Document:

Exhibit 4.2

 

HORIZON ACQUISITION CORP.

 

DESCRIPTION OF SECURITIES

 

The following summary of the material terms of the securities of Horizon
Acquisition Corp. is not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified
by reference to our amended and restated memorandum and articles of association incorporated by reference as an exhibit to the company’s
Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”), and applicable Cayman Islands law.
We urge you to read our amended and restated memorandum and articles of association in their entirety for a complete description of the
rights and preferences our our securities.

 

CERTAIN
TERMS

 

Unless otherwise stated in this exhibit or the
context otherwise requires, references to:

 

		·	“Amended and Restated Memorandum and Article of Association” are to the amended and restated
memorandum and articles of association of the Company, adopted on August 20, 2020 and filed on August 26, 2020.

 

		·	“we,” “us,” “our” or our “company” are to Horizon Acquisition
Corporation, a Cayman Islands exempted company;

 

		·	“Companies Act” are to the Companies Act (2020 Revision) of the Cayman Islands as the same
may be amended from time to time;

 

		·	“Credit Suisse” are to Credit Suisse Securities (USA) LLC, the representative of the underwriters
in our initial public offering;

 

		·	“directors” are to our current directors named in this Report;

 

		·	“equity-linked securities” are to any debt or equity securities that are convertible, exercisable
or exchangeable for our Class A ordinary shares issued in a financing transaction in connection with our initial business combination,
including but not limited to a private placement of equity or debt;

 

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

 

		·	“initial shareholders” are to holders of our founder shares prior to our initial public offering;

 

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

 

		·	“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

 

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

 

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

 

     

     

    

 

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

 

		·	“public warrants” are to the warrants sold as part of the units in our initial public offering
(whether they are purchased in our initial public offering or thereafter in the open market);

 

		·	“sponsor” are to Horizon Sponsor, LLC, a Delaware limited liability company and an affiliate
of Eldridge (as defined below); and

 

		·	“warrants” are to our public warrants and private placement warrants.

 

We are a Cayman Islands exempted company and our
affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman
Islands. Pursuant to our amended and restated memorandum and articles of association which were adopted upon the consummation of our initial
public offering, we are authorized to issue 440,000,000 ordinary shares, $0.0001 par value each, including 400,000,000 Class A ordinary
shares and 40,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following description
summarizes material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association.
Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Public Units

 

Each unit has an offering price of $10.00 and consists
of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase
one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in this Report. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of the Company’s Class A ordinary shares. This
means only a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one-third or
two-thirds of one warrant to purchase a Class A ordinary share, such warrant will not be exercisable. If a warrant holder holds three-thirds
of one warrant, such whole warrant will be exercisable for one Class A ordinary share at a price of $11.50 per share, subject to
adjustment and the requirements described below. The Class A ordinary shares and warrants comprising the units are expected to begin
separate trading on the 52nd day following the date of this Report (or, if such date is not a business day, the following business day)
unless Credit Suisse informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K
described below and having issued a press release announcing when such separate trading will begin. Once the Class A ordinary shares
and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component
securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary
shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly,
unless you purchase at least three units, you will not be able to receive or trade a whole warrant.

 

The Class A ordinary shares and warrants were
not traded separately until we filed with the SEC a Current Report on Form 8-K which included an audited balance sheet reflecting
our receipt of the gross proceeds of our initial public offering. We filed a Current Report on Form 8-K which included the audited
balance sheet promptly after the closing of our initial public offering. We also filed a second Current Report on Form 8-K which
provided updated financial information to reflect the partial exercise of the underwriters’ over-allotment option.

 

Additionally, the units that have not already been
separated will automatically separate into their component parts in connection with the completion of our initial business combination
and will no longer be listed thereafter.

 

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Ordinary Shares

 

As
of the date of this Report 67,998,041 ordinary shares outstanding consisting of 54,398,433 Class A ordinary shares and
13,599,608 Class B ordinary shares.

 

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

 

Because our amended and restated memorandum and
articles of association authorizes the issuance of up to 400,000,000 Class A ordinary shares, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary
shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder
approval in connection with our initial business combination.

 

Our board of directors is divided into three classes
with only one class of directors being appointed in each year and each class (except for those directors elected prior to our first annual
general meeting) serving a three-year termIn accordance with the corporate governance requirements of The New York Stock Exchange (“NYSE”),
we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on NYSE. There
is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint directors. We may not hold
an annual or extraordinary general meeting prior to the consummation of our initial business combination.

 

We will provide our public shareholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation
of our initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then
issued and outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account
is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their
shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include
the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in order to validly
redeem its shares. 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 public shares held by them in connection with the completion of
our initial business combination or certain amendments to our amended and restated memorandum and articles of association as described
elsewhere in this Report. Permitted transferees of our initial shareholders, directors or officers will be subject to the same obligations.
Unlike many special purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their
initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable
law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant
to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of
the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum
and articles of association require these tender offer documents to contain substantially the same financial and other information about
our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder
approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval
for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a
proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will
complete our initial business combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative
vote of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this Report), if any, could result
in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to
vote, against such initial business combination. For purposes of seeking approval of an ordinary resolution, non-votes will have no effect
on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association
require that at least five days’ notice will be given of any general meeting.

 

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

 

If we seek shareholder approval in connection with
our initial business combination, our sponsor, officers and directors have agreed to vote any founder shares and public shares held by
them in favor of our initial business combination. Additionally, each public shareholder may
elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or whether they were a public
shareholder on the record date for the general meeting held to approve the proposed transaction.

 

Pursuant to our amended and restated memorandum
and articles of association, if we have not completed our initial business combination within 24 months from the closing of our initial
public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and up to $100,000 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 the case of clauses (ii) and (iii) to our obligations
under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. Our
sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights
to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination
within 24 months from the closing of our initial public offering. However, if our sponsor or management team acquire public shares in
or after our initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such public
shares if we fail to complete our initial business combination within the required time period.

 

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In the event of a liquidation, dissolution or winding
up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary
shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share
price equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable),
divided by the number of then issued and outstanding public shares, upon the completion of our initial business combination, subject to
the limitations and on the conditions described herein.

 

Founder Shares

 

The founder shares are designated as Class B
ordinary shares and are identical to the Class A ordinary shares included in the units being sold in our initial public offering,
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, (ii) the founder shares are entitled to registration rights;
(iii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive
their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of our initial
business combination; (B) waive their redemption rights with respect to any founder shares and public shares held by them in connection
with a shareholder 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 allow redemption in connection with our initial business combination or to redeem 100% of
our public shares if we do not consummate an initial business combination within 24 months from the closing of our initial public offering
or (y) with respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity;
(C) waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we
fail to complete our initial business combination within 24 months from the closing of our initial public offering, although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our
initial business combination within the required time period; and (D) vote any founder shares and public shares held by them in favor
of our initial business combination, (iv) the founder shares are automatically convertible into Class A ordinary shares concurrently
with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment as described
herein and in our amended and restated memorandum and articles of association, and (v) only holders of Class B ordinary shares
will have the right to vote on the appointment of directors prior to or in connection with the completion of our initial business combination.

 

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

 

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With certain limited exceptions, the founder shares
are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial
business combination or earlier if, subsequent to our initial business combination, the closing price of the Class A ordinary shares
equals or exceeds $12.00 per share (as adjusted for share sub-divisions, capitalization of shares, share dividends, rights issuances,
subdivisions reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
150 days after our initial business combination, and (B) the date following the completion of our initial business combination on
which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our shareholders having the
right to exchange their Class A ordinary shares for cash, securities or other property. Up to 1,875,000 founder shares will be subject
to forfeiture depending on the exercise or reduction of the over-allotment option.

 

Preference Shares

 

Our amended and restated memorandum and articles
of association authorize 1,000,000 preference shares and provide that preference shares may be issued from time to time in one or more
series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.
Our board of directors is 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
are being issued or registered in our initial public offering.

 

Warrants

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing
on the later of one year from the closing of our initial public offering and 30 days after the completion of our initial business combination,
except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may exercise its warrants
only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the
completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption
from registration is available, including in connection with a cashless exercise permitted as a result of a notice of redemption described
below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.” No warrant will
be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A
ordinary share 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 Class A ordinary share underlying such unit.

 

We have agreed that, as soon as practicable, but
in no event later than 15 business days after the closing of our initial business combination, we will use commercially reasonable efforts
to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable
upon exercise of the warrants. We will use commercially reasonable efforts to cause the same to become effective within 60 business days
after the closing of our initial business combination and to maintain the effectiveness of such registration statement, and a current
prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration
statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th
business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our
Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they
satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option,
require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of
the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and
in the event we do not so elect, we will use commercially reasonable efforts to register or qualify the shares under applicable blue sky
laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants
for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product
of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value”
(defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361 Class A ordinary shares
per warrant. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A
ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the
warrant agent.

 

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Redemption of Warrants When the Price Per Class A Ordinary
Share Equals or Exceeds $18.00

 

Once the warrants become exercisable, we may call
the outstanding warrants for redemption (except as described herein with respect to the private placement warrants):

 

		·	in whole and not in part;

 

		·	at a price of $0.01 per warrant;

 

		·	upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder;
and

 

		·	if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per
share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under
the heading “— Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading
days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the
warrant holders.

 

We will not redeem the warrants as described above
unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise
of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the
30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
to register or qualify the underlying securities for sale under all applicable state securities laws.

 

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise
price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled
to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may
fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Public Shareholders’ Warrants — Anti-Dilution
Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

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Redemption of Warrants When the Price Per Class A Ordinary
Share Equals or Exceeds $10.00

 

Once the warrants become exercisable, we may call
the outstanding warrants for redemption (except as described herein with respect to the private placement warrants):

 

		·	in whole and not in part;

 

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

 

		·	 if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per
share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under
the heading “— Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading
days within the 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the
warrant holders; and

 

		·	 if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading
day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less
than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as
described under the heading “—Public Shareholders’ Warrants — Anti-Dilution Adjustments”),
the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as
described above.

 

Beginning on the date the notice of redemption
is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in
the table below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in
connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A
ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed
for $0.10 per warrant), determined for these purposes based on the volume weighted average price of our Class A ordinary shares during
the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number
of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We
will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described
above ends.

 

Pursuant to the warrant agreement, references above
to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary
shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers
in the table below will not be adjusted when determining the number of such securities to issue upon exercise of the warrants if we are
not the surviving entity following our initial business combination.

 

The share prices set forth in the column headings
of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price
of a warrant is adjusted as set forth under the heading “— Anti-Dilution Adjustments” below.

 

If the number of shares issuable upon exercise
of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment,
multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such
adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares
in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a warrant.
If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading
 “— Anti-Dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share
price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under
the heading “— Anti-Dilution Adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment
pursuant to the second paragraph under the heading “— Anti-Dilution Adjustments” below, the adjusted share prices in
the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise
price adjustment.

 

    8

     

    

 

	Redemption Date	 	Fair Market Value of Class A Ordinary Shares	 
	(period to expiration of warrants)	 	≤$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	≥$18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The exact fair market value and redemption date
may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption
date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised
will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values
and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted
average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption
is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants,
holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for
each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the
volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the
notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary
shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature
for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the
warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us
pursuant to this redemption feature, since they will not be exercisable for any Class A ordinary shares.

 

    9

     

    

 

This redemption feature differs from the typical
warrant redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash
(other than the private placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a
specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A
ordinary shares are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares
is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem
the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of Warrants
When the Price Per Class A Ordinary Share Equals or Exceeds $18.00.” Holders choosing to exercise their warrants in connection
with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model
with a fixed volatility input as of the date of this Report. This redemption right provides us with an additional mechanism by which to
redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding
and would have been exercised or redeemed and we will be required to pay the applicable redemption price to warrant holders if we choose
to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our
best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our
capital structure to remove the warrants and pay the redemption price to the warrant holders.

 

As stated above, we can redeem the warrants when
the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will
provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise
their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary
shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A
ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if
and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50.

 

No fractional Class A ordinary shares will
be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down
to the nearest whole number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are
exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not
the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants
become exercisable for a security other than the Class A ordinary shares, the surviving company will use its commercially reasonable
efforts to register under the Securities Act the security issuable upon the exercise of the warrants within twenty business days of the
closing of an initial business combination.

 

Redemption Procedures

 

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 specified by the holder) of the Class A ordinary
shares outstanding immediately after giving effect to such exercise.

 

Anti-Dilution Adjustments

 

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

 

    10

     

    

 

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 holders of Class A ordinary
shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as
described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends
and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend
or distribution (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted
in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) does not
exceed $0.50 (being 5% of the offering price of the Units in our initial public offering), (c) to satisfy the redemption rights of
the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum
and articles of association (x) to modify the substance or timing of our obligation to allow redemption in connection with our initial
business combination or to redeem 100% of our public shares if we do not consummate an initial business combination within 24 months from
the closing of our initial public offering or (y) with respect to any other provisions relating to shareholders’ rights or
pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of
such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share
in respect of such event.

 

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

 

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

 

In addition, if (x) we issue additional Class A
ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue
price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial shareholders or their
affiliates, without taking into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior to
such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60%
of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation
of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary
shares during the 10-trading day period starting on the trading day prior to the day on which we consummate our initial business combination
(such price, the “Market Value”) of our Class A ordinary shares 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 higher of the Market Value and the Newly Issued Price,
the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value
and the Newly Issued Price (See “— Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds
$18.00” and “— Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $10.00”),
and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value
and the Newly Issued Price (See “— Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds
$10.00”).

 

    11

     

    

 

In case of any reclassification or reorganization
of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A
ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or
merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and
outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or
other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants
will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and
in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise
a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the
kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average
of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if
a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer
made by the company in connection with redemption rights held by shareholders of the company as provided for in the company’s amended
and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if
a proposed initial business combination is presented to the shareholders of the company for approval) under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under
the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2
under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within
the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder
of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually
have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange
offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender
or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible
to the adjustments provided for in the warrant agreement. Additionally, if less than 70% of the consideration receivable by the holders
of Class A 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 Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants will be issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any 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 this Report, or defective provision, but requires the approval by the holders of at least 65% of the then outstanding public
warrants to make any change that adversely affects the interests of the registered holders of public warrants and, solely with respect
to any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private
placement warrants, 65% of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which will
be filed as an exhibit to the registration statement of which this Report is a part, for a complete description of the terms and conditions
applicable to the warrants.

 

    12

     

    

 

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
Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by shareholders.

 

Private Placement Warrants

 

Except as described below, the private placement
warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering.
The private placement warrants (including the Class A ordinary shares issuable upon exercise of such warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination and they will not be redeemable by us (except
as described above under “— Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $10.00”)
so long as they are held by our sponsor, members of our sponsor or their permitted transferees. The sponsor or its permitted transferees
will have the option to exercise the private placement warrants on a cashless basis and have certain registration rights described herein.
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 in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the
units being sold in our initial public offering.

 

Except as described above under “—
Public Shareholders’ Warrants — Redemption of Warrants When the Price Per Class A Ordinary Share Equals
or Exceeds $10.00,” if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the
exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained
by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the
 “sponsor exercise fair market value” (defined below) over the exercise price of the warrants by (y) the sponsor exercise
fair market value. The “sponsor exercise fair market value” will mean the average reported closing price of the Class A
ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held
by the sponsor or 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 Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise,
the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise
such warrants on a cashless basis is appropriate.

 

In order to fund working capital deficiencies or
finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible
into warrants of the post business combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would
be identical to the private placement warrants.

 

Dividends

 

We have not paid any cash dividends on our ordinary
shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash
dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition
subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination
will be within the discretion of our board of directors at such time. If we increase the size of our initial public offering, we will
effect a share capitalization or other appropriate mechanism with respect to our Class B ordinary shares immediately prior to the
consummation of our initial public offering in such amount as to maintain the number of founder shares at 20.0% of our issued and outstanding
ordinary shares upon the consummation of our initial public offering. Further, if we incur any indebtedness, our ability to declare dividends
may be limited by restrictive covenants we may agree to in connection therewith.

 

    13

     

    

 

Our Transfer Agent and Warrant Agent

 

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

 

Listing of Securities

 

Our publicly held Class A ordinary shares are listed on NYSE under
the symbol “HZAC”.

 

Certain Differences in Corporate Law

 

Cayman Islands companies are governed by the Companies
Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable
to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions
of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

 

Mergers
and Similar Arrangements. In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman
Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated
by the laws of that other jurisdiction).

 

Where the merger or consolidation is between two
Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed
information. That plan of merger or consolidation must then be authorized by either (a) a special resolution (usually a majority
of 66 2/3% in value of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization,
if any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger
between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary
company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court
waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes
certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

 

Where the merger or consolidation involves a foreign
company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company
are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out
below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign
company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of
those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed
and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that
no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign
company, its affairs or its property or any part thereof; (iv) that no scheme, order, compromise or other similar arrangement has
been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended
or restricted.

 

    14

     

    

 

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

 

Where the above procedures are adopted, the Companies
Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the
merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must
give his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including
a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within
20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written
notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from
the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand
for payment of the fair value of his shares; (d) within seven days following the date of the expiration of the period set out in
paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the
constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase
his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days
following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the
shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the
company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such
petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value
of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value
of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value.
Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination
of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters
holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation
system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national
securities exchange or shares of the surviving or consolidated company.

 

Moreover, Cayman Islands law has separate statutory
provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally
be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as
a “scheme of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme
of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate
a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and
creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders
or creditors, as the case may be, that are present and voting either in person or by proxy at an annual general meeting, or extraordinary
general meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the
transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

 

    15

     

    

 

		·	we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote
have been complied with;the shareholders have been fairly represented at the general meeting in question;

 

		·	 the arrangement is such as a businessman would reasonably approve; and

 

		·	 the arrangement is not one that would more properly be sanctioned under some other provision of the
Companies Law or that would amount to a “fraud on the minority.”

 

 If
a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable
to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise
ordinarily be available to dissenting shareholders of United States corporations.

 

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

 

Further, transactions similar to a merger, reconstruction
and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital
exchange, asset acquisition or control, or through contractual arrangements, of an operating business.

 

Shareholders’
Suits. We are not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have
been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases,
we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors
usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would
in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply
in circumstances in which:

 

		·	a company is acting, or proposing to act, illegally or beyond the scope of its authority;

 

		·	 the act complained of, although not beyond the scope of the authority, could be effected if duly authorized
by more than the number of votes which have actually been obtained; or

 

		·	 those who control the company are perpetrating a “fraud on the minority.”

 

A shareholder may have a direct right of action
against us where the individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement
of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the United States and provides
less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United
States.

 

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

 

    16

     

    

 

Special
Considerations for Exempted Companies. We are an exempted company with limited liability (meaning our public shareholders have
no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies
Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the
Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the exemptions:

 

		·	annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside
of the Cayman Islands and has complied with the provisions of the Companies Law;

 

		·	 an exempted company’s register of members is not open to inspection;

 

		·	 an exempted company does not have to hold an annual general meeting;

 

		·	 an exempted company may issue negotiable or bearer shares or shares with no par value;

 

		·	 an exempted company may obtain an undertaking against the imposition of any future taxation

 

		·	 (such undertakings are usually given for 20 years in the first instance);

 

		·	 an exempted company may register by way of continuation in another jurisdiction and be deregistered
in the Cayman Islands;

 

		·	 an exempted company may register as a limited duration company; and

 

		·	 an exempted company may register as a segregated portfolio company.

 

Amended and Restated Memorandum and Articles of Association

 

The Business Combination Article of our amended
and restated memorandum and articles of association contains provisions designed to provide certain rights and protections relating to
our initial public offering that apply to us until the completion of our initial business combination. These provisions cannot be amended
without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved
by either (i) at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s
shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been
given; or (ii) if so authorized by a company’s articles of association, by a unanimous written resolution of all of the company’s
shareholders. Except as described below, our amended and restated memorandum and articles of association provide that special resolutions
must be approved either by at least two-thirds of our shareholders (i.e., the lowest threshold permissible under Cayman Islands law),
or by a unanimous written resolution of all of our shareholders.

 

    17

     

    

 

Our initial shareholders, who collectively beneficially
own 20% of our ordinary shares upon the closing of our initial public offering (assuming they do not purchase any units in our initial
public offering), will participate in any vote to amend our amended and restated memorandum and articles of association and will have
the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provide,
among other things, that:

 

		·	If we have not completed our initial business combination within 24 months from the closing of our initial public offering, we will
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten
business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account, including interest (which interest shall be net of taxes payable and up to $100,000 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) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve,
subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors
and in all cases subject to the other requirements of applicable law;

 

		·	Prior to our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive
funds from the trust account or (ii) vote on our initial business combination;

 

		·	 Although we do not intend to enter into a business combination with a target business that is affiliated
with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent entity
that commonly renders valuation opinions that such a business combination is fair to our company from a financial point of view;

 

		·	 If a shareholder vote on our initial business combination is not required by law and we do not decide
to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation
14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which
contain substantially the same financial and other information about our initial business combination and the redemption rights as is
required under Regulation 14A of the Exchange Act;

 

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

 

		·	 Only holders of Class B ordinary shares will have the right to vote on the appointment of directors
prior to or in connection with the completion of our initial business combination, and amending the provisions of our amended and restated
memorandum and articles of association relating to the rights of holders of Class B ordinary shares to appoint directors may be amended
only by a special resolution passed by a majority of at least 90% of our shares voting in a general meeting;

 

		·	 If our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or
to redeem 100% of our public shares if we do not consummate an initial business combination within 24 months from the closing of our initial
public offering or (B) with respect to any other provisions relating to shareholders’ rights or pre-initial business combination
activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares
upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to
the limitations and on the conditions described herein; and

 

		·	 We will not effectuate our initial business combination solely with another blank check company or
a similar company with nominal operations.

 

    18

     

    

 

In addition, our amended and restated memorandum
and articles of association provide we will not redeem our public shares in an amount that would cause our net tangible assets to be less
than $5,000,001. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may
enter into following consummation of our initial public offering, in order to, among other reasons, satisfy such net tangible assets requirement.

 

The Companies Act permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution. A company’s
articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority
is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum
and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering,
structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these
provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or
waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money Laundering — Cayman Islands

 

In order to comply with legislation or regulations
aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers
to provide evidence to verify their identity, the identity of their beneficial owners/controllers and source of funds. Where permitted,
and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition
of due diligence information) to a suitable person.

 

We reserve the right to request such information
as is necessary to verify the identity of a subscriber. In some cases, the directors may be satisfied that no further information is required
since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised from
time to time (the “Regulations”). Depending on the circumstances of each application, a detailed verification of identity
might not be required where:

 

		a)	the subscriber makes the payment for their investment from an account held in the subscriber’s name at a recognized financial
institution;

 

		b)	the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized
jurisdiction; or

 

		c)	the application is made through an intermediary which is regulated by a recognized regulatory authority
and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the
procedures undertaken on the underlying investors.

 

For the purposes of these exceptions, recognition
of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to
those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

 

In the event of delay or failure on the part of
the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case
any funds received will be returned without interest to the account from which they were originally debited.

 

We also reserve the right to refuse to make any
payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder may be non-compliant
with applicable anti-money laundering or other laws or regulations, or if such refusal is considered necessary or appropriate to ensure
our compliance with any such laws or regulations in any applicable jurisdiction.

 

    19

     

    

 

If any person resident in the Cayman Islands knows
or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with
terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of business
in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion
to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman
Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher,
or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to
involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any
restriction upon the disclosure of information imposed by any enactment or otherwise.

 

Certain Anti-Takeover Provisions of our Amended and Restated
Memorandum and Articles of Association

 

Our amended and restated memorandum and articles
of association provide that our board of directors is classified into three classes of directors. As a result, in most circumstances,
a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings.

 

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

 

Registration and Shareholder Rights

 

Pursuant to the registration and shareholder rights
agreement to be entered into on or prior to the closing of our initial public offering, our sponsor, upon and following consummation of
an initial business combination, will be entitled to nominate three individuals for election to our board of directors, as long as the
sponsor holds any securities covered by the registration and shareholder rights agreement. Additionally, the holders of the (i) founder
shares, which were issued in a private placement prior to the closing of our initial public offering, (ii) private placement warrants,
which will be issued in a private placement simultaneously with the closing of our initial public offering and the Class A ordinary
shares underlying such private placement warrants and (iii) private placement warrants that may be issued upon conversion of working
capital loans will have certain registration rights described under “— Registration Rights.”

 

Securities Eligible for Future Sale

 

Immediately after our initial public offering we
had 67,998,041 Class A ordinary shares issued and outstanding. Of these shares, the Class A ordinary shares sold in our initial
public offering are freely tradable without restriction or further registration under the Securities Act, except for any Class A
ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the outstanding
founder shares are restricted securities under Rule 144, in that they were issued in private transactions not involving a public
offering, and are subject to transfer restrictions as set forth elsewhere in this Report.

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially
owned restricted shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person
is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we
are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required
reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file
reports) preceding the sale.

 

    20

     

    

 

Persons who have beneficially owned restricted
shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding,
a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only
a number of securities that does not exceed the greater of:

 

		·	1% of the total number of ordinary shares then outstanding, which will equal 718,750 shares immediately after our initial public
offering; or

 

		·	 the average weekly reported trading volume of the ordinary shares during the four calendar weeks preceding
the filing of a notice on Form 144 with respect to the sale.

 

Sales by our affiliates under Rule 144 are also limited by manner
of sale provisions and notice requirements and to the availability of current public information about us.

 

Restrictions on the Use of Rule 144 by
Shell Companies or Former Shell Companies

 

Rule 144 is not available for the resale of
securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at
any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following
conditions are met:

 

		·	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		·	 the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act;

 

		·	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K;
and

 

		·	 at least one year has elapsed from the time that the issuer filed current Form 10 type information
with the SEC reflecting its status as an entity that is not a shell company.

 

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

 

Registration Rights

 

The holders of the (i) founder shares,
which were issued in a private placement prior to the closing of our initial public offering, (ii) private placement warrants,
which will be issued in a private placement simultaneously with the closing of our initial public offering and the Class A
ordinary shares underlying such private placement warrants and (iii) private placement warrants that may be issued upon
conversion of working capital loans will have registration rights to require us to register a sale of any of our securities held by
them pursuant to a registration and shareholders rights agreement to be signed on or prior to the closing of our initial public
offering. Pursuant to the registration and shareholder rights agreement, we are obligated to register up to 20,532,941 Class A
ordinary shares and 6,933,333 warrants. The number of Class A ordinary shares includes (i)  13,599,608 Class A
ordinary shares to be issued upon conversion of the founder shares, (ii) 5,933,333 Class A ordinary shares underlying
the private placement warrants and (iii) 1,000,000 Class A ordinary shares underlying the private placement warrants
issued upon conversion of working capital loans. The number of warrants includes 5,933,333 private placement warrants, including
1,000,000 private placement warrants issued upon conversion of working capital loans. The holders of these securities are entitled
to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain
 “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our
initial business combination. We will bear the expenses incurred in connection with the filing of any such registration
statements.

 

Pursuant to the registration and shareholder rights
agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals
for election to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights
agreement.

 

    21Exhibit 4.3

 

 

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES AND EXCHANGE ACT OF 1934,
AS AMENDED

 

 

As of March 31, 2021, Auddia Inc. had
two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Our shares of common stock are listed on The Nasdaq Stock Market under the trading symbol “AUUD.” Our Series A Warrants
are listed on the Nasdaq Stock Market under the trading symbol “AUUDW.”

 

The following summary describes our common
stock, our Series A Warrants, and the material provisions of our certificate of incorporation, our bylaws, and of the Delaware
General Corporation Law (the “DGCL”). Because the following is only a summary, it does not contain all of the information
that may be important to you. For a complete description, you should refer to our certificate of incorporation, bylaws and form
of Series A Warrant filed as exhibits 3.1, 3.2 and 3.4, respectively, to our Annual Report on Form 10-K filed with the Securities
Exchange Commission, of which this Exhibit 4.3 is a part. We encourage you to read those documents and the DGCL carefully.

 

Authorized Capital Stock

 

Our authorized capital stock consists of
100,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per
share.

 

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.

 

In the event of our liquidation, dissolution or winding up,
holders of our common stock will be 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. Each outstanding share of common stock is duly and validly issued,
fully paid and non-assessable.

 

Preferred stock

 

Our board will 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
as of the date of our Annual Report on Form 10-K with which this Exhibit 4.3 is filed as an exhibit.

 

 

 

    	 	1	 

     

    

 

Anti-Takeover Effects of Delaware Law and Provisions of our
Charter and our Bylaws

 

Certain provisions of the DGCL and of our
charter and our bylaws could 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.

 

Delaware Anti-Takeover Statute

 

We are subject to the provisions of Section
203 of the DGCL. 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 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 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, exchange,
mortgage 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; or

 

		·	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.

 

Board Composition and Filling Vacancies

 

Our charter provides that stockholders
may remove directors only for cause and only by the affirmative vote of the holders of at least two-thirds of our outstanding common
stock. Our charter and bylaws authorize only our board of directors to fill vacant directorships, including newly created seats.
In addition, the number of directors constituting our board of directors may only be set by a resolution adopted by a majority
vote of our entire board of directors. These provisions would prevent a stockholder from increasing the size of our board of directors
and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This makes it more
difficult to change the composition of our board of directors but promotes continuity of management.

 

 

 

    	 	2	 

     

    

 

No Written Consent of Stockholders

 

Our charter and bylaws 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.

 

Meetings of Stockholders

 

Our charter and bylaws provide that only
a majority of the members of our Board then in office, our Executive Chairman or our Chief Executive Officer 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.

 

Advance Notice Requirements

 

Our bylaws provide advance notice procedures
for stockholders seeking to bring matters before our annual meeting of stockholders or to nominate candidates for election as directors
at our annual meeting of stockholders. Our bylaws also specify certain requirements regarding the form and content of a stockholder’s
notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from
making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that
these provisions might also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s
own slate of directors or otherwise attempting to obtain control of our company.

 

Amendment to our Charter and Bylaws

 

The DGCL, provides, generally, that the affirmative vote of
a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation
or bylaws, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage.
Our bylaws may be amended or repealed by a majority vote of our board of directors or the affirmative vote of the holders of at
least two-thirds of the votes that all our stockholders would be entitled to cast in an annual election of directors. In addition,
the affirmative vote of the holders of at least two-thirds of the votes that all our stockholders would be entitled to cast in
an election of directors is required to amend or repeal or to adopt certain provisions of our charter.

 

Undesignated preferred stock

 

Our charter provides for 10,000,000 authorized shares of preferred
stock. The existence of authorized but unissued shares of preferred stock may enable our board 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 could cause shares of convertible 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 charter grants our board 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.

 

 

 

    	 	3	 

     

    

 

Choice of Forum

 

Our charter provides that the Court of Chancery of the State
of Delaware is the exclusive forum for the following types of actions or proceedings: any derivative action or proceeding brought
on behalf of the Company, any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee
of the Company to the Company or the Company’s stockholders, any action asserting a claim against the Company arising pursuant
to any provision of the DGCL or the Company’s certificate of incorporation or bylaws, or any action asserting a claim against
the Company governed by the internal affairs doctrine. Our charter also provides that unless the Company consents 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. Despite the fact that the certificate
of incorporation provides for this exclusive forum provision to be applicable to the fullest extent permitted by applicable law,
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 and Section 22 of the Securities Act, creates concurrent jurisdiction
for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules
and regulations thereunder. As a result, this provision of the Company’s certificate of incorporation would not apply to
claims brought to enforce a duty or liability created by the Exchange Act, or any other claim for which the federal courts have
exclusive jurisdiction. However, there is uncertainty as to whether a Delaware court would enforce the exclusive federal forum
provisions for Securities Act claims and that investors cannot waive compliance with the federal securities laws and rules and
regulations thereunder.

 

Unless the Company consents 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.

 

Series A Warrants

 

Each Series A Warrant represents the right to purchase one
share of common stock at an exercise price of $ 4.54. The Series A Warrants are exercisable beginning February 17, 2021 will
terminate on the 5th anniversary date the warrants are first exercisable. The exercise price and number of shares for which
each Series A Warrant may be exercised is subject to adjustment in the event of stock dividends, stock splits,
reorganizations or similar events affecting our common stock.

 

Holders of the Series A Warrants may exercise their Series A
Warrants to purchase shares of our common stock on or before the termination date by delivering an exercise notice, appropriately
completed and duly signed. Payment of the exercise price for the number of shares for which the Series A Warrants is being exercised
must be made within two trading days following such exercise. In the event that the registration statement relating to the Series
A Warrants shares (the “Warrant Shares”) is not effective, a holder of Series A Warrants may only exercise its Series
A Warrants for a net number of Warrant Shares pursuant to the cashless exercise procedures specified in the Series A Warrants.
Series A Warrants may be exercised in whole or in part, and any portion of a Series A Warrant not exercised prior to the termination
date shall be and become void and of no value. The absence of an effective registration statement or applicable exemption from
registration does not alleviate our obligation to deliver common stock issuable upon exercise of a Series A Warrant.

 

Upon the holder’s exercise of a Series A Warrant, we will
issue the shares of common stock issuable upon exercise of the Series A Warrant within three trading days of our receipt of notice
of exercise, subject to timely payment of the aggregate exercise price therefor.

 

The shares of common stock issuable on exercise of the Series
A Warrants will be, when issued in accordance with the Series A Warrants, duly and validly authorized, issued and fully paid and
non-assessable. We will authorize and reserve at least that number of shares of common stock equal to the number of shares of common
stock issuable upon exercise of all outstanding warrants.

 

If, at any time a Series A Warrant is outstanding, we consummate
any fundamental transaction, as described in the Series A Warrants and generally including any consolidation or merger into another
corporation, the consummation of a transaction whereby another entity acquires more than 50% of our outstanding common stock, or
the sale of all or substantially all of our assets, or other transaction in which our common stock is converted into or exchanged
for other securities or other consideration, the holder of any Series A Warrants will thereafter receive upon exercise of the Series
A Warrants, the securities or other consideration to which a holder of the number of shares of common stock then deliverable upon
the exercise or conversion of such Series A Warrants would have been entitled upon such consolidation or merger or other transaction.

 

 

 

    	 	4	 

     

    

 

The Series A Warrants are not exercisable by their holder to
the extent (but only to the extent) that such holder or any of its affiliates would beneficially own in excess of 4.99% of our
common stock.

 

Amendments and waivers of the terms of the Series A Warrants
require the written consent of the holder of such Series A Warrants and us. The Series A Warrants will be issued in book-entry
form under a warrant agent agreement between V-Stock Transfer Company, Inc. as warrant agent, and us, and shall initially be represented
by one or more book-entry certificates deposited with The Depository Trust Company, or DTC, and registered in the name of Cede
& Co., a nominee of DTC, or as otherwise directed by DTC.

 

You should review a copy of the warrant agent agreement and
the form of the Series A Warrants, each of which are included as exhibits to our Annual Report on
Form 10-K filed with the Securities Exchange Commission, of which this Exhibit 4.3 is a part.

 

Transfer Agent, Registrar, Warrant Agent

 

The transfer agent and registrar for our common stock and the
warrant agent for our Series A Warrants is VStock Transfer LLC, 18 Lafayette Place, Woodmere, NY 11598.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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