Document:

Exhibit 4.5

 

AMENDED AND RESTATED PRIVATE WARRANT AGREEMENT

 

between

 

ATHENA CONSUMER ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

Dated as of March 24, 2022

 

THIS AMENDED AND RESTATED
WARRANT AGREEMENT (this “Agreement”), dated as of March 24, 2022, is by and between Athena Consumer Acquisition
Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited
purpose trust company, as warrant agent (the “Warrant Agent,” also referred to herein as the “Transfer Agent”).
This Agreement both amends and restates that certain Private Warrant Agreement, by and between the Company and the Warrant Agent, dated
as of October 19, 2021.

 

WHEREAS, on October 19, 2021,
the Company entered into that certain Private Placement Units Purchase Agreement with Athena Consumer Acquisition Sponsor LLC, a Delaware
limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 1,000,000 Units
(as defined below) (or up to 1,060,000 depending on the extent to which the underwriters’ over-allotment option is exercised) simultaneously
with the closing of the Offering (and the closing of the overallotment option, if applicable) at a purchase price of $10.00 per Unit and,
in connection therewith, will issue and deliver up to an aggregate of 500,000 warrants (or up to 530,000 depending on the extent to which
the underwriters’ over-allotment option is exercised) bearing the legend set forth in Exhibit A hereto (the “Private
Placement Warrants”);

 

WHEREAS, in order to finance
the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or affiliates
of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company
may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 150,000 Units, at a purchase price of
$10.00 per Unit, which will include up to an aggregate of 75,000 warrants bearing the legend set forth in Exhibit A hereto (the
“Working Capital Warrants”, and together with the Private Placement Warrants, the “Warrants”);

 

WHEREAS, the Company is engaged
in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one share of Class A Common Stock, par value $0.0001 per share (“Common Stock”), and one-half of one public warrant
(the “Units”) and, in connection therewith, has determined to issue and deliver up to 11,500,000 warrants (including
up to 1,500,000 warrants subject to the Over-allotment Option) to public investors in the Offering;

 

WHEREAS, the Company has filed
with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No.
333-258050 (the “Registration Statement”) and prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the issuance of the Units, the Warrants and
the shares of Common Stock included in the Units;

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of
the Company, and to authorize the execution and delivery of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant
Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby
accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1 Form of Warrant.
Each Warrant shall initially be issued in registered form only.

 

2.2 Effect of Countersignature.
If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3 Registration.

 

2.3.1 Warrant Register.
The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of the initial issuance of the
Warrants and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company. If requested, the Registered Holder of a Warrant shall be issued a definitive
certificate in physical form evidencing such Warrants which shall be in the form attached hereto as Exhibit B.

 

Physical certificates, if
issued, shall be signed by, or bear the facsimile signature of, the Chairman of the board of directors of the Company (the “Board”),
Chief Executive Officer, Chief Financial Officer, the President or the Secretary or other principal officer of the Company. In the event
the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

2.3.2 Registered Holder.
Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person
in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of
such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on any physical certificate
made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3. Terms and Exercise of
Warrants.

 

3.1 Warrant Price. Each
whole Warrant, when countersigned by the Warrant Agent, shall entitle the Registered Holder thereof, subject to the provisions of such
Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50
per share, subject to the adjustments provided in Section 4 hereof and in the penultimate sentence of this Section 3.1.
The term “Warrant Price” as used in this Agreement shall mean the price per share at which each share of Common Stock
may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior
to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall
provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided, further,
that any such reduction shall be identical among all of the Warrants. The term “Business Day” means a day other than
a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business.

 

3.2 Duration of Warrants.
A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the date that is thirty (30)
days after the first date on which the Company completes a merger, consolidation, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination, involving the Company and one or more businesses or entities (a “Business Combination”)
and terminating at the earlier to occur of; (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which
the Company completes its initial Business Combination, (y) the liquidation of the Company, or (z) 5:00 p.m., New York City time on the
Redemption Date (as defined below) as provided in Section 8.2 hereof (the “Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection
3.3.2 hereof, with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price
(as defined below), in the event of a redemption (as set forth in Section 8 hereof), each Warrant not exercised on or before the
Expiration Date shall become null and void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease
at 5:00 p.m., New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by
delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such
extension to Registered Holders of the Warrants and, provided, further, that any such extension shall be identical in duration
among all the Warrants.

 

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3.3 Exercise of Warrants.

 

3.3.1 Payment. Subject
to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the Registered
Holder thereof by surrendering it (if evidenced by definitive certificate) at the office of the Warrant Agent, or at the office of its
successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock
and the issuance of such share of Common Stock, as follows:

 

(a) in lawful money
of the United States, in good certified check or good bank draft payable to the Warrant Agent;

 

(b) by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the excess of the 10-Day Average Closing Price, as of the date prior to the date
on which notice of exercise is sent or given to the Warrant Agent, less the Warrant Price by (y) the 10-Day Average Closing Price. “10-Day
Average Closing Price” means, as of any date, the average last reported sale price of the Common Stock as reported during the
ten (10) trading day period ending on the trading day prior to such date. “Last Reported Sale Price” shall mean the
last reported sale price of the shares of Common Stock on the date prior to the date on which notice of exercise of the Warrant is sent
to the Warrant Agent;

 

(c) in the event
of a redemption pursuant to Section 8.1 hereof in which the Board has elected to require all holders of the Warrants to exercise
such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between
the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c) by (y) the Fair Market
Value. Solely for purposes of this subsection 3.3.1(c) and Section 8.1, the “Fair Market Value” shall mean the
10-Day Average Closing Price (as defined above) as of the date on which the notice of redemption is sent to the holders of the Warrants,
pursuant to Section 8.2 hereof; or

 

(d) as provided in Section 6.4
hereof.

 

3.3.2 Issuance of Shares
of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of
the Warrant Price (if payment is pursuant to subsection 3.3.1(a) hereof), the Company shall issue to the Registered Holder of such
Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new
book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant shall not
have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant
to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities
Act with respect to the shares of Common Stock underlying the Warrants is then effective and a prospectus relating thereto is current
or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue shares
of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon such Warrant exercise has been registered,
qualified or deemed to be exempt from registration or qualification 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 shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless,
in which case the purchaser of a Unit containing such Warrants shall have paid the full purchase price for the Unit solely for the shares
of Common Stock underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. If, by reason
of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such
Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number the number
of shares of Common Stock to be issued to such holder.

 

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3.3.3 Valid Issuance.
All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully
paid and non-assessable.

 

3.3.4 Date of Issuance.
Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes
be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position
representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate
in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books
of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares
of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system of the Warrant
Agent are open.

 

3.3.5 Maximum Percentage.
A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection
3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8%, or such other amount
as a holder may specify (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to
which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise
of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates
(including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of issued and outstanding shares of Common Stock, the holder may
rely on the number of issued and outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report
on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be,
(2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock issued and outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the
Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.
In any case, the number of issued and outstanding shares of Common Stock shall be determined after giving effect to the conversion or
exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding
shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease
the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that
any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Stock Dividends.

 

4.1.1 Stock Dividends and
Split-Ups. If after the date hereof, and subject to the provisions of Section 4.7 hereof, the number of issued and outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock,
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common
Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding shares of Common
Stock. A rights offering to holders of shares of Common Stock entitling holders to purchase shares of Common Stock at a price less than
the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal
to the product of (i) the number of shares of Common Stock 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 the shares of Common Stock) multiplied by (ii) one (1) minus
the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this subsection 4.1.1, if the rights offering is for securities convertible into or exercisable for shares of Common Stock,
in determining the price payable for the shares of Common Stock, there shall be taken into account any consideration received for such
rights, as well as any additional amount payable upon exercise or conversion. “Fair Market Value” means the 10-Day
Average Closing Price as of the first (1st) date on which the shares of Common Stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. Notwithstanding anything
to the contrary herein, no shares of Common Stock shall be issued at less than their par value.

 

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4.1.2 Extraordinary Dividends.
If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities
or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock (or other shares of the Company’s
share capital into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash
Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a proposed
initial Business Combination, (d) to satisfy the redemption rights of the holders of shares of Common Stock in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing
of the Company’s obligation to redeem 100% of the shares of Common Stock if the Company does not complete its initial Business Combination
within the period set forth in the Company’s amended and restated certificate of incorporation, or (e) in connection with the redemption
of the shares of Common Stock included in the Units sold in the Offering upon the Company’s failure to complete the Company’s
initial Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share
of Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends
and cash distributions paid on the shares of Common Stock during the 365-day period ending on the date of declaration of such dividend
or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and
excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common
Stock issuable on exercise of each Warrant) does not exceed $0.50.

 

4.2 Aggregation of Shares.
If after the date hereof, and subject to the provisions of Section 4.7 hereof, the number of issued and outstanding shares of Common
Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar
event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number
of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding
shares of Common Stock.

 

4.3 Adjustments in Warrant
Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section
4.1 or 4.2 hereof, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter.

 

4.4 Raising of the Capital
in Connection with the Initial Business Combination. If the Company issues additional shares of Common Stock or equity-linked securities
for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price
of less than $9.20 per share of Common Stock (with such issue price or effective issue price to be determined in good faith by the Board,
and in the case of any such issuance to the holders of the Company’s shares of Class B common stock, par value $0.0001 per share
(the “founder shares”), or their respective affiliates, without taking into account any founder shares held by them, as applicable,
prior to such issuance) (the “Newly Issued Price”), the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the Newly Issued Price.

 

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4.5 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding shares of Common Stock (other
than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock),
or in the case of any merger or consolidation of the Company with or into another entity in which any “person” or “group”
(as such terms are used in Section 13(d) and 14(d) of the Exchange Act) acquires more than 50% of the voting power of the Company’s
securities, or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety, the holders of the Warrants shall 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 shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, that the
holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the
“Alternative Issuance”); provided, however, that if the holders of the shares of Common Stock 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 constituting the Alternative Issuance for which each Warrant shall become
exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the shares of Common
Stock in such consolidation or merger that affirmatively make such election; provided, further, that if less than seventy
percent (70%) of the consideration receivable by the holders of the shares of Common Stock in the applicable event is payable in the form
of common stock 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 properly exercises
the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant
to a current report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference
of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event
less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means
the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for an uncapped
American Call on Bloomberg Financial Markets (“Bloomberg”), as calculated by an accounting, appraisal, investment banking
firm or consultant of nationally recognized standing that is, in the good faith judgment of the Board, qualified to make such calculation.
For purposes of calculating such amount, (1) Section 8.1 shall be taken into account, (2) the price of each share of Common Stock
shall be the 10-Day Average Closing Price as of the effective date of the applicable event, (3) the assumed volatility shall be the ninety
(90) day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement
of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to
the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the
shares of Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the
average last reported sale price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in shares
of Common Stock covered by subsection 4.1.1 hereof, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections
4.2, or 4.3 hereof and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced
to less than the par value per share issuable upon exercise of the Warrant.

 

4.6 Notices of Changes in
Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based; provided, however,
that no adjustment to the number of shares of Common Stock issuable upon exercise of a Warrant shall be required until cumulative adjustments
amount to one percent (1%) or more of the number of shares of Common Stock issuable upon exercise of a Warrant as last adjusted; provided,
further, that any such adjustments that are not made are carried forward and taken into account in any subsequent adjustment. Notwithstanding
the foregoing, all such carried forward adjustments shall be made (i) in connection with any subsequent adjustment that (taken together
with such carried forward adjustments) would result in a change of at least one percent (1%) in the number of shares of Common Stock issuable
upon exercise of a Warrant and (ii) on the exercise date of any Warrant. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4 or 4.5 hereof, the Company shall give written notice of the occurrence of such event to each
holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of
the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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4.7 No Fractional Shares.
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue a fractional share of Common Stock
upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
down to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

4.8 Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant
to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form
of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

5. Transfer and Exchange
of Warrants.

 

5.1 Transferability.
Subject to compliance with applicable law, the Warrants may be transferred, assigned or sold to any person.

 

5.2 Registration of Transfer.
The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender
of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer.
Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be
cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

 

5.3 Procedure for Surrender
of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon
the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for
transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until
the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the
new Warrants must also bear a restrictive legend.

 

5.4 Transfers of Fractions
of Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange of Warrants which would require
the issuance of a Warrant certificate or book-entry position for a fraction of a Warrant.

 

5.5 Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.6 Warrant Execution and
Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6. Other Provisions Relating
to Rights of Holders of Warrants.

 

6.1 No Rights as Stockholder.
A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholder
in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

6.2 Lost, Stolen, Mutilated,
or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent may on such terms
as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new
Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone.

 

    7

     

    

 

6.3 Reservation of Shares
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common
Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

6.4 Registration of the Common
Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of
its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the registration,
under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. The Company shall use its best efforts
to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement.

 

7. Concerning the Warrant
Agent and Other Matters.

 

7.1 Payment of Taxes.
The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company and the Warrant Agent shall not
be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

 

7.2 Resignation, Consolidation,
or Merger of Warrant Agent.

 

7.2.1 Appointment of Successor
Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent
becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place
of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his,
her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York
for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent,
whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

7.2.2 Notice of Successor
Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the Transfer Agent for the shares of Common Stock not later than the effective date of any such appointment.

 

7.2.3 Merger or Consolidation
of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any entity resulting
from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement
without any further act.

 

7.3 Fees and Expenses of
Warrant Agent.

 

7.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant
to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.

 

    8

     

    

 

7.3.2 Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such
further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing
of the provisions of this Agreement.

 

7.4 Liability of Warrant
Agent.

 

7.4.1 Reliance on Company
Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a statement signed by the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, the President or the Secretary or other
principal officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Agreement.

 

7.4.2 Indemnity. The
Warrant Agent shall be liable hereunder only for its own, or its representatives’, gross negligence, willful misconduct, fraud,
bad faith or material breach of this Agreement. The Company agrees to indemnify the Warrant Agent and save it harmless against any and
all liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant
Agent in the execution of this Agreement, except as a result of the Warrant Agent’s or its representatives’ gross negligence,
willful misconduct, fraud, bad faith or material breach of this Agreement.

 

7.4.3 Exclusions. The
Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement
or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable.

 

7.5 Acceptance of Agency.
The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise
of the Warrants.

 

7.6 Waiver. The Warrant
Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution
of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the
Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for
any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account
and any and all rights to seek access to the Trust Account.

 

8. Redemption of Warrants.

 

8.1 Redemption of Warrants
for Cash. All, but not less than all, of the outstanding Warrants may be redeemed for cash, at the option of the Company, at any time
during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in
Section 8.2 hereof, at a Redemption Price of $0.01 per Warrant, provided that the last reported sale price of the share
of Common Stock has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof), on each of twenty
(20) trading days within the thirty (30) trading day period ending on the third (3rd)
trading day prior to the date on which notice of the redemption is given and provided, that there is an effective registration
statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available
throughout the 30-day Redemption Period (as defined in Section 8.2 hereof) or the Company has elected to require the exercise of
the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b) or 3.3.1(c) hereof.

 

    9

     

    

 

8.2 Date Fixed for, and Notice
of Redemption; Redemption Price. In the event that the Company elects to redeem the Warrants pursuant to Section 8.1 hereof,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption
Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration
books. As used in this Agreement, “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed
pursuant to Section 8.1.

 

8.3 Exercise After Notice
of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” pursuant to subsection 3.3.1(b)
or 3.3.1(c) hereof, if applicable) at any time after notice of redemption shall have been given by the Company pursuant to Section
8.2 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders of Warrants to exercise
their Warrants on a “cashless basis” pursuant to subsection 3.3.1(b) or 3.3.1(c) hereof, the notice of redemption
shall contain instructions on how to calculate the number of shares of Common Stock to be received upon exercise of the Warrants. On and
after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants,
the Redemption Price.

 

9. Miscellaneous Provisions.

 

9.1 Successors. All the
covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit
of their respective successors and assigns.

 

9.2 Notices. Any notice,
statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the
Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the
Company with the Warrant Agent), as follows:

 

Athena Consumer Acquisition Corp.

442 5th Avenue

New York, NY 10018

Attention: Jane Park

 

with a copy to (which shall not constitute notice):

 

White & Case LLP

555 South Flower Street, Suite 2700

Los Angeles, CA 90071

Attn: Daniel Nussen

 

Any notice, statement or demand
authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company),
as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

in each case, with a copy to:

 

Shearman & Sterling LLP

599 Lexington Avenue, New York, NY

New York, New York 10022

Attn: Ilir Mujalovic and William B. Nelson

 

and

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attn: Mariam Kalandarishvili

 

    10

     

    

 

9.3 Applicable Law; Exclusive
Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive
forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce
any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America
are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed
to have notice of and to have consented to the forum provisions in this Section 9.3. If any action, the subject matter of which
is within the scope of the forum provisions above, is filed in a court other than a court located within the State of New York or the
United States District Court for the Southern District of New York (a “foreign action”) in the name of any Warrant holder,
such Warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within
the State of New York or the United States District Court for the Southern District of New York in connection with any action brought
in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such
Warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such
warrant holder.

 

9.4 Persons Having Rights
under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation or other entity
other than the parties hereto and the Registered Holders of the Warrants any right, remedy or claim under or by reason of this Agreement
or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of
the Registered Holders of the Warrants.

 

9.5 Examination of the Warrant
Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of
Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such
holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 

9.6 Counterparts; Electronic
Signatures. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature
to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original signature.

 

9.7 Effect of Headings.
The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8 Amendments. This
Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any ambiguity
or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement
set forth in the Prospectus or (ii) adding or changing any provisions with respect to matters or questions arising under this Agreement
as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders.
All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period
shall require the vote or written consent of the Registered Holders of fifty percent (50%) of the then outstanding Warrants. Notwithstanding
the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and
3.2 hereof, respectively, without the consent of the Registered Holders.

 

9.9 Severability. This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

    11

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	ATHENA CONSUMER ACQUISITION CORP.
	 	 
	 	By:	/s/ Jane Park
	 	 	Name:   	Jane Park
	 	 	Title: 	Chief Executive Officer

 

[Signature Page to Amended and Restated Private
Warrant Agreement]

 

     

     

    

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/ Douglas Reed
	 	 	Name:   	Douglas Reed
	 	 	Title: 	Vice President of Account Administration

 

[Signature Page to Amended and Restated Private
Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

LEGEND

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT
BY AND AMONG ATHENA CONSUMER ACQUISITION CORP. (THE “COMPANY”), ATHENA CONSUMER ACQUISITION SPONSOR LLC AND THE OTHER PARTIES
THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER
THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED
TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY
TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON
EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

     

     

    

 

EXHIBIT B

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE NULL AND VOID IF NOT EXERCISED
PRIOR 

 

TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED
FOR

 

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

ATHENA CONSUMER ACQUISITION CORP.

 

Incorporated Under the Laws of the State of
Delaware

 

CUSIP 04684M 114

 

Warrant Certificate

 

This Warrant Certificate
certifies that [______], or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase shares of Class A common stock, $0.0001 par value per share (“Common
Stock”), of Athena Consumer Acquisition Corp., a Delaware corporation (the “Company”). Each whole
Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Warrant
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money of the United States of America upon surrender
of this Warrant Certificate and payment of the Warrant Price (or through “cashless exercise” as provided for
in the Warrant Agreement) at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and
in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them
in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. No fractional shares will be issued upon exercise of any Warrant.
If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company
will, upon exercise, round down to the nearest whole number of the number of shares of Common Stock to be issued to the holder of the
Warrant. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain
events as set forth in the Warrant Agreement.

 

The initial Warrant Price
per share of Common Stock for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence
of certain events as set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the
end of such Exercise Period, such Warrants shall become null and void.

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

     

     

    

 

	 	ATHENA CONSUMER ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:  	Jane Park
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common
Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of October 19, 2021 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York limited purpose trust company,
as warrant agent (or successor warrant agent) (collectively, the “Warrant Agent”), which Warrant Agreement is
hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the
Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise
of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement
covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder
relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in the
Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants and the Warrant
Price set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof
would be entitled to receive a fractional interest in Common Stock, the Company shall, upon exercise, round down to the nearest whole
number of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement,
but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
a like number of Warrants.

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith.

 

The Company and the Warrant
Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof,
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the
Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 

     

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment
for such shares of Common Stock to the order of Athena Consumer Acquisition Corp. (the “Company”) in the amount
of $[______] in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered
in the name of [______], whose address is [______] and that such shares of Common Stock be delivered to [______] whose address is [______].
If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests
that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of [______],
whose address is [______] and that such Warrant Certificate be delivered to [______], whose address is [______].

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 3.3.1(b) of the Warrant Agreement, the number
of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with 3.3.1(b) of the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number
of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant
Agreement.

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Common Stock that
this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for
such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares
of Common Stock. If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder (after
giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of
such shares of Common Stock be registered in the name of [______], whose address is [______] and that such Warrant Certificate be delivered
to [______], whose address is [______].

 

Date: [______], 20[_]

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

Signature Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO SECURITIES AND EXCHANGE COMMISSION RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED).Exhibit 4.6 

 

DESCRIPTION OF SECURITIES 

 

The following description of Athena Consumer
Acquisition Corp.’s (the “Company,” “we” or “us”) securities is a summary and does not purport
to be complete. It is subject to and qualified in its entirety by reference to the Company’s amended and restated certificate of
incorporation, which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. We
encourage you to read the amended and restated certificate of incorporation and the applicable provisions of the Delaware General Corporation
Law (the “DGCL”), for additional information.

 

General

 

We are a Delaware corporation and our affairs
are governed by our amended and restated certificate of incorporation and the DGCL. Pursuant to our amended and restated certificate of
incorporation, we are authorized to issue 110,000,000 shares of common stock, $0.0001 par value each, including 100,000,000 shares of
Class A common stock and 10,000,000 shares of Class B common stock, as well as 1,000,000 shares of preferred stock, $0.0001 par value
each. The following description summarizes certain terms of our capital stock as set out more particularly in our amended and restated
certificate of incorporation. Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each unit has an offering price of $10.00 and
consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to
purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a
warrant holder may exercise its warrants only for a whole number of the shares of Company’s Class A common stock. 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-half of one warrant
to purchase a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds two-halves of one warrant,
such whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share. No fractional warrants will
be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will
not be able to receive or trade a whole warrant.

 

Our sponsor committed, pursuant to a written agreement,
to purchase an aggregate of 1,060,000 private placement units at a price of $10.00 per unit, or $10,600,000, in a private placement that
occurred simultaneously with the closing of the initial public offering (the “IPO”). Each private placement unit consists
of one share of Class A common stock and one-half of one warrant. Each whole warrant is exercisable to purchase one whole share of common
stock at $11.50 per share. There will be no redemption rights or liquidating distributions from the trust account with respect to the
founder shares, private placement shares or placement warrants, which will expire worthless if we do not consummate a business combination
within 15 months from the closing of the IPO.

 

In order to 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 on a non-interest bearing basis. Up to $1,500,000 of such loans may be convertible
into units of the post-business combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical
to the private placement units.

 

Common Stock

 

As of March 24, 2022, there were 32,110,000
shares of our common stock outstanding including:

 

	●	24,060,000 shares of Class A common stock underlying units issued as part of our IPO; and 

 

	●	8,050,000 shares of Class B common stock held by our initial stockholders. 

 

     

    

    

 

Our sponsor committed, pursuant to a written agreement,
to purchase an aggregate of 1,060,000 private placement units at a price of $10.00 per unit, or $10,600,000, in a private placement that
occurred simultaneously with the closing of the IPO. After giving effect to the issuance of founder shares and private placement of the
private placement units, our initial stockholders and purchasers of the private placement units own approximately 28.4% of the outstanding
common stock following the IPO (assuming that holders of founder shares and purchasers of the private placement units do not purchase
any public shares in the public market).

 

Stockholders of record are entitled to one vote
for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock
will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. Unless specified
in our amended and restated certificate of incorporation, or as required by applicable provisions of the DGCL or applicable stock exchange
rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on
by our stockholders. Our board of directors is divided into three classes with only one class of directors being elected in each year
and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. There
is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted
for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and
if declared by the board of directors out of funds legally available therefor.

 

Because our amended and restated certificate of
incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, 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 shares of Class A common stock which
we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval
in connection with our initial business combination.

 

In accordance with the NYSE corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following our
listing on the NYSE. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes
of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting. We may
not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus
we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us
to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by submitting
an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

We will provide our public stockholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation
of our initial business combination, including interest earned on the funds held in the trust account (which interest shall be net of
taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the
trust account is initially anticipated to be $10.20 per public share. The per share amount we will distribute to investors who properly
redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriter. Our initial stockholders,
sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to any founder shares, private placement shares and public shares they hold in connection with the completion of our
initial business combination. Unlike many special purpose acquisition companies that hold stockholder votes and conduct proxy solicitations
in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion
of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do
not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of
incorporation, 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 certificate of incorporation requires 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 stockholder approval of the transaction is required by law, or we decide
to obtain stockholder approval for business or other legal 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
stockholder approval, we will complete our initial business combination only if a majority of the shares of common stock voted are voted
in favor of our initial business combination. However, the participation of our sponsor, officers, directors or their affiliates in privately-negotiated
transactions, if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote,
or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our
outstanding shares of common stock, non-votes will have no effect on the approval of our initial business combination once a quorum is
obtained.

 

    2

    

    

 

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

 

If we seek stockholder approval in connection
with our initial business combination, our initial stockholders, sponsor, officers and directors have agreed to vote any founder shares
and private placement shares they hold and any public shares purchased during or after the IPO in favor of our initial business combination.
As a result, in addition to our initial stockholders’ founder shares and private placement shares, we would need 6,900,001, or 30.0%,
of the 23,000,000 public shares sold in the IPO to be voted in favor of an initial business combination in order to have our initial business
combination approved. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote
for or against the proposed transaction, whether they participate in or abstain from voting, or whether they were a stockholder on the
record date for the stockholder meeting held to approve the proposed transaction.

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our initial business combination within 15 months from the closing of the IPO, we will
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days
thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust account (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 outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our initial stockholders have entered into agreements with us, pursuant to which they have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares if we fail
to complete our initial business combination within 15 months from the closing of the IPO or any extended period of time that we may have
to consummate an initial business combination as a result of an amendment to our amended and restated certificate of incorporation. However,
if our initial stockholders or management team acquire public shares in or after the IPO, they will be entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time period.

 

    3

    

    

 

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

 

Founder Shares and Private Placement Shares

 

The founder shares are designated as Class B common
stock. Except as described below, founder shares and private placement shares are identical to the shares of Class A common stock included
in the units sold in the IPO, and holders of founder shares and private placement shares have the same stockholder rights as public stockholders,
except that (i) the founder shares and private placement shares are subject to certain transfer restrictions, as described in more detail
below, (ii) our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which
they have agreed (A) to waive their redemption rights with respect to any founder shares, private placement shares and public shares they
hold in connection with the completion of our initial business combination, (B) to waive their redemption rights with respect to any founder
shares, private placement shares and public shares they hold in connection with a stockholder vote to approve an amendment to our amended
and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we
have not consummated an initial business combination within 15 months from the closing of the IPO or with respect to any other material
provisions relating to stockholders’ rights (including redemption rights) or pre-initial business combination activity and (C) to
waive their rights to liquidating distributions from the trust account with respect to any founder shares and private placement shares
they hold if we fail to complete our initial business combination within 15 months from the closing of the IPO or any extended period
of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate
of incorporation, although they will be entitled to liquidating distributions from the trust account with respect to any public shares
they hold if we fail to complete our initial business combination within such time period, and (iii) the founder shares are automatically
convertible into Class A common stock upon 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 certificate of incorporation. If we submit our initial business combination to our
public stockholders for a vote, our initial stockholders have agreed to vote their founder shares, private placement shares and any public
shares purchased during or after the IPO in favor of our initial business combination.

 

The shares of Class B common stock will automatically
convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis (subject to adjustment
for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment as provided herein.
In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the
amounts offered in the IPO and related to the closing of the initial business combination, the ratio at which shares of Class B common
stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of
Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares
of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted
basis, 25.07% of the sum of the total number of all shares of common stock outstanding (including the private placement shares) upon completion
of the IPO plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial
business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business
combination, any private placement-equivalent units and their underlying securities issued to our sponsor or its affiliates upon conversion
of loans made to us). We cannot determine at this time whether a majority of the holders of our Class B common stock at the time of any
future issuance would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to)
the following: (i) closing conditions which are part of the agreement for our initial business combination; (ii) negotiation with Class
A stockholders on structuring an initial business combination; or (iii) negotiation with parties providing financing which would trigger
the anti-dilution provisions of the Class B common stock. If such adjustment is not waived, the issuance would not reduce the percentage
ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock. If
such adjustment is waived, the issuance would reduce the percentage ownership of holders of both classes of our common stock. The term
“equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for shares
of Class A common stock issues in a financing transaction in connection with our initial business combination, including but not limited
to a private placement of equity or debt. Securities could be “deemed issued” for purposes of the conversion rate adjustment
if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities.

 

    4

    

    

 

With certain limited exceptions, the founder shares
are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our initial
holders, each of whom will be subject to the same transfer restrictions) until the earlier to occur of: (i) one year after the completion
of our initial business combination; (ii) subsequent to our initial business combination, if the last reported sale price of the Class
A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, 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 (iii) the date following the completion of our initial business combination on which we complete a liquidation, merger, capital stock
exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares
of common stock for cash, securities or other property.

 

Preferred Stock

 

Our amended and restated certificate of incorporation
authorizes 1,000,000 shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more
series. Our board of directors will be 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 will be able to, without stockholder approval, issue shares of preferred stock with voting and other rights that
could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The
ability of our board of directors to issue shares of preferred stock without stockholder 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 preferred shares outstanding at the date hereof.
Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.
No shares of preferred stock are being issued or registered in the IPO.

 

Warrants 

 

Public Stockholders’ Warrants 

 

Each whole warrant entitles the registered holder
to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing 30 days after the completion of our initial business combination, provided that we have an effective registration statement
under the Securities Act covering the shares of Class A common stock issuable upon exercise of the public warrants and a current prospectus
relating to them is available (or we permit holders to exercise their public warrants on a cashless basis under the circumstances specified
in the public warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky,
laws of the state of residence of the holder. Pursuant to the public warrant agreement, a public warrant holder may exercise its public
warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any 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 two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years
after the date on which we complete our initial business combination exercisable, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

    5

    

    

 

We will not be obligated to deliver any shares
of Class A common stock pursuant to the exercise of a public warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective
and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration,
or a valid exemption from registration is available. No public warrant will be exercisable and we will not be obligated to issue shares
of Class A common stock upon exercise of a public warrant unless the shares of Class A common stock issuable upon such warrant exercise
have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of
the public warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a public
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 public warrant. In the event that a registration statement is not effective for
the exercised public warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely
for the shares of Class A common stock underlying such unit.

 

We have agreed that as soon as practicable, but
in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with
the SEC a post-effective amendment to the registration statement relating to the IPO or a new registration statement for the registration,
under the Securities Act, of the shares of Class A common stock issuable upon exercise of the public warrants. We will use our best efforts
to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the public warrants in accordance with the provisions of the public warrant agreement. If a registration
statement covering the shares of Class A common stock issuable upon exercise of the public warrants is not effective by the 60th business
day after the closing of our initial business combination, public 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 public warrants on
a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above,
if our shares of Class A common stock are at the time of any exercise of a public 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,
or register or qualify the shares under applicable blue sky laws to the extent an exemption is available. In such event, each holder would
pay the exercise price by surrendering each such warrant for that number of shares of Class A common stock per warrant equal to the quotient
obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference
between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair
market value” means the 10-day average closing price as of the date on which the notice of redemption is sent to the holders of
the warrants. The “10-day average closing price” means, as of any date, the average last reported sale price of the Class
A common stock as reported during the 10 trading day period ending on the trading day prior to such date. ‘‘Last reported
sale price’’ means the last reported sale price of the shares of Class A common stock on the date prior to the date on which
notice of exercise of the warrant is sent to the warrant agent.

 

Private Placement Warrants 

 

The private placement warrants (including the
shares of Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable
until 30 days after the completion of our initial business combination (except, among other limited exceptions, to our officers and directors
and other persons or entities affiliated with our sponsor). The private placement warrants will expire at 5:00 p.m., New York City time,
on the fifth anniversary of the completion of our initial business combination, or earlier upon redemption or liquidation. The private
placement warrants will be exercisable on a cashless basis.

 

    6

    

    

 

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 shares
of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying
the warrants, multiplied by the excess of the “10-day average closing price” as of the date prior to the date on which notice
of exercise is sent or given to the warrant agent, less the warrant exercise price by (y) the 10-day average closing price. The “10-day
average closing price” means, as of any date, the average last reported sale price of the Class A common stock as reported during
the 10 trading day period ending on the trading day prior to such date. “Last reported sale price” means the last reported
sale price of the shares of Class A common stock on the date prior to the date on which notice of exercise of the warrant is sent to the
warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis is because it is not known at
this time whether our sponsor or its permitted transferees 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 stockholders who could exercise their warrants and sell the shares of Class A common
stock 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 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 private placement-equivalent
units at a price of $10.00 per unit at the option of the lender. Such warrants would be identical to the private placement warrants.

 

Redemption of Warrants

 

Once the warrants become exercisable, we may redeem
the outstanding warrants:

 

	●	in whole and not in part; 

 

	●	at a price of $0.01 per warrant; 

 

	●	upon not less than 30 days’ prior written notice of redemption to each warrant holder; and 

 

	●	if, and only if, the last reported sale price of the Class A common stock 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 “— Warrants — Redemption of Warrants — Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending three business days before 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 shares of Class A common stock issuable upon exercise of the warrants
is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption
period or we have elected to require the exercise of the warrants on a “cashless basis” as described below. 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 shares of Class A common stock may
fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, right issuances, subdivisions, reorganizations,
recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

    7

    

    

 

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

 

Redemption Procedures 

 

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

 

Anti-Dilution Adjustments 

 

If the number of outstanding shares of our Class
A common stock is increased by a dividend payable in shares of Class A common stock, or by a split-up of shares of Class A common stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A
common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Class
A common stock. A rights offering to holders of shares of Class A common stock entitling holders to purchase shares of Class A common
stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Class A common stock equal to
the product of (i) the number of shares of Class A common stock 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 shares of Class A common stock) multiplied by (ii)
one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market
value. For these purposes if the rights offering is for securities convertible into or exercisable for shares of Class A common stock,
in determining the price payable for shares of Class A common stock, there will be taken into account any consideration received for such
rights, as well as any additional amount payable upon exercise or conversion. “Fair market value” means the 10-day average
closing price of as of the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights. “10-day average closing price” shall mean, as of any date,
the average last reported sale price of the Class A common stock as reported during the 10 trading day period ending on the trading day
prior to such date. Notwithstanding anything to the contrary, no shares of Class A common stock shall be issued at less than their par
value.

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of shares of Class
A common stock on account of such shares of Class A common stock (or other shares of our share capital 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 shares of Class A common stock during the 365-day period ending on the date of declaration
of such dividend or distribution does not exceed $0.50 (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 shares of Class A common stock
issuable on exercise of each warrant), (c) to satisfy the redemption rights of the holders of shares of Class A common stock in connection
with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of shares of Class A common stock in
connection with a stockholder vote to amend our amended and restated certificate of incorporation to modify the substance or timing of
our obligation to redeem 100% of our public shares if we do not complete our initial business combination within the completion window,
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 share of Class A common stock in respect of such event.

 

    8

    

    

 

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

 

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

 

The warrant agreement provides that no adjustment
to the number of the shares of Class A common stock issuable upon exercise of a warrant will be required until cumulative adjustments
amount to 1% or more of the number of shares of Class A common stock issuable upon exercise of a warrant as last adjusted. Any such adjustments
that are not made will be carried forward and taken into account in any subsequent adjustment. All such carried forward adjustments will
be made (i) in connection with any subsequent adjustment that (taken together with such carried forward adjustments) would result in a
change of at least 1% in the number of shares of Class A common stock issuable upon exercise of a warrant and (ii) on the exercise date
of any warrant.

 

If we issue additional shares of common stock
or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue
price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined
in good faith by our board of directors, and in the case of any such issuance to our initial stockholders or their respective affiliates,
without taking into account any founder shares held by them, as applicable, prior to such issuance) (the “newly issued price”),
the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.

 

In case of any reclassification or reorganization
of the issued and outstanding shares of Class A common stock (other than those described above or that solely affects the par value of
such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another entity (other than a consolidation
or merger in which we are the continuing entity and that does not result in any reclassification or reorganization of our outstanding
shares of Class A common stock), 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 warrant agreement and in lieu
of the shares of Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of 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. If less than 70% of the consideration receivable by the holders
of shares of Class A common stock in such a transaction is payable in the form of 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
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.

 

    9

    

    

 

The warrants will be issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should review a copy of
the warrant agreement, which is filed as an exhibit to this Annual Report, for a complete description of the terms and conditions applicable
to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the
purpose of (i) curing any ambiguity or to correct any mistake, including to conform the provisions of the warrant agreement to the description
of the terms of the warrants and the warrant agreement set forth in the final prospectus filed in connection with our IPO, or defective
provision or (ii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties
to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered
holders of the warrants, provided that the approval by the holders of at least 50% of the then outstanding warrants is required to make
any change that adversely affects the interests of the registered holders.

 

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 shares of Class A common stock and any voting rights until they exercise their warrants
and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder
will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

Warrants may be exercised only for a whole number
of shares of Class A common stock. No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants,
a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number
of shares of Class A common stock to be issued to the warrant holder.

 

We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including under the Securities
Act, will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding
or claim. See “Risk Factors — Risks Relating to our Securities — Our public warrant agreement designates the courts
of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for
certain types of actions and proceedings that may be initiated by holders of our public warrants, which could limit the ability of warrant
holders to obtain a favorable judicial forum for disputes with our company.”

 

Dividends 

 

We have not paid any cash dividends on our common
stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of a business combination. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith. The payment of any cash dividends subsequent to a business combination will be within
the discretion of our board of directors at such time.

 

    10

    

    

 

Our Transfer Agent and Warrant Agent 

 

The transfer agent for our common stock 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 stockholders, 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.

 

Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains certain requirements and restrictions relating to the IPO that will apply to us until the completion of our initial business
combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders,
who collectively beneficially own approximately 28.4% of our common stock upon the closing of the IPO and the private placement of the
private placement units, may participate in any vote to amend our amended and restated certificate of incorporation and will have the
discretion to vote in any manner they choose. Specifically, our amended and restated certificate of incorporation provides, among other
things, that:

 

	●	If we are unable to complete
our initial business combination within 15 months from the closing of the IPO, we will (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account (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 outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each
case to our obligations under Delaware law to provide for claims of creditors and in all cases subject to the requirements of other 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 as a class with our public shares (a) on our initial business combination or (b) to approve an amendment to our amended
and restated certificate of incorporation to (x) extend the time we have to consummate a business combination beyond 15 months from the
closing of the IPO or (y) amend the foregoing provisions;

 

	●	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 executive 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 stockholder vote on our initial business combination
is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our
public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior
to completing our initial business combination which contain substantially the same financial and other information about our initial
business combination and the redemption rights as is required under Regulation 14A of the Exchange Act. Whether or not we maintain our
registration under the Exchange Act or our listing on the NYSE, we will provide our public stockholders with the opportunity to redeem
their public shares by one of the two methods listed above;

 

 

    11

    

    

 

	●	So long as we obtain and maintain
a listing for our securities on the NYSE, the NYSE rules require that we must not consummate an initial business combination with one
or more operating businesses or assets with a 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 interest earned on the trust account) at the time of the agreement to enter
into the initial business combination;

 

	●	If our stockholders approve
an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100%
of our public shares if we do not complete our initial business combination within 15 months from the closing of the IPO, or with respect
to any other material provisions relating to stockholders’ rights (including redemption rights) or pre-initial business combination
activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their Class A common stock 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
earned on the funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding
public shares, subject to the limitations described herein; and

 

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

 

In addition, our amended and restated certificate
of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001.

 

Certain Anti-Takeover Provisions of Delaware
Law and our Amended and Restated Certificate of Incorporation and Bylaws 

 

We will be subject to the provisions of Section
203 of the DGCL regulating corporate takeovers upon completion of the IPO. This statute prevents certain Delaware corporations, under
certain circumstances, from engaging in a “business combination” with:

 

	●	a stockholder who owns 15%
or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

	●	an affiliate of an interested
stockholder; or

 

	●	an associate of an interested
stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A “business combination” includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	●	our board of directors approves
the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

	●	after the completion of the
transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock
outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

	●	on or subsequent to the date
of the transaction, the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders,
and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested
stockholder.

 

Our amended and restated certificate of incorporation
provides that our board of directors will be 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 meetings.

 

    12

    

    

 

Our authorized but unissued common stock and preferred
stock are available for future issuances without stockholder 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
common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest,
tender offer, merger or otherwise.

 

Exclusive forum for certain lawsuits

 

Our amended and restated certificate of incorporation
requires, unless we consent in writing to the selection of an alternative forum, that (i) any derivative action or proceeding brought
on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee to us or
our stockholders, (iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision
of the DGCL or our amended and restated certificate of incorporation or bylaws, or (iv) any action asserting a claim against us, our directors,
officers or employees governed by the internal affairs doctrine may be brought only in the Court of Chancery in the State of Delaware,
except any claim (A) as to which the Court of Chancery of the State of Delaware determines that there is an indispensable party not subject
to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of
Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than
the Court of Chancery, or (C) for which the Court of Chancery does not have subject matter jurisdiction. If an action is brought outside
of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel.
Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits
to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may
have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived
our compliance with federal securities laws and the rules and regulations thereunder.

 

Notwithstanding the foregoing, our amended and
restated certificate of incorporation provides that the exclusive forum provision will not apply to suits brought to enforce a duty or
liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. 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.

 

Additionally, unless we consent in writing to
the selection of an alternative forum, the federal courts shall be the exclusive forum for the resolution of any complaint asserting a
cause of action arising under the Securities Act against us or any of our directors, officers, other employees or agents. Section 22 of
the Securities Act, however, created 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. Accordingly, there is uncertainty as to whether a court
would enforce these exclusive forum provisions, and the enforceability of similar choice of forum provisions in other companies’
charter documents has been challenged in legal proceedings. While the Delaware courts have determined that such exclusive forum provisions
are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum
provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions. Any person or
entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these provisions;
however, we note that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

 

Special meeting of stockholders 

 

Our bylaws provide that special meetings of our
stockholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our Chairman.

 

    13

    

    

 

Advance notice requirements for stockholder
proposals and director nominations

 

Our bylaws provide that stockholders seeking to
bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of
stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be received
by the company secretary at our principal executive offices not later than the close of business on the 90th day nor earlier than the
opening of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant
to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained
therein. Our bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may
preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at
our annual meeting of stockholders.

 

Action by written consent

 

Subsequent to the consummation of the offering,
any action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting of
such stockholders and may not be effected by written consent of the stockholders other than with respect to our Class B common stock.

 

Classified Board of Directors

 

Our board of directors is divided into three classes,
Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated certificate of
incorporation provides that the authorized number of directors may be changed only by resolution of the board of directors. Subject to
the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and only by the
affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock entitled to vote generally
in the election of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy resulting
from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

 

Class B common stock consent right

 

For so long as any shares of Class B common stock
remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common
stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our certificate of incorporation,
whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or
relative, participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken
at any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and without a vote, if a consent
or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B common stock having
not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of
Class B common stock were present and voted.

 

Securities Eligible for Future Sale 

 

We have 32,110,000 shares of common stock outstanding.
Of these shares, 24,060,000 shares of Class A common stock sold as part of the units in the IPO are freely tradable without restriction
or further registration under the Securities Act, except for any Class A common stock purchased by one of our affiliates within the meaning
of Rule 144 under the Securities Act. All of the remaining 8,050,000 founder shares and all of the 1,060,000 outstanding private placement
units will be restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering.

 

Rule 144 

 

Pursuant to Rule 144, a person who has beneficially
owned restricted 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.

 

    14

    

    

 

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 shares
of common stock then outstanding, which will equal 321,100 shares immediately after the IPO; or

 

	●	the average weekly reported
trading volume of the Class A common stock 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 Form 8-K reports; 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 stockholders will be
able to sell their founder shares and private placement units (including component securities contained therein), 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 the IPO, (ii) private placement units (including securities contained therein),
which were issued in a private placement simultaneously with the closing of the IPO and (iii) private placement-equivalent units (including
securities contained therein) 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 rights agreement to be signed prior to or on the effective
date of the IPO. 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.

 

Listing of Securities 

 

Our units, Class A common stock and warrants are
listed on the NYSE under the symbols “ACAQ.U,” “ACAQ” and “ACAQ WS,” respectively.

 

 

15

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