Document:

EX-10.26

 Exhibit 10.26 

QUANERGY SYSTEMS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY 
 (As approved on March 15, 2022) 

Each member of the Board of Directors (the “Board”) who is not also serving as an employee of or consultant to Quanergy Systems, Inc.
(the “Company”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director
Compensation Policy (this “Policy”) for his or her Board service. An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash may be paid or equity
awards are to be granted, as the case may be. 
 This Policy will become effective on the date approved by the Board or the Compensation Committee of the
Board (the “Effective Date”). This Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board. 

Annual Cash Compensation 
 The annual cash compensation
amount set forth below is payable to Eligible Directors in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at
a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal quarter, with the pro-rated amount paid on the last day of the first fiscal quarter in which the Eligible Director provides the service and regular full quarterly payments thereafter. All annual cash fees are vested upon payment.

  

	1.	 Annual Board Service Retainer: 

 

	 	a.	 All Eligible Directors: $40,000 

 

	2.	 Annual Committee Chair Service Retainer: 

 

	 	a.	 Chair of the Audit Committee: $20,000 

 

	 	b.	 Chair of the Compensation Committee: $12,000 

 

	 	c.	 Chair of the Nominating and Corporate Governance Committee: $8,000 

 

	3.	 Annual Committee Member Service Retainer (not applicable to Committee Chairs): 

 

	 	a.	 Member of the Audit Committee: $8,000 

 

	 	b.	 Member of the Compensation Committee: $5,000 

 

	 	c.	 Member of the Nominating and Corporate Governance Committee: $4,000 

Expenses 
 The Company will reimburse Eligible Directors
for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board
and committee meetings; provided, that the Eligible Director timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time. 

 Equity Compensation 

The equity compensation set forth below will be granted under the Company’s 2022 Equity Incentive Plan (the “Plan”). 

1. Initial Grants: For each Eligible Director who is first elected or appointed to the Board following the Effective Date, on the date of such Eligible
Director’s initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or the
Compensation Committee of the Board, granted restricted stock units with an aggregate value of $250,000, based on the average closing price of the Company’s stock calculated over the twenty (20) consecutive market trading days ending on
the market trading day five (5) days prior to the date of grant (the “Initial Grant”); provided, that, in no event shall the number of shares subject to the Initial Grant exceed 250,000 shares. The shares subject to each
Initial Grant will vest over a three-year period, with one-third of the shares subject to the Initial Grant vesting on the first anniversary of the grant date and 1/12th of the shares subject to the Initial
Grant vesting in equal quarterly installments thereafter, such that the Initial Grant is fully vested on the third anniversary of the date of grant, subject to the Eligible Director’s Continuous Service through each such vesting date, and will
vest in full upon a Change in Control, subject to the Eligible Director’s Continuous Service through such date. 
 2. Annual Grants: On the date
of each annual stockholder meeting of the Company held after the Effective Date, each Eligible Director who continues to serve as a non-employee member of the Board following such stockholder meeting
(excluding any Eligible Director who is first appointed or elected by the Board at such meeting) will be automatically, and without further action by the Board or the Compensation Committee of the Board, granted restricted stock units with an
aggregate value of $150,000, based on the average closing price of the Company’s stock calculated over the twenty (20) consecutive market trading days ending on the market trading day five (5) days prior to the date of grant (the
“Annual Grant”); provided, that, in no event shall the number of shares subject to the Annual Grant exceed 150,000 shares. The shares subject to the Annual Grant will vest in full on the first anniversary of the date of
grant, subject to the Eligible Director’s Continuous Service through such vesting date; provided, that the Annual Grant will in any case be fully vested on the date of Company’s next annual stockholder meeting, subject to the Eligible
Director’s Continuous Service through such vesting date; provided, further, that the Annual Grant will vest in full upon a Change in Control, subject to the Eligible Director’s Continuous Service through such date. With respect to an
Eligible Director who, following the Effective Date, was first elected or appointed to the Board on a date other than the date of the Company’s annual stockholder meeting, upon the Company’s first annual stockholder meeting following such
Eligible Director’s first joining the Board, such Eligible Director’s first Annual Grant will be pro-rated to reflect the time between such Eligible Director’s election or appointment date and
the date of such first annual stockholder meeting. 

  
 2 

 Non-Employee Director Compensation Limit 

Notwithstanding the foregoing, the aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director (as defined in the Plan) shall in no event exceed the limits set forth in Section 3(d) of the Plan. 

  
 3Exhibit 4.5

 

DESCRIPTION OF SECURITIES

 

Pursuant to our
amended and restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock,
$0.0001 par value, 10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock,
$0.0001 par value. The following description summarizes the material terms of our capital stock. 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 share of Class A common stock and one redeemable warrant. Each warrant entitles the holder
to purchase one share of common stock.

 

The Class A common
stock and warrants comprising the units began separate trading on February 11, 2022.

 

Placement Units

 

The placement
units are identical to the units sold in the IPO except that there will be no redemption rights with respect to the placement units, which
will expire worthless if we do not consummate a business combination within 12 months from the closing of the IPO (or 15 months if we
have filed a proxy statement, registration statement or similar filing for an initial business combination within 12 months from the consummation
of the IPO but have not completed the initial business combination within such 12-month period, or up to 21 months if we extend the period
of time to consummate a business combination, as described in more detail in the Registration Statement, or as extended by the Company’s
stockholders in accordance with our amended and restated certificate of incorporation).

 

Common Stock

 

As of March 25, 2022, 8,047,418 shares of Class
A ordinary shares, par value $0.0001 per share, and 2,587,500 shares of Class B ordinary shares, $0.0001 par value per share, issued
and outstanding. 

 

Our sponsor purchased
an aggregate of 466,150 placement units at a price of $10.00 per unit, for an aggregate purchase price of $4,661,500. The initial stockholders
held an aggregate of approximately 22.85% of the issued and outstanding common stock following the IPO and the expiration of the underwriters’
over-allotment option.

 

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 three classes, each of which
generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with
respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors
can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.

 

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

 

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

 

    2

     

    

 

We will provide
our stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior
to the consummation of our initial business combination including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, 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 $10.15 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.
Our sponsor, officers and directors will enter into a letter agreement with us, pursuant to which they will agree to waive their redemption
rights with respect to any founder shares, placement shares and any public shares held by them 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 applicable law or stock exchange requirements, 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 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 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. The underwriters will
have the same redemption rights as a public stockholder with respect to any public shares it acquires. The representative has informed
us that it has no current commitments, plans or intentions to acquire any public shares for its own account; however, if they do acquire
public shares, it will do so in the ordinary course of business in accordance with our Registration Statement. The underwriters will not
make any such purchases when in possession of any material nonpublic information not disclosed to the seller, during a restricted period
under Regulation M under the Exchange Act, in transactions that would violate Section 9(a)(2) or Rule 10(b)-5 under the Exchange Act,
or if prohibited by applicable state securities laws or broker-dealer regulations. To the extent our initial stockholders or purchasers
of placement units transfer any of these securities to certain permitted transferees, such permitted transferees will agree, as a condition
to such transfer, to waive these same redemption rights. Also, our sponsor purchased 466,150 placement units at the price of $10.00 per
unit in a private placement that occurred simultaneously with the completion of the IPO. If we submit our initial business combination
to our public stockholders for a vote, our sponsor, the other initial stockholders, our officers and our directors have agreed to vote
their respective founder shares, placement shares and any public shares held by them in favor of our initial business combination.

 

The participation
of our sponsor, officers, directors or their affiliates in privately-negotiated transactions (as described in the Registration Statement),
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. We
intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required,
at which a vote shall be taken to approve our initial business combination. 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 IPO, which we refer to as the Excess Shares. 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 placement shares held by them and any public shares they may acquire during or after the IPO (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 placement shares, we would need 228,920 or 2.54%, of the 9,000,000 public shares sold in the IPO
to be voted in favor of an initial business combination (assuming only the minimum number of shares representing a quorum are voted) in
order to have our initial business combination approved (assuming that the representative shares are voted in favor of such initial business
combination). In the event that all shares of our outstanding common stock are voted, we would need 3,152,615 or 35.03%, of the 9,000,000
public shares sold in the IPO to be voted in favor of an initial business combination in order to have our initial business combination
approved (assuming that the representative shares are voted in favor of such initial business combination). Additionally, each public
stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction (subject to
the limitation described in the preceding paragraph).

 

Pursuant to our amended
and restated certificate of incorporation, if we are unable to complete our initial business combination within 12 months from the closing
of the IPO (or 15 months if we have filed a proxy statement, registration statement or similar filing for an initial business combination
within 12 months from the consummation of the IPO but have not completed the initial business combination within such 12-month period,
or up to 21 months if we extend the period of time to consummate a business combination, at the election of the Company by two separate
three month extensions, subject to satisfaction of certain conditions, including the deposit of $1,035,000 ($0.10 per unit in either case)
for each three month extension, into the trust account, or as extended by the Company’s stockholders in accordance with our amended
and restated certificate of incorporation), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the public shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on
the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’
rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law. Our sponsor, officers and directors will enter into a letter agreement with
us, pursuant to which they will agree to waive their rights to liquidating distributions from the trust account with respect to any founder
shares and placement shares held by them if we fail to complete our initial business combination within 12 months from the closing of
the IPO (or 15 months if we have filed a proxy statement, registration statement or similar filing for an initial business combination
within 12 months from the consummation of the IPO but have not completed the initial business combination within such 12-month period,
or up to 21 months if we extend the period of time to consummate a business combination, as described in more detail in the Registration
Statement, or as extended by the Company’s stockholders in accordance with our amended and restated certificate of incorporation).
However, if our initial stockholders acquire public shares in or after the IPO, 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.

 

    3

     

    

 

Founder Shares and Placement Shares

 

The founder shares
and placement shares are identical to the shares of Class A common stock included in the units sold in the IPO, and holders of founder
shares and placement shares have the same stockholder rights as public stockholders, except that (i) the founder shares and placement
shares are subject to certain transfer restrictions, as described in more detail below, (ii) our sponsor, officers and directors have
entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder
shares, placement shares and any public shares held by them in connection with the completion of our initial business combination, (B)
to waive their redemption rights with respect to their founder shares, placement shares and any public shares in connection with a stockholder
vote to approve an amendment to our amended and restated certificate of incorporation (x) to modify the substance or timing of our obligation
to allow redemption in connection with our initial business combination or certain amendments to our charter prior thereto or to redeem
100% of our public shares if we do not complete our initial business combination within 12 months from the closing of the IPO (or 15 months
if we have filed a proxy statement, registration statement or similar filing for an initial business combination within 12 months from
the consummation of the IPO but have not completed the initial business combination within such 12-month period, or up to 21 months if
we extend the period of time to consummate a business combination, as described in more detail in the Registration Statement, or as extended
by the Company’s stockholders in accordance with our amended and restated certificate of incorporation) or (y) with respect to any
other provision relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights to liquidating
distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination
within 12 months from the closing of the IPO (or 15 months if we have filed a proxy statement, registration statement or similar filing
for an initial business combination within 12 months from the consummation of the IPO but have not completed the initial business combination
within such 12-month period, or up to 21 months if we extend the period of time to consummate a business combination, at the election
of the Company by two separate three month extensions, subject to satisfaction of certain conditions, including the deposit of $1,035,000
($0.10 per unit in either case) for each three month extension, into the trust account, or as extended by the Company’s stockholders
in accordance with our amended and restated certificate of incorporation), 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 such
time period, (iii) the founder shares are shares of our Class B common stock that will automatically convert into shares of our Class
A common stock at the time of the consummation of our initial business combination, on a one-for-one basis, subject to adjustment as described
herein, and (iv) are entitled to registration rights. If we submit our initial business combination to our public stockholders for a vote,
our sponsor, officers and directors have agreed pursuant to the letter agreement to vote any founder shares and placement shares held
by them and any public shares purchased during or after the IPO (including in open market and privately negotiated transactions) in favor
of our initial business combination. The placement shares will not be transferable, assignable or saleable until 30 days after the consummation
of our initial business combination except to permitted transferees.

 

The shares of Class B
common stock will automatically convert into shares of Class A common stock at the time of the consummation of our initial business
combination on a one-for-one basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and
the like), and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or
equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Registration Statement and related to
the closing of the initial business combination, the ratio at which shares of Class B common stock shall convert into shares of
Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to
waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock
issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the
sum of the total number of all shares of common stock outstanding upon completion of the IPO (excluding and the placement units and
underlying securities) plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection
with the initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in
the initial business combination, any private placement-equivalent units and their underlying securities issued to our sponsor or
its affiliates upon conversion of loans made to us). We cannot determine at this time whether a majority of the holders of our Class
B common stock at the time of any future issuance would agree to waive such adjustment to the conversion ratio. They may waive such
adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement for our initial
business combination; (ii) negotiation with Class A stockholders on structuring an initial business combination; or (iii)
negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock. If such
adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our Class B common stock, but would
reduce the percentage ownership of holders of our Class A common stock. If such adjustment is waived, the issuance would reduce the
percentage ownership of holders of both classes of our common stock. The term “equity-linked securities” refers to any
debt or equity securities that are convertible, exercisable or exchangeable for shares of Class A common stock issues in a financing
transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt.
Securities could be “deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the
conversion or exercise of convertible securities, warrants or similar securities.

 

With certain limited
exceptions, the founder shares are not transferable, assignable or saleable (except to our officers and directors and other persons or
entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier to occur of: (A)
six months after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the
reported last sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period following the consummation of
our initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or
other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash,
securities or other property.

 

    4

     

    

 

Preferred Stock

 

Our amended and restated
certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our board
of directors will be 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 will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of
directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of
control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although we do not currently
intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. No shares of preferred stock
were being issued or registered in the IPO.

 

Redeemable Warrants

 

Public Stockholders’ Warrants

 

Each 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 on the later of 12 months from the closing of the IPO and 30 days after the completion of our initial business
combination.

 

The warrants will expire
five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated
to deliver any 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 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 are not registering
the shares of Class A common stock issuable upon exercise of the warrants at this time. However, 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 best efforts to file
with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such
registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until
the warrants expire or are redeemed, as specified in 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 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 foregoing, if a registration statement covering the
Class A common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of our
initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period
when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption
provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available.
If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

 

    5

     

    

 

Once the warrants become exercisable, we may call the
warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

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

 

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

 

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

 

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 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 stock splits, stock dividends, reorganizations, recapitalizations
and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the
warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant
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 stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our
warrants. If our management takes advantage of this option, all holders of warrants 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 difference between the exercise price of the warrants and the
“fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall
mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice
of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise
of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce
the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive
option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants
for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would still be entitled
to exercise their placement warrants for cash or on a cashless basis using the same formula described above that they and the other warrant
holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described
in more detail below.

 

A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such
warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant
agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the
shares of Class A common stock outstanding immediately after giving effect to such exercise.

 

    6

     

    

 

If the number of
outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a
split-up of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or
similar event, the number of shares of Class A common stock issuable on exercise of each whole warrant will be increased in
proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock
entitling holders to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock
dividend of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock
actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are
convertible into or exercisable for Class A common stock) and (ii) one (1) minus the quotient of (x) the price per share of Class A
common stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for
securities convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock,
there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise
or conversion and (ii) fair market value means the volume weighted average price of Class A common stock as reported during the ten
(10) trading day period ending on the trading day prior to the first date on which the shares of Class A common stock trade on the
applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if
we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets
to the holders of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into which
the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights
of the holders of Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights
of the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation
(i) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or certain
amendments to our charter prior thereto or to redeem 100% of our Class A common stock if we do not complete our initial business combination
within 12 months from the closing of the IPO (or 15 months if we have filed a proxy statement, registration statement or similar filing
for an initial business combination within 12 months from the consummation of the IPO but have not completed the initial business combination
within such 12-month period, or up to 21 months if we extend the period of time to consummate a business combination, as described in
more detail in the Registration Statement, or as extended by the Company’s stockholders in accordance with our amended and restated
certificate of incorporation) or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business
combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business
combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.

 

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

 

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

 

In case of any
reclassification or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely
affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another
corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved,
the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.

 

    7

     

    

 

The warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should review a copy
of the warrant agreement, which was filed as an exhibit to the registration statement, for a complete description of the terms and conditions
applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder
to cure any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms
of the warrants and the warrant agreement set forth in the Registration Statement, or defective provision, but requires the approval by
the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests of
the registered holders of public warrants.

 

In addition, if (x)
we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price
or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such
issuance), (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 Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price
described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.

 

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

 

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

 

We have agreed that,
subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim.
This provision 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. In addition, unless we consent in writing to the selection of an alternative forum, the federal
district courts of the United States of America shall, to the full extent permitted by law, be the exclusive forum for the resolution
of any complaint asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder.

 

Placement warrants

 

Except as described
below, the placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the IPO,
including as to exercise price, exercisability, redemption, and exercise period. The placement warrants (including the Class A common
stock issuable upon exercise of the 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 in our Registration Statement).

 

    8

     

    

 

In addition, holders of our placement warrants are
entitled to certain registration rights.

 

In order to finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of
our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible
into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination. The units
would be identical to the placement units. However, as the units would not be issued until consummation of our initial business combination,
any warrants underlying such units would not be able to be voted on an amendment to the warrant agreement in connection with such business
combination.

 

We may also receive
loans from our sponsor to finance any extension of the deadline for consummating the initial business combination. The sponsor would receive
a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the even that we
are unable to close a business combination unless there are funds available outside the trust account to do so. Such notes would be repaid
upon consummation of our initial business combination, or all, or any portion, of such loans may be convertible into units, at a price
of $10.00 per unit at the option of the sponsor, upon consummation of our initial business combination. The units would be identical to
the placement units.

 

Our sponsor has
agreed not to transfer, assign or sell any of the placement warrants (including the Class A common stock issuable upon exercise of any
of these 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 Registration Statement entitled “Principal Stockholders — Restrictions
on Transfers of Founder Shares and Placement Warrants” made to our officers and directors and other persons or entities affiliated
with our sponsor.

 

Dividends

 

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

 

Our Transfer Agent and Warrant Agent

 

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

 

    9

     

    

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and
restated certificate of incorporation contains certain requirements and restrictions relating to the IPO that will apply to us until the
completion of our initial business combination. These provisions cannot be amended without the approval of the holders of at least 65%
of our common stock. Our initial stockholders, who will collectively beneficially own approximately 22.85% of our common stock upon the
closing of the IPO (including the placement shares to be issued to the sponsor and assuming they do not purchase any units in the IPO),
will participate in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any
manner they choose. Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

		●	If we are unable to complete our initial business combination
within 12 months from the closing of the IPO (or 15 months if we have filed a proxy statement, registration statement or similar filing
for an initial business combination within 12 months from the consummation of the IPO but have not completed the initial business combination
within such 12-month period, or up to 21 months if we extend the period of time to consummate a business combination, as described in
more detail in the Registration Statement, or as extended by the Company’s stockholders in accordance with our amended and restated
certificate of incorporation), 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 subject to lawfully available funds therefor, redeem 100% of 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 (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’
rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of
directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide
for claims of creditors and the requirements of other applicable law;

 

		●	Prior to our initial business combination, we may not issue
additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on
any initial business combination;

 

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

 

		●	If a stockholder vote on our initial business combination
is not required by law and we do not decide to hold a stockholder vote for business or other legal 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; whether or not we maintain our
registration under the Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem
their public shares by one of the two methods listed above;

 

		●	So long as we obtain and maintain a listing for our securities
on Nasdaq, Nasdaq rules require that we must complete one or more business combinations having an aggregate fair market value of at least
80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest
earned on the trust account) at the time of our signing a definitive agreement in connection with our initial business combination;

 

		●	If our stockholders approve an amendment to our amended and
restated certificate of incorporation (i) to modify the substance or timing of our obligation to allow redemption in connection with
our initial business combination or certain amendments to our charter prior thereto or to redeem 100% of our public shares if we do not
complete our initial business combination within 12 months from the closing of the IPO (or 15 months if we have filed a proxy statement,
registration statement or similar filing for an initial business combination within 12 months from the consummation of the IPO but have
not completed the initial business combination within such 12-month period, or up to 21 months if we extend the period of time to consummate
a business combination, as described in more detail in the Registration Statement, or as extended by the Company’s stockholders
in accordance with our amended and restated certificate of incorporation) or (ii) with respect to any other provision relating to stockholders’
rights or pre-business combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion
of their shares of Class A common stock 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, divided by the number of then outstanding public shares; and

 

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

 

In addition, our
amended and restated certificate of incorporation provides that under no circumstances will we redeem our public shares unless our net
tangible assets are at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and after
payment of underwriters’ fees and commissions.

 

    10

     

    

 

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

 

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

 

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

 

		●	an affiliate of an interested stockholder; or

 

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

 

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

 

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

 

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

 

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

 

Our amended and
restated certificate of incorporation provides that our board of directors will be 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 meetings.

 

Our amended and
restated certificate of incorporation provides that prior to the closing of the initial Business Combination, the holders of Class B Common
Stock shall have the exclusive right to elect and remove, with or without cause, any director, and the holders of Class A Common Stock
shall have no right to vote on the election or removal of any director. This provision shall be amended only by a resolution passed by
holders of at least 90% of the outstanding Common Stock voting thereon.

 

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.

 

    11

     

    

 

Exclusive forum for certain lawsuits

 

Our amended and restated
certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an
indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal
jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction
of a court or forum other than the Court of Chancery or (C) for which the Court of Chancery does not have subject matter jurisdiction.
If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process
on such stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the application
of law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it
is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers.

 

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. 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. In addition, our amended and restated certificate of incorporation provides that, unless we consent
in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest
extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act, or the rules and regulations promulgated thereunder. We note, however, that there is uncertainty as to whether a court would enforce
this provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Section
22 of the 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 a majority vote of our board of directors, by our Chief Executive Officer or
by our Chairman.

 

Advance notice requirements for stockholder proposals and
director nominations

 

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

 

Action by written consent

 

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

 

Classified Board of Directors

 

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

 

    12

     

    

 

Class B Common Stock Consent Right

 

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

 

Securities Eligible for Future Sale

 

Immediately after
the consummation of the IPO we had 13,429,525 shares of common stock outstanding. Of these shares, the 10,375,875 shares sold in the IPO
and the 25,875 shares issuable to the representative will be freely tradable without restriction or further registration under the Securities
Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining
2,587,500 founder shares, all 466,150 placement units, are restricted securities under Rule 144, in that they were issued in private transactions
not involving a public offering, and the shares of Class B common stock and placement units are subject to transfer restrictions as set
forth in the Registration Statement. These restricted securities will be entitled to registration rights as more fully described below
under “— Registration Rights.”

 

Rule 144

 

Pursuant to Rule
144, a person who has beneficially owned restricted shares of our common stock 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 12 months (or such shorter
period as we were required to file reports) preceding the sale.

 

Persons who have
beneficially owned restricted shares of our common stock 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 shares of Class A common stock
then outstanding, which was equal to 134,295 shares immediately after the IPO; or

 

		●	the average weekly reported trading volume of the common
stock 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.

 

    13

     

    

 

Restrictions on the Use of Rule 144 by Shell Companies
or Former Shell Companies

 

Rule 144 is not available
for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers
that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the
following conditions are met:

 

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

 

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

 

		●	the issuer of the securities has filed all Exchange Act reports
and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required
to file such reports and materials), other than Current Reports on Form 8-K; 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
stockholders will be able to sell their founder shares and placement units (including component securities contained therein), as applicable,
pursuant to Rule 144 without registration one year after we have completed our initial business combination.

 

Registration Rights

 

The holders of the founder
shares, placement units (including component securities contained therein) and units (including securities contained therein) that may
be issued upon conversion of working capital loans, any shares of Class A common stock issuable upon the exercise of the placement warrants
and any shares of Class A common stock and warrants (and underlying Class A common stock) that may be issued upon conversion of the units
issued as part of the working capital loans and Class A common stock issuable upon conversion of the founder shares, are entitled to registration
rights pursuant to a registration rights agreement signed prior to or on the effective date of the IPO, requiring us to register such
securities for resale (in the case of the founder shares, only after conversion to our Class A common stock). The holders of the majority
of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our
completion of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under
the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting
from delays in registering our securities. We will bear the expenses incurred in connection with the filing of any such registration statements.
We will bear the expenses incurred in connection with the filing of any such registration statements.

 

Listing of Securities

 

We have listed our units,
Class A common stock and warrants on Nasdaq under the symbols “AOGOU,” “AOGO” and “AOGOW,” respectively.

 

 

14

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