Document:

Exhibit 4.3

 

DESCRIPTION OF THE SHARES AND MATERIAL TERMS
OF THE TRUST AGREEMENT

 

Metaurus Equity Component Trust (the “Trust”) is a statutory
trust formed under the laws of the State of Delaware on September 28, 2016, pursuant to a short-form declaration of trust between
the Sponsor and the Trustee. An amended and restated Trust Agreement has been entered into between the Sponsor and the Trustee. The Trust
was organized in separate series rather than as separate statutory trusts in order to achieve administrative efficiencies. The principal
office of the Trust is located at c/o Metaurus Advisors LLC, 22 Hudson Place, 3rd Floor, Hoboken, NJ 07030, and the Trust’s
telephone number is 201-683-7979.

 

The Trust and the Funds are governed by the Trust Agreement, which
sets out the rights of the registered holders of the Shares and the rights and obligations of the Sponsor and the Trustee. Delaware law
governs the Trust Agreement, the Trust, the Fund and the Shares. The following describes in brief the Shares and the material provisions
of the Trust Agreement. It is qualified by reference to the entire Trust Agreement, which has been filed as an exhibit to the registration
statement of which the most recent prospectus is a part.

 

DESCRIPTION OF SECURITIES

 

As of December 31, 2021, the
Trust had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended. Metaurus Advisors LLC
(the “Sponsor” or “Advisor”) serves as the sponsor, commodity pool operator and commodity trading advisor. The
Trust currently has one series or fund traded on the NYSE Arca, Inc. exchange (“NYSE Arca”), U.S. Equity Cumulative Dividends
Fund–Series 2027 (the “Dividend Fund,” “Fund” or “ETF”). (The Trust previously also had a second
series or fund traded on the NYSE Arca -- U.S. Equity Ex-Dividend Fund–Series 2027 (the “Ex-Dividend Fund”) which was
liquidated on December 17, 2021.)

 

The Sponsor has filed on behalf of the Fund a Registration
Statement on Form S-1 with the SEC under the Securities Act of 1933. The Annual Report on Form 10-K to which this Description of
Securities is attached as an exhibit, and this exhibit itself do not contain all of the information contained in the Registration Statement,
including the exhibits to the Registration Statement, parts of which have been omitted in accordance with the rules and regulations of
the SEC. For further information about the Funds and the Shares, please refer to the Registration Statement, which you may view at the
internet website the SEC maintains at www.sec.gov.

 

Capitalized terms used but
not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities
is attached as an exhibit.

 

Description of the Shares

 

Each Share represents a unit of fractional undivided beneficial interest
in and ownership of the Fund. The Sponsor may from time to time divide or combine Shares of the Fund into a greater or lesser number of
Shares of the Fund. The Fund is not an investment company registered under the Investment Company Act and Fund is not required to register
under that Act.

 

The Shares may be purchased from the Fund or redeemed on a continuous
basis, but only by Authorized Participants and only in Creation Units. Individual Shares may not be purchased or redeemed from the Fund.
Shareholders that are not Authorized Participants may not purchase or redeem any shares or Creation Units from the Fund. Individual Shares
of the ETFs may be purchased and sold only on a national securities exchange, an alternative trading system or in the over-the-counter
market and not directly from the ETF. The Fund will issue and redeem Shares on a continuous basis, through SEI Investments Distribution
Co., the Distributor, at NAV per Share only in one or more large blocks of Shares, called “Baskets” as set forth in the ETF’s
current Prospectus and any prospectus supplements thereto. Baskets may be issued and redeemed for cash but are expected to be issued and
redeemed principally through exchange for related positions (“EFRP”) transactions for (i) futures contracts, Treasury securities
and other financial instruments designed to track such Fund’s underlying index (“Deposit Instruments”) and (ii) a cash
amount that includes a variable charge. Creation and redemption prices of Baskets are directly linked to the Fund’s next computed
NAV and will vary from NAV by a market-determined trading cost, which may be zero. Shares generally will trade in the secondary market
in amounts less than a Basket at market prices that change throughout the day. Trading prices in the secondary market for the Shares may
be different from the NAVs of the ETFs

 

     

     

    

 

Suspension of Creations and Redemptions

 

The creation and redemption of Baskets may be suspended or refused
with respect to specific orders by the Sponsor, in its sole discretion, for any reason at any time or from time to time including during
any period in which a market disruption event occurs such that the Sponsor determines, in its discretion, that any component instruments
in the Underlying Index are unavailable for investment or their prices are not available or not representative or the Underlying Index
is unavailable or has been suspended.

 

Certificates Evidencing the Shares

 

The ownership of Shares is recorded on the books of the Trust or a
transfer or similar agent for the Trust. The Sponsor expects that DTC will accept the Shares for settlement through its book-entry settlement
system. So long as the Shares are eligible for DTC settlement, there will be one or more certificates evidencing Shares that will be registered
in the name of a nominee of DTC. You will be able to own Shares only in the form of book-entry security entitlements with DTC or direct
or indirect participants in DTC. You will not be entitled to receive a separate certificate evidencing Shares. Because Shares can be held
only in the form of book-entries through DTC and its participants, you must rely on DTC, a DTC participant and any other financial
intermediary through which they hold Shares to receive the benefits and exercise the rights described in this section. You should consult
with your broker or financial institution to find out about the procedures and requirements for instruments held in DTC book-entry form.

 

Cash and Other Distributions

 

The Dividend Fund expects to pay distributions to its Shareholders
monthly. The Dividend Fund may make distributions on a more frequent basis.

 

In the event that the Dividend Fund makes a cash or other distribution,
as a registered holder of such Fund’s Shares, you will receive these distributions in proportion to the number of Shares that you
own. Before making a distribution, the Sponsor may deduct any applicable withholding taxes and any fees and expenses of the Fund that
have not been paid. It will distribute only whole United States dollars and cents and will round fractional cents down to the nearest
whole cent.

 

Voting Rights

 

The Shareholders of the Fund take no part in the management or control
of, and have no voice in, the Trust’s operations or business. Shares do not have any voting rights except (i) as otherwise required
by law or under the rules or regulations of NYSE Arca and (ii) in the limited circumstances as described below under “Amendment
of the Trust Agreement.”

 

Limitations on Obligations and Liability and Indemnification Obligations

 

The Trust Agreement expressly limits the obligations of the Sponsor
and the Trustee. It also limits the liability of each of the Sponsor and the Trustee.

 

The Trust Agreement provides that the Sponsor, the Trustee, and their
respective directors, officers, principals, representatives, partners, manager, agents, employees and members (together “Covered
Persons”) shall have no liability to the Trust or to any shareholder for any loss suffered by the Trust arising out of any action
or inaction of Covered Persons, if such Covered Person, in good faith, determined that such course of conduct was in the best interests
of the Trust or the Fund and such course of conduct did not constitute gross negligence or willful misconduct by such Covered Person.
The Trust has agreed to indemnify each Covered Person against all claims, losses or liabilities based on their conduct relating to the
Trust, provided that the conduct resulting in the claims, losses or liabilities for which indemnity is sought did not constitute gross
negligence or willful misconduct and was done in good faith and in a manner reasonably believed to be in the best interests of the Fund.

 

    2

     

    

 

Amendment of the Trust Agreement

 

The Sponsor and the Trustee may agree to amend the Trust Agreement
without your consent; provided that the Shareholders have the right to vote only if expressly required under Delaware or federal
law or rules or regulations of the NYSE Arca, or if submitted to the Shareholders by the Sponsor in its sole discretion. No amendment
affecting the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing.

 

Dissolution and Termination

 

The Trust Agreement permits the termination of the Trust or of the
Fund by the Sponsor for any reason with notice to Shareholders.

 

The Sponsor intends to dissolve the Fund on or about December 31,
2027, after which the Fund will be orderly liquidated.

 

The Sponsor will notify DTC as soon as reasonably practicable prior
to dissolution of the Fund. After dissolution, the Sponsor and its agents will do the following but nothing else: (1) collect distributions
pertaining to Fund property; (2) liquidate the Fund’s holdings in the amount necessary to cover all expenses of liquidation
and to pay any outstanding liabilities in connection with the Fund not paid by the Sponsor; and (3) deliver any remaining Fund property,
or proceeds thereof, upon surrender and cancellation of Shares. The Fund’s property may be disposed of in a public or private sale,
and the uninvested net proceeds of any such sale, together with any other cash, will be held for the pro rata benefit of Shareholders
who have not surrendered their Shares for cancellation for a period pending distribution of such proceeds. The Sponsor has no liability
for interest with respect to such proceeds.

 

Delegation by the Sponsor to an Agent

 

The Sponsor may delegate all or some of its duties under the Trust
Agreement to an administrator or agent without consent of the Trustee or any Authorized Participant. The Sponsor may terminate such delegation
to any agent at any time and is not required to appoint a new agent.

 

 

3Exhibit
4.5

 

DESCRIPTION
OF SECURITIES

 

As
of December 31, 2021, Oxbridge Acquisition Corp. (“we,” “our; “ “us” or the “company’)
had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (i) units, each consisting of one Class A ordinary share and one redeemable warrant, (ii) Class A ordinary shares, par value
$0.0001 per share, and (iii) redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price
of $11.50. In addition, this Description of Securities also references the company’s Class B ordinary shares, par value $0.0001
per share (the “Class B ordinary shares” or “founder shares”), which are not registered pursuant to Section 12
of the Exchange Act but are convertible into Class A ordinary shares. The description of the Class B ordinary shares is included to assist
in the description of the Class A ordinary shares. Unless the context otherwise requires, references to our “sponsor” are
to OAC Sponsor Ltd., a Cayman Islands exempted company, and references to our “initial shareholders” are to our sponsor and
certain members of our management team, as they held our founder shares prior to our initial public offering (our “IPO”).

 

We
are a Cayman Islands exempted company (company registration number MC374214) and our affairs are governed by our amended and restated
memorandum and articles of association, the Companies Act and common law of the Cayman Islands. Pursuant to our amended and restated
memorandum and articles of association, we are authorized to issue 400,000,000 Class A ordinary shares, $0.0001 par value per share,
40,000,000 Class B ordinary shares, $0.0001 par value per share and 4,000,000 undesignated preference shares, $0.0001 par value per share.
The following description summarizes the material terms of our shares as set out more particularly in our memorandum and articles of
association. Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each
unit has an offering price of $10.00 and consists of one Class A ordinary share and one redeemable warrant entitling the holder to purchase
one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described elsewhere.

 

The
Class A ordinary shares and warrants comprising the units began separate trading on October 1, 2021. Once the Class A ordinary shares
and warrants commenced separate trading, holders had 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.

 

Ordinary
shares

 

Class
A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be
voted on by shareholders and vote together as a single class, except as required by applicable law; provided, that holders of our Class
B ordinary shares will have the right to appoint all of our directors prior to our initial business combination and holders of our Class
A ordinary shares will not be entitled to vote on the appointment of directors during such time. These provisions of our amended and
restated memorandum and articles of association may only be amended by a special resolution passed by at least 90% of our ordinary shares
voting in a general meeting. Unless specified in the Companies Act, our amended and restated memorandum and articles of association or
applicable stock exchange rules, an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the shares
represented in person or by proxy and entitled to vote thereon and who vote at a general meeting (other than the appointment of directors),
and an ordinary resolution of the founder shares under Cayman Islands law, being the affirmative vote of a majority of the founder shares
represented in person or by proxy and entitled to vote thereon and who vote at a general meeting of the Company is required to approve
the appointment of directors. Approval of certain actions will require a special resolution under Cayman Islands law 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. Directors are appointed for a term of
two years. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than
50% of the founder 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.

 

    	 

     

    

 

Because
our amended and restated memorandum and articles of association authorize the issuance of up to 400,000,000 Class A ordinary shares,
if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of 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.

 

In
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until no later than one
full year after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to
hold annual or extraordinary general meetings in order to appoint directors. We may not hold an annual general meeting prior to the consummation
of our initial business combination.

 

We
will provide our Class A 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 as of two business days prior to the consummation of our initial business combination, including interest (which interest shall
be net of taxes payable) divided by the number of then outstanding public shares, subject to the limitations described herein. The amount
in the trust account is initially anticipated to be approximately $10.00 per public share. The per-share amount we will distribute to
investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our initial shareholders, 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 their founder shares and public shares in connection with the completion of our initial
business combination.

 

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 applicable law, if a shareholder vote is not required by applicable law and we do not decide to hold a shareholder
vote for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct
the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required
under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law, or we decide
to obtain shareholder approval for business or other legal reasons, we will, like many blank check companies, offer to redeem shares
in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder
approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands
law, being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon and
who vote at a general meeting of the Company in favor of the business combination However, the participation of our initial shareholders,
directors, officers or advisors, or their respective affiliates in privately-negotiated transactions, 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 business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes
and abstentions will have no effect on the approval of our initial business combination once a quorum is obtained. We intend to give
approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which
a vote shall be taken to approve our initial business combination.

 

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
more than an aggregate of 15% of the ordinary shares sold in our IPO, which we refer to as the “Excess Shares.” However,
we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our
initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability
to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such
Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess
Shares if we complete the business combination. And, as a result, such shareholders will continue to hold that number of shares exceeding
15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

 

    	 

     

    

 

If
we seek shareholder approval in connection with our initial business combination, our initial shareholders, officers and directors have
agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder
shares held by them and any public shares purchased during or after our IPO in favor of our initial business combination. Additionally,
each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.

 

Pursuant
to our amended and restated memorandum and articles of association, if we are unable to complete our initial business combination within
15 months from the closing of our IPO or during any extended time that we have to consummate a business combination beyond such date
as a result of a resolution of our Board of Directors (an “Extension Period”), we will (i) cease all operations except for
the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, subject to lawfully
available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account, including interest (which interest shall be net of taxes payable and 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 shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our Board of
Directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors
and the requirements of other applicable law. Our initial shareholders, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their
founder shares if we fail to complete our initial business combination within 15 months from the closing of our IPO or during any Extension
Period. However, if our initial shareholders 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 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 shareholders with the opportunity
to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including
interest (which interest shall be net of taxes payable) upon the completion of our initial business combination, subject to the limitations
described herein.

 

Founder
shares

 

The
founder shares are identical to the Class A ordinary shares included in the units sold in our IPO, and holders of founder shares have
the same shareholder rights as public shareholders, except that (i) holders of the founder shares have the right to vote on the appointment
of our directors prior to our initial business combination, (ii) the founder shares are subject to certain transfer restrictions, as
described in more detail below, and (iii) our initial shareholders, 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 their founder shares and public shares in
connection with the completion of our initial business combination and (B) to waive their rights to liquidating distributions from the
trust account with respect to their founder shares if we fail to complete our initial business combination within 15 months from the
closing of our IPO or during any Extension Period, 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 (iv)
the founder shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier
at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein
and in our amended and restated memorandum and articles of association. Our initial shareholders have agreed that, subject to applicable
law, neither of our initial shareholders will vote its founder shares to change the size of our board of directors or, without the other’s
consent, with respect to appointment of directors. If we submit our initial business combination to our public shareholders for a vote,
our initial shareholders, officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of a
letter agreement entered into with us, to vote any founder shares held by them and any public shares purchased during or after our IPO
in favor of our initial business combination.

 

    	 

     

    

 

The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination on a
one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like,
and subject to further adjustment as provided herein and in our amended and restated memorandum and articles of association. In the case
that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in our
IPO and related to the closing of the initial business combination, the ratio at which Class B ordinary shares shall convert into Class
A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive
such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable
upon conversion of all Class B ordinary shares will equal, in the aggregate, 20% of the sum of all ordinary shares outstanding upon completion
of our IPO plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial business
combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination
and any private placement-equivalent warrants issued to our initial shareholders or their affiliates upon conversion of loans made to
us). Holders of founder shares may also elect to convert their Class B ordinary shares into an equal number of Class A ordinary shares,
subject to adjustment as provided above, at any time. The term “equity-linked securities” refers 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. Securities could be “deemed
issued” for purposes of the conversion adjustment if such shares are issuable upon the conversion or exercise of convertible securities,
warrants or similar securities.

 

With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and
other persons or entities affiliated with our initial shareholders, 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 (B) subsequent to our initial business combination,
(x) if the last sale price of the Class A ordinary shares equal or exceed $12.00 per share (as adjusted for share sub-divisions, share
capitalizations, rights issuances, subdivisions, 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 following the completion of
our initial business combination on which we complete a liquidation, merger, capital stock or share exchange, reorganization or other
similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash,
securities or other property.

 

Register
of members

 

Under
Cayman Islands law, we must keep a register of members and there shall 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 the 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 shall 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. Once our register of members has been updated, the shareholders recorded in the register of members shall 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 provide that preference shares may be issued from time to time in one or
more series. Our Board of Directors are 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 are 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 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 IPO.

 

Redeemable
warrants

 

Public
Shareholders’ Warrants

 

Each
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 12 months from the closing of our IPO or 30 days after the completion of our
initial business combination. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m.,
New York City time, or earlier upon redemption or liquidation.

 

We
will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying
the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below
with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any
shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of the exercising holder, or an exemption is available. 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 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 15 business days after the closing of our initial business combination,
we will use our best efforts to file, and within 60 business days following our initial business combination to have declared effective,
a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants. We will use our best efforts to
cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. No warrants will be exercisable
for cash unless we have an effective and current registration statement covering the Class A ordinary shares issuable upon exercise of
the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding the foregoing, if a registration statement
covering the Class A ordinary shares issuable upon exercise of the warrants is not effective within a specified period following the
consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement
and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis
pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption,
or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

 

    	 

     

    

 

Once
the warrants become exercisable, we may call the warrants for redemption (except as described herein with respect to the private placement
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 (the “30-day redemption period”) to each warrant holder;
    and

 

if,
and only if, the reported last sale price of the Class A ordinary shares equal or exceed $18.00 per share (as adjusted for share sub-divisions,
share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within
a 30-trading day period ending on the third trading day prior to the date we send to the notice of redemption to the warrant holders.

 

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

 

We
have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise 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 well as the $11.50 warrant exercise price
after the redemption notice is issued. No fractional Class A ordinary shares will be issued upon redemption. If, upon redemption, a holder
would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class
A ordinary shares to be issued to the holder.

 

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

 

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

 

    	 

     

    

 

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

 

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 ordinary shares into which
the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends of not greater than $0.10 per share
per annum (subject to adjustment), (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 to (i) modify the substance or timing
of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination by November 16, 2022 or during any Extension
Period or (ii) with respect to the other provisions relating to shareholders’ rights or pre-initial business combination activity,
or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the
warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or
the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.

 

If
the number of issued and 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 issued and outstanding Class A ordinary shares.

 

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

 

    	 

     

    

 

In
case of any reclassification or reorganization of the issued and 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 issued and 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 our Class A ordinary shares immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.
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. Additionally, if less than
70% of the consideration receivable by the holders of 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 per share consideration minus Black-Scholes Warrant Value (as defined in the warrant
agreement) of the warrant.

 

The
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. You should review a copy of the warrant agreement, which has been filed as an exhibit to the Company’s Annual Report
on Form 10-K for the year ended December 31, 2021, for a complete description of the terms and conditions applicable to the warrants.
The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding public warrants
to make any change that adversely affects the interests of the registered holders of public warrants.

 

In
addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with
the closing of our initial business combination at a Newly Issued Price of less than $9.20 per Class A 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
initial shareholders or their affiliates, without taking into account any founder shares held by our initial shareholders or such affiliates,
as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our
initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, 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 described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market
Value and the Newly Issued Price. The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration
date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed
as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank
check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders
of Class A 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. 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 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, among other limited
exceptions to our officers and directors and other persons or entities affiliated with the sponsor) and they will not be redeemable by
us and will be exercisable on a cashless basis so long as they are held by the initial shareholders or their permitted transferees. Otherwise,
the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in our
IPO. If the private placement warrants are held by holders other than the sponsor 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 sold in our
IPO.

 

If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the
number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below)
over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average reported
last sale price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the
notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a
cashless basis so long as they are held by our initial shareholders and 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
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.

 

Dividends

 

We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of a
business combination. The payment of cash dividends in the future 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. In addition, our Board of Directors is not
currently contemplating and does not anticipate declaring any share capitalizations in the foreseeable future. Further, if we incur any
indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our
transfer agent and warrant agent

 

The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each
of its shareholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees
that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,
willful misconduct or bad faith of the indemnified person or entity.

 

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).

 

Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger
or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized by either (a)
a special resolution (usually a majority of 662/3% in value who attend and vote 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; (iv) that no scheme, order, compromise
or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company
are and continue to be suspended or restricted.

 

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

 

Where
the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure
is as follows (a) the shareholder must give his written objection to the merger or consolidation to the constituent company before the
vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger
or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by
the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder
must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his
intention to dissent including, among other details, a demand for payment of the fair value of his shares; (d) within seven days following
the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger
or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a
written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the
company and the shareholder agree the price within 30 days following the date on which the offer was made, the company must pay the shareholder
such amount; (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 be 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.

 

    	 

     

    

 

Moreover,
Cayman Islands law also 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 procedure of 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 an annual general meeting, or 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, which would otherwise ordinarily be available to dissenting shareholders of United States corporations, providing
rights to receive payment in cash for the judicially determined value of the shares.

 

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

 

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

 

Special
Considerations for Exempted Companies. We are an exempted company with limited liability 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. An exempted company may also be licensed to carry
on business in the Cayman Islands under applicable law. 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 so long as such exempted
    company is are not licensed to carry on business in the Cayman Islands under applicable law;
	●	an
    exempted company’s register of members is not open to inspection so long as such exempted company is are not licensed to carry
    on business in the Cayman Islands under applicable law;
	●	an
    exempted company does not have to hold an annual general meeting so long as such exempted company is are not licensed to carry on
    business in the Cayman Islands under applicable law;
	●	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).

 

    	 

     

    

 

Our
amended and restated memorandum and articles of association

 

Our
amended and restated memorandum and articles of association contain certain requirements and restrictions that will apply to us until
the completion of our initial business combination. These provisions cannot be amended without a special resolution. As a matter of Cayman
Islands law, a resolution is deemed to be a special resolution where it has been approved by either (i) at least two-thirds (or any higher
threshold specified in a company’s articles of association) of a company’s shareholders who attend and vote at a general
meeting of the Company 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 for which notice specifying the intention to propose
the resolution as a special resolution has been given (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous
written resolution of all of our shareholders.

 

Our
initial shareholders 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 it chooses. Specifically, our amended and restated memorandum and articles of association provide,
among other things, that:

 

	 	●	if
    we are unable to complete our initial business combination within 15 months from the closing of our IPO or during any Extension Period,
    we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
    ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price,
    payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be
    net of taxes payable and 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 shareholders’ rights as shareholders (including the right to receive
    further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such
    redemption, subject to the approval of our remaining shareholders and our Board of Directors, liquidate and dissolve;
	 	●	prior
    to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (i) receive
    funds from the trust account or (ii) vote on any initial business combination;
	 	●	although
    we do not intend to enter into a business combination with a target business that is affiliated with our initial shareholders, our
    directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee
    of independent directors, will obtain an opinion from an independent investment banking firm or another independent firm that commonly
    renders valuation opinions for the type of company we are seeking to acquire or an independent accounting firm, that such a business
    combination is fair to our company from a financial point of view;
	 	●	if
    a shareholder vote on our initial business combination is not required by applicable law and we do not decide to hold a shareholder
    vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of
    the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain
    substantially the same financial and other information about our initial business combination and the redemption rights as is required
    under Regulation 14A of the Exchange Act;
	 	●	So
    long as our securities are listed on Nasdaq, Nasdaq rules require that we must complete one or more business combinations having
    an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting
    commissions and taxes payable) at the time of our signing a definitive agreement in connection with our initial business combination;
	 	●	If
    our shareholders approve an amendment to our amended and restated memorandum and articles of association (i) that would modify the
    substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination
    or to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing of
    our IPO or during any Extension Period, or (ii) with respect to the other provisions relating to shareholders’ rights 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 (which interest shall be net of taxes payable) divided by the number of then outstanding public shares; and
	 	●	we
    will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.

 

    	 

     

    

 

In
addition, our amended and restated 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 at least $5,000,001 either immediately prior to or upon consummation
of our initial business combination.

 

The
Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares. 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 structure and business plan which are
contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations
to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless
we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money
Laundering—Cayman Islands

 

If
any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged
in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that
knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business
or employment, the person 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 or money
laundering, 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.

 

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:

 

	 	(a)	where
    this is necessary for the performance of our rights and obligations under any purchase agreements;
	 	 	 
	 	(b)	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
	 	 	 
	 	(c)	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
authorized but unissued 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 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.

 

Securities
eligible for future sale

 

Immediately
after our IPO we had 11,500,000 Class A ordinary shares outstanding. Of these shares, only the Class A ordinary shares sold in our IPO
are freely tradable without restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased
by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the outstanding 2,875,000 founder shares, all
of the outstanding 4,897,500 private placement warrants and all of the 862,500 representative warrants will be restricted securities
under Rule 144, in that they were issued in private transactions not involving a public offering.

 

Rule
144

 

Pursuant
to Rule 144, a person who has beneficially owned restricted ordinary 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 ordinary 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 Class A ordinary shares then outstanding, which will equal 115,000 shares immediately after our IPO, on an
    as converted basis; or
	 	●	the
    average weekly reported trading volume of the 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.

 

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 Current Reports on
    Form 8-K; and
	 	●	at
    least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
    as an entity that is not a shell company.

 

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

 

Registration
rights

 

The
holders of the founder shares, private placement warrants and warrants that may be issued on conversion of working capital loans (and
any Class A ordinary shares issuable upon the exercise of the private placement warrants or warrants issued upon conversion of the working
capital loans and upon conversion of the founder shares) are entitled to registration rights pursuant to a registration rights agreement
requiring us to register such securities for resale (in the case of the founder shares, only after conversion to our Class A ordinary
shares). 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 and rights to require us to register for resale such securities
pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration
statements.

 

Listing
of Securities

 

Our
units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “OXACU,” “OXAC” and “OXACW,”
respectively.

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