Document:

Exhibit 4.5
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
As of December 31, 2021, DHB Capital 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) its units, consisting of one share of Class A common stock (as defined below) and one-third of one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share of Class A common stock (the “units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”), and (iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).
Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 320,000,000 shares of common stock, including 300,000,000 shares of Class A common stock, $0.0001 par value and 20,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of incorporation, and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.
Defined terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.
Units
Each unit consists of one share of Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share.  Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the shares of Company’s Class A common stock.
Class A Common Stock
Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.
We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein. Our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares they hold in connection with the completion of our initial business combination.
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.
​

In the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein.
Redeemable Warrants
Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of March 4, 2022 and 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock.
The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We will not be obligated to deliver any Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of Class A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.
We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00.
Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):
●in whole and not in part;
●at a price of $0.01 per warrant;
●upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

​

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

If and when the warrants become redeemable by us for cash, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00.
Once the warrants become exercisable, we may redeem the outstanding warrants:
		·
	in whole and not in part;

		·
	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A common stock (as defined below);

		·
	if, and only if, the closing price of the Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before we send to the notice of redemption to the warrant holders; and

		·
	if, and only if, the private placement warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A common stock) as the outstanding public warrants, as described above.

Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders who elect to exercise their warrants may do so on a cashless basis. The numbers in the table below represent the number of shares of Class A common stock that a warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on the volume-weighted average price of our Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business day after the ten-trading day period described above ends.
Pursuant to the warrant agreement, references above to Class A common stock shall include a security other than Class A common stock into which the Class A common stock have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted when determining the number of Class A common stock to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.
The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “—Anti-Dilution Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “—Anti-dilution adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and
​

 the Newly Issued Price as set forth under the heading “ —Anti-dilution adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading “— Anti-dilution adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.
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	​
	​
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	Redemption Date
	​
	Fair Market Value of Class A Common Stock
	​

	(period to expiration of warrants)
	    
	≤10.00
	    
	11.00
	    
	12.00
	    
	13.00
	    
	14.00
	    
	15.00
	    
	16.00
	    
	17.00
	    
	18.00
	 

	60 months
	​
	0.261
	​
	0.281
	​
	0.297
	​
	0.311
	​
	0.324
	​
	0.337
	​
	0.348
	​
	0.358
	​
	0.361
	​

	57 months
	​
	0.257
	​
	0.277
	​
	0.294
	​
	0.310
	​
	0.324
	​
	0.337
	​
	0.348
	​
	0.358
	​
	0.361
	​

	54 months
	​
	0.252
	​
	0.272
	​
	0.291
	​
	0.307
	​
	0.322
	​
	0.335
	​
	0.347
	​
	0.357
	​
	0.361
	​

	51 months
	​
	0.246
	​
	0.268
	​
	0.287
	​
	0.304
	​
	0.320
	​
	0.333
	​
	0.346
	​
	0.357
	​
	0.361
	​

	48 months
	​
	0.241
	​
	0.263
	​
	0.283
	​
	0.301
	​
	0.317
	​
	0.332
	​
	0.344
	​
	0.356
	​
	0.361
	​

	45 months
	​
	0.235
	​
	0.258
	​
	0.279
	​
	0.298
	​
	0.315
	​
	0.330
	​
	0.343
	​
	0.356
	​
	0.361
	​

	42 months
	​
	0.228
	​
	0.252
	​
	0.274
	​
	0.294
	​
	0.312
	​
	0.328
	​
	0.342
	​
	0.355
	​
	0.361
	​

	39 months
	​
	0.221
	​
	0.246
	​
	0.269
	​
	0.290
	​
	0.309
	​
	0.325
	​
	0.340
	​
	0.354
	​
	0.361
	​

	36 months
	​
	0.213
	​
	0.239
	​
	0.263
	​
	0.285
	​
	0.305
	​
	0.323
	​
	0.339
	​
	0.353
	​
	0.361
	​

	33 months
	​
	0.205
	​
	0.232
	​
	0.257
	​
	0.280
	​
	0.301
	​
	0.320
	​
	0.337
	​
	0.352
	​
	0.361
	​

	30 months
	​
	0.196
	​
	0.224
	​
	0.250
	​
	0.274
	​
	0.297
	​
	0.316
	​
	0.335
	​
	0.351
	​
	0.361
	​

	27 months
	​
	0.185
	​
	0.214
	​
	0.242
	​
	0.268
	​
	0.291
	​
	0.313
	​
	0.332
	​
	0.350
	​
	0.361
	​

	24 months
	​
	0.173
	​
	0.204
	​
	0.233
	​
	0.260
	​
	0.285
	​
	0.308
	​
	0.329
	​
	0.348
	​
	0.361
	​

	21 months
	​
	0.161
	​
	0.193
	​
	0.223
	​
	0.252
	​
	0.279
	​
	0.304
	​
	0.326
	​
	0.347
	​
	0.361
	​

	18 months
	​
	0.146
	​
	0.179
	​
	0.211
	​
	0.242
	​
	0.271
	​
	0.298
	​
	0.322
	​
	0.345
	​
	0.361
	​

	15 months
	​
	0.130
	​
	0.164
	​
	0.197
	​
	0.230
	​
	0.262
	​
	0.291
	​
	0.317
	​
	0.342
	​
	0.361
	​

	12 months
	​
	0.111
	​
	0.146
	​
	0.181
	​
	0.216
	​
	0.250
	​
	0.282
	​
	0.312
	​
	0.339
	​
	0.361
	​

	9 months
	​
	0.090
	​
	0.125
	​
	0.162
	​
	0.199
	​
	0.237
	​
	0.272
	​
	0.305
	​
	0.336
	​
	0.361
	​

	6 months
	​
	0.065
	​
	0.099
	​
	0.137
	​
	0.178
	​
	0.219
	​
	0.259
	​
	0.296
	​
	0.331
	​
	0.361
	​

	3 months
	​
	0.034
	​
	0.065
	​
	0.104
	​
	0.150
	​
	0.197
	​
	0.243
	​
	0.286
	​
	0.326
	​
	0.361
	​

	0 months
	​
	—
	​
	—
	​
	0.042
	​
	0.115
	​
	0.179
	​
	0.233
	​
	0.281
	​
	0.323
	​
	0.361
	​

​
A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holders) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.
Anti-dilution adjustments. The warrants have certain anti-dilution and adjustments rights upon certain events.
In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance), (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day period starting on the trading day after the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger described above under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price
​

The warrants were issued in registered form under a warrant agreement between Continental, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written consent of the holders of at least a majority of the then outstanding public warrants, and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which was filed with the Registration Statement, for a complete description of the terms and conditions applicable to the warrants.
The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.
No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder.Exhibit
4.5

 

INFINT
ACQUISITION CORPORATION

 

DESCRIPTION
OF SECURITIES

 

As
of December 31, 2021, INFINT Acquisition Corporation (“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, consisting of one Class A ordinary share (as defined below) and one-half of one redeemable warrant (as defined
below), with each whole warrant entitling the holder thereof to purchase one Class A ordinary share (the “units”), (ii) Class
A ordinary shares, $0.0001 par value per share (“Class A ordinary shares”), and (iii) warrants, with each whole warrant exercisable
for one Class A ordinary share for $11.50 per share (the “warrants”).

 

Pursuant
to our amended and restated memorandum and articles of association, our authorized capital stock consists of 555,000,000 shares of capital
stock, including 500,000,000 Class A ordinary shares, $0.0001 par value each, and 50,000,000 Class B ordinary shares, $0.0001 par value
each, and 5,000,000 preferred shares, $0.0001 par value each. The following description summarizes the material terms of our capital
stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated
memorandum and articles of association and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual
Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.

 

Defined
terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each
unit consists of one share of Class A ordinary shares and one-half of one warrant. Each whole warrant entitles the holder to purchase
one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below. Holders have the option to continue
to hold units or separate their units into the component securities.

 

Ordinary
Shares

 

Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A
ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our
shareholders except as required by law. Unless specified in our amended and restated memorandum and articles of association, or as required
by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary
shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a
special resolution under Cayman Islands law, which requires the affirmative vote of a majority of at least two-thirds of the shareholders
who attend and vote at a general meeting of the company, and pursuant to our amended and restated memorandum and articles of association;
such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation
with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years
with only one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors,
with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors.
However, only holders of Class B ordinary shares will have the right to vote for the election of directors in any general meeting held
prior to or in connection with the completion of our initial business combination, which directors will be proposed by the Company’s
board of directors following a nomination by the nominating and corporate governance committee, meaning that holders of Class A ordinary
shares will not have the right to appoint any directors until after the completion of our initial business combination. Our shareholders
are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

Because
our amended and restated memorandum and articles of association authorize the issuance of up to 500,000,000 Class A ordinary shares,
if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business combination
to the extent we seek shareholder approval in connection with our initial business combination. Our board of directors is divided into
three classes with only one class of directors being appointed in each year and each class (except for those directors appointed prior
to our first annual general meeting) serving a three-year term.

 

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

 

    	 

    	 

    

 

We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.15
per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred
underwriting commissions we will pay to the underwriter. The redemption rights will include the requirement that a beneficial owner must
identify itself in order to validly redeem its shares. Our Sponsor, certain advisor transferees, officers and directors and EF Hutton
as holder of representative shares 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 special purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their
initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business
combinations even when a vote is not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder
vote for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct
the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain
substantially the same financial and other information about our initial business combination and the redemption rights as is required
under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by law, or we decide to obtain
shareholder approval for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares
in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder
approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands
law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. However,
the participation of our Sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described
in the Report), if any, could result in the approval of our initial business combination even if a majority of our public shareholders
vote, or indicate their intention to vote, against such initial business combination.

 

For
purposes of seeking approval of an ordinary resolution, non-votes will have no effect on the approval of our initial business combination
once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’ notice
will be given of any general meeting.

 

If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public
shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as
a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to
Excess Shares without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares
(including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares
will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders
will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares
in open market transactions, potentially at a loss.

 

If
we seek shareholder approval in connection with our initial business combination, our Sponsor, officers and directors have agreed to
vote their founder shares and any public shares purchased during or after the initial public offering (including in open market and privately-negotiated
transactions) 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 or whether they were a public shareholder on the record date
for the general meeting held to approve the proposed transaction.

 

    	 

    	 

    

 

Pursuant
to our amended and restated memorandum and articles of association, if we have not completed our initial business combination within
12 months from the closing of the initial public offering (or up to 18 months from the closing of the initial public offering if we extend
the period of time to consummate a business combination, as described in more detail in the Report), we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account (less taxes payable and up to $100,000 of interest income 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 the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors
and in all cases subject to the other requirements of applicable law. Our Sponsor, certain advisor transferees, officers and directors
and EF Hutton as holder of representative shares 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 12 months from the closing of the initial public offering (or up to 18 months from the closing of
the initial public offering if we extend the period of time to consummate a business combination, as described in more detail in the
Report). However, if our Sponsor or management team acquire public shares in or after the initial public offering, they will be entitled
to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination
within the prescribed time period.

 

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

 

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 30 days after the completion of our initial business combination and 12 months
from the closing of the initial public offering. If (i) 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 and (ii) the
issuance of the underlying securities is exempt from registration under the Securities Act, 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. In the event of such cashless exercise, each holder would pay the exercise price by surrendering
the 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 difference between the exercise price of the warrants and the “fair
market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the
average reported last sale price of the Class A ordinary shares for the 5 trading days ending on the trading day prior to the date of
exercise. The warrants will expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York
City time, or earlier upon redemption or liquidation.

 

The
private placement warrants, as well as up to 1,500,000 warrants we may issue to our sponsor, officers, directors, initial stockholders
or their affiliates in payment of working capital loans made to us, will be identical to the warrants being offered by the Report. Pursuant
to an agreement that we have entered into with the holders of the private placement warrants, the private placement warrants may not,
subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30 days after the completion of our initial
business combination.

 

We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant,

 

	 	●	at
    any time after the warrants become exercisable,
	 	 	 
	 	●	upon
    not less than 30 days’ prior written notice of redemption to each warrant holder,

 

	 	●	if,
    and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock
    splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing
    at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant
    holders; and

 

	 	●	if,
    and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such warrants.

 

    	 

    	 

    

 

The
right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and
after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s
warrant upon surrender of such warrant.

 

The
redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium
to the initial exercise price and provide a sufficient differential between the then- prevailing share price and the warrant exercise
price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.

 

If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants
for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary
shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”
(defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last
sale price of the Class A ordinary shares for the 5 trading days ending on the third trading day prior to the date on which the notice
of redemption is sent to the holders of warrants.

 

The
warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent,
and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder (i) to cure any
ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the
warrants and the warrant agreement set forth in the Report, or to cure, correct or supplement any defective provision, or (ii) to add
or change any other provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant
agreement may deem necessary or desirable and that the parties deem to not adversely affect the interests of the registered holders of
the warrants. The warrant agreement requires the approval, by written consent or vote, of the holders of at least 50% of the then outstanding
public warrants in order to make any change that adversely affects the interests of the registered holders.

 

The
exercise price and number of Class A ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including
in the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except
as described below, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below their respective exercise
prices.

 

In
addition, if (x) we issue additional Class A ordinary shares or equity-linked securities 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 sponsor, initial stockholders
or their affiliates, without taking into account any founder shares held by them prior to such issuance), (y) the aggregate gross proceeds
from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial
business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value
is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption trigger price of the warrants will be adjusted
(to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) 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, 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 stockholders.

 

Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be
able to exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess
of 9.9% of the Class A ordinary shares outstanding.

 

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

 

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

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