, 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 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 of
an interest in the target to us in the initial business combination and any private placement warrants issued to our sponsor, its affiliates
or any member of our management team upon conversion of working capital loans and extension 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.

 

The
letter agreement entered into by our sponsor provides that upon and subject to the completion of the initial business combination, 50%
of the founder shares then held by the sponsor shall be considered to be newly unvested shares, one-half of which (or 25% of the shares
then held by the sponsor) will vest only if the First Share Price Level is achieved on or after the first anniversary of the closing
of the initial business combination but before the fifth anniversary; and one-half of which (or 25% of the shares then held by the sponsor)
will vest only if the Second Share Price Level is achieved on or after the first anniversary of the closing of the initial business combination
but before the fifth anniversary. Our sponsor has agreed, subject to exceptions, not to transfer any unvested founder shares prior to
the date such securities become vested. Founder shares, if any, that remain unvested at the fifth anniversary of the closing of the initial
business combination will be forfeited.

 

The
letter agreement entered into by the sponsor further provides that if we enter into a binding agreement on or before the fifth anniversary
of the closing of the initial business combination related to certain sale transactions involving our ordinary shares or all or substantially
all our assets (a “Sale”), all unvested founder shares shall vest on the day prior to the closing of such Sale.

 

Except
as described herein, our initial shareholders have agreed not to transfer, assign or sell any of their founder shares until earlier 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. In addition, our sponsor has agreed, subject to exceptions, not to transfer any unvested founder shares
prior to the date such securities become vested. We refer to such transfer restrictions throughout this annual report as the lock-up.
Any permitted transferees would be subject to the same restrictions and other agreements of our initial shareholders, as applicable,
with respect to any founder shares.

 

    4

     

    

 

Prior
to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors and
to vote to continue our company in a jurisdiction outside the Cayman Islands (including, but not limited to, the approval of the organizational
documents of our company in such other jurisdiction). Holders of our public shares will not be entitled to vote on the appointment of
directors or to vote to continue our company in a jurisdiction outside the Cayman Islands during such time. In addition, prior to the
completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors
for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special
resolution passed by not less than 90% of our ordinary shares attending and voting at our general meeting. 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. In connection with our initial business combination, we may enter into a shareholders agreement or other arrangements
with the shareholders of the target or other investors to provide for voting or other governance arrangements that differ from those
currently in effect.

 

Register
of Members

 

Under
Cayman Islands law, we must keep a register of members and there will be entered therein:

 

		●	the
                                            names and addresses of the members, a statement of the shares held by each member, and of
                                            the amount paid or agreed to be considered as paid, on the shares of each member and the
                                            voting rights (and whether such voting rights are conditional) of shares of each member;

 

		●	the
                                            date on which the name of any person was entered on the register as a member; and

 

		●	the
                                            date on which any person ceased to be a member.

 

Under
Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register
of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register
of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register
of members. Upon the closing of our IPO, the register of members was immediately updated to reflect the issue of shares by us. Once our
register of members has been updated, the shareholders recorded in the register of members were deemed to have legal title to the shares
set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for
a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power
to order that the register of members maintained by a company should be rectified where it considers that the register of members does
not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect
of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

 

Preference
shares

 

Our
amended and restated memorandum and articles of association authorize 5,000,000 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.

 

    5

     

    

 

Warrants

 

Public
shareholders’ warrants

 

Each
whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment
as discussed below, at any time commencing 30 days after the completion of our initial business combination, provided that we have an
effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants
and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a “cashless basis”
under the circumstances specified in the warrant agreement) and such Class A ordinary shares are registered, qualified or exempt from
registration under the securities or blue sky laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised
at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants
will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

We
are not obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying
the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below
with respect to registration. No warrant will be exercisable and we are not obligated to issue a Class A ordinary share upon exercise
of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be
exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled
to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle
any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing
such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

 

We
have agreed that as soon as practicable, but in no event later than 20 business days after the closing of our initial business combination,
we will use our commercially reasonable efforts to file with the SEC a post-effective amendment to our existing registration statement
or a new registration statement and have an effective registration statement covering the registration under the Securities Act of the
Class A ordinary shares issuable upon exercise of the warrants, and we will thereafter use our commercially reasonable efforts to
cause the same to become effective within 60 business days following the closing of our initial business combination and to maintain
the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the expiration
or redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class
A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will
have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section
3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A ordinary shares are at the time of
any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security”
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect,
we will not be required to file or maintain in effect a registration statement and, in the event we do not so elect, we will use our
commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares
equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares
underlying the warrants, multiplied by the “fair market value” (defined below) less the exercise price of the warrants by
(y) the fair market value and (B) 0.361 per warrant. The “fair market value” as used in this paragraph shall mean the
volume-weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date
on which the notice of exercise is received by the warrant agent.

 

    6

     

    

 

Redemption
of warrants when the price per Class A ordinary share equals or exceeds $18.00

 

Once
the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement
warrants):

 

		●	in
                                            whole and not in part;

 

		●	at
                                            a price of $0.01 per warrant;

 

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

 

		●	if,
                                            and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00
                                            per share (as adjusted for adjustments to the number of shares issuable upon exercise or
                                            the exercise price of a warrant as described under the heading “—Warrants—Public
                                            shareholders’ warrants—Anti-dilution adjustments”) for any twenty (20) trading
                                            days within a thirty (30)-trading day period ending on the third trading day prior to the
                                            date on which we send the notice of redemption to the warrant holders.

 

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

 

If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their 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 shareholders of issuing the maximum number of Class A ordinary shares issuable upon the exercise of our warrants.
In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares
equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares
underlying the warrants, multiplied by the “fair market value” of our Class A ordinary shares less the exercise price
of the warrants by (y) the fair market value and (B) 0.361 per warrant.

 

We
have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. Any
such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise
price for each warrant being exercised. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger
price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under
the heading “—Warrants—Public shareholders’ warrants—Anti-dilution adjustments”) as well as the $11.50
(for whole shares) warrant exercise price after the redemption notice is issued.

 

    7

     

    

 

Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00

 

Once
the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement
warrants):

 

		●	in
                                            whole and not in part;

 

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

 

		●	if,
                                            and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00
                                            per public share (as adjusted for adjustments to the number of shares issuable upon exercise
                                            or the exercise price of a warrant as described under the heading “—Warrants—Public
                                            shareholders’ warrants—Anti-dilution adjustments”) on the trading day prior
                                            to the date on which we send the notice of redemption to the warrant holders.

 

Beginning
on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants
on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive
upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market
value” of our Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants
and such warrants are not redeemed for $0.10 per warrant), determined for these purposes and in “—Redemption of warrants
when the price per Class A ordinary share equals or exceeds $18.00” above based on volume-weighted average price of our Class A
ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to
the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants,
each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business
day after the 10-trading day period described above ends.

 

Pursuant
to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary
shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company
in our initial business combination. The numbers in the table below will not be adjusted when determining the number of Class A
ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.

 

The
share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable
upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “— Anti-dilution
adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column
headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise
price of the warrant after such adjustment and the denominator of which is the exercise price of the warrant immediately prior to such
adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction,
the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator
of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted,
(a) in the case of an adjustment pursuant to the fifth paragraph under the heading “— Anti-dilution adjustments”
below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator
of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “— Anti-dilution adjustments”
and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading “—
Anti- dilution adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price less
the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

 

    8

     

    

 

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

 

The
exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between
two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares
to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for
the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as
applicable. For example, if the volume-weighted average price of our Class A ordinary shares 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 the warrants is $11.00 per share, and
at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature,
exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact fair market value
and redemption date are not as set forth in the table above, if the volume-weighted average price of our Class A ordinary shares
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
the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in
connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no
event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A
ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and
about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature,
since they will not be exercisable for any Class A ordinary shares.

 

This
redemption feature differs from the typical warrant redemption features used in many other blank check offerings, which typically only
provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A
ordinary shares exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the
outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per public share, which may
be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established
this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per
share threshold set forth above under “— Redemption of warrants when the price per Class A ordinary share equals or
exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in
effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of
this annual report. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants,
and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised
or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right
and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such,
we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the
warrants and pay the redemption price to the warrant holders.

 

    9

     

    

 

As
stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below
the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing
warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose
to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could
result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to
exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher
than the exercise price of $11.50.

 

No
fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the
holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant
to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be
exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares,
the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable
upon the exercise of the warrants.

 

Redemption
Procedures.

 

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

 

Anti-Dilution
Adjustments

 

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

 

    10

     

    

 

In
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary shares
(or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during
the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately
reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price
or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate
cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class
A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of
Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares
redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 15 months (or up to 21 months, if applicable) from the closing of our IPO or (B) with respect to any other
provision relating to the rights of holders of our Class A ordinary shares, or (e) in connection with the redemption of our public shares
upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on
each Class A ordinary share in respect of such event.

 

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

 

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

 

In
addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with
the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with
such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance
to our initial shareholders or their respective affiliates, without taking into account any founder shares held by our initial shareholders
or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business
combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume-weighted average
trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day after the day on which we consummate
our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per
share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals
or exceeds $18.00” and “—Redemption of warrants when the price per Class A ordinary shares equals or exceeds $10.00”
will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00
per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share
equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued
Price.

 

    11

     

    

 

In
case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely
affects the par or nominal value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another
corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity
of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders
of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder
of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders
were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation
or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed
to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively
make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender,
exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company as provided
for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary
shares by the company if a proposed initial business combination is presented to the shareholders of the company for approval) under
circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within
the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of
such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or
associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding
Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property
to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the
expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been
purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange
offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration
receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to
be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the
warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in
the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise
price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise
period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.
The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction
occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential
value of the warrants.

 

The
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the
purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description
of the terms of the warrants and the warrant agreement set forth in this annual report, or defective provision (ii) amending the provisions
relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing
any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem
necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided
that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely
affects the interests of the registered holders. You should review a copy of the warrant agreement, which was filed as an exhibit to
our registration statement, for a complete description of the terms and conditions applicable to the warrants.

 

The
warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants
and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be
entitled to one vote for each share held of record on all matters to be voted on by shareholders.

 

No
fractional warrants will be issued upon separation of the units and only whole warrants will trade. If, upon exercise of the warrants,
a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number
the number of Class A ordinary shares to be issued to the warrant holder.

 

    12

     

    

 

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—General 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.

 

Private
Placement Warrants

 

Except
as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part
of the units in our initial public offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise
of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial
business combination (except pursuant to limited exceptions as described under “Principal shareholders—Transfers of founder
shares and private placement warrants,” to our officers and directors and other persons or entities affiliated with the initial
purchasers of the private placement warrants) and they will not be redeemable by us 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 warrants on a cashless basis.
If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants
will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the
units sold in our initial public offering. Any amendment to the terms of the private placement warrants or any provision of the warrant
agreement with respect to the private placement warrants will require a vote of holders of at least 50% of the number of the then outstanding
private placement warrants.

 

If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the
number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “Sponsor fair market value” (defined
below) less the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market
value” shall mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third
trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that
these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because
it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with
us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict
insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted
to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly,
unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely
in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities.
As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

In
order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination,
our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may
be required. Up to $2,000,000 of such loans may be converted into warrants of the post business combination entity at a price of $1.50
per warrant at the option of the lender. Such warrants would be identical to the private placement warrants.

 

    13

     

    

 

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 and subject to the company
having funds lawfully available for distribution under Cayman Islands law. The payment of any cash dividends subsequent to our initial
business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection
with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each
of its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees
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
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 each class in a subsidiary company) and its subsidiary company,
if a copy of the plan 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.

 

    14

     

    

 

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) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the
foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements
of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been
filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that
no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign
company, its affairs or its property or any part thereof; (iv) that no scheme, order, compromise or other similar arrangement has
been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended
or restricted. (v) that 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) that in respect of the transfer of any security
interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been
obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents
of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will
be complied with; (vii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated,
registered or exist under the laws of the relevant foreign jurisdiction; and (viii) that 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 a 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 least practicable date before making the declaration.

 

Where
the above procedures are adopted, Cayman Islands law 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, other than
in relation to 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 each class in a subsidiary company) and its subsidiary company which does not require a shareholder vote,
that procedure is as follows: (a) the shareholder must give their 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 their 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.

 

    15

     

    

 

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 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.”

 

    16

     

    

 

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 Walkers, 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 under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands
may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary
company except for the exemptions and privileges listed below:

 

		●	an
                                            exempted company does not have to file an annual return of its shareholders with the Registrar
                                            of Companies;

 

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

 

		●	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.

 

“Limited
liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company held by such shareholder (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship
or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

 

    17

     

    

 

Amended
and Restated Memorandum and Articles of Association

 

Our
amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections that
will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution.
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 provide 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
initial shareholders and their respective permitted transferees, if any, who collectively beneficially own 25% of our ordinary shares,
will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to
vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provide, among other things,
that:

 

		●	If
                                            we have not consummated an initial business combination within 15 months (or up to 21 months,
                                            if applicable) from the closing of our IPO, 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
                                            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), subject to applicable
                                            law; 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 each case 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 15 months (or up to 21 months, if applicable) from the closing
                                            of our IPO 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, JPK, Inovia Capital, 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;

 

    18

     

    

 

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

 

		●	If
                                            our shareholders approve an amendment to our amended and restated memorandum and articles
                                            of association (A) that would modify the substance or timing of our obligation to provide
                                            holders of our Class A ordinary shares the right to have their shares redeemed in connection
                                            with our initial business combination or to redeem 100% of our public shares if we do not
                                            complete our initial business combination within 15 months (or up to 21 months, if applicable)
                                            from the closing of our IPO 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 taxes, if any, divided by the number of the then-outstanding public
                                            shares, subject to the limitations described herein; and

 

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

 

In
addition, our amended and restated memorandum and articles of association provide that we will not redeem our public shares in an amount
that would cause our net tangible assets to be less than $5,000,001 (so that we do not become subject to the SEC’s “penny
stock” rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to our initial
business combination.

 

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 – 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, counter-terrorist financing, prevention
of proliferation financing and financial sanctions compliance procedures (including the acquisition of due diligence information) to
a suitable person.

 

    19

     

    

 

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 where simplified due diligence can be applied 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 Anti-Money Laundering
                                            Regulations (2020 Revision) or is a majority-owned subsidiary of such a business; or

 

		b)	the
                                            subscriber is acting in the course of a business in relation to which a regulatory authority
                                            exercises regulatory functions and which is in a country assessed by us as having a low degree
                                            of risk of money laundering and terrorist financing in accordance with the Anti-Money Laundering
                                            Regulations (as amended) (each a “Low Risk Country”) or is a majority-owned subsidiary
                                            of such subscriber; or

 

		c)	the
                                            subscriber is a central or local government organization, statutory body or agency of government
                                            in the Cayman Islands or 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) (for introducers only)
                                            the identity of the applicant for business and its beneficial owners; (ii) that the
                                            requisite identification and verification procedures on the applicant for business or principal
                                            (as applicable) and its beneficial owners have been carried out, under procedures maintained
                                            by the nominee or introducer in accordance with applicable laws; (iii) the nature and
                                            intended purpose of the business relationship; (iv) that the nominee or the introducer
                                            has identified the source of funds of the applicant for business or principal (as applicable);
                                            (v) (for introducers only) that the introducer is supervised or monitored by the Cayman Islands
                                            Monetary Authority or an overseas regulatory authority and has measures in place to comply
                                            with customer due diligence and record keeping requirements; and (vi) 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 relating to the principal or
                                            applicant for business (as appropriate) and its beneficial owners.

 

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 Country definition above.

 

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, 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 Act (as amended) 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 Act
(as amended) 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.

 

    20

     

    

 

Data
protection - Cayman Islands 

 

We
have certain duties under the Data Protection Act (as amended) of the Cayman Islands (the “DPL”) based on internationally
accepted principles of data privacy.

 

Privacy
notice 

 

Introduction

 

This
privacy notice puts our shareholders on notice that through your investment in us you will provide us with certain personal information
which constitutes personal data within the meaning of the DPL (“personal data”). In the following discussion, the “company”
refers to us and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor
data

 

We
will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could
be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the
extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which
we are subject. We will only transfer personal data in accordance with the requirements of the DPL, and will apply appropriate technical
and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data
and against the accidental loss, destruction or damage to the personal data.

 

In
our use of this personal data, we will be characterized as a “data controller” for the purposes of the DPL, while our affiliates
and service providers who may receive this personal data from us in the conduct of our activities may either act as our “data processors”
for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to
us.

 

We
may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating
to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact
details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence
records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity.

 

 Who
this affects

 

If
you are a natural person, this affects you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in
relation your investment in the company, this is relevant for those individuals and you should transmit the content of this Privacy Notice
to such individuals or otherwise advise them of its content.

 

How
the company may use a shareholder’s personal data

 

The
company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

 

		(a)	where
                                            this is necessary for the performance of our rights and obligations under any purchase agreements;

 

    21

     

    

 

		(b)	where
                                            this is necessary for compliance with a legal and regulatory obligation to which we are subject
                                            (such as compliance with anti-money laundering counter-terrorist financing, prevention or
                                            proliferation financing, financial sanctions and FATCA/CRS requirements); and/or

 

		(c)	where
                                            this is necessary for the purposes of our legitimate interests and such interests are not
                                            overridden by your interests, fundamental rights or freedoms.

 

Should
we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will
contact you.

 

Why
we may transfer your personal data

 

In
certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the
relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange
this information with foreign authorities, including tax authorities.

 

We
anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain
entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on
our behalf.

 

The
data protection measures we take

 

Any
transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance
with the requirements of the DPL.

 

We
and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures
designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage
to, personal data.

 

We
shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms
or those data subjects to whom the relevant personal data relates.

 

Retention
and deletion of your personal data

 

We
will keep your personal data for as long as it is required by us. For example, we may require it for our legitimate business purposes,
to perform our contractual obligations, or where law or regulation obliges us to. We will generally retain your personal data throughout
the lifecycle of the investment you are involved in. Some personal data will be retained after your relationship with us ends. We expect
to delete your personal data (at the latest) once there is no longer any legal or regulatory requirement or legitimate business purpose
for retaining your personal data.

 

Automated
decision-making

 

We
will not take decisions producing legal effects concerning you, or otherwise significantly affecting you, based solely on automated processing
of your personal data, unless we have considered the proposed processing in a particular case and concluded in writing that it meets
the applicable requirements under the DPL.

 

Your
rights

 

You
have certain data protection rights, including the right to:

 

		a)	be
                                            informed about the purposes for which your personal data are processed;

 

		b)	access
                                            your personal data;

 

    22

     

    

 

		c)	stop
                                            direct marketing;

 

		d)	restrict
                                            the processing of your personal data;

 

		e)	have
                                            incomplete or inaccurate personal data corrected;

 

		f)	ask
                                            us to stop processing your personal data;

 

		g)	be
                                            informed of a personal data breach (unless the breach is unlikely to be prejudicial to you);

 

		h)	complain
                                            to the Data Protection Ombudsman (who can be contacted at info@ombudsman.ky); and

 

		i)	require
                                            us to delete your personal data in some limited circumstances.

 

Please
contact us if you have any questions about this notice or the personal data we hold about you. We can be contacted at (212) 503-2855.

 

Certain
Anti-Takeover Provisions of Cayman Islands Law and our Amended and Restated Memorandum and Articles of Association

 

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

 

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.

 

Our
amended and restated memorandum and articles of association provide for advance notice procedures with respect to shareholder proposals
and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors
or a committee of our board of directors. In order for any matter to be properly brought before a meeting, a shareholder must comply
with advance notice requirements and provide us with certain information. Generally, to be timely, a shareholder notice must be received
at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately
preceding annual meeting of shareholders. 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 amended and restated memorandum and articles of association also
specifies requirements as to the form and content of a shareholder’s notice. Our amended and restated memorandum and articles of
association allows the chairman of the meeting at a meeting of the shareholders to adopt rules and regulations for the conduct of meetings
which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These
provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s
own slate of directors or otherwise attempting to influence or obtain control of us.

 

Securities
Eligible for Future Sale

 

We
have 30,766,667 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 the 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 outstanding founder shares (7,666,667 founder shares) and all of the outstanding private placement warrants (9,666,667 private
placement warrants) are restricted securities under Rule 144, in that they were issued in private transactions not involving a public
offering.

 

    23

     

    

 

Rule
144

 

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

 

Persons
who have beneficially owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or at any
time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to
sell within any three-month period only a number of securities that does not exceed the greater of:

 

		●	1%
                                            of the total number of ordinary shares then-outstanding, which equals 306,667 shares; 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; and

 

		●	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 initial shareholders will be able to sell their founder shares and private placement warrants, as applicable, pursuant
to Rule 144 without registration one year after we have completed our initial business combination.

 

Registration
and Shareholder Rights

 

The holders of the founder shares, private placement
warrants and any warrants that may be issued upon conversion of working capital loans and extension loans (and any Class A ordinary shares
issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans
and extension 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 warrants and the respective
Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses
incurred in connection with the filing of any such registration statements.

 

    24

     

    

 

Except
as described herein, our initial shareholders have agreed not to transfer, assign or sell their founder shares until the earlier 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 sub-divisions, 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 initial shareholders with respect to any
founder shares. In addition, our sponsor has agreed, subject to exceptions, not to transfer any unvested founder shares prior to the
date such securities become vested. We refer to such transfer restrictions throughout this annual report 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 our initial shareholders
hold any securities covered by the registration and shareholder rights agreement.

 

Listing
of Securities

 

We
list our units on the NYSE under the symbol “FLYA.U.” Our Class A ordinary shares and warrants are listed on the NYSE under
the symbols “FLYA” and “FLYA.WT,” respectively. The units will automatically separate into their component parts
and will not be traded following the completion of our initial business combination.

 

 

25EXHIBIT
4.1

 

DESCRIPTION
OF SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF

THE
SECURITIES EXCHANGE ACT OF 1934

 

The
following summary describes the common stock of TRxADE HEALTH, Inc., a Delaware corporation (“TRxADE” or the “Company”),
which common stock is registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Only the Company’s common stock is registered under Section 12 of the Exchange Act.

 

DESCRIPTION
OF COMMON STOCK

 

The
following description of our common stock is a summary and is qualified in its entirety by reference to our Certificate of Incorporation,
as amended and our Bylaws, as amended, which are incorporated by reference herein, and by applicable law. For purposes of this description,
references to “TRxADE,” “we,” “our” and “us” refer only to
TRxADE and not to its subsidiaries.

 

Authorized
Capitalization

 

The
total number of authorized shares of our common stock is 100,000,000 shares, $0.00001 par value per share. The total number of “blank
check” authorized shares of our preferred stock is 100,000,000 shares, $0.00001 par value per share. There are no shares of
preferred stock currently outstanding.

 

Common
Stock

 

Voting
Rights. Each share of our common stock is entitled to one vote on all stockholder matters. Shares of our common stock do not
possess any cumulative voting rights.

 

Except
for the election of directors, if a quorum is present, an action on a matter is approved if it receives the affirmative vote of the holders
of a majority of the voting power of the shares of capital stock present in person or represented by proxy at the meeting and entitled
to vote on the matter, unless otherwise required by applicable law, Delaware law, our Certificate of Incorporation, as amended or Bylaws,
as amended. The election of directors will be determined by a plurality of the votes cast in respect of the shares present in person
or represented by proxy at the meeting and entitled to vote, meaning that the nominees with the greatest number of votes cast, even if
less than a majority, will be elected. The rights, preferences and privileges of holders of common stock are subject to, and may be impacted
by, the rights of the holders of shares of any series of preferred stock that we have designated, or may designate and issue in the future.

 

Dividend
Rights. Each share of our common stock is entitled to equal dividends and distributions per share with respect to the common
stock when, as and if declared by our Board of Directors, subject to any preferential or other rights of any outstanding preferred stock.

 

Liquidation
and Dissolution Rights. Upon liquidation, dissolution or winding up, our common stock will be entitled to receive pro rata on
a share-for-share basis, the assets available for distribution to the stockholders after payment of liabilities and payment of preferential
and other amounts, if any, payable on any outstanding preferred stock.

 

Fully
Paid Status. All outstanding shares of the Company’s common stock are validly issued, fully paid and non-assessable.

 

Listing.
Our common stock is listed and traded on the Nasdaq Capital Market under the symbol “MEDS”.

 

    	 

     

    

 

Other
Matters. No holder of any shares of our common stock has a preemptive right to subscribe for any of our securities, nor are any
shares of our common stock subject to redemption or convertible into other securities.

 

Anti-Takeover
Effects Under Section 203 of Delaware General Corporation Law, our Certificate of Incorporation and Bylaws

 

Section
203 of Delaware General Corporation Law (DGCL) prohibits a Delaware corporation from engaging in any business combination with any interested
stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

 

	 	-	before such
    date, the Board of Directors of the corporation approved either the business combination or the transaction that resulted in the
    stockholder becoming an interested stockholder;
	 	 	 
	 	-	upon completion of the
    transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85 percent
    of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting
    stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who
    are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially
    whether shares held subject to the plan will be tendered in a tender or an exchange offer; or
	 	 	 
	 	-	on or after such date,
    the business combination is approved by our Board of Directors and authorized at an annual or a special meeting of the stockholders,
    and not by written consent, by the affirmative vote of at least 66 2/3 percent of the outstanding voting stock that is not owned
    by the interested stockholder.

 

In
general, Section 203 defines “business combination” to include the following:

 

	 	-	any merger
    or consolidation involving the corporation or any direct or indirect majority owned subsidiary of the corporation and the interested
    stockholder or any other corporation, partnership, unincorporated association, or other entity if the merger or consolidation is
    caused by the interested stockholder and as a result of such merger or consolidation the transaction is not excepted as described
    above;
	 	 	 
	 	-	any sale, transfer, pledge,
    or other disposition (in one transaction or a series) of 10% or more of the assets of the corporation involving the interested stockholder;
	 	 	 
	 	-	subject to certain exceptions,
    any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
	 	 	 
	 	-	any transaction involving
    the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation
    beneficially owned by the interested stockholder; or
	 	 	 
	 	-	the receipt by the interested
    stockholder of the benefit of any loss, advances, guarantees, pledges, or other financial benefits by or through the corporation.

 

In
general, Section 203 defines an “interested stockholder” as an entity or a person who, together with the person’s
affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status
did own, 15 percent or more of the outstanding voting stock of the corporation.

 

A
Delaware corporation may “opt out” of these provisions with an express provision in its Certificate of Incorporation.
Our Certificate of Incorporation provides that we shall not be governed by Section 203 of DGCL and as a result, Section 203 of DGCL does
not apply to us.

 

    	 

     

    

 

Our
Amended and Restated Certificate of Incorporation does not provide that our board of directors will be classified. As a result, a person
can gain control of our board only by successfully engaging in a proxy contest at one annual meeting.

 

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

 

Exclusive
forum for certain lawsuits

 

Our
Amended and Restated Certificate of Incorporation requires, that unless the Company consents in writing to an alternative forum, the
Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a) any
derivative action or proceeding brought on behalf of the Company; (b) any action asserting a claim of breach of fiduciary duty owed by,
or other wrongdoing by, any director, officer, employee or agent of the Company to the Company or the Company’s stockholders; (c)
any action asserting a claim arising pursuant to any provision of the DGCL or the Certificate of Incorporation or Bylaws of the Company;
(d) any action to interpret, apply, enforce or determine the validity of the Certificate of Incorporation or Bylaws of the Company; or
(e) any action asserting a claim governed by the internal affairs doctrine, in each case subject to said Court of Chancery having personal
jurisdiction over the indispensable parties named as defendants therein (or such indispensable parties consenting to the personal jurisdiction
of the Court of Chancery within 10 days following any determination by the Court of Chancery that an indispensable party is not subject
to such personal jurisdiction); provided that, if and only if the Court of Chancery of the State of Delaware dismisses any action for
lack of subject matter jurisdiction, such action may be brought in another state or federal court sitting in the State of Delaware.

 

Notwithstanding
any other provisions of law, the Certificate of Incorporation or the Bylaws of the Company, and notwithstanding the fact that a lesser
percentage may be specified by law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares
of capital stock of the Company entitled to vote thereon shall be required to amend or repeal, or to adopt any provision inconsistent
with the exclusive forum requirements in our Amended and Restated Certificate of Incorporation. If any provision or provision of the
exclusive forum requirements in our Amended and Restated Certificate of Incorporation shall be held to be invalid, illegal or unenforceable
as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity,
legality and enforceability of such provisions in any other circumstance and of the remaining provisions and the application of such
provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

 

As
a result of the above, our Amended and Restated Certificate of Incorporation provides that the exclusive forum provision will be applicable
to the fullest extent permitted by applicable law, subject to certain exceptions. However, 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. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the
Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. We also note that investors cannot waive compliance
with the federal securities laws and the rules and regulations thereunder. Section 22 of the Securities Act of 1933, as amended (“Securities
Act”), creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability
created by the Securities Act or the rules and regulations thereunder.

 

Special
meeting of stockholders

 

Our
Bylaws provide that special meetings of our stockholders may be called only by the chairperson of the board of directors, the chief executive
officer or president (in the absence of a chief executive officer). Because our stockholders do not have the right to call a special
meeting, a stockholder could not force stockholder consideration of a proposal over the opposition of our board of directors by calling
a special meeting of stockholders prior to such time as the chairperson of the board of directors, the chief executive officer or president
(in the absence of a chief executive officer) believed the matter should be considered or until the next annual meeting provided that
the requestor met the notice requirements. The restriction on the ability of stockholders to call a special meeting means that a proposal
to replace our board of directors also could be delayed until the next annual meeting.

 

    	 

     

    

 

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. Separately, 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 and may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the
acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

 

Action
by written consent

 

Any
action required or permitted to be taken by our common stockholders may be effected by written consent of the stockholders having not
less than the minimum percentage of the vote required by DGCL for the proposed corporate action.

 

Vacancies
on the Board of Directors

 

Our
Bylaws provide that, subject to the rights of the holders of any outstanding series of preferred stock and unless otherwise required
by law or resolution of our board of directors, vacancies on the board of directors arising through death, resignation, retirement, disqualification
or removal, an increase in the number of directors or otherwise may be filled by a majority of the directors then in office, though less
than a quorum.

 

Amendment
to Bylaws by Stockholders

 

Subject
to certain limitations preventing amendments which decrease or diminish indemnification rights provided for in our Bylaws, our Bylaws
provide that any amendment to such Bylaws undertaken solely by our stockholders requires the affirmative vote of at least two-thirds
in voting power of the outstanding shares of capital stock of the Company.

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