Document:

ex_349224.htm

Exhibit 10.3

 

EXECUTION VERSION

 

INCREASING LENDER SUPPLEMENT (this “Supplement”), dated March 4, 2022, among H. B. FULLER COMPANY, a Minnesota corporation (the “Company”), CITIBANK, N.A., as a Lender (in such capacity, “Citi”), U.S. BANK NATIONAL ASSOCIATION, as a Lender (in such capacity, “US Bank”), BANK OF AMERICA, N.A., as a Lender (in such capacity, “BofA”), HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender (in such capacity, “HSBC”), PNC BANK, NATIONAL ASSOCIATION, as a Lender (in such capacity, “PNC”), THE NORTHERN TRUST COMPANY, as a Lender (in such capacity, “Northern Trust”), MORGAN STANLEY BANK, N.A., as a Lender (in such capacity, “MS”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the parties hereto have entered into that certain Amended and Restated Credit Agreement, dated as of October 20, 2020 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement as supplemented by this Supplement, the “Credit Agreement”), among the Company, the Lenders party thereto, the Administrative Agent and the other parties thereto; and

 

WHEREAS, the parties hereto desire to amend the Existing Credit Agreement in order to increase the Revolving Commitments pursuant to Section 2.20 of the Existing Credit Agreement as further set forth herein;

 

NOW, THEREFORE, the parties hereto agree as follows:

 

Section 1.         Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference in the Existing Credit Agreement to “this Agreement”, “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference, and each reference in any other Loan Document to “thereof”, “thereunder”, “therein” or “thereby” or any other similar reference to the Existing Credit Agreement shall, from the Supplement Effective Date (as defined below), refer to the Credit Agreement. This Supplement shall constitute a “Loan Document” and an Increasing Lender supplement for all purposes under the Credit Agreement.

 

Section 2.         Additional Revolving Commitments.

 

(a)    Subject to the terms and conditions set forth herein and in the Existing Credit Agreement, each of Citi, US Bank, BofA, HSBC, PNC, Northern Trust and MS (each, an “Additional Revolving Commitment Lender”) agrees to increase its Revolving Commitment pursuant to Section 2.20 of the Existing Credit Agreement on the Supplement Effective Date (as defined below) in an amount equal to the “Additional Revolving Commitment” set forth opposite each such Additional Revolving Commitment Lender’s name on Exhibit A to this Supplement (each such increased Revolving Commitment, an “Additional Revolving Commitment”).

 

 

 

 

 

(b)    On the Supplement Effective Date, (i) each Additional Revolving Commitment Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to the Additional Revolving Commitments and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its revised Applicable Percentage of such outstanding Revolving Loans, and the Administrative Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans and participations in Letters of Credit and Swingline Loans then outstanding and amounts of principal, interest, commitment fees and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of the Administrative Agent, in order to effect such reallocation and (ii) the Company shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the Supplement Effective Date (it being understood and agreed that this Supplement shall constitute compliance with the notice requirement set forth in Section 2.20 of the Existing Credit Agreement). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount deemed to have been repaid as described in the immediately preceding sentence and, in respect of each Term Benchmark Loan, shall be subject to indemnification by the Company pursuant to the provisions of Section 2.16 of the Existing Credit Agreement if the deemed payment occurs other than on the last day of the related Interest Periods.

 

Section 3.         Aggregate Revolving Commitments. After giving effect to the Additional Revolving Commitments, the Revolving Commitment of each Lender is as set forth in Schedule 2.01 attached hereto. On the Supplement Effective Date, the Administrative Agent shall distribute notice of the Additional Revolving Commitments and such Schedule 2.01 to each of the Lenders other than the Additional Revolving Commitment Lenders, each of which, together with the Borrower, hereby waives any such notice required under Section 2.20 of the Credit Agreement.

 

 

Section 4.         Representations of the Company. The Company represents and warrants that (a) all representations and warranties set forth in the Credit Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the Supplement Effective Date (as defined below), except that (i) to the extent that any such representation or warranty is stated to relate solely to an earlier date, it shall be true and correct in all material respects as of such earlier date and (ii) any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects and (b) no Default or Event of Default shall exist and be continuing on the Supplement Effective Date.

 

Section 5.         Conditions to Supplement Effective Date. This Supplement shall become effective as of the date hereof (the “Supplement Effective Date”) upon satisfaction (or waiver in accordance with Section 9.02 of the Existing Credit Agreement) of the following conditions precedent:

 

(a)    the Administrative Agent shall have received, from each of the Company, each Additional Revolving Commitment Lender and the Administrative Agent a counterpart of this Supplement, signed on behalf of such party (which may include facsimile or other Electronic Signature in respect of this Supplement);

 

(b)    immediately prior to the effectiveness of this Supplement and immediately thereafter, (i) the representations of the Company set forth in Section 4 above shall be true and correct to the extent set forth in such Section 4, (ii) no law or regulation shall prohibit, and no order, judgment or decree of any Governmental Authority shall enjoin, prohibit or restrain, any Lender from consummating the transactions contemplated hereby, and (iii) the Company is in in compliance (on a pro forma basis) with the covenants contained in Section 6.09 of the Credit Agreement;

 

(c)    the Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the organizational power and authority of the Company to borrow under the Credit Agreement after giving effect to the transactions contemplated hereby; and

 

2

 

 

(d)    the Administrative Agent shall have received payment of the Administrative Agent’s and its affiliates’ reasonable out-of-pocket expenses (including reasonable out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection with this Supplement, in each case to the extent an invoice with respect thereto has been provided to the Company prior to the Supplement Effective Date.

 

Section 6.         Certain Consequences of Effectiveness.

 

(a)    Except as expressly set forth herein, this Supplement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or any other party under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

 

(b)    Nothing herein shall be deemed to entitle the Company or any Subsidiary Guarantor to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document in similar or different circumstances.

 

(c)    By signing this Supplement, the Company hereby (i) confirms that the Obligations of the Company and each Subsidiary Guarantor under the Credit Agreement and the other Loan Documents as amended hereby are entitled to the benefit of the Subsidiary Guaranty and the Guarantee of the Company set forth in the relevant Loan Documents, (ii) confirms that the Loan Documents as amended hereby are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects and (iii) to the extent such Loan Party granted liens on or security interests in any of its properties pursuant to the Security Agreement or any of the other Loan Documents, ratifies and reaffirms such grant of security (and any filings with Governmental Authorities made in connection therewith) and confirms that such liens and security interests continue to secure the Obligations, including, without limitation, all additional Obligations resulting from or incurred pursuant to the Credit Agreement.

 

Section 7.         Governing Law. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

Section 8.         WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SUPPLEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 9.         Venue; Etc. Each party hereto hereby agrees to the terms set forth in Sections 9.09(b), (c) and (d) of the Existing Credit Agreement, and such Sections are hereby incorporated by reference herein mutatis mutandis.

 

3

 

 

Section 10.         Counterparts. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall be deemed to constitute an original, but all of which when taken together shall constitute a single contract. Each party hereto hereby agrees to the terms set forth in Section 9.06 of the Existing Credit Agreement, and such Section is hereby incorporated by reference herein mutatis mutandis.

 

[Remainder of Page Intentionally Left Blank]

 

4

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed as of the date first above written.

 

	
			 

				
			H.B. FULLER COMPANY, as the Company

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ John Corkcrean

				
			 

			
	
			 

				
			 

				
			Name: John Corkrean 

				
			 

			
	
			 

				
			 

				
			Title: CFO

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			JPMORGAN CHASE BANK, N.A., as Administrative Agent

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Christopher A. Salek

				
			 

			
	
			 

				
			 

				
			Name: Christopher A. Salek

				
			 

			
	
			 

				
			 

				
			Title: Executive Director

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			CITIBANK, N.A., as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ David Jaffe

				
			 

			
	
			 

				
			 

				
			Name: David Jaffe

				
			 

			
	
			 

				
			 

				
			Title:

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			US BANK NATIONAL ASSOCIATION, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Tyrone Parker

				
			 

			
	
			 

				
			 

				
			Name: Tyrone Parker

				
			 

			
	
			 

				
			 

				
			Title: Vice President

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			BANK OF AMERICA, N.A., as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Chad Kardash

				
			 

			
	
			 

				
			 

				
			Name: Chad Kardash

				
			 

			
	
			 

				
			 

				
			Title:Senior Vice President

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Kyle Patterson

				
			 

			
	
			 

				
			 

				
			Name: Kyle Patterson

				
			 

			
	
			 

				
			 

				
			Title: Senior Vice President

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			 PNC BANK, NATIONAL ASSOCIATION, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Ana Gaytan

				
			 

			
	
			 

				
			 

				
			Name: Ana Gaytan

				
			 

			
	
			 

				
			 

				
			Title: Assistant Vice President

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			THE NORTHERN TRUST COMPANY, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Wicks Barkhausen

				
			 

			
	
			 

				
			 

				
			Name: Wicks Barkhausen

				
			 

			
	
			 

				
			 

				
			Title: Senior Vice President

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

	
			 

				
			MORGAN STANLEY BANK, N.A., as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael King

				
			 

			
	
			 

				
			 

				
			Name: Michael King

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory

				
			 

			

 

Signature Page to Increasing Lender Supplement

 

 

 

 

EXHIBIT A

 

 

Additional Revolving Commitments

 

	
			Additional Revolving Commitment Lender

				 	
			Additional Revolving Commitment

				 
	
			CITIBANK, N.A.

				 	$	20,155,563.07	 
	
			U.S. BANK NATIONAL ASSOCIATION

				 	$	20,155,563.07	 
	
			BANK OF AMERICA, N.A.

				 	$	15,116,672.30	 
	
			HSBC BANK USA, NATIONAL ASSOCIATION

				 	$	15,116,672.30	 
	
			PNC BANK, NATIONAL ASSOCIATION

				 	$	15,116,672.30	 
	
			THE NORTHERN TRUST COMPANY

				 	$	9,299,966.19	 
	
			MORGAN STANLEY BANK, N.A.

				 	$	5,038,890.77	 
	
			Total

				 	$	100,000,000.00	 

 

 

 

 

SCHEDULE 2.01

COMMITMENTS

 

	
			LENDER

				 	
			REVOLVING

			COMMITMENT

				 
	 	 	 	 	 
	
			JPMORGAN CHASE BANK, N.A.

				 	$	104,300,000.00	 
	 	 	 	 	 
	
			CITIBANK, N.A.

				 	$	104,300,000.00	 
	 	 	 	 	 
	
			U.S. BANK NATIONAL ASSOCIATION

				 	$	104,300,000.00	 
	 	 	 	 	 
	
			MUFG BANK, LTD.

				 	$	78,225,000.00	 
	 	 	 	 	 
	
			BANK OF AMERICA, N.A.

				 	$	78,225,000.00	 
	 	 	 	 	 
	
			HSBC BANK USA, NATIONAL ASSOCIATION

				 	$	78,225,000.00	 
	 	 	 	 	 
	
			PNC BANK, NATIONAL ASSOCIATION

				 	$	78,225,000.00	 
	 	 	 	 	 
	
			THE NORTHERN TRUST COMPANY

				 	$	48,125,000.00	 
	 	 	 	 	 
	
			MORGAN STANLEY BANK, N.A.

				 	$	26,075,000.00	 
	 	 	 	 	 
	
			AGGREGATE COMMITMENTS

				 	$	700,000,000.00Exhibit
4.1

 

DESCRIPTION
OF SECURITIES

 

We
are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association,
the Companies Act and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association
we are authorized to issue 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, as well as 5,000,000
preference 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.

 

Certain
Terms

 

Unless
otherwise stated in the Annual Report on Form 10-K (the “Report”), or the context otherwise requires, references to:

 

	 	●	“amended and restated
    memorandum and article of association” are to the amended and restated memorandum and articles of association that the company
    adopted on March 24, 2021;

 

	 	●	“Companies Act”
    are to the Companies Act (as amended) of the Cayman Islands, as the same may be amended from time to time;

 

	 	●	“company,” “we,”
    “us,” “our,” “MSDAC,” or “our company” are to MSD Acquisition Corp., a Cayman Islands
    exempted company;

 

	 	●	“equity-linked securities”
    are to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued
    in a financing transaction in connection with our initial business combination, including but not limited to a private placement
    of equity or debt; “management” or our “management team” are to our officers and directors;

 

	 	●	“forward purchase agreement”
    are to the agreement providing for the sale of the forward purchase units to MSD Partners in a private placement to occur concurrently
    with the closing of our initial business combination;

 

	 	●	“forward purchase investor”
    are to MSD Partners;

 

	 	●	“forward purchase securities”
    are to the forward purchase shares and forward purchase warrants;

 

	 	●	“forward purchase shares”
    are to Class A ordinary shares to be issued as part of the forward purchase units;

 

	 	●	“forward purchase units”
    are to the units consisting of one forward purchase share and one-fifth of one forward purchase warrant to be issued pursuant
    to the forward purchase agreement;

 

     

     

    

 

	 	●	“forward purchase warrants”
    are to warrants to purchase Class A ordinary shares to be issued as part of the forward purchase units;

 

	 	●	“Founders” are
    to Gregg Lemkau, our Chief Executive Officer and John Phelan, our Chairman;

 

	 	●	“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 at the
    time of our initial business combination (for the avoidance of doubt, such Class A ordinary shares will not be “public
    shares”);

 

	 	●	“initial public offering”
    are to the company’s offering on May 12, 2021 of 575,000,000 units at a price of $10.00 per unit each consisting of one Class
    A ordinary share and one-fifth of one redeemable warrant.

 

	 	●	“initial shareholders”
    are to our sponsor and each other holder of founder shares upon the consummation of our initial public offering;

 

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

 

	 	●	“MSD Capital” are
    to MSD Capital, L.P., the family office of Michael Dell and his family;

 

	 	●	“MSD Partners”
    are to MSD Partners, L.P., an SEC registered investment adviser formed by partners of MSD Capital;

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

	 	●	“sponsor” are to
    MSD Sponsor Holdings, LLC, a Delaware limited liability company and an affiliate of MSD Partners; and

 

	 	●	“Strategic Advisor”
    are to Michael Dell.

 

Units

 

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

 

The
Class A ordinary shares and warrants comprising the units began trading on May 25, 2021. Holders have the option to continue to
hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent
in order to separate the units into Class A ordinary shares and warrants. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. Accordingly, unless you purchase at least five units, you will not be able to receive
or trade a whole warrant.

 

Additionally,
the units will automatically separate into their component parts and will not be traded after completion of our initial business combination.

 

Ordinary
Shares

 

Prior
to the date of the Report, there were 14,375,000 Class B ordinary shares issued and outstanding, all of which were held of record
by our initial shareholders, so that our initial shareholders own 20% of our issued and outstanding shares. 71,875,000 of our ordinary
shares are outstanding including:

 

		●	57,500,000
Class A ordinary shares underlying the units issued as part of our initial public offering; and

 

    3

     

    

 

		●	14,375,000
Class B ordinary shares held by our initial shareholders (and their permitted transferees, if any).

 

Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described
below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all
matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum and
articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative
vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval
of certain actions requires a special resolution under Cayman Islands law, being the affirmative vote of at least 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 generally serves for terms of three years with only one
class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the
result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. Our shareholders
are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.
Prior to our initial business combination, only holders of our founder shares have the right to vote on the appointment of directors.
Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the
completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors
for any reason. The provisions of our amended and restated memorandum and articles of association governing the appointment or removal
of directors prior to our initial business combination may only be amended by a special resolution passed by holders representing at
least two-thirds of our outstanding Class B ordinary shares.

 

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

 

Our
board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except
for those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with Nasdaq corporate
governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following
our listing on Nasdaq. As an exempted company, there is no requirement under the Companies Act for us to hold annual or general meetings
to appoint directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of our initial business
combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee
chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination, holders
of a majority of our founder shares may remove a member of the board of directors for any reason.

 

    4

     

    

 

We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds
held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public
shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public
share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
commissions we will pay to the underwriters. The redemption rights may include the requirement that a beneficial owner must identify
itself in order to valid redeem its shares. Our sponsor and our management team have entered into agreements with us, pursuant to which
they have agreed to waive their redemption rights with respect to their founder shares and any public shares purchased during or after
our initial public offering in connection with (i) the completion of our initial business combination and (ii) a shareholder
vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance
or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection
with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
24 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights
of holders of our Class A ordinary shares or pre-initial business combination activity. Unlike many blank check companies that
hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law,
if a shareholder vote is not required by applicable law or stock exchange rule and we do not decide to hold a shareholder vote for business
or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant
to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination.
Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the same
financial and other information about the initial business combination and the redemption rights as is required under the SEC’s
proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange rule, or we decide
to obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction
with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we
will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. However, the
participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described
in this 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 unless restricted by applicable Nasdaq rules. For
purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the
approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association
require that at least five days’ notice will be given of any general meeting.

 

    5

     

    

 

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 (as defined in the Report), without our prior consent. However, we would not be restricting our shareholders’
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and
such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination.
And, as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would
be required to sell their shares in open market transactions, potentially at a loss.

 

If
we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting
of the Company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public
shares purchased during or after our initial public offering in favor of our initial business combination. As a result, in addition to
our initial shareholders’ founder shares, we would need 21,562,500, or 37.5% (assuming all issued and outstanding shares are voted),
or 3,593,750, or 6.25% (assuming only the minimum number of shares representing a quorum are voted), of the 57,500,000 public shares
sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination
approved. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against
the proposed transaction or vote at all.

 

Pursuant
to our amended and restated memorandum and articles of association, if we do not consummate an initial business combination within 24 months
from the closing of our initial public offering, we will (i) cease all operations except for the purpose of winding up; (ii) as
promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust
account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve,
subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
law. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to
waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate
an initial business combination within 24 months from the closing of our initial public offering (although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
combination within 24 months from the closing of our initial public offering).

 

    6

     

    

 

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

 

Founder
Shares

 

The
founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary
shares included in the units that were sold in our initial public offering, and holders of founder shares have the same shareholder rights
as public shareholders, except that:

 

		●	only
holders of the founder shares have the right to vote on the appointment of directors prior to the completion of our initial business
combination and holders of a majority of our founder shares may remove a member of the board of directors for any reason;

 

		●	the
founder shares are subject to certain transfer restrictions, as described in more detail below;

 

		●	our
sponsor and our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption
rights with respect to any founder shares and public shares they hold, (ii) to waive their redemption rights with respect to any
founder shares and any public shares purchased during or after our initial public offering in connection with a shareholder vote to approve
an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of
our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our
initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months
from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of
our Class A ordinary shares or pre-initial business combination activity and (iii) waive their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24 months
from the closing of our initial public offering (although they will be entitled to liquidating distributions from the trust account with
respect to any public shares they hold if we fail to complete our initial business combination within 24 months from the closing
of our initial public offering);

 

    7

     

    

 

		●	the
founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination as described
below adjacent to the caption “Founder shares conversion and anti-dilution rights” and in our amended and restated memorandum
and articles of association; and

 

		●	the
founder shares are entitled to registration rights.

 

If
we submit our initial business combination to our public shareholders for a vote, our sponsor and our management team have agreed to
vote their founder shares and any public shares purchased during or after our initial public offering in favor of our initial business
combination. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an
ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote
at a general meeting of the Company. In such case, our sponsor and each member of our management team have agreed to vote their founder
shares and any public shares purchased during or after our initial public offering in favor of our initial business combination. As a
result, in addition to our initial shareholders’ founder shares, we would need 21,562,500, or 37.5% (assuming all issued and outstanding
shares are voted), or 3,593,750, or 6.25% (assuming only the minimum number of shares representing a quorum are voted), of the 57,500,000
public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial
business combination approved;

 

The
founder shares will automatically convert into Class A ordinary shares on the day of the closing of our initial business combination
at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion
of our initial public offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon
conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the company in connection with or in
relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities
exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial
business combination, any private placement warrants issued to our sponsor, members of our management team or any of their affiliates
upon conversion of working capital loans and the forward purchase securities. In no event will the Class B ordinary shares convert
into Class A ordinary shares at a rate of less than one to one.

 

Except
as described herein, our sponsor and our management team have agreed not to transfer, assign or sell any of their founder shares until
the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business
combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation,
merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to
exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions
and other agreements of our sponsor and management team with respect to any founder shares, private placement warrants and Class A
ordinary shares issued upon conversion or exercise thereof. We refer to such transfer restrictions throughout this prospectus as the
lock-up.

 

    8

     

    

 

Prior
to the completion of our initial business combination, only holders of our founder shares have the right to vote on the appointment of
directors. Holders of our public shares are not entitled to vote on the appointment of directors during such time. In addition, prior
to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of
directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by
a special resolution passed by holders representing at least two-thirds of our outstanding Class B ordinary shares. With respect
to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination,
except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with
each share entitling the holder to one vote.

 

Register
of Members

 

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

 

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

 

		●	whether
voting rights are attached to the share in issue;

 

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

 

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

 

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

 

Preference
Shares

 

Our
amended and restated memorandum and articles of association authorize 5,000,000 preference shares and provide that preference shares
may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations,
powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions
thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder approval, issue preference shares
with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and
could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval
could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no
preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot
assure you that we will not do so in the future. No preference shares were issued or registered in our initial public offering.

 

    9

     

    

 

Warrants

 

Public
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 our initial public offering and 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 at least five
units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We
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, or a valid exemption from registration is available. 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 20 business days after the closing of our initial business combination,
we will use our commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares
issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within
60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement
and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the
warrant agreement; provided that 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. If a registration statement covering the Class A ordinary shares issuable upon exercise
of the warrants is not effective by the 60th 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, but we will use our commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the
warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the
product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value”
(defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value”
as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending
on the trading day prior to the date on which the notice of exercise is received by the warrant agent.

 

    10

     

    

 

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

 

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.

 

Redemptions
of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we
may call the warrants for redemption (except as described herein with respect to the private placement warrants and the forward purchase
warrants):

 

		●	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 to each warrant holder; and

 

		●	if,
and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to
the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants —
Public Warrants — Anti-Dilution Adjustments”) 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.

 

    11

     

    

 

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 adjustments to the
number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants —
Public Warrants — Anti-Dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after
the redemption notice is issued.

 

Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we
may redeem the outstanding warrants:

 

		●	in
whole and not in part;

 

		●	at
$0.10 per warrant

 

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

 

		●	if,
and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments
to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants —
Public Warrants — Anti-Dilution Adjustments”) for any 20 trading days within the 30-trading day period ending
three trading days before we send the notice of redemption to the warrant holders; and

 

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

 

provided
that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined
by reference to the table below, based on the redemption date and the “fair market value” of our Class A ordinary shares
(as defined below) except as otherwise described below.

 

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

 

    12

     

    

 

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

 

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

 

    13

     

    

 

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

 

The
exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between
two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares
to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth
for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year,
as applicable. For example, if the volume weighted average price of our Class A ordinary shares as reported during the 10 trading
days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and
at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption
feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact fair market
value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary
shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders
of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose
to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant.
In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A
ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and
about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature,
since they will not be exercisable for any Class A ordinary shares.

 

    14

     

    

 

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

 

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

 

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

 

    15

     

    

 

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) any cash dividends or cash distributions which,
when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during
the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately
reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price
or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate
cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders
of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights
of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and
articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary
shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares
if we do not complete our initial business combination within 24 months from the closing of our initial public offering or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination
activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination,
then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash
and/or the fair market value of any securities or other assets paid on each 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 sub-division or
reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination,
reverse share sub-division, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each
warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares.

 

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

 

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

 

    16

     

    

 

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

 

The
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as
warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder
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. You should review a copy of the warrant
agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description
of the terms and conditions applicable to the warrants.

 

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

 

We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the
warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum
for any such action, proceeding or claim. See “Risk Factors — Our warrant agreement will designate the courts of the
State of New York or the United States District Court for the Southern District of New York as the sole and exclusive
forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of
warrant holders to obtain a favorable judicial forum for disputes with our company.” This provision applies to claims under the Securities
Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States
of America are the sole and exclusive forum.

 

    17

     

    

 

Private
Placement Warrants

 

Except
as described below, the private placement warrants have terms and provisions that are identical to those of the warrants that were sold
as part of the units in our initial public offering. The private placement warrants (including the Class A ordinary shares issuable
upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion
of our initial business combination (except pursuant to limited exceptions as described under “Principal Shareholders —
Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated
with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described above under
“— Public Warrants — Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”)
so long as they are held by our sponsor or its permitted transferees. If the private placement warrants are held by holders other than
our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable
by the holders on the same basis as the warrants included in the units that were sold in our initial public offering. Any amendment to
the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants
will require a vote of holders of at least 50% of the number of the then outstanding private placement warrants.

 

Our
sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. Except as described
above under “— Public Warrants — Redemption procedures and cashless exercise,” 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 “historical fair market value” (defined below) over
the exercise price of the warrants by (y) the historical fair market value. The “historical fair market value” will
mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior
to the date on which the notice of warrant exercise is sent to the warrant agent or on which the notice of redemption is sent to the
holders of warrants, as applicable. 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 restrict insiders from selling our securities except during specific
periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in
our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could
exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup
the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that
allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

    18

     

    

 

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

 

Forward
Purchase Securities

 

Prior
to the consummation of our initial public offering, we entered into a forward purchase agreement with the forward purchase investor pursuant
to which the forward purchase investor has agreed to purchase up to $50,000,000 of forward purchase units. Each forward purchase unit
will consist of one Class A ordinary share and one-fifth of one warrant to purchase one Class A ordinary share, and will
be sold at a purchase price of $10.00 per unit in a private placement concurrently with the closing of our initial business combination.
The obligations of the forward purchase investor under the forward purchase agreement do not depend on whether any Class A ordinary
shares held by public shareholders are redeemed by us and the amount of forward purchase units sold pursuant to the forward purchase
agreement will be subject to the forward purchase investor’s sole discretion. The forward purchase shares will generally be identical
to the Class A ordinary shares included in the units being sold in our initial public offering, except that they will be entitled
to certain registration rights, as described herein. The forward purchase warrants will have the same terms as the private placement
warrants so long as they are held by the forward purchase investor or its permitted assignees and transferees.

 

Dividends

 

We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our
initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends
subsequent to our initial business combination will be within the discretion of our board of directors at such time, and we will only
pay such dividend out of our profits or share premium (subject to solvency requirements) as permitted under Cayman Islands law. If we
incur any indebtedness in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We
have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents
and each of its 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.

 

    19

     

    

 

Certain
Differences in Corporate Law

 

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

 

Mergers
and Similar Arrangements.

 

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

 

Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve and enter into 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 two-thirds 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 Act (which includes certain other formalities) have been complied
with, the Registrar of Companies will register the plan of merger or consolidation.

 

Where
the merger or consolidation involves a foreign company, the procedure is similar, save that 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.

 

    20

     

    

 

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 Act provides certain limited appraisal rights for 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.

 

    21

     

    

 

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 general meeting, or an extraordinary general 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 Act or that would amount to
a “fraud on the minority.”

 

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

 

Squeeze-out
Provisions

 

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

 

    22

     

    

 

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

 

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

 

		●	a
company is acting, or proposing to act, illegally or ultra vires (beyond the scope of its authority);

 

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

 

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

 

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

 

Enforcement
of Civil Liabilities

 

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

 

We
have been advised by Maples and Calder (Cayman) LLP (Cayman) LLP, 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.

 

    23

     

    

 

Special
Considerations for Exempted Companies

 

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

 

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

 

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

 

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

 

		●	an
exempted company may issue shares with no par value;

 

		●	an
exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 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.

 

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

 

    24

     

    

 

Amended
and Restated Memorandum and Articles of Association

 

Our
amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections relating
to our initial public offering 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) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s
articles of association) of a company’s shareholders entitled to vote and so voting 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 who
attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous
written resolution of all of our shareholders.

 

Our
initial shareholders and their permitted transferees, if any, who collectively beneficially own 20% of our ordinary shares, will participate
in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner
they choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

 

		●	if
we do not consummate an initial business combination within 24 months from the closing of our initial public offering, we will (i) cease
all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days
thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes,
if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares,
which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law;

 

		●	prior
to or in connection with our initial business combination, we may not issue additional securities that would entitle the holders thereof
to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business
combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business combination
or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we
have to consummate a business combination beyond 24 months from the closing of our initial public offering or (y) amend the
foregoing provisions;

 

		●	although
we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our
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 valuation
or accounting firm that such a business combination or transaction is fair to our company from a financial point of view;

 

    25

     

    

 

		●	if
a shareholder vote on our initial business combination is not required by applicable law or stock exchange rule and we do not decide
to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business
combination which contain substantially the same financial and other information about our initial business combination and the redemption
rights as is required under Regulation 14A of the Exchange Act;

 

		●	our
initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least
80% of the net assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable
on the interest earned on the trust account) at the time of signing the agreement to enter into the initial business combination;

 

		●	if
our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the
substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed
in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
combination within 24 months from the closing of our initial public offering or (B) with respect to any other provision relating
to the rights of holders of our Class A ordinary shares or pre-initial business combination activity, we will provide our public
shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust
account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public
shares, subject to the limitations described herein; and

 

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

 

In
addition, our amended and restated memorandum and articles of association provide that 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. We may, however, raise funds through the issuance
of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination,
including pursuant to forward purchase agreements or backstop arrangements we may enter into, in order to, among other reasons, satisfy
such net tangible assets requirement.

 

    26

     

    

 

The
Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution. A company’s articles of association may specify that the approval of a higher majority is required but,
provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles
of association regardless of whether its memorandum and articles of association 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, Counter-Terrorism Financing, Prevention of Proliferation Financing and Financial Sanctions Compliance — Cayman
Islands

 

If
any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person
is engaged in criminal conduct or money laundering, or is involved with terrorism, terrorist financing and property or proliferation
financing or is the target of a financial sanction and the information for that knowledge or suspicion came to their attention in the
course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report
such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act
(As Revised) of the Cayman Islands if the disclosure relates to criminal conduct, money laundering, terrorist financing, proliferation
financing or a financial sanctions breach or (ii) a police officer of the rank of constable or higher, or the Financial Reporting
Authority, pursuant to the Terrorism Act (As Revised) 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.

 

Data
Protection — Cayman Islands

 

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

 

Privacy
Notice

 

Introduction

 

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

 

    27

     

    

 

Investor
Data

 

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

 

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

 

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

 

Who
this Affects

 

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

 

How
the Company May Use a Shareholder’s Personal Data

 

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

 

		1.	where
this is necessary for the performance of our rights and obligations under any purchase agreements;

 

		2.	where
this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering
and FATCA/CRS requirements); and/or

 

    28

     

    

 

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

 

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

 

Why
We May Transfer Your Personal Data

 

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

 

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

 

The
Data Protection Measures We Take

 

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

 

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

 

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

 

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.
As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or
more annual general meetings.

 

Our
authorized but unissued Class A ordinary shares and preference shares 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 preference shares could render
more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

    29

     

    

 

Securities
Eligible for Future Sale

 

We
have 71,875,000 Class A ordinary shares issued and outstanding on an as-converted basis. Of these shares, the Class A
ordinary shares sold in our initial public offering 57,500,000 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 14,375,000 outstanding founder shares and all of the 9,333,333
outstanding private placement 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
forward purchase shares, 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 will equal 718,750 shares; and

 

		●	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.

 

    30

     

    

 

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 our sponsor will be able to sell its private placement
warrants, and the securities underlying the foregoing, pursuant to Rule 144 without registration one year after we have completed
our initial business combination.

 

Registration
and Shareholder Rights

 

The
holders of the founder shares, private placement warrants, Class A ordinary shares underlying the 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) will be entitled to registration
rights pursuant to a registration and shareholder rights agreement signed prior to 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. However, the registration and shareholder rights agreement provides that we will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period,
which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in the case of the private
placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our
initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

 

Pursuant
to the forward purchase agreement, we have agreed to 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 but in no event later than sixty (60) days after the initial filing, (iii) to maintain the effectiveness
of such registration statement until the earliest of (A) the date on which our sponsor or its assignees 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 and (iv) after such registration statement is declared effective, cause us to conduct
firm commitment underwritten offerings, subject to certain limitations. In addition, the forward purchase agreement provides for “piggy-back”
registration rights to the holders of forward purchase securities to include their securities in other registration statements filed
by us.

 

    31

     

    

 

Except
as described herein, our sponsor and our management team have agreed not to transfer, assign or sell (i) any of their founder shares
until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial
business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted
for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation,
merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to
exchange their ordinary shares for cash, securities or other property, and (ii) any of their private placement warrants and Class A
ordinary shares issued upon conversion or exercise thereof until 30 days after the completion of our initial business combination.
Any permitted transferees will be subject to the same restrictions and other agreements of our sponsor and management team with respect
to any founder shares, private placement warrants and Class A ordinary shares issued upon conversion or exercise thereof. We refer
to such transfer restrictions throughout this prospectus as the lock-up.

 

In
addition, pursuant to an agreement entered into prior to the closing of our initial public offering, our sponsor, upon and following
consummation of an initial business combination, will be entitled to nominate three individuals for appointment to our board of directors,
as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.

 

Listing
of Securities

 

We
have been approved to list our units on Nasdaq under the symbol “MSDAU.” Once the securities comprising the units begin separate
trading, we expect that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “MSDA” and
“MSDAW,” respectively. The units will automatically separate into their component parts and will not be traded following
the completion of our initial business combination.

 

32

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]