Document:

htgm-ex412_46.htm

Exhibit 4.12

 

DESCRIPTION OF COMMON STOCK

The following summary describes the material terms of the common stock, par value $0.001 per share, of HTG Molecular Diagnostics, Inc. (“we,” “us” and “our”). The description of common stock is qualified by reference to our amended and restated certificate of incorporation and our amended and restated bylaws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part.

General

Our amended and restated certificate of incorporation authorizes us to issue up to 26,666,667 shares of common stock In addition, under our amended and restated certificate of incorporation, our board of directors has the authority, without further action by stockholders, to designate up to 10,000,000 shares of preferred stock, par value $0.001 per share, in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of our common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and reduce the likelihood that common stockholders will receive dividend payments and payments upon liquidation.  The issuance could also have the effect of decreasing the market price of the common stock. The issuance of preferred stock also could have the effect of delaying, deterring or prevent a change in control of us.

Our board of directors previously designated 51,270 shares of preferred stock as Series A Convertible Preferred Stock (“Series A Preferred”), of which 23,770 shares are issued and outstanding as of the end of the period covered by the Annual Report on Form 10-K of which this exhibit is a part. Each share of Series A Preferred is convertible into 6.67 shares of our common stock at the election of the holder, subject to proportional adjustment and beneficial ownership limitations as provided in the Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock. Each share of Series A Preferred that is converted into common stock resumes the status of authorized but unissued shares of preferred stock and shall no longer be designated as Series A Preferred.

Voting

Our common stock is entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, including the election of directors, and does not have cumulative voting rights. Accordingly, the holders of a majority of the shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election.

Dividends

Subject to preferences that may be applicable to any then outstanding preferred stock, the holders of common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. Holders of Series A Preferred are entitled to receive dividends on shares of Series A Preferred equal (on an as-converted to common stock basis) to and in the same form as dividends actually paid on our common stock.

Liquidation

In the event of our liquidation, dissolution or winding up, holders of our common stock and holders of Series A Preferred will be entitled to share ratably (on an as-converted to common stock basis) in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference granted to the holders of any outstanding shares of preferred stock.

 Rights and Preferences

Holders of our common stock have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.

Anti-Takeover Effects of Provisions of Our Amended and Restated Certificate of Incorporation, Our Bylaws and Delaware Law

Delaware Anti-Takeover Law

We are subject to Section 203 of the Delaware General Corporation Law, or Section 203. Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years following the time that such stockholder became an interested stockholder, unless:

	
 
	
•
	
prior to such time the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

	
 
	
•
	
upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

	
 
	
•
	
at or subsequent to such time the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

	
 
	
•
	
any merger or consolidation involving the corporation and the interested stockholder;

	
 
	
•
	
any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

	
 
	
•
	
subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

	
 
	
•
	
subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; and

	
 
	
•
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws

Provisions of our amended and restated certificate of incorporation and amended and restated bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our management, 

including transactions in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock. Among other things, our amended and restated certificate of incorporation and amended and restated bylaws:

	
 
	
•
	
permit our board of directors to issue up to 10,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate (including the right to approve an acquisition or other change of control);

	
 
	
•
	
provide that the authorized number of directors may be changed only by resolution of the board of directors;

	
 
	
•
	
provide that directors may only be removed, subject to any limitation imposed by law, by the holders of at least 66 2/3% of the voting power of all of our then-outstanding shares of the capital stock entitled to vote generally at an election of directors;

	
 
	
•
	
provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;

	
 
	
•
	
divide our board of directors into three classes;

	
 
	
•
	
require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and not be taken by written consent;

	
 
	
•
	
provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide advance notice in writing in a timely manner and also specify requirements as to the form and content of a stockholder’s notice;

	
 
	
•
	
do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose);

	
 
	
•
	
provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our directors or officers to us or our stockholders, (3) any action asserting a claim against the us arising pursuant to any provision of the Delaware General Corporation Law or our certificate of incorporation or bylaws, or (4) any action asserting a claim against us governed by the internal affairs doctrine; provided, however, the foregoing forum selection provisions do not apply to actions arising under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended; and

	
 
	
•
	
provide that special meetings of our stockholders may be called only by the chairman of the board, our Chief Executive Officer or by the board of directors pursuant to a resolution adopted by a majority of the total number of authorized directors. 

The amendment of any of these provisions, with the exception of the ability of our board of directors to issue shares of preferred stock and designate any rights, preferences and privileges thereto, would require approval by the holders of at least 66 2/3% of our then outstanding common stock.

Nasdaq Capital Market Listing

Our common stock is listed on The Nasdaq Capital Market under the symbol “HTGM.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. The transfer agent and registrar’s address is 6201 15th Avenue, Brooklyn, New York 11219.Exhibit
4.5

 

DUNE
ACQUISITION CORPORATION

DESCRIPTION
OF SECURITIES

 

The
following summary of the material terms of the securities of Dune Acquisition Corporation, a Delaware corporation (“we,”
“us,” “our” or “the company”), is not intended to be a complete summary of the rights and preferences
of such securities and is subject to and qualified by reference to our amended and restated certificate of incorporation, as may be amended,
our bylaws and the warrant agreement, dated December 17, 2020, between the company and Continental Stock Transfer & Trust Company
(the “Warrant Agreement”), in each case incorporated by reference as exhibits to the company’s Annual Report on Form
10-K for the year ended December 31, 2020 (the “Report”), and applicable Delaware law, including the Delaware General Corporation
Law, or DGCL. We urge you to read our amended and restated certificate of incorporation, as amended, our bylaws and the Warrant Agreement
in their entirety for a complete description of the rights and preferences of our securities.

 

Certain
Terms

 

	●	“founder
    shares” are to shares of Class B common stock initially purchased by our sponsor in a private placement prior to our initial
    public offering and the shares of Class A common stock that will be issued upon the automatic conversion of the shares of Class B
    common stock at the time of our initial business combination;

 

	●	“initial
    stockholders” are to holders of our founder shares prior to our initial public offering

 

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

 

	●	“directors”
    are to our current directors;

 

	●	“common
    stock” are to our Class A common stock and our Class B common stock;

 

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

 

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

 

	●	“private
    placement warrants” are to the warrants issued to certain of our sponsor in a private placement simultaneously with the closing
    of our initial public offering; and

 

	●	“sponsor”
    are to Dune Acquisition Holdings LLC, a Delaware limited liability company.

 

General

 

We
are a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses, which we refer to in this document as our initial business combination,
and our affairs are governed by our amended and restated certificate of incorporation, and the DGCL. Pursuant to our amended and restated
certificate of incorporation, our authorized capital stock consists of 400,000,000 shares of common stock, $0.0001 par value each, including
380,000,000 shares of Class A common stock and 20,000,000 shares of Class B common stock, as well as 1,000,000 shares of preferred stock,
$0.0001 par value each. The following description summarizes certain terms of our capital stock as set out more particularly in our amended
and restated certificate of incorporation. Because it is only a summary, it may not contain all the information that is important to
you.

 

     

     

    

 

Units

 

Each
unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one share of Class A common stock at a price of $11.50 per share, subject to certain adjustments. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of the shares of Company’s Class A common stock.
This means only a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one-half
of one warrant to purchase a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds two-halves
of one warrant, such whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two
units, you will not be able to receive or trade a whole warrant. The common stock and warrants comprising the units began to trade separately
on February 19, 2021. Since such date, 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 common stock and warrants.

 

Common
Stock

 

As
of December 31, 2021, there were 17,250,000 shares of Class A common stock, par value $0.0001, and 4,312,500 shares of Class B common
stock, $0.0001 par value, issued and outstanding.

 

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

 

Because
our amended and restated certificate of incorporation authorizes the issuance of up to 380,000,000 shares of Class A common stock,
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 shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the business
combination to the extent we seek stockholder approval in connection with our initial business combination. Our board of directors is
divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed
prior to our first annual meeting of stockholders) serving a three-year term.

 

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

 

    2

     

    

 

We
will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations described herein. The per share amount we will distribute to investors who properly redeem their shares will
not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our initial stockholders, sponsor, officers
and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with
respect to any founder shares and public shares they hold in connection with the completion of our initial business combination. Unlike
many special purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial
business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote
for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions
pursuant to the tender offer rules of the Security and Exchange Commission (“SEC”), and file tender offer documents with
the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation requires these tender
offer documents to contain substantially the same financial and other information about our initial business combination and the redemption
rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or
we decide to obtain stockholder approval for business or other legal reasons, we will, like many special purpose acquisition companies,
offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the shares of common stock voted
are voted in favor of our initial business combination. However, the participation of our sponsor, officers, directors, advisors or their
affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business combination even if a majority
of our public stockholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking
approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained.

 

If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder,
together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate
of 20% of the shares sold in our initial public offering, which we refer to as the “Excess Shares,” without our prior consent.
However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against
our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our
ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they
sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to
the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue to hold that number
of shares exceeding 20% 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 stockholder approval in connection with our initial business combination, our initial stockholders, sponsor, officers and directors
have agreed to vote any founder shares they hold and any public shares in favor of our initial business combination. Additionally, each
public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.

 

    3

     

    

 

Pursuant
to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination by June 22, 2022,
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more
than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to
pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares,
which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. Our initial stockholders have entered into agreements
with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to
their founder shares if we fail to complete our initial business combination by June 22, 2022 or any extended period of time that we
may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate of incorporation.
However, if our initial stockholders or management team acquire public shares, they will be entitled to liquidating distributions from
the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time
period.

 

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

 

Founder
Shares

 

The
founder shares are designated as Class B common stock and, except as described below, are identical to the shares of Class A common stock
included in the units that were sold in our initial public offering, and holders of founder shares have the same stockholder rights as
public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below,
(ii) our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have
agreed (A) to waive their redemption rights with respect to any founder shares and public shares they hold in connection with the completion
of our initial business combination, (B) to waive their redemption rights with respect to any founder shares and public shares they hold
in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the
substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination
by June 22, 2022 or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination
activity and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold
if we fail to complete our initial business combination by June 22, 2022 or any extended period of time that we may have to consummate
an initial business combination as a result of an amendment to our amended and restated certificate of incorporation, although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our
initial business combination within such time period, and (iii) the founder shares are automatically convertible into Class A common
stock concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject
to adjustment as described herein and in our amended and restated certificate of incorporation. If we submit our initial business combination
to our public stockholders for a vote, our initial stockholders have agreed to vote their founder shares and any public shares purchased
in favor of our initial business combination.

 

    4

     

    

 

The
founder shares will automatically convert into shares of Class A common stock concurrently with or immediately following the consummation
of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common
stock or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares
of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of
the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares
of Class A common stock by public stockholders), including the total number of shares of Class A common stock 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 shares of Class A common stock or equity-linked
securities or rights exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the
initial business combination and any private placement warrants issued to our sponsor, officers or directors upon conversion of working
capital loans, provided that such conversion of founder shares will never occur on a less than one-for-one basis.

 

With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and
other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier
of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial business combination,
the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock 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, and (B) the date following the completion of our initial business combination on which we complete
a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to
exchange their Class A common stock for cash, securities or other property.

 

Preferred
Stock

 

Our
amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred
stock 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 may, without stockholder approval, issue shares of preferred
stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and
could have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock without stockholder approval
could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no
preferred shares outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot
assure you that we will not do so in the future. Immediately after the initial public offering, there were no shares of preferred stock
issued and outstanding.

 

    5

     

    

 

Warrants

 

As
of December 31, 2021, there were 13,475,000 warrants outstanding exercisable for 13,475,000 shares of common stock, consisting of 8,625,000
public stockholders’ warrants and 4,850,000 private placement warrants.

 

Public
Stockholders’ Warrants

 

Each
whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of 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 shares of Class A common stock 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 shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder.
No fractional warrants will be issued and only whole warrants will trade. Accordingly, unless you have purchased at least two 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 common stock pursuant to the exercise of a warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying
the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below
with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of Class A common stock
upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will
not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to
net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of
a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit.

 

We
have agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of our initial business
combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act,
of the Class A common stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of
the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A
common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of our initial
business combination, warrant holders may, until such time as there is an effective registration statement and during any period when
we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock are
at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we
will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 

    6

     

    

 

Redemption
of warrants for cash

 

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

 

	 	●	in
    whole and not in part;

 

	 	●	at
    a price of $0.01 per warrant;

 

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

 

	 	●	if,
    and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations,
    reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities for
    capital raising purposes in connection with the closing of our initial business combination as described elsewhere in this prospectus)
    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 for cash, we may exercise our redemption right even if we are unable to register or qualify
the underlying securities for sale under all applicable state securities laws.

 

We
have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However,
the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities for
capital raising purposes in connection with the closing of our initial business combination) as well as the $11.50 warrant exercise price
after the redemption notice is issued.

 

Redemption
procedures and cashless exercise

 

If
we call the warrants for redemption as described above under “— Redemption of warrants for cash”, our management
will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.”
In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider,
among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing
the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage
of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A
common stock equal to the quotient obtained by dividing (x) the product of the number of Class A common stock underlying the
warrants, multiplied by the excess of the “fair market value” of our Class A common stock (defined below) over the exercise
price of the warrants by (y) the fair market value. The “fair market value” will mean the average closing price of the
Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the
“fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued
and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need
the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management
does not take advantage of this option, the holders of the private placement warrants and their permitted transferees would still be
entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other
warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis,
as described in more detail below.

 

    7

     

    

 

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 common stock outstanding immediately after giving effect to such exercise.

 

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

 

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

 

    8

     

    

 

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

 

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

 

In
addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per
share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors
and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares
held by our initial stockholders 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 common stock during the 20 trading day period starting on
the trading day after the day on which we consummate our initial business combination (such price, the “Market Value”) is
below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of
the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent)
to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

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

 

    9

     

    

 

The
warrants have been issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company,
as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder
to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written
consent of the holders of at least 50% of the then outstanding public warrants, and, solely with respect to any amendment to the terms
of the private placement warrants, at least 50% of the then outstanding private placement warrants. You should review a copy of the warrant
agreement, which was filed as an exhibit to the registration statement relating to the initial public offering, for a complete description
of the terms and conditions applicable to the warrants.

 

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

 

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

 

We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the
warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action,
proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or
any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

Private
Placement Warrants

 

The
private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be
transferable, assignable or salable until 30 days after the completion of our initial business combination, subject to certain limited
exceptions and they will not be redeemable by us so long as they are held by the initial stockholders or their permitted transferees.
The initial purchasers, or their permitted transferees, have the option to exercise the private placement warrants on a cashless basis.
Except as described in this section, the private placement warrants have terms and provisions that are identical to those of the warrants
sold as part of the units in our initial public offering. If the private placement warrants are held by holders other than the initial
purchasers or their permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on
the same basis as the warrants included in the units that were sold in our initial public offering.

 

    10

     

    

 

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

 

In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans
may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender.
Such warrants would be identical to the private placement warrants.

 

Our
initial stockholders have agreed not to transfer, assign or sell any of the private placement warrants (including the Class A common
stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business
combination, except that, among other certain limited exceptions as described in the registration statement relating to the initial public
offering, transfers can be made to our officers and directors and other persons or entities affiliated with our sponsor.

 

Dividends

 

We
have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of a 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 a business combination. The payment of any cash dividends subsequent to a
business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our ability
to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We
have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents
and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or
omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional misconduct of the indemnified
person or entity. Continental Stock Transfer & Trust Company has agreed that it has no right of set-off or any right, title,
interest or claim of any kind to, or to any monies in, the trust account, and has irrevocably waived any right, title, interest or claim
of any kind to, or to any monies in, the trust account that it may have now or in the future. Accordingly, any indemnification provided
will only be able to be satisfied, or a claim will only be able to be pursued, solely against us and our assets outside the trust account
and not against the any monies in the trust account or interest earned thereon.

 

    11

     

    

 

Amended
and Restated Certificate of Incorporation

 

Our
amended and restated certificate of incorporation contains certain requirements and restrictions that will apply to us until the completion
of our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock.
Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

	 	●	If
    we are unable to complete our initial business combination by June 22, 2022, we will (i) cease all operations except for the purpose
    of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at
    a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned
    on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay
    dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public
    stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii)
    as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board
    of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors
    and in all cases subject to the requirements of other applicable law;

 

	 	●	Prior
    to our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive
    funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or (b) to approve
    an amendment to our amended and restated certificate of incorporation to (x) extend the time we have to consummate a business combination
    beyond June 22, 2022 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 a valuation
    or appraisal firm that such a business combination is fair to our company from a financial point of view;

 

	 	●	If
    a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote for
    business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange
    Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially
    the same financial and other information about our initial business combination and the redemption rights as is required under Regulation
    14A of the Exchange Act. Whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq, we will provide
    our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above;

 

	 	●	We
    must complete one or more business combinations having an aggregate fair market value of at least 80% of the assets held in the trust
    account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time
    of the agreement to enter into the initial business combination;

 

    12

     

    

 

	 	●	If
    our stockholders approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing
    of our obligation to redeem 100% of our public shares if we do not complete our initial business combination by June 22, 2022, or
    with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination activity,
    we will provide our public stockholders with the opportunity to redeem all or a portion of their Class A common stock upon such approval
    at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned
    on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding
    public shares, 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 certificate of incorporation provides 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.

 

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

 

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

 

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

 

	 	●	an
    affiliate of an interested stockholder; or

 

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

 

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

 

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

 

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

 

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

 

Our
amended and restated certificate of incorporation provides that our board of directors are classified into three classes of directors.
As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or
more annual meetings.

 

    13

     

    

 

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

 

Exclusive
forum for certain lawsuits

 

Our
amended and restated certificate of incorporation requires, unless we consent in writing to the selection of an alternative forum, that
(i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty
owed by any director, officer or other employee to us or our stockholders, (iii) any action asserting a claim against us, our directors,
officers or employees arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws,
or (iv) any action asserting a claim against us, our directors, officers or employees governed by the internal affairs doctrine
may be brought only in the Court of Chancery in the State of Delaware, except any claim (A) as to which the Court of Chancery of
the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the
indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination),
(B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C) for which the
Court of Chancery does not have subject matter jurisdiction, as to which the Court of Chancery and the federal district court for the
District of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit
will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe this provision benefits
us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine
that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits
against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder. Additionally, unless we consent in writing to the selection of an alternative forum, the
federal courts shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act against us or any of our directors, officers, other employees or agents. Section 22 of the Securities Act, however, created concurrent
jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities or the rules
and regulations thereunder. Accordingly, there is uncertainty as to whether a court would enforce such provisions, and the enforceability
of similar choice of forum provisions in other companies’ charter documents has been challenged in legal proceedings. While the
Delaware courts have determined that such exclusive forum provisions are facially valid, a stockholder may nevertheless seek to bring
a claim in a venue other than those designated in the exclusive forum provisions, and there can be no assurance that such provisions
will be enforced by a court in those other jurisdictions. Any person or entity purchasing or otherwise acquiring any interest in our
securities shall be deemed to have notice of and consented to these provisions; however, we note that investors cannot waive compliance
with the federal securities laws and the rules and regulations thereunder.

 

Notwithstanding
the foregoing, our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply to suits
brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder.

 

Special
meeting of stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our Chief
Executive Officer or by our Chairman.

 

    14

     

    

 

Advance
notice requirements for stockholder proposals and director nominations

 

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

 

Action
by written consent

 

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

 

Classified
Board of Directors

 

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

 

Class B
Common Stock Consent Right

 

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

 

Listing
of Securities

 

Our
units, common stock and warrants are listed on Nasdaq under the symbols “DUNEU,” “DUNE” and “DUNEW,”
respectively.

 

 

15

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