Document:

Exhibit 10.7

 

 

    	NRC INTERNAL USE: HHT -- PP&A
	# A-0042398 (Orig. A-0039781)	Page 1 of  2

     

    

 

		Amendment
    3 to

    Technology
    License Agreement

	 	BUSINESS
    CONFIDENTIAL – PROTECTED B

 

AMENDED
ANNEX A – Stable Cells

 

Stable
Cells to be provided to Licensee through the Service Provider

 

	1)	CHO2353TM
    stable pool expressing the stabilized trimeric Wuhan spike protein antigen
	2)	CHO2353TM
    stable pool expressing the stabilized trimeric South African spike protein antigen
	3)	CHO2353TM
    stable pool expressing the stabilized trimeric DELTA Variant spike protein antigen
	4)	CHO2353TM
    stable pool expressing the stabilized trimeric OMICRON Variant spike protein antigen

 

For
clarity, Additional Stable Cells could be added to the list upon obtaining the NRC’s prior written approval, satisfying all the
NRC’s requirements in this respect and the payment of relevant fees as per stated in section 2.6.2 of the Original Agreement.

 

    	NRC INTERNAL USE: HHT -- PP&A
	# A-0042398 (Orig. A-0039781)	Page 2 of  2Exhibit 4.2

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of March 24, 2022, Forum
Merger IV Corporation has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”): (1) our units; (2) our Class A common stock; and (3) our warrants.

 

The following description
of our units, Class A common stock, and warrants is a summary and does not purport to be complete. It is subject to and qualified in its
entirety by reference to our amended and restated certificate of incorporation and our Bylaws (the “Bylaws”),
each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part.
We encourage you to read our amended and restated certificate of incorporation, our Bylaws and the applicable provisions of Delaware General
Corporations Law (Title 8, Chapter 1 of the Delaware Code).

 

Terms not otherwise defined
herein shall have the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.2 is a part.

 

Description of Units

 

Units

 

Each unit has an offering
price of $10.00 and consists of one share of Class A common stock and one-fourth of one redeemable warrant . Each whole warrant entitles
the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described
in our prospectus (the “Prospectus”). Pursuant to the warrant agreement, a warrantholder may exercise its warrants
only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least four units, you will not be able to receive or trade a whole warrant.

 

Description of Class A Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and
holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders,
except as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable
provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted
is required to approve any such matter voted on by our stockholders. Our board of directors are divided into two classes, each of which
will generally serve for a term of two years with only one class of directors being elected in each year. There is no cumulative voting
with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors
can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.

 

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

 

In accordance with Nasdaq
corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following
our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for
the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting.
We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination,
and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders
want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold
one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

    1 

     

    

 

We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest (which interest shall be net of taxes payable), divided by the number of then outstanding
public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be approximately
$10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced
by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial
owner must identify itself in order to valid redeem its shares. Our sponsor, officers and directors have entered into a letter agreement
with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and private placement
shares held by them and any public shares they may acquire during or after the initial public offering (including in open market and privately
negotiated transactions) in connection with the completion of our initial business combination. Unlike many blank check companies that
hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if
a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will,
pursuant to our amended and restated certificate of incorporation, 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 certificate
of incorporation will 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 stockholder approval
of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain stockholder approval for
business or other legal 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 stockholder approval, we will complete our initial
business combination only if a majority of the then outstanding shares of common stock voted are voted in favor of the initial business
combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock
of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote
at such meeting.

 

However, the
participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described
in the Prospectus), if any, could result in the approval of our initial business combination even if a majority of our public
stockholders vote, or indicate their intention to vote, against such business combination. For purposes of seeking approval of the
majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained. These quorum and voting thresholds, and the voting agreements of our initial stockholders,
may make it more likely that we will consummate our initial business combination.

 

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

 

    2

     

    

 

If we seek stockholder approval
in connection with our initial business combination, pursuant to the letter agreement our sponsor, officers and directors have agreed
to vote any founder shares and private placement shares held by them and any public shares acquired during or after the initial public
offering (including in open market and privately negotiated transactions) in favor of our initial business combination. As a result, in
addition to our initial stockholders’ founder shares and the private placement shares to be issued to the sponsor, we would need
only 10,785,001, or 35.95%, of the 30,000,000 public shares sold in the initial public offering to be voted in favor of an initial business
combination (assuming all outstanding shares are voted and the private placement shares to be issued to the underwriters are voted in
favor of the transaction) in order to have our initial business combination approved (assuming the over-allotment option is not exercised).
Additionally, each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed
transaction (subject to the limitation described in the preceding paragraph). Further, assuming that the over-allotment option is
not exercised, a quorum of 19,215,001 shares of our common stock present in person or by proxy would be required to hold the stockholder
meeting to approve our initial business combination, and, assuming only the minimum number of shares representing a quorum are voted,
such approval would require the affirmative vote of 9,607,502 shares of our common stock, which means that, in addition to our initial
stockholders’ founder shares and the private placement shares to be issued to the sponsor, we would need only 1,177,502, or 3.93%,
of the 30,000,000 public shares sold in the initial public offering to be voted in favor of an initial business combination (assuming
the private placement shares to be issued to the underwriters are present in person or by proxy and are voted in favor of the transaction)
in order to have our initial business combination approved.

 

Pursuant to our amended and
restated certificate of incorporation, if we are unable to complete our initial business combination within 24 months from the closing
of the initial public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account including interest (which interest shall be net of
taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating
distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide
for claims of creditors and the requirements of other applicable law. Our sponsor, officers and directors have entered into a letter agreement
with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to
any founder shares and private placement shares held by them if we fail to complete our initial business combination within 24 months
from the closing of the initial public offering. However, if our initial stockholders acquire public shares in or after the initial public
offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete
our initial business combination within the prescribed time period.

 

In the event of a liquidation,
dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all
assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking
fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our
initial business combination, subject to the limitations described herein.

 

Description of Warrants

 

	1.	Public Stockholders’ Warrants

 

Each whole warrant entitles
the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing 30 days after the completion of our initial business combination, except as discussed in
the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number
of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least
four 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.

 

    3

     

    

 

We will not be obligated to
deliver any shares of Class A common stock 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 issuance of the shares of Class A common stock
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 will not be obligated to issue shares of Class A common
stock upon exercise of a warrant unless Class A common stock 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 share of Class A common stock underlying such unit.

 

We have agreed that as soon
as practicable, but in no event later than fifteen (15) business days after the closing of our initial business combination, we will use
our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the
Class A common stock issuable upon exercise of the warrants. We will use our commercially reasonable efforts to cause the same to
become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the
expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares
of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (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
common stock 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 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
shares of Class A common stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number
of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined
below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as
used in this paragraph shall mean the volume weighted average price of the Class A common stock for the 10 trading days ending on
the trading day prior to the date on which the notice of exercise is received by the warrant agent.

 

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

 

Once the warrants become exercisable,
we may call the warrants for redemption (except as described in the Prospectus 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 (the “30-day redemption period”) to each warrantholder; and

 

		●	if, and only if, the closing price of the Class A common
stock 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 Stockholders’ Warrants —
Anti-Dilution Adjustments” in the Prospectus) for any 20 trading days within a 30-trading day period ending on the third
trading day prior to the date on which we send the notice of redemption to the warrantholders.

 

    4

     

    

 

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

 

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

 

Redemption of Warrants When the Price Per Share
of Class A Common Stock Equals or Exceeds $10.00

 

Once the warrants become exercisable,
we may redeem the outstanding warrants:

 

		●	in whole and not in part;

 

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

 

		●	if, and only if, the closing price of our Class A common
stock equals or exceeds $10.00 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 Stockholders’ Warrants —
Anti-Dilution Adjustments” in the Prospectus) for any 20 trading days within a 30-trading day period ending on the third
trading day prior to the date on which we send the notice of redemption to the warrant holders; and

 

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

 

Beginning on the date the
notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless
basis. The numbers in the table below represent the number of shares of Class A common stock 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 shares of Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and
such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on the volume weighted average price of our
shares of Class A common stock during the 10 trading days immediately following the date on which the notice of redemption is sent
to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants,
each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business
day after the 10-trading day period described above ends.

 

Pursuant to the warrant agreement,
references above to shares of Class A common stock shall include a security other than shares of Class A common stock into which
the shares of Class A common stock 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 such securities to issue 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” in
the Prospectus.

 

    5

     

    

 

If the number of shares issuable
upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior
to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately
prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The
number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise
of a warrant. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under
the heading “— Anti-Dilution Adjustments” in the Prospectus, 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” in the Prospectus 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”
in the Prospectus, 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.

 

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

 

The exact fair market value
and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table
or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock 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 shares of Class A common stock during the 10 trading days immediately following
the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 shares
of Class A common stock for each whole warrant.

 

    6

     

    

 

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 shares of Class A
common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the
warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in
connection with this redemption feature, exercise their warrants for 0.298 shares of Class A common stock 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 shares
of Class A common stock 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 shares of Class A common stock.

 

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 shares of Class A common stock 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 shares of Class A common stock are trading at or above $10.00 per share, which may be at a time when the trading
price of our shares of Class A common stock 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 Share of Class A Common Stock Equals or Exceeds $18.00”
in the Prospectus. 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 the Prospectus.
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 and 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.

 

As stated above, we can redeem
the warrants when the shares of Class A common stock 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 shares of Class A common stock are trading at a price below the exercise price of the warrants, this could result in the
warrant holders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise
their warrants for shares of Class A common stock if and when such shares of Class A common stock were trading at a price higher
than the exercise price of $11.50.

 

No fractional shares of Class A
common stock 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 shares of Class A common stock to be issued to the holder. If, at the time of redemption,
the warrants are exercisable for a security other than the shares of Class A common stock 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 shares of Class A common stock, the surviving company
will use its commercially reasonable efforts to register under the Security Act the security issuable upon the exercise of the warrants
within fifteen business days of the closing of an initial business combination.

 

    7

     

    

 

We have agreed that, subject
to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought
and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we
irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See
“Risk Factors — Our warrant agreement will designate the courts of the State of New York or the United States District Court
for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated
by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our
company” in the Prospectus. 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.

 

	2.	Private Placement Warrants

 

The private placement warrants
(including the Class A common stock 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, among other limited exceptions as described
under the section of the Prospectus entitled “Principal Stockholders — Restrictions on Transfers of Founder Shares and
Private Placement Units,” to our officers and directors and other persons or entities affiliated with our sponsor or the underwriters)
and they will not be redeemable by us (except as described above under “— Redemption of Warrants When the Price Per Share
of Class A Common Stock Equals or Exceeds $10.00”) so long as they are held by our sponsor, the underwriters or their permitted
transferees. Our sponsor, the underwriters and their permitted transferees, have the option to exercise the private placement warrants
on a cashless basis. Except as described below, the private placement warrants have terms and provisions that are identical to those of
the warrants being sold as part of the units in the initial public offering, including as to exercise price, exercisability and exercise
period. If the private placement warrants are held by holders other than our sponsor, the underwriters or their permitted transferees,
the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as
the warrants included in the units being sold in the initial public offering.

 

In addition, for as long as
the private placement warrants are held by the underwriters or their designees or affiliates, they may not be exercised after five years
from the effective date of the registration statement of which the Prospectus forms a part.

 

Except as described above
under “— Public Stockholders’ Warrants — Redemption of Warrants When the Price Per Share of Class A
Common Stock Equals or Exceeds $10.00” in the Prosecptus, if holders of the private placement warrants elect to exercise them on
a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock
equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants,
multiplied by the excess of the “sponsor fair market value” (defined below) over the exercise price of the warrants by (y) the
sponsor fair market value. The “sponsor fair market value” will mean the average reported closing price of the Class A
common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held
by our sponsor, the underwriters or their permitted transferees is because it is not known at this time whether they will be affiliated
with us following an initial business combination. If they remain affiliated with us, their ability to sell our securities in the open
market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during
specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider will be
restricted from trading in our securities if he or she is in possession of material non-public information. Accordingly, unlike public
stockholders who typically could sell the shares of Class A common stock issuable upon exercise of the warrants freely in the open
market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such
warrants on a cashless basis is appropriate.

 

In addition, holders of our
private placement warrants are entitled to certain registration rights and any private placement warrants held by the underwriters will
not be exercisable more than five years from the effective date of the registration statement of which the Prospectus forms a part.

 

Our sponsor and Jefferies
have agreed not to transfer, assign or sell any of the private placement units (including the underlying securities and the Class A
common stock issuable upon exercise of any of the private placement warrants) until the date that is 30 days after the date we complete
our initial business combination, except that, among other limited exceptions as described under the section of the Prospectus entitled
“Principal Stockholders — Restrictions on Transfers of Founder Shares and Private placement units” made to our
officers and directors and other persons or entities affiliated with our sponsor.

 

 

8

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