Document:

Document

[Exhibit 4.4]

DESCRIPTION OF THE REGISTRANT’S SECURITIESREGISTERED PURSUANT TO SECTION 12 OF THESECURITIES EXCHANGE ACT OF 1934
The following description of the terms of the capital stock of Eagle Bulk Shipping, Inc. (the "Company," "we," "us" and "our") is not complete and is qualified in its entirety by reference to our Third Amended and Restated Articles of Incorporation (our “Charter”), our Second Amended and Restated Bylaws, as amended (our “Bylaws” and, together with our Charter, our “Governing Documents”), both of which are exhibits to our Annual Reports on Form 10-K, and the Business Corporations Act of 1990, as amended, of the Republic of the Marshall Islands (the “BCA”). Our Common Stock (as defined below) is listed on the Nasdaq Global Select Market under the symbol “EGLE.”   
Authorized Capital Stock
Under our Charter, our authorized capital stock consists of 700 million shares of Common Stock, par value $0.01 per share (our “Common Stock”), and 25 million shares of preferred stock, par value $0.01 per share (the “Preferred Stock” and, together with Common Stock, “Capital Stock”). As of [●], 2020, [●] shares of Common Stock and no shares of Preferred Stock were issued and outstanding. All of our shares of stock are in registered form. Holders of Common Stock do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of Common Stock are subject to the rights of the holders of any shares of Preferred Stock, which we may issue in the future. 
Dividend Rights
Subject to preferences that may be applicable to any outstanding shares of Preferred Stock, if any, holders of shares of Common Stock are entitled to receive ratably all dividends, if any, declared by our Board out of assets or funds legally available for dividends. 
Voting Rights
Our Governing Documents provide that, except as may otherwise be provided in the Governing Documents (including any designation relating to any outstanding series of Preferred Stock) or by applicable law, each holder of shares of our Common Stock, as such, shall be entitled to one vote for each share of our Common Stock held of record by such holder on all matters on which shareholders generally are entitled to vote. Under our Bylaws, those nominees who, in an election of directors, receive a plurality of the votes cast by the shareholders present in person or represented by proxy at the meeting and entitled to vote thereon shall be elected. All other matters properly submitted to a vote of the shareholders shall be decided by the vote of the holders of a majority of the voting power of the shares entitled to vote thereon present in person 

or by proxy at the meeting, unless otherwise provided by law, rule or regulation, including any stock exchange rule or regulation, applicable to the Company. Holders of our Common Stock do not possess cumulative voting rights. 

Liquidation Rights

Upon our liquidation, dissolution or winding up, after payment in full of all amounts required to be paid to creditors and to the holders of Preferred Stock having liquidation preferences, if any, the holders or our Common Stock will be entitled to receive pro rata our remaining assets and funds available for distribution.
Preferred Stock
Our Charter authorizes our Board to establish one or more series of Preferred Stock and to determine, with respect to any series of Preferred Stock, the terms and rights of that series, including:
•the designation of the series;
•the number of shares in the series;
•the designations, preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions of such series; provided that the total shares of Preferred Stock shall in no event have an aggregate liquidation preference of more than $300 million; and
•the voting rights, if any, of the holders of the series.
It is not possible to state the actual effect of the authorization and issuance of one or more series of Preferred Stock upon the rights of holders of Common Stock until our Board determines the specific terms, rights and preferences of a series of Preferred Stock.
Convertible Notes 
        In July 2019, the Company issued $114.12 million in aggregate principal amount of 5.00% Convertible Senior Notes due 2024 (the “Convertible Bond Debt”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in offshore transactions outside of the United States in reliance on Regulation S under the Securities Act, pursuant to an indenture (the “Indenture”), dated as of July 29, 2019, between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each holder of Convertible Bond Debt has 
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the right to convert any portion of the Convertible Bond Debt, provided such portion is of $1,000 or a multiple thereof, at any time prior to the close of business on the business day immediately preceding the Maturity Date (as defined in the Indenture). The initial conversion rate of the Convertible Bond Debt is 178.1737 shares of our Common Stock per $1,000 principal amount of Convertible Bond Debt (which is equivalent to an initial conversion price of approximately $5.61 per share of our Common Stock). The conversion rate will be subject to adjustment upon the occurrence of certain specified corporate events, but will not be adjusted for any accrued and unpaid interest.
        Upon conversion, the Company will pay or deliver, as the case may be, either cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, to the holder. However, without first obtaining shareholder approval in accordance with the listing standards of the Nasdaq Global Select Market, the Company may not issue shares of Common Stock in excess of 19.9% of Common Stock outstanding at the time the Convertible Bond Debt was initially issued. 
Directors 
Our directors are elected by a majority of the votes cast by shareholders entitled to vote. There is no provision for cumulative voting. 
Our Board is elected annually, and each director elected holds office for a one-year term and until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of office. Our Board has the authority to fix the amounts which shall be payable to the members of the Board for attendance at any meeting or for services rendered to us and for the reimbursement of reasonable and documented expenses.  
Shareholder Meetings
Under our Bylaws, annual shareholder meetings will be held at a time and place selected by our Board. The meetings may be held in or outside of the Marshall Islands. Our Governing Documents provide that, except as otherwise required by law, special meetings of shareholders may be called at any time only by (i) the lead director (if any), (ii) the chairman of the Board, (iii) the Board pursuant to a resolution duly adopted by a majority of the board stating the purpose or purposes thereof, or (iv) any one or more shareholders who beneficially owns, in the aggregate, 15% or more of the aggregate voting power of all then-outstanding shares of Common Stock and any other class or series of capital stock of the Company entitled to vote generally in the election of directors. The notice of any such special meeting is to include the purpose or purposes thereof, and the business transacted at the special meeting is limited to the purpose or purposes stated in the notice (or any supplement thereto). These provisions may impede the 
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ability of shareholders to bring matters before a special meeting of shareholders. Our Board may set a record date between 15 and 60 days before the date of any meeting to determine the shareholders that will be eligible to receive notice and vote at the meeting.
Dissenters’ Rights of Appraisal and Payment
Under the BCA, our shareholders have the right to dissent from various corporate actions, including any merger or consolidation sale of all or substantially all of our assets not made in the usual course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our Charter, a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Marshall Islands or in any appropriate court in any jurisdiction in which the Company’s shares are primarily traded on a local or national securities exchange.
Shareholders’ Derivative Actions
Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a holder of Common Stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates. 
Anti-Takeover Provisions
Several provisions of our Governing Documents, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions could also discourage, delay or prevent (1) the merger or acquisition of the Company by means of a tender offer, a proxy contest or otherwise that a shareholder may consider to be in its best interest and (2) the removal of incumbent officers and directors. 
Election and Removal of Directors
Our Charter prohibits cumulative voting in the election of directors. Our Bylaws require parties other than the Board to give advance written notice of nominations for the election of directors. Our Charter also provides that our directors may only be removed for cause upon the affirmative vote of a majority of the outstanding shares of our capital stock entitled to vote for the election of directors. Newly created directorships resulting from an increase in the number of 
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directors and vacancies occurring in our Board for any reason may only be filled by a vote of a majority of the directors then in office, even if less than a quorum (except that a quorum is required if the vacancy results from an increase in the number of directors).
Certain Voting Requirements 
Our Charter provides that a two-thirds vote is required to amend or repeal certain provisions of our Charter and Bylaws, including those provisions relating to: the number and election of directors; filling of board vacancies; resignations and removals of directors; director liability and indemnification of directors; the power of shareholders to call special meetings; advance notice of director nominations and shareholders proposals; and amendments to our Charter and Bylaws. These supermajority provisions may discourage, delay or prevent the changes to our Charter or Bylaws. 
Advance Notice Requirements for Shareholder Proposals and Director Nominations 
Our Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. To be timely, a shareholder’s notice will have to be received at our principal executive office not less than 60 days nor more than 90 days prior to the anniversary date of the immediately preceding annual meeting of shareholders; provided, however, that in the event that the annual meeting is called for a date that is not within 30 days before or after such anniversary date, notice by the shareholder in order to be timely must be so received not later than the close of business on the 10th day following the day on which such notice of the date of the annual meeting was mailed or such public disclosure of the date of the annual meeting was made, whichever occurs first, in order for such notice by a shareholder to be timely. Our Bylaws also specify requirements as to the form and content of a shareholder’s notice. These advance notice requirements, particularly the 60 to 90 day requirement, may impede shareholders’ ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders. 
Blank Check Preferred Stock

Under the terms of our Charter, our Board has authority, without any further vote or action by our shareholders, to issue shares of blank check Preferred Stock; provided that the total shares of blank check Preferred Stock shall in no event have an aggregate liquidation preference of more than $300 million. Our Board may issue shares of Preferred Stock on terms calculated to discourage, delay or prevent a change of control of our Company or the removal of our management.
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The BCA does not require shareholder approval for any issuance of authorized shares. However, the listing requirements of the Nasdaq Global Select Market, which will apply so long as our Common Stock is listed on the NASDAQ, require shareholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of our Common Stock. 
Action by Written Consent 
Our Bylaws provide that any action required or permitted to be taken by the shareholders may be effected only at a duly called annual or special meeting of the shareholders. Except as otherwise mandated by law, the ability of shareholders to consent in writing to the taking of any action is specifically denied. 
Limitations on Liability and Indemnification of Officers and Directors
The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors’ fiduciary duties. Our Bylaws include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.
  Our Bylaws provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to advance certain expenses (including attorneys’ fees) to our directors and offices and carry directors’ and officers’ insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive offices.
The limitation of liability and indemnification provisions in our Governing Documents may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duties. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, our shareholders investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing 
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provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the claim has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
7Exhibit 4.2

 

COLLIER CREEK HOLDINGS

 

DESCRIPTION OF SECURITIES

 

The following summary
of the material terms of the securities of Collier Creek Holdings (“we,” “us,” “our” or “the
company”) is not intended to be a complete summary of the rights and preferences of such securities and is subject to and
qualified by reference to our amended and restated memorandum and articles of association incorporated by reference as an exhibit
to the company’s Annual Report on Form 10-K for the year ended December 31, 2019, and applicable Cayman Islands law. We urge
you to read our amended and restated memorandum and articles of association in their entirety for a complete description of the
rights and preferences of our securities.

 

Certain Terms

 

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

 

• “we,” “us,” “company”
or “our company” are to Collier Creek Holdings, a Cayman Islands exempted company;

 

• “amended and restated memorandum and
articles of association” are to our Second Amended and Restated Memorandum and Articles of Association;

 

• “Companies Law” refers to the Companies
Law (2020 Revision) of the Cayman Islands as the same may be amended from time to time;

 

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

 

• “forward purchase shares” are to
Class A ordinary shares to be issued to our sponsor and our independent director nominees pursuant to the forward purchase agreements;

 

• “forward purchase warrants” are
to warrants to purchase Class A ordinary shares to be issued to our sponsor and independent director nominees pursuant to the forward
purchase agreements;

 

• “founder shares” are to our Class
B ordinary shares initially issued to our sponsor in a private placement prior to the initial public offering and the Class A ordinary
shares that will be issued upon the automatic conversion of the Class B ordinary shares concurrently with or immediately following
the consummation of our initial business combination as described herein (for the avoidance of doubt, such Class A ordinary shares
will not be “public shares”);

 

• “initial public offering” are to
initial public offering of the Company that closed on October 10, 2018;

 

• “initial shareholders” are to holders
of our founder shares prior to the initial public offering;

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

• “sponsor” are to Collier Creek
Partners LLC, a Delaware limited liability company, which is controlled by our founders Chinh E. Chu, Roger K. Deromedi and Jason
K. Giordano, and is owned by our founders as well as certain individuals with longstanding relationships with our founders.

 

General

 

We are a Cayman Islands
exempted company and our affairs are governed by our amended and restated memorandum and articles of association, the Companies
Law and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, which
were adopted after the initial public offering, we are authorized to issue 450,000,000 ordinary shares, $0.0001 par value each,
including 400,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, as well as 1,000,000 preferred shares, $0.0001
par value each. The following description summarizes certain terms of our shares as set out more particularly in our amended and
restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important
to you.

 

Units

 

Each unit consists
of one Class A ordinary share and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one Class
A ordinary share at a price of $11.50 per share, subject to adjustment as described in the final prospectus related to our
initial public offering (the “final prospectus”). Pursuant to the warrant agreement, a warrant holder may exercise
its warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised
at any given time by a warrant holder.

 

Ordinary Shares

 

Ordinary shareholders
of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary
shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders
except as required by law. Unless specified in our amended and restated memorandum and articles of association, or as required
by applicable provisions of the Companies Law or applicable stock exchange rules, the affirmative vote of a majority of our ordinary
shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require
a special resolution under Cayman Islands law, being the affirmative vote of not less than two-thirds of our ordinary shares that
are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended
and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our
board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class
of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result
that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. However, only
holders of Class B ordinary shares will have the right to elect directors in any election held prior to or in connection with the
completion of our initial business combination, meaning that holders of Class A ordinary shares will not have the right to elect
any directors until after the completion of our initial business combination. Our shareholders 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 memorandum and articles of association authorize the issuance of up to 400,000,000 Class A ordinary shares, if we
were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business
combination to the extent we seek shareholder approval in connection with our initial business combination.

 

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Our board of directors
is divided into three classes with only one class of directors being elected in each year and each class (except for those directors
appointed prior to our first annual meeting of shareholders) serving a three-year term. In accordance with NYSE corporate governance
requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing
on the NYSE. There is no requirement under the Companies Law for us to hold annual or general meetings or elect directors. We may
not hold an annual meeting of shareholders to elect new directors prior to the consummation of our initial business combination.

 

We will provide our
public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated
as of two business days prior to the consummation of our initial business combination, including interest (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 $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. Our sponsor and our
directors and executive officers have entered into agreements with us, pursuant to which they have agreed to waive their redemption
rights with respect to their founder shares and public shares in connection with the completion of our initial business combination.
The other members of our management team have entered into agreements similar to the one entered into by our sponsor with respect
to any public shares acquired by them in or after the initial public offering. Unlike many blank check companies that hold shareholder
votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions
of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder
vote is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant
to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules
of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and
restated memorandum and articles of association require these tender offer documents to contain substantially the same financial
and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy
rules. If, however, a shareholder approval of the transaction is required by law, or we decide to obtain shareholder 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 shareholder approval, we will complete our initial
business combination only if a majority of the ordinary shares voted are voted in favor of the initial business combination. However,
the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described
in the final prospectus), if any, could result in the approval of our initial business combination even if a majority of our public
shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval
of the majority of our outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination
once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’
notice will be given of any general meeting.

 

If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder,
together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares.
However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for
or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence
over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment
if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with
respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders will continue
to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open
market transactions, potentially at a loss.

 

If we seek shareholder approval in connection
with our initial business combination, our initial shareholders have agreed to vote their founder shares and any public shares
purchased, after the initial public offering in favor of our initial business combination. As a result, in addition to our initial
shareholders’ founder shares, we would need 16,062,501, or 36.51%, of the 44,000,000 public shares sold in the initial public
offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming
all outstanding shares are voted). The other members of our management team have entered into agreements similar to the one entered
into by our sponsor with respect to any public shares acquired by them after the initial public offering. Additionally, each public
shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.

 

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Pursuant to our amended
and restated memorandum and articles of association, 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 five business days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of
interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding public shares, which
redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject the case of clauses
(ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other
requirements of applicable law. Our sponsor has entered into an agreement with us, pursuant to which it has agreed to waive its
rights to liquidating distributions from the trust account with respect to its founder shares if we fail to complete our initial
business combination within 24 months from the closing of the initial public offering. However, if our sponsor or members of our
management team acquire public shares 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 a business combination, our shareholders are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares,
if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are
no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity
to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account,
including interest (net of taxes payable), divided by the number of then outstanding public shares, upon the completion of our
initial business combination, subject to the limitations described herein.

 

Founder Shares

 

The founder shares are designated as Class
B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold in the
initial public offering , and holders of founder shares have the same shareholder rights as public shareholders, except that (i)
the founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) our initial shareholders
have entered into agreements with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to their
founder shares and public shares in connection with the completion of our initial business combination, (B) to waive their redemption
rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to
our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to provide
for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares
if we have not consummated an initial business combination within 24 months from the closing of the initial public offering and
(C) to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to
complete our initial business combination within 24 months from the closing of the initial public offering , although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete
our initial business combination within such time period, (iii) the founder shares are automatically convertible into Class A ordinary
shares concurrently with or immediately following the consummation of our initial business combination, or earlier at the option
of the holder thereof, on a one-for-one basis, subject to adjustment as described herein and in our amended and restated memorandum
and articles of association, and (iv) prior to the completion of our initial business combination, only our founder shares will
have the right to vote on the election of our directors. If we submit our initial business combination to our public shareholders
for a vote, our sponsor and our directors and executive officers have agreed to vote their founder shares and any public shares
purchased after the initial public offering in favor of our initial business combination.

 

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The founder shares will automatically convert
into Class A ordinary shares on the first business day following the consummation of our initial business combination, or earlier
at the option of the holder thereof, on a one-for-one basis. However, if additional Class A ordinary shares or any other equity-linked
securities are issued or deemed issued in connection with our initial business combination, the number of Class A ordinary shares
issuable upon conversion of all founder shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares
outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including
the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination (including the forward purchase shares, but not the forward purchase warrants), excluding any Class A ordinary
shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any
seller in the initial business combination and any private placement warrants issued to our sponsor upon conversion of working
capital loans, provided that such conversion of founder shares will never occur on a less than one-for-one basis.

 

Except as described herein, our sponsor and our directors and
our executive officers have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (i)
one year after the completion of our initial business combination or (ii) the date on which we complete a liquidation, merger,
share exchange or other similar transaction after our initial business combination that results in all of our shareholders having
the right to exchange their Class A ordinary shares for cash, securities or other property (except as described herein under “Principal
Shareholders - Transfers of Founder Shares and Private Placement Warrants”). Any permitted transferees will
be subject to the same restrictions and other agreements of our sponsor with respect to any founder shares. We refer to such transfer
restrictions throughout this exhibit as the lock-up. Notwithstanding the foregoing, if the closing price of our Class A ordinary
shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business
combination, the founder shares will be released from the lock-up.

  

Preferred Shares

 

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

 

Warrants

 

Each warrant entitles
the registered holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of 30 days after the completion of an initial business combination or the liquidation
date.

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the registered
holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing on the later of one year from the closing of the initial public offering or 30 days after the completion of our
initial business combination, provided in each case that we have an effective registration statement under the Securities Act covering
the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we
permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such
shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence
of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A
ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will
be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of three
units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number of
warrants. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York
City time, or earlier upon redemption or liquidation.

 

    5

     

    

 

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

 

We have agreed that as soon as practicable,
but in no event later than fifteen business days after the closing of our initial business combination, we will use our best efforts
to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable
upon exercise of the warrants. We will use our best 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 Class A ordinary shares issuable upon exercise
of the warrants is not effective by the sixtieth day after the closing of the initial business combination, warrant holders may,
until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective
registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act or another exemption. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise of a warrant
not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section
18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so
on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will
not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 

Redemption of Warrants for Cash

 

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 (the “30-day redemption period”) to each warrant holder; and

 

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

 

If and when the warrants become redeemable
by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under
all applicable state securities laws.

 

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder
will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for share splits, share capitalizations, reorganizations,
recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

    6

     

    

 

Redemption of Warrants for Class A Ordinary Shares 

 

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

 

• in whole and not in part;

 

• for a number of shares of Class A ordinary
shares to be determined by reference to the table below, based on the redemption date and the “fair market value” of
our Class A ordinary shares (as defined below) except as otherwise described below;

 

• upon a minimum of 30 days’ prior written
notice of redemption; and

 

• if, and only if, the last sale price of our
Class A ordinary shares equals or exceeds $10.00 per share (as adjusted per share splits, share dividends, reorganizations, reclassifications,
recapitalizations and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders.

 

The numbers in the table below represent
the “redemption prices,” or the number of Class A ordinary shares that a warrant holder will receive upon redemption
by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding
redemption date, determined based on the average of the last reported sales price for the 10 trading days ending on the third trading
day prior to the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding
redemption date precedes the expiration date of the warrants, each as set forth in the table below.

 

The stock 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 is
adjusted as set forth in the first three paragraphs under the heading “- Anti-dilution Adjustments” below. 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.

 

	Redemption
 Date 
 (period to
 expiration of	 	Fair Market Value of Class A Ordinary Shares	 
	warrants)	 	$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	$18.00	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.365	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.365	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.365	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.365	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.365	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.364	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.364	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.364	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.364	 

 

    7

     

    

 

The “fair market value” of our
Class A ordinary shares shall mean the average last reported sale price of our Class A ordinary shares for the 10 trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

 

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 ordinary shares to be issued for
each warrant redeemed 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 average last reported sale price of our Class A ordinary shares for the 10 trading days ending on the third
trading date prior to the date on which the notice of redemption is sent to the holders of the warrants is $11 per share, and at
such time there are 57 months until the expiration of the warrants, we may choose to, pursuant to this redemption feature, redeem
the warrants at a “redemption price” of 0.277 shares of Class A ordinary shares for each whole warrant. For an example
where the exact fair market value and redemption date are not as set forth in the table above, if the average last reported sale
price of our Class A ordinary shares for the 10 trading days ending on the third trading date prior to the date on which the notice
of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration
of the warrants, we may choose to, pursuant to this redemption feature, redeem the warrants at a “redemption price”
of 0.298 Class A ordinary shares for each whole warrant. Finally, as reflected in the table above, we can redeem the warrants for
no consideration in the event that the warrants are “out of the money” (i.e. the trading price of our Class A ordinary
shares is below the exercise price of the warrants) and about to expire.

 

This redemption feature differs from the
typical warrant redemption features used in other offerings by special purpose acquisition companies, which typically only provide
for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A ordinary
shares exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding
warrants (other than the private placement warrants) be redeemed when the Class A ordinary shares are trading at or above $10.00
per share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants.
We have established this redemption feature to provide us with the flexibility to redeem the warrants for shares of Class A ordinary
shares, instead of cash, for “fair value” without the warrants having to reach the $18.00 per share threshold set forth
above under “-Redemption of Warrants for Cash.” Holders of the warrants will, in effect, receive a number of shares
representing fair value for their warrants based on the “redemption price” as determined pursuant to the above table.
We have calculated the “redemption prices” as set forth in the table above to reflect a premium in value as compared
to the expected trading price that the warrants would be expected to trade. This redemption right provides us not only with an
additional mechanism by which to redeem all of the outstanding warrants, in this case, for Class A ordinary shares, and therefore
have certainty as to (i) our capital structure as the warrants would no longer be outstanding and would have been exercised or
redeemed and (ii) to the amount of cash provided by the exercise of the warrants and available to us, and also provides a ceiling
to the theoretical value of the warrants as it locks in the “redemption prices” we would pay to warrant holders if
we chose to redeem warrants in this manner. While we will effectively be required to pay a “premium” to warrant holders
if we choose to exercise this redemption right, it will allow us to quickly proceed with a redemption of the warrants for Class
A ordinary shares 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 premium to the warrant
holders. In particular, it would allow us to quickly redeem the warrants for Class A ordinary shares, without having to negotiate
a redemption price with the warrant holders, which in some situations, may allow us to more quickly and easily close a business
combination. And for this right, we are effectively agreeing to pay a premium to the warrant holders. In addition, the warrant
holders will have the ability to exercise the warrants prior to redemption if they should choose to do so.

 

    8

     

    

 

As stated above, we can redeem the warrants
when the Class A ordinary shares are trading at a price starting at $10, 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 a premium
(in the form of Class A ordinary shares). If we choose to redeem the warrants when the Class A ordinary shares are trading at a
price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares
than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such
Class A ordinary shares were trading at a price higher than the exercise price of  $11.50.

 

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

 

Redemption Procedures and Cashless Exercise

 

If we call the warrants for redemption as
described above, our management will have the option to require any holder that wishes to exercise his, her or 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 shareholders of issuing the maximum number of Class A ordinary shares 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 Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number
of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” of our Class
A ordinary shares (defined below) over the exercise prices of the warrants by (y) the fair market value. The “fair market
value” will mean the average reported last sale price of the Class A ordinary shares for the 10 trading days ending on the
third trading day prior to the date on which the notice of 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 Class A ordinary
shares 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, the holders
of the private placement warrants and their permitted transferees would still be entitled to exercise their private placement warrants
for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use
had all warrant holders been required to exercise their 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% (as specified by the holder) of the Class A ordinary shares
issued and outstanding immediately after giving effect to such exercise.

 

Anti-dilution Adjustments

 

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

 

    9

     

    

 

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 ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of
Class A ordinary shares in connection with a proposed initial business combination or (d) in connection with the redemption of
our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased,
effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities
or other assets paid on each Class A ordinary share in respect of such event.

 

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

 

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

 

In case of any reclassification or reorganization
of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class
A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our
outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or
other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the
warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of
the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to
such event. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is
payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange
or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such
event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes
Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide
additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants have been issued in registered form under a
warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of the public warrants and, solely with respect to any amendment
to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement
warrants, 50% of the then outstanding private placement warrants.The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side
of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants
and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will
be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

 

    10

     

    

 

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 the number of Class A ordinary shares to be issued to the warrant
holder.

 

Private Placement Warrants

 

The private placement
warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination (except, pursuant to limited exceptions
as described in the final prospectus under “Principal Shareholders - Transfers of Founder Shares and Private
Placement Warrants,” to our officers and directors and other persons or entities affiliated with the initial purchasers of
the private placement warrants) and they will not be redeemable by us so long as they are held by our sponsor or its permitted
transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless
basis. Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants
sold as part of the units in the initial public offering. If the private placement warrants are held by holders other than our
sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on
the same basis as the warrants included in the units sold in the initial public offering.

 

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

 

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

 

Our sponsor has agreed
not to transfer, assign or sell any of the private placement warrants (including the Class A ordinary shares 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 in the final under “Principal Shareholders - Transfers of Founder
Shares and Private Placement Warrants,” transfers can be made to our officers and directors and other persons or entities
affiliated with the sponsor.

 

    11

     

    

 

Dividends

 

We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion
of a business combination. The payment of cash dividends in the future is dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any cash dividends
subsequent to a 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 ordinary shares
and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock
Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors,
officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that
capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

 

Continental Stock Transfer & Trust Company has agreed that
it has no right of set-off or any right, title, interest or claim of any kind to, or to any monies in, the trust account, and has
irrevocably waived any right, title, interest or claim of any kind to, or to any monies in, the trust account that it may have
now or in the future. Accordingly, any indemnification provided will only be able to be satisfied, or a claim will only be able
to be pursued, solely against us and our assets outside the trust account and not against the any monies in the trust account or
interest earned thereon.

 

Listing of Our Securities

 

Our units, ordinary
shares and warrants are listed on the New York Stock Exchange under the symbols “CCH.U,” “CCH” and “CCH
WS,” respectively.

 

Certain Differences in Corporate Law

 

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

 

Mergers and Similar
Arrangements

 

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

 

Where the merger or
consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation
containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special
resolution (usually a majority of 662∕3% in value of the voting shares voted at a general meeting) of the shareholders of
each company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association.
No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued
shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security
interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of
Companies is satisfied that the requirements of the Companies Law (which includes certain other formalities) have been complied
with, the Registrar of Companies will register the plan of merger or consolidation.

 

    12

     

    

 

Where the merger or
consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors
of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are
of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited
by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated,
and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii) that no petition
or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate
the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed
in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv)
that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights
of creditors of the foreign company are and continue to be suspended or restricted.

 

Where the surviving
company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make
a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been
met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and
not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest
granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained,
released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the
foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be
complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated,
registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be
against the public interest to permit the merger or consolidation.

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

If a scheme of arrangement
or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights
(providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily
be available to dissenting shareholders of United States corporations.

 

Squeeze-out Provisions

 

When a takeover offer
is made and accepted by holders of 90% of the shares to whom the offer is made within four months, the offeror may, within a two-month
period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made
to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of the shareholders.

 

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

 

Shareholders’ Suits

 

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

 

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

 

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

 

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

 

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

 

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Enforcement of Civil Liabilities

 

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

 

We have been advised
by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments
of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States
or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the
civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed
by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands
of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment
of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent
foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and
for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in
respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of
which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well
be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are
being brought elsewhere.

 

Special Considerations for Exempted
Companies

 

We are an exempted
company with limited liability (meaning our public shareholders have no liability, as members of the company, for liabilities of
the company over and above the amount paid for their shares) under the Companies Law. The Companies Law distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially
the same as for an ordinary company except for the exemptions and privileges listed below:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Amended and Restated Memorandum and
Articles of Association

 

Our amended and restated memorandum and
articles of association contains provisions designed to provide certain rights and protections that apply to us until the completion
of our initial business combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands
law, a resolution is deemed to be a special resolution where it has been approved by either (i) at least two-thirds (or any higher
threshold specified in a company’s articles of association) of a company’s shareholders at a general meeting for which
notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a
company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Our amended
and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds
of our shareholders (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of
all of our shareholders.

 

Our initial shareholders, who collectively
beneficially own 21.25% of our ordinary shares upon the closing of the initial public offering, will participate in any vote to
amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

 

• If we 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 five business days thereafter, redeem the public
shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
(less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right
to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses
(ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other
requirements of applicable law;

 

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

 

• Although we do not intend to enter into a business
combination with a target business that is affiliated with our sponsor, our directors or our executive 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 which is a member of FINRA or an independent accounting firm that such a business combination
is fair to our company from a financial point of view;

 

• If a shareholder vote on our initial business
combination is not required by law and we do not decide to hold a shareholder 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;

 

• We must consummate an initial business combination
with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust
account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting
discount held in trust) at the time of our signing a definitive agreement in connection with our initial business combination;

 

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

 

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

 

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In addition, our amended and restated memorandum
and articles of association provide that under no circumstances will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001.

 

The Companies Law permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution. A company’s
articles of association may specify that the approval of a higher majority is required but, provided the approval of the required
majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether
its memorandum and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating
to our proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of
association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors,
will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity
to redeem their public shares.

 

Anti-Money Laundering—Cayman Islands 

 

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

 

We reserve the right to request such information
as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information
is required since an exemption applies under the Money Laundering Regulations (2018 Revision) of the Cayman Islands, as amended
and revised from time to time (the “Regulations”). Depending on the circumstances of each application, a detailed verification
of identity might not be required where:

 

(a) the subscriber makes the payment for their investment
from an account held in the subscriber’s name at a recognized financial institution;

 

(b) the subscriber is regulated by a recognized regulatory
authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

 

(c) the application is made through an intermediary
which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized
jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

 

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

 

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

 

We also reserve the right to refuse to make
any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result
in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if
such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable
jurisdiction.

 

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If any person in the Cayman Islands knows
or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or money laundering
or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their
attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person is
required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands (the “FRA”),
pursuant to the Proceeds of Crime Law (2018 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money
laundering or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Law (2018 Revision)
of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report
shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment
or otherwise.

 

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

 

Our amended and restated memorandum and
articles of association provide that our board of directors is classified into three classes of directors and also include provisions
providing for advance notice procedures, inability of shareholders to call a meeting of shareholders and removal of directors only
for cause and only by the board 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 authorized but unissued Class A ordinary
shares and preferred shares are available for future issuances without shareholder approval and could be utilized for a variety
of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence
of authorized but unissued and unreserved Class A ordinary shares and preferred shares could render more difficult or discourage
an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Securities Eligible for Future Sale 

 

The Class A ordinary shares sold in the
initial public offering (44,000,000 Class A ordinary shares) are freely tradable without restriction or further registration under
the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under
the Securities Act. All of the outstanding founder shares (11,875,000 founder shares) and all of the outstanding private placement
warrants (7,200,000 private warrants) are restricted securities under Rule 144, in that they were issued in private transactions
not involving a public offering. Upon the closing of the sale of the forward purchase shares and forward purchase warrants, all
of the 3,500,000 forward purchase shares, 1,166,666 forward purchase warrants and Class A ordinary shares underlying the forward
purchase warrants will be restricted securities under Rule 144.

 

Rule 144 

 

Pursuant to Rule 144, a person who has beneficially
owned restricted shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person
is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii)
we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all
required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required
to file reports) preceding the sale.

 

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

 

• 1% of the total number of ordinary shares
then outstanding, which equals 558,750 shares immediately after the initial public offering; or

 

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

 

Sales by our affiliates under Rule 144 are
also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

 

    18

     

    

 

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

 

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

 

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

 

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

 

• the issuer of the securities has filed
all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period
that the issuer was required to file such reports and materials), other than Form 8-K reports; and

 

• at least one year has elapsed from the
time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell
company.

 

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

 

Registration Rights 

 

The holders of the founder shares, private
placement warrants and warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable
upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans) are
entitled to registration rights pursuant to the registration rights agreement that the holders signed on the effective date of
our initial public offering. The holders of these securities are entitled to make up to three demands, excluding short form demands,
that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed subsequent to our completion of our initial business combination. We will bear the expenses incurred
in connection with the filing of any such registration statements.

 

Our initial shareholders have agreed not
to transfer, assign or sell any of their founder shares until the earlier to occur of: (i) one year after the completion of our
initial business combination or (ii) the date on which we complete a liquidation, merger, share exchange or other similar transaction
after our initial business combination that results in all of our shareholders having the right to exchange their Class A ordinary
shares for cash, securities or other property (except as described herein under “Principal Shareholders - Transfers
of Founder Shares and Private Placement Warrants”). Any permitted transferees are subject to the same restrictions and other
agreements of our initial shareholders with respect to any founder shares. We refer to such transfer restrictions throughout this
exhibit as the lock-up. Notwithstanding the foregoing, if the closing price of our Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after our initial business combination, the founder shares will
be released from the lock-up.

 

Pursuant to the forward purchase agreements,
we have agreed that we will use our reasonable best efforts (i) to file within 30 days after the closing of the initial business
combination a registration statement with the SEC for a secondary offering of the forward purchase shares and the forward purchase
warrants (and underlying Class A ordinary shares), (ii) to cause such registration statement to be declared effective promptly
thereafter and (iii) to maintain the effectiveness of such registration statement until the earliest of (A) the date on which the
sponsor and all of the independent directors cease to hold the securities covered thereby and (B) the date all of the securities
covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act. In addition, the
forward purchase agreements provide these holders will have certain “piggy-back” registration rights to include their
securities in other registration statements filed by us.

 

    19

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