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,
2020, Roman DBDR Tech 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) its units, consisting of one share of Class A common stock (as defined below) and one-half
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 220,000,000 shares of common stock, including
200,000,000 shares of Class A common stock, $0.0001 par value, 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, our amended and restated bylaws 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, 2020 (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 whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder
thereof to purchase one share of our Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement,
a warrantholder may exercise its warrants only for a whole number of shares of Class A common stock.

 

Class A Common Stock

 

Common stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A
common stock and holders of the 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 or for certain matters which will require the approval of holders of a majority
of the shares of Class B common stock then outstanding, voting separately as a single class. 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
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 as of two
business days prior to the consummation of our initial business combination including interest earned on the funds held in the
trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject
to the limitations described herein. Our 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 any public shares held by them
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 more than
an aggregate of 3,473,400 shares, or 15% of the shares of common stock sold in our initial public offering, which we refer to as
the Excess Shares. However, our amended and restated certificate of incorporation does not restrict 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 the 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 stock in open market transactions, potentially at a loss.

 

     

     

    

 

In the event of a
liquidation, dissolution or winding up of the company after an initial 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 stock, 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 stockholders 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, 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 whole share of our Class A common stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our initial public
offering or 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrantholder
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 shares of 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 shares of 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 shares of Class A
common stock upon exercise of a warrant unless 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 covering the shares of Class A common stock issuable upon
exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating
to those shares of Class A common stock until the warrants expire or are redeemed, as specified in 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, warrantholders
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 foregoing, if a registration statement covering the Class A common
stock 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 of 1933, as amended, or 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:

 

• 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 warrantholder; and

 

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

 

If and when the warrants
become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock 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 of common stock under the blue sky
laws of the state of residence in those states in which the warrants were offered by us in our initial public offering.

 

     

     

    

 

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

 

A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise
such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder
may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.

 

The warrants have
certain anti-dilution and adjustments rights upon certain events.

 

The warrants are issued
in registered form under a warrant agreement between Continental, as warrant agent, and us. You should review a copy of the warrant
agreement, which is filed as an exhibit to the Report, 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 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 prospectus for our initial public offering, or to correct any defective
provision, but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any
change that adversely affects the interests of the registered holders of public 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 warrantholders do not have the rights or privileges of holders of Class A common stock and
any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares
of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held
of record on all matters to be voted on by stockholders.

 

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 a Newly Issued 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 sponsor or its affiliates, without taking into account any founder shares held by our sponsor 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,
then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater 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 greater of the Market Value and the Newly Issued Price.

 

     

     

    

 

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 of shares of Class A common stock to be issued to the warrantholder.Exhibit 4.5

 

DESCRIPTION OF CAPITAL STOCK

 

The following descriptions are summaries
of the material terms of our amended and restated certificate of incorporation and our amended and restated bylaws. We refer in
this section to our amended and restated certificate of incorporation as our certificate of incorporation, and we refer to our
amended and restated bylaws as our bylaws.

 

General

 

Our authorized capital stock consists of
250,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per
share, all of which shares of preferred stock are undesignated.

 

As of March 15, 2021, 6,811,122 shares of
our common stock and no shares of preferred stock were outstanding and held by 18 stockholders of record.

 

Common Stock

 

The holders of our common stock are entitled
to one vote for each share held on all matters submitted to a vote of the stockholders. The holders of our common stock do not
have any cumulative voting rights. Holders of our common stock are entitled to receive ratably any dividends declared by our board
of directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred
stock. Our common stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund
provisions.

 

On December 30, 2020, we entered into
the 2020 Voting Agreement with Dov Malnik and Tomer Feingold, pursuant to which, at every meeting of our stockholders, and at every
adjournment or postponement thereof, Messrs. Malnik and Feingold (in their capacity as stockholders) shall have the right
to vote all common stock held by them collectively constituting no more than the Share Voting Cap. Any Excess Shares shall be voted
at every meeting of the stockholders of the Company, and at every adjournment or postponement thereof, and on every action or approval
by written consent of the stockholders, in a manner that is proportionate to the manner in which all other holders of the issued
and outstanding shares of Common Stock vote in respect of each matter presented at any such meeting and in respect of each action
taken by written consent. Furthermore, each of Messrs. Malnik and Feingold executed an irrevocable proxy for the voting of
the Excess Shares in accordance with the 2020 Voting Agreement. The 2020 Voting Agreement terminates on the earliest to occur of
(i) the date following the effective date of the 2020 Voting Agreement on which Messrs. Malnik and Feingold collective
beneficial own less than 9.99% of our outstanding common stock, (ii) the date following written notice to them that we have
withdrawn the registration statement in connection with the initial public offering of our common stock, (iii) the third anniversary
of the effectiveness of the registration statement in connection with the initial public offering of our common stock, or (iv) with
respect to either Messrs. Malnik or Feingold, the date on which any proceeding before or brought by the SEC against such stockholder
has been terminated or otherwise concluded. See the section entitled “Certain Relationships and Related Party Transactions—2020
Voting Agreement”.

 

In the event of our liquidation, dissolution
or winding up, holders of our common stock are entitled to share ratably in all assets remaining after payment of all debts and
other liabilities and any liquidation preference of any outstanding preferred stock.

 

Preferred Stock

 

Our board of directors have the authority,
without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix
the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights,
conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting,
or the designation of, such series, any or all of which may be greater than the rights of common stock. The issuance of our preferred
stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend
payments and payments upon our liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring
or preventing a change in control of our company or other corporate action. No shares of preferred stock are outstanding, and we
have no present plan to issue any shares of preferred stock.

 

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Registration Rights

 

Salmon Pharma is entitled to rights with
respect to the registration of the shares of common stock held by it under the Securities Act. These rights are provided under
the terms of an investor’s rights agreement between us and Salmon Pharma. The investor’s rights agreement includes
piggyback registration rights. All fees, costs and expenses of underwritten registrations under this agreement will be borne by
us and all selling expenses, including estimated underwriting discounts and selling commissions, will be borne by the holders of
the shares being registered.

 

Piggyback Registration Rights

 

Pursuant to the investor’s rights agreement,
if we register any of our securities, Salmon Pharma is entitled to include their shares in the registration; provided that Salmon
Pharma accepts the terms of the underwriting as agreed upon between us and the underwriters, and then only in such quantity as
the underwriters in their sole discretion determine will not jeopardize the success of the offering. Subject to certain exceptions
contained in the amended and restated investor’s rights agreement, we and the underwriters may terminate or withdraw any
registration initiated before the effective date of such registration in our sole discretion.

 

Indemnification

 

Our investor’s rights agreement contains
customary cross-indemnification provisions, under which we are obligated to indemnify holders of registrable securities in the
event of material misstatements or omissions in any registration statement attributable to us, and they are obligated to indemnify
us for material misstatements or omissions attributable to them.

 

Expiration of Registration Rights

 

The registration rights terminate upon the
earlier to occur of (i) such time after consummation of the initial public offering of our common stock as Rule 144 or
another similar exemption under the Securities Act is available for the sale of all of Salmon Pharma’s shares without limitation
during a three-month period without registration, or (ii) the third anniversary of the initial public offering of our common
stock.

 

Anti-Takeover Effects of our Certificate of Incorporation
and Bylaws and Delaware Law

 

Our amended and restated certificate of incorporation
and amended and restated bylaws includes a number of provisions that may have the effect of delaying, deferring or preventing another
party from acquiring control of us and encouraging persons considering unsolicited tender offers or other unilateral takeover proposals
to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. These provisions include the items
described below.

 

Board Composition and Filling Vacancies

 

Our amended and restated certificate of incorporation
provides for the division of our board of directors into three classes serving staggered three-year terms, with one class being
elected each year. Our amended and restated certificate of incorporation provides that directors may be removed only for cause
and then only by the affirmative vote of the holders of two-thirds or more of the shares then entitled to vote at an election of
directors. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase
in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office even if less
than a quorum. The classification of directors, together with the limitations on removal of directors and treatment of vacancies,
has the effect of making it more difficult for stockholders to change the composition of our board of directors.

 

No Written Consent of Stockholders

 

Our amended and restated certificate of incorporation
provides that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and
that stockholders may not take any action by written consent in lieu of a meeting. This limit may lengthen the amount of time required
to take stockholder actions and would prevent the amendment of our bylaws or removal of directors by our stockholders without holding
a meeting of stockholders.

 

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Meetings of Stockholders

 

Our amended and restated certificate of incorporation
and amended and restated bylaws provides that only our chief executive officer, chairman of the board, and a majority of the members
of our board of directors then in office may call special meetings of stockholders and only those matters set forth in the notice
of the special meeting may be considered or acted upon at a special meeting of stockholders. Our amended and restated bylaws limit
the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.

 

Advance Notice Requirements

 

Our amended and restated bylaws establish
advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors
or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals
must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally,
to be timely, notice must be received at our principal executive offices not less than 90 days nor more than 120 days
prior to the first anniversary date of the annual meeting for the preceding year. Our amended and restated bylaws will specify
the requirements as to form and content of all stockholders’ notices. These requirements may preclude stockholders from bringing
matters before the stockholders at an annual or special meeting.

 

Amendment to Amended and Restated Certificate of Incorporation
and Amended and Restated Bylaws

 

Any amendment of our amended and restated
certificate of incorporation must first be approved by a majority of our board of directors, and if required by law or our amended
and restated certificate of incorporation, must thereafter be approved by a majority of the outstanding shares entitled to vote
on the amendment and a majority of the outstanding shares of each class entitled to vote thereon as a class, except that the amendment
of the provisions relating to removal of our directors, and the amendment of our amended and restated bylaws must be approved by
not less than 66 2/3% of the outstanding shares entitled to vote on the amendment. Our amended and restated bylaws may be amended
by the affirmative vote of a majority of the directors then in office, subject to any limitations set forth in the amended and
restated bylaws; and may also be amended by the affirmative vote of 66 2/3% of the outstanding shares entitled to vote on the amendment.

 

Preferred Stock

 

Our amended and restated certificate of incorporation
provides for 10,000,000 authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock
may enable our board of directors to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest
or otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine that a
takeover proposal is not in the best interests of our stockholders, our board of directors could cause shares of preferred stock
to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or
other rights of the proposed acquirer or insurgent stockholder or stockholder group. In this regard, our amended and restated certificate
of incorporation grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares
of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution
to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of
these holders and may have the effect of delaying, deterring or preventing a change in control of us.

 

Choice of Forum

 

Our amended and restated certificate of incorporation
provides that unless we consent in writing to an alternative forum, the Court of Chancery of the State of Delaware will be the
sole and exclusive forum for any state law claim for (i) any derivative action or proceeding brought on our behalf, (ii) any
action asserting a claim of breach of fiduciary duty owed by any of our directors, officers, and employees to us or our stockholders,
(iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, our amended
and restated certificate of incorporation or our amended and restated certificate of incorporation, or (iv) any action asserting
a claim that is governed by the internal affairs doctrine, in each case subject to the Court of Chancery having personal jurisdiction
over the indispensable parties named as defendants therein (the “Delaware Forum Provision”). This choice of
forum provision does not preclude or contract the scope of exclusive federal jurisdiction for any actions brought under the Exchange
Act. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply
to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction, and the Company does not intend for the exclusive forum provision to apply to Exchange Act claims. Additionally,
this choice of forum provision will not apply to claims as to which the Court of Chancery of the State of Delaware does not have
subject matter jurisdiction.

 

    3

     

    

 

Our amended and restated certificate of incorporation
further provides that unless we consent in writing to the selection of an alternative forum, the federal district courts of the
United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under
the Securities Act.

 

In addition, our amended and restated certificate
of incorporation provides that any person or entity purchasing or otherwise acquiring any interest in shares of our common stock
is deemed to have notice of and consented to the foregoing provisions; provided, however, that stockholders cannot and will not
be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder. The enforceability
of similar choice of forum provisions in other companies’ certificates of incorporation and bylaws has been challenged in
legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable.

 

Section 203 of the Delaware General Corporation Law

 

We are subject to the provisions of Section 203
of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging
in a “business combination” with an “interested stockholder” for a three-year period following the time
that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under
Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies
one of the following conditions:

 

		·	before the stockholder became interested, our board of directors approved
either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 

		·	upon consummation of the transaction which resulted in the stockholder
becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding
at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons
who are directors and also officers, and employee stock plans, in some instances, but not the outstanding voting stock owned by
the interested stockholder; or

 

		·	at or after the time the stockholder became interested, the business
combination was approved by our board of directors and authorized at an annual or special meeting of the stockholders by the affirmative
vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

 

		·	Section 203 defines a business combination to include:

 

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

 

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

 

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

 

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

 

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

 

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

 

Listing

 

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

 

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Transfer Agent and Registrar

 

The transfer agent and registrar for our
common stock is VStock Transfer, LLC. The transfer agent and registrar’s address is 18 Lafayette Place, Woodmere, NY 11598.

 

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