Document:

Exhibit
4.7

 

DESCRIPTION
OF SECURITIES

 

Venus
Acquisition Corporation (“we,” “our,” “us” or the “Company”) is a Cayman Islands
exempted company 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. On February 11, 2021, we consummated our initial public offering (“IPO”) of 4,600,000 units,
inclusive of the over-allotment option of 600,000 units. Each unit consisted of one ordinary share, par value $0.001, one redeemable
warrant, and one right to receive one-tenth (1/10) of an ordinary share upon consummation of a business combination. We have not issued
any securities since such date.

 

Our
units are listed for trading on the NASDAQ Capital Market, or NASDAQ, under the symbol “VENAU”. The ordinary shares, rights
and warrants comprising the units began separate trading on April 13, 2021 and are traded on NASDAQ under the symbols “VENA,”
“VENAR” and “VENAW,” respectively.

 

  Pursuant
to our amended and restated memorandum and articles of association, we are authorized to issue 50,000,000 ordinary shares, par value
$0.001 per share. The following description summarizes the material terms of our securities 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.

 

Defined
terms used herein and not defined herein shall have the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K.

 

Units

 

Public
Units

 

Each
unit has an offering price of $10.00 and consists of one ordinary share, one right to receive one-tenth (1/10) of an ordinary share
upon the consummation of a business combination and one warrant. Each warrant entitles the holder thereof to purchase one-half of
one ordinary share at a price of $11.50 per whole share, subject to adjustment as described in the prospectus of the IPO. Pursuant to
the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number
of warrants may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one warrant to purchase one-half (1⁄2)
of one share, such warrant shall not be exercisable. If a warrant holder holds two warrants, such warrants will be exercisable for one
share.

 

Private
Placement Units

 

The
private placement units (including the rights, warrants or ordinary shares issuable upon conversion of the rights or exercise of the
warrants) will not be transferable, assignable or salable until 30 days after the completion of our business combination (except to our
officers and directors and other persons or entities affiliated with the sponsor) and they will not be redeemable by us so long as they
are held by members of the sponsor or its permitted transferees. Otherwise, the private placement units have terms and provisions that
are identical the units sold in the IPO except the warrants included in the private placement units will be non-redeemable and may
be exercised on a cashless basis, in each case so long as they continue to be held by the purchasers or their permitted transferees.
If the warrants included in the private placement units are held by holders other than the holders who purchased such units or their
permitted transferees, the warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included
in the units being sold in the IPO. In addition, for as long as the private placement units are held by our sponsor or its designees
or affiliates, they may not be exercised after five years from the effective date of the registration statement of which our prospectus
of the IPO forms a part.

 

    1

     

    

 

Ordinary
Shares

 

As
of March 21, 2022, there are 6,050,000 ordinary shares outstanding (assuming all the units were separated into their component parts
on such date).

 

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 law. Unless specified in the Companies Act, our amended and restated memorandum and articles of
association 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 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 elected
for a term of two years. There is no cumulative voting with respect to the election of directors, with the result that the holders of
more than 50% of the founder shares voted for the election of directors can elect 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 authorizes the issuance of up to 50,000,000 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 business combination.

 

In
accordance with NASDAQ corporate governance requirements, we are not required to hold an annual meeting until no later than one year
after our first fiscal year end following our listing on NASDAQ. There is no requirement under the Companies Act for us to hold annual
or general meetings or elect directors. We may not hold an annual meeting of shareholders prior to the consummation of our 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
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 business combination, including interest (which interest shall be net of taxes
payable) divided by the number of then issued and outstanding public shares, subject to the limitations described herein. The amount
in the trust account was initially approximately $10.10 per public share (subject to increase of up to an additional $0.30 per public
share in the event that our sponsor elects to extend the period of time to consummate a business combination). 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 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 their founder shares, private placement shares and public shares in connection
with the completion of our business combination.

 

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 business combination. Our amended and restated memorandum
and articles of association requires these tender offer documents to contain substantially the same financial and other information about
the 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 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 business combination only if a majority of the issued
and outstanding ordinary shares voted are voted in favor of the business combination. However, the participation of our sponsor, officers,
directors or their affiliates in privately-negotiated transactions if any, could result in the approval of our 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 will have no effect on the approval
of our 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 business combination.

 

    2

     

    

 

If
we seek shareholder approval of our business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our amended and restated memorandum and articles of association provides 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 the 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 business combination. Our shareholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our 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 business combination, our sponsor, 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 and private
placement shares held by them and any public shares purchased during or after the IPO in favor of our 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 business combination within 12 months
from the closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate a business
combination), 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 $50,000 of interest to pay dissolution expenses) divided by the number of then issued and 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 sponsor, 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 and private placement shares if we fail to complete
our business combination within 12 months from the closing of the IPO (or up to 21 months from the closing of the IPO if we
extend the period of time to consummate a business combination). However, if our sponsor acquires public shares after the IPO, they will
be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our 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 business combination, subject to the limitations described herein.

 

Founder
Shares

 

The
founder shares are identical to the ordinary shares included in the units being sold in IPO, and holders of founder shares have the same
shareholder rights as public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described
in more detail below and (ii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they
have agreed (A) to waive their redemption rights with respect to their founder shares, private placement shares and public shares in
connection with the completion of our business combination, (B) to waive their redemption rights with respect to any founder shares,
private placement shares and public shares held by them in connection with a stockholder vote to approve an amendment to our amended
and restated memorandum and articles of association (x) to modify the substance or timing of our obligation to provide for the redemption
of our public shares in connection with an business combination or to redeem 100% of our public shares if we have not consummated our
business combination within the timeframe set forth therein or (y) with respect to any other provision relating to stockholders’
rights or pre-business combination activity and (C) to waive their rights to liquidating distributions from the trust account with
respect to their founder shares and private placement shares if we fail to complete our business combination within 12 months from
the closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate a business
combination), 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 business combination within such time period.

 

    3

     

    

 

Our
sponsor may extend the time frame for the Company to complete a business combination by up to an additional 9 months contingent
upon our sponsor depositing the required amount of funds for each monthly extension into the trust account. For each month extension,
holders of our securities will not have to right to approve or disapprove any such monthly extension. Further, holders of our securities
will not have the right to seek or obtain redemption in connection with any such extension. Our sponsor or its affiliates or designees,
upon five days advance notice prior to the applicable deadline, must deposit into the trust account $153,333, up to an aggregate of $1,380,000,
or $0.30 per public share (for an aggregate of 9 months), on or prior to the date of the applicable deadline, for each monthly extension.

 

If
we submit our business combination to our public shareholders for a vote, our sponsor, 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 and private
placement shares held by them and any public shares purchased during or after the IPO in favor of our business combination.

 

With
certain limited exceptions, 50% of the founder shares will not be transferable, assignable or salable by our sponsor until the earlier
of (i) six months after the date of the consummation of our business combination or (ii) the date on which the closing price of our ordinary
shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for
any 20 trading days within any 30-trading day period commencing after our business combination and the remaining 50% of the founder
shares may not be transferred, assigned or sold until six months after the date of the consummation of our business combination, or earlier,
in either case, if, subsequent to our business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar
transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other
property.

 

Preference
shares

 

Our
amended and restated memorandum and articles of association provides 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 the IPO.

 

Rights

 

If
we enter into a definitive agreement for a business combination in which we will be the surviving entity, each holder of a right will
receive one-tenth (1/10) of one ordinary share upon consummation of our business combination, even if the holder of such right redeemed
all ordinary shares held by him, her or it in connection with the business combination or an amendment to our memorandum and articles
of association with respect to our pre-business combination activities. No additional consideration will be required to be paid
by a holder of rights in order to receive his, her or its additional ordinary shares upon consummation of a business combination as the
consideration related thereto has been included in the unit purchase price paid for by investors in the IPO. The shares issuable upon
exchange of the rights will be freely tradable (except to the extent held by affiliates of ours).

 

    4

     

    

 

If
we enter into a definitive agreement for a business combination in which we will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the ordinary share will receive in
the transaction on an as-converted into ordinary share basis, and each holder of a right will be required to affirmatively convert
his, her or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration) upon
consummation of the business combination. More specifically, the right holder will be required to indicate his, her or its election to
convert the rights into underlying shares as well as to return the original rights certificates to us. In the event that we are not the
surviving entity upon the consummation of our business combination, and there is no effective registration statement for the offering
of the shares underlying the rights, the rights may expire worthless.

 

If
we are unable to complete an business combination within the required time period and we liquidate the funds held in the trust account,
holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets
held outside of the trust account with respect to such rights, and the rights will expire worthless.

 

As
soon as practicable upon the consummation of our business combination, we will direct registered holders of the rights to return their
rights to our rights agent. Upon receipt of the rights, the rights agent will issue to the registered holder of such right(s) the number
of full ordinary shares to which he, she or it is entitled. We will notify registered holders of the rights to deliver their rights to
the rights agent promptly upon consummation of such business combination and have been informed by the rights agent that the process
of exchanging their rights for ordinary shares should take no more than a matter of days. The foregoing exchange of rights is solely
ministerial in nature and is not intended to provide us with any means of avoiding our obligation to issue the shares underlying the
rights upon consummation of our business combination. Other than confirming that the rights delivered by a registered holder are valid,
we will have no ability to avoid delivery of the shares underlying the rights. Nevertheless, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of an business combination. Additionally, in no event will we be
required to net cash settle the rights. Accordingly, the rights may expire worthless.

 

Although
a company incorporated in the Cayman Islands may issue fractional shares, it is not our intention to issue any fractional shares upon
conversions of the rights. In the event that any holder would otherwise be entitled to any fractional share upon exchange of his, her
or its rights, we will reserve the option, to the fullest extent permitted by the amended and restated memorandum and articles of association,
the Companies Act and other applicable law, to deal with any such fractional entitlement at the relevant time as we see fit, which would
include the rounding down of any entitlement to receive ordinary shares to the nearest whole share (and in effect extinguishing any fractional
entitlement), or the holder being entitled to hold any remaining fractional entitlement (without any share being issued) and to aggregate
the same with any future fractional entitlement to receive shares in the Company until the holder is entitled to receive a whole number.
Any rounding down and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the holder
of the relevant rights, such that value received on exchange of the rights may be considered less than the value that the holder would
otherwise expect to receive. All holders of rights shall be treated in the same manner with respect to the issuance of shares upon conversions
of the rights.

 

Redeemable
Warrants

 

Public
Warrants

 

Each
warrant entitles the registered holder to purchase one 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 date of the closing of the IPO or the completion of our business
combination. Because the warrants may only be exercised for whole numbers of shares, only an even number of warrants may be exercised
at any given time. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This
means that only an even number of warrants may be exercised at any given time by a warrant holder. The warrants will expire five years
after the completion of our business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

    5

     

    

 

We
will not be obligated to deliver any 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 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 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 business combination, we
will use our best efforts to file, and within 60 business days following our business combination to have declared effective, a registration
statement covering the 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 ordinary shares issuable upon exercise of the warrants and a current prospectus
relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon
exercise of the warrants is not effective within a specified period following the consummation of our 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 (excluding 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 reported last sale price of the ordinary shares equal or exceed $18.00 per share (as adjusted for share splits, 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 the 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 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.

 

    6

     

    

 

If
we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise
his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants
on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that
are outstanding and the dilutive effect on our shareholders of issuing the maximum number of 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 ordinary shares equal to the quotient obtained by dividing (x) the product of the number of 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 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 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 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 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 ordinary shares outstanding immediately after giving effect to such exercise.

 

If
the number of issued and outstanding ordinary shares is increased by a capitalization payable in ordinary shares, or by a sub-division of
ordinary shares or other similar event, then, on the effective date of such capitalization, sub-division or similar event, the number
of ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the issued and outstanding
ordinary shares. A rights offering to holders of ordinary shares entitling holders to purchase ordinary shares at a price less than the
fair market value will be deemed a capitalization of a number of ordinary shares equal to the product of (i) the number of 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 ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per 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 ordinary shares, in determining the price payable for 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 ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first
date on which the 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 ordinary shares on account of such ordinary shares (or other ordinary shares into which the warrants
are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the
holders of ordinary shares in connection with a proposed business combination, (d) to satisfy the redemption rights of the holders of
ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association to modify
the substance or timing of our obligation to redeem 100% of our ordinary shares if we do not complete our business combination within
12 months from the closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate
a business combination, as described in more detail in the prospectus of the IPO), or (e) in connection with the redemption of our public
shares upon our failure to complete our 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 ordinary share in respect of such event.

 

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

 

Whenever
the number of 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 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 ordinary shares so purchasable immediately thereafter.

 

    7

     

    

 

In
case of any reclassification or reorganization of the issued and outstanding ordinary shares (other than those described above or that
solely affects the par value of such 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 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 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 ordinary shares by the
company if a proposed 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 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 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 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 Vstock Transfer LLC, as warrant agent, and us. You should
review a copy of the warrant agreement, which was filed as an exhibit to the registration statement of which the prospectus of the IPO
is a part, 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 a majority of the then issued and outstanding warrants (including private warrants) to make any
change that adversely affects the interests of the registered holders of 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 ordinary shares and any voting rights
until they exercise their warrants and receive ordinary shares. After the issuance of 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.

 

Warrants
may be exercised only for a whole number of ordinary shares. 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 ordinary shares to be issued to the warrant holder.

 

    8

     

    

 

Private
Placement Warrants

 

The
private placement warrants (including the 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 business combination (except 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 sponsor, or its permitted transferees. Otherwise, the private placement warrants have terms and provisions
that are identical to those of the warrants being sold as part of the units in the IPO. If the private placement warrants are held by
holders other than the sponsor, or its 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 being sold in the IPO. In addition, for as long as the private
placement warrants are held by our sponsor or its designees or affiliates, they may not be exercised after five years from the effective
date of the registration statement of which the prospectus of the IPO forms a part.

 

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 ordinary shares equal to the quotient obtained by dividing (x) the product of the number
of 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 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 sponsor, and its 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 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.

 

    9EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 AMENDMENT
NO. 4 
 AMENDMENT NO. 4 TO CREDIT AGREEMENT, dated as of March 24, 2022 (this “Amendment”), is entered into
by and among XEROX CORPORATION, a New York corporation (the “Company”), XEROX HOLDINGS CORPORATION, a New York corporation (“Holdings”), CITIBANK, N.A., as administrative agent on behalf of the lenders party to the
Credit Agreement (as defined below) (in such capacity, the “Agent”), and the Required Lenders party hereto. 

PRELIMINARY STATEMENTS: 

The Company, the Agent and certain lenders entered into that certain Amended and Restated Credit Agreement, dated as of August 9, 2017,
as amended by Amendment No. 1 thereto, dated as of February 15, 2018, Amendment No. 2 thereto, dated as of July 31, 2019, and Amendment No. 3 thereto, dated as of July 31, 2020 (as so amended, the “Credit
Agreement” and as further amended pursuant to this Amendment, the “Amended Credit Agreement”; capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement); 

The Company has requested to amend the Credit Agreement as set forth herein to reduce ratably the aggregate amount of Revolving Credit
Commitments from $1,800,000,000 to $1,500,000,000 and to make certain changes to the financial covenants contained therein. 
 The Company,
the Agent and the Required Lenders party hereto have agreed to further amend the Credit Agreement as hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby agree as follows: 

SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, subject to the satisfaction (or waiver by the Agent) of the
conditions precedent set forth in Section 4 hereof, hereby amended as follows: 
 (a) Section 1.01 of the Credit
Agreement is amended by adding the following new definition thereto in proper alphabetical order: 
 “Amendment
No. 4” means Amendment No. 4 to this Agreement, dated as of March 24, 2022, by and among the Company, Holdings, the Agent and the Required Lenders party thereto. 

“Amendment No. 4 Effective Date” means March 24, 2022. 

(b) Section 1.01 of the Credit Agreement is further amended by amending and restating the following definitions in their entirety to provide
as follows: 
 “Covenant Modification Period” means the period beginning on January 1, 2022 and ending on, and
inclusive of, the earlier of (a) June 30, 2022 and (b) the date on which the Company delivers a Covenant Reversion Notice. 

“Covenant Reversion Notice” means a written notice delivered by the Company to the Agent electing to end the Covenant
Modification Period. 
 “Net Debt for Borrowed Money” means, as of any date, Debt for Borrowed Money minus the lesser of
(a) Unrestricted Cash as of such date and (b) (i) prior to the Covenant Modification Period, $1,750,000,000, (ii) during the portion of the Covenant Modification Period beginning on January 1, 2022 and ending on, and inclusive
of, March 31, 2022, $1,250,000,000 and (iii) during the portion of the Covenant Modification Period beginning on April 1, 2022 and ending on, and inclusive of, June 30, 2022, $1,000,000,000. 

 “Revolving Credit Commitment” means, as to any Lender, (a) the Dollar
amount set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Revolving Credit Commitment”, (b) if such Lender has become a Lender hereunder pursuant to an Assumption Agreement, the Dollar amount set forth
in such Assumption Agreement or (c) if such Lender has entered into an Assignment and Assumption, the Dollar amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 9.07(c), as such amount may be
reduced pursuant to Section 2.05 or increased pursuant to Section 2.18. As of the Amendment No. 4 Effective Date, the aggregate amount of the Revolving Credit Commitments is $1,500,000,000, as set forth on Schedule I to Amendment
No. 4. 
 (c) Section 5.03 of the Credit Agreement is amended and restated in its entirety to provide as follows: 

“SECTION 5.03. Financial Covenants. So long as any Advance shall remain unpaid, any Letter of Credit shall be outstanding or any
Lender shall have any Commitment hereunder, the Company will: 
 (a) Leverage Ratio. With respect to each Fiscal
Quarter ending on or after the Amendment No. 3 Effective Date, maintain a ratio of Net Debt for Borrowed Money as of the end of such Fiscal Quarter to Consolidated EBITDA for the period of four Fiscal Quarters then ended of not greater than
4.25:1. 
 (b) Interest Coverage Ratio. With respect to each Fiscal Quarter ending after the Restatement Date,
maintain a ratio of Consolidated EBITDA to Consolidated Interest Expense, in each case for the period of four Fiscal Quarters then ended, of not less than 3.00:1. 

(c) Minimum Unrestricted Cash. At the end of each Fiscal Quarter ending on or after the Amendment No. 4 Effective
Date, maintain Unrestricted Cash in an amount not less than $500,000,000.” 
 SECTION 2. Revolving Credit Commitments. In
accordance with Section 2.05 of the Credit Agreement, the aggregate amount of the Revolving Credit Commitments is, subject to the satisfaction (or waiver by the Agent) of the conditions precedent set forth in Section 4
hereof, permanently reduced from $1,800,000,000 to $1,500,000,000, on a ratable basis, effective as of the Amendment Effective Date (as defined below). 

SECTION 3. Reference to and Effect on the Credit Agreement. 

(a) On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement. 

(b) The Credit Agreement, as specifically amended by this Amendment, is, and shall continue to be, in full force and effect and is hereby in
all respects ratified and confirmed. 
 (c) Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, nor shall it constitute a waiver of any provision of the Credit Agreement other than as expressly permitted herein. 

(d) The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment shall not constitute a
novation of the Credit Agreement as in effect prior to the Amendment Effective Date. 
 (e) Each of the Company and Holdings hereby
(i) reaffirms its obligations under the Amended Credit Agreement and each Note to which it is a party, in each case as modified by this Amendment, and (ii) acknowledges and agrees that the guarantee of Holdings contained in the Amended
Credit Agreement is, and shall remain, in full force and effect in respect of the obligations of the Company and each other Borrower under the Amended Credit Agreement. 

(f) This Amendment shall for all purposes constitute a Loan Document. 

 SECTION 4. Conditions of Effectiveness for Amendment. This Amendment shall become
effective as of the date (the “Amendment Effective Date”) on which the following conditions shall have been satisfied (or waived by the Agent): 

(a) On the Amendment Effective Date, the following statements shall be true and the Agent shall have received for the account of each Lender a
certificate signed by a duly authorized officer of the Company, dated the Amendment Effective Date, stating that: 
  

	 	(i)	 The representations and warranties contained in Section 4.01 of the Amended Credit Agreement are correct
on and as of the Amendment Effective Date, and 

  

	 	(ii)	 No event has occurred and is continuing that constitutes a Default. 

(b) The Agent shall have received counterparts to this Amendment duly executed by Holdings, the Company and the Required Lenders. 

SECTION 5. Representations and Warranties. Each of Holdings and the Company hereby represents and warrants to the Agent that: 

(a) The execution, delivery and performance by Holdings and the Company of this Amendment are within its corporate or similar powers, have
been duly authorized by all necessary corporate or similar action; and 
 (b) This Amendment has been duly executed and delivered by it and
this Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligation of such Person, enforceable against it in accordance with their respective terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 6. Costs and Expenses. The Company agrees that all documented reasonable out-of-pocket expenses incurred by the Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to
be delivered hereunder shall be paid in accordance with Section 9.04 of the Credit Agreement. 
 SECTION 7. Execution in
Counterparts; Electronic Execution. This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of (a) this Amendment and/or (b) any document, approval, consent, information, notice, certificate, request, statement disclosure
or authorization related to this Amendment and/or the transactions contemplated hereby (each an “Ancillary Document”) that is an Electronic Signature (as defined below) transmitted by telecopy, emailed .pdf or any other electronic
means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment or such Ancillary Document, as applicable. The words “execution”, “signed”,
“signature”, “delivery” and words of like import in or relating to this Amendment and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form
(including deliveries by telecopy, emailed .pdf, or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system as the case may be. For purposes of this Section, “Electronic Signature” means an electronic sound, symbol or process attached to, or associated
with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. 
 SECTION
8. Governing Law and Waiver of Right of Trial by Jury. This Amendment is subject to the provisions of Sections 9.10, 9.13 and 9.20 of the Credit Agreement relating to governing law, submission to jurisdiction, venue and waiver of trial by
jury, the provisions of which are by this reference incorporated herein in full. 

 SECTION 9. Waiver of Notice of Reduction of Revolving Credit Commitments. Any notice
required pursuant to Section 2.05 of the Credit Agreement to effectuate the permanent reduction of the aggregate amount of the Revolving Credit Commitments from $1,800,000,000 to $1,500,000,000 on the Amendment No. 4 Effective Date is
waived. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties have caused this Amendment No. 4 to Credit
Agreement to be executed by their respective authorized officers as of the date first above written. 
  

			
	XEROX CORPORATION,
		
	By:	 	 /s/ Robert Birkenholz

	        Name: Robert Birkenholz
	        Title: V.P. and Treasurer
	
	XEROX HOLDINGS CORPORATION,
		
	By:	 	 /s/ Robert Birkenholz

	        Name: Robert Birkenholz
	        Title: V.P. and Treasurer
	
	CITIBANK, N.A., as the Agent and as a Lender
		
	By:	 	 /s/ James Walsh

	        Name: James Walsh
	        Title: Vice President and Managing Director
	
	Bank of America N.A., as a Lender
		
	By:	 	 /s/ Lauren Lountzis

	        Name: Lauren Lountzis
	        Title: Officer
	
	BANK OF AMERICA N.A., as a Lender
		
	By:	 	 /s/ Marc Maslanka

	        Name: Marc Maslanka
	        Title: Director
	
	BNP Paribas, as a Lender
		
	By:	 	 /s/ Michael Kowalczuk

	        Name: Michael Kowalczuk
	        Title: Managing Director
		
	By:	 	 /s/ Eve Ravelojaona

	        Name: Eve Ravelojaona
	        Title: Director
	
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Matthew Cheung

	        Name: Matthew Cheung
	        Title: Vice President

 
			
	Mizuho Bank, Ltd, as a Lender
		
	By:	 	 /s/ Tracy Rahn

	        Name: Tracy Rahn
	        Title: Executive Director
	
	MUFG Bank, Ltd., as a Lender
		
	By:	 	 /s/ Matthew Antioco

	        Name: Matthew Antioco
	        Title: Director
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
		
	By:	 	 /s/ Paul Arens

	        Name: Paul Arens
	        Title: Director
		
	By:	 	 /s/ Gordon Yip

	        Name: Gordon Yip
	        Title: Director
	
	HSBC Bank USA, National Association, as a Lender
		
	By:	 	 /s/ Kyle Patterson

	        Name: Kyle Patterson
	        Title: Senior Vice President
	
	PNC Bank, National Association, as a Lender
		
	By:	 	 /s/ Kristin Wenslau

	        Name: Kristin Wenslau
	        Title: Senior Vice President
	
	The Bank of Nova Scotia, as a Lender
		
	By:	 	 /s/ Luke Copley

	        Name: Luke Copley
	        Title: Director
	
	TRUIST BANK, as a Lender
		
	By:	 	 /s/ David Miller

	        Name: David Miller
	        Title: Director

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Karen H. McClain

	        Name: Karen H. McClain
	        Title: Managing Director
	
	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	 /s/ Thomas J. Tarasovich, Jr.

	        Name: Thomas J. Tarasovich, Jr.
	        Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Brian Seipke

	        Name: Brian Seipke
	        Title: Sr. Vice President

 SCHEDULE I 

Commitments 
  

					
	 Lender
	  	Revolving Credit Commitment	 
	 Citibank, N.A.
	  	$	145,833,333.33	 
	 Bank of America, N.A.
	  	$	145,833,333.33	 
	 BNP Paribas
	  	$	145,833,333.33	 
	 JPMorgan Chase Bank, N.A.
	  	$	145,833,333.33	 
	 Mizuho Bank, Ltd.
	  	$	145,833,333.33	 
	 MUFG Bank, Ltd.
	  	$	145,833,333.33	 
	 Credit Agricole Corporate & Investment Bank
	  	$	91,666,666.67	 
	 HSBC Bank USA, National Association
	  	$	91,666,666.67	 
	 PNC Bank, National Association
	  	$	91,666,666.67	 
	 The Bank of Nova Scotia
	  	$	91,666,666.67	 
	 Truist Bank
	  	$	91,666,666.67	 
	 Wells Fargo Bank, National Association
	  	$	91,666,666.67	 
	 The Bank of NY Mellon
	  	$	37,500,000.00	 
	 U.S. Bank National Association
	  	$	37,500,000.00	 
		  	  
	  
	 
	 TOTAL
	  	$	1,500,000,000.00

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