Document:

Exhibit 4.5

       

      DESCRIPTION OF SECURITIES

       

      The following summary of the material terms of the securities of L&F Acquisition Corp. is not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by
        reference to our amended and restated memorandum and articles of association incorporated by reference as an exhibit to the company’s Annual Report on Form 10-K for the period from August 20, 2020 (inception) through December 31, 2020 (the
        “Report”), and applicable Cayman Islands law. We urge you to read our amended and restated memorandum and articles of association in their entirety for a complete description of the rights and preferences our our securities.

       

      CERTAIN TERMS

       

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

       

      	

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              “amended and restated memorandum and articles of association” are to the amended and restated memorandum and articles of association of the Company, adopted and filed on November 18, 2020.

            

       

      	

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              “we,” “us,” “company” or “our company” are to L&F Acquisition Corp., a Cayman Islands exempted company;

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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              “sponsor” are to JAR Sponsor, LLC, a Delaware limited liability company;

            

       

      	

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              “Jefferies” are to Jefferies LLC, the sole underwriter in our initial offering; and

            

       

      	

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

            

       

      
        
          

      

      We are a Cayman Islands exempted company (company number 364819) and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Law and the common law of the Cayman
        Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 500,000,000 ordinary shares, $0.0001 par value each, including 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary
        shares, as well as 1,000,000 preferred shares, $0.0001 par value each. The following description summarizes certain terms of our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is
        only a summary, it may not contain all the information that is important to you.

       

      Units

       

      Public Units

       

      Each unit consists of one Class A ordinary share and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Pursuant to the
        warrant agreement, a warrant holder may exercise its warrants only for a whole number of the Company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant holder
        holds one-half of one warrant to purchase a Class A ordinary share, such warrant will not be exercisable. If a warrant holder holds two-halves of one warrant, such whole warrant will be exercisable for one Class A ordinary share at a price of
        $11.50 per share. The Class A ordinary shares began separate trading on January 4, 2021, we filed the Current Report on Form 8-K and issued a press release announcing when such separate trading began. Holders have the option to continue to hold
        units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and warrants. No fractional warrants will be issued upon
        separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.

       

      Following the initial filing of such Current Report on Form 8-K, we filed a second Current Report on Form 8-K when underwriter’s exercised their over-allotment option in full.

       

      

      Ordinary Shares

       

      As of the date of this Report, there were 21,562,000 ordinary shares outstanding consisting of 17,250,000 Class A ordinary shares and 4,312,000 Class B ordinary shares.

       

      

      Description of Securities

       

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

       

      
        
          

      

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

       

      In accordance with NYSE corporate governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on the NYSE. There is no requirement
        under the Companies Law for us to hold annual or general meetings or appoint directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of our initial business combination. Prior to the completion of an
        initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our Class B ordinary shares. In addition, prior to the completion of an initial business combination, holders of a
        majority of our Class B ordinary shares may remove a member of the board of directors for any reason.

       

      We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the
        aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to
        us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.15 per public share. The per share
        amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriter. Our sponsor, officers and directors have entered into a letter agreement with us,
        pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business combination. Unlike many special purpose acquisition companies that
        hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is
        not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the
        redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association require these tender offer
        documents to contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is
        required by law, or we decide to obtain shareholder approval for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and
        not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the
        shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this Report), if any, could
        result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of an ordinary
        resolution, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’ notice will be given of any
        general meeting.

       

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

       

      
        
          

      

      If we seek shareholder approval in connection with our initial business combination, our sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased during or after our
        initial public offering (including in open market and privately-negotiated transactions) in favor of our initial business combination. As a result, in addition to our initial shareholders’ founder shares, we would need 6,469,001 or 37.5%, of the
        17,250,000 public public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted). Additionally, each
        public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or whether they were a public shareholder on the record date for the general meeting held to approve the proposed
        transaction.

       

      

      Pursuant to our amended and restated memorandum and articles of association, if we are unable to complete our initial business combination within 18 months from the closing of our initial public offering, we will (i)
        cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
        deposit in the trust account, including interest earned on the funds held in the trust account (less 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 shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such
        redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and
        in all cases subject to the other requirements of applicable law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust
        account with respect to their founder shares if we fail to complete our initial business combination within 18 months from the closing of our initial public offering. However, if our sponsor or management team acquire public shares in or after our
        initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time period.

       

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

       

      
        
          

      

      Founder Shares

       

      The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold in our initial public offering, and holders of
        founder shares have the same shareholder rights as public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below; (ii) the founder shares are entitled to registration rights;
        (iii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive their redemption rights with respect to their founder shares and public shares in connection with the completion
        of our initial business combination, (B) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of
        association (1) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination within 18
        months from the closing of our initial public offering or (2) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, (C) waive their rights to liquidating distributions from the
        trust account with respect to their founder shares if we fail to complete our initial business combination within 18 months from the closing of our initial public offering, although they will be entitled to liquidating distributions from the trust
        account with respect to any public shares they hold if we fail to complete our initial business combination within such time period and (D) vote any founder shares held by them and any public shares purchased during or after our initial public
        offering (including in open market and privately-negotiated transactions) in favor of our initial business combination; (iv) the founder shares are automatically convertible into Class A ordinary shares concurrently with or immediately following
        the consummation of our initial business combination on a one-for-one basis, subject to adjustment as described herein and in our amended and restated memorandum and articles of association; and (v) only holders of Class B ordinary shares will have
        the right to appoint directors in any election held prior to or in connection with the completion of our initial business combination.

       

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

       

      With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom will be
        subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial business combination, the closing price of the Class A ordinary shares
        equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial
        business combination, and (B) the date following the completion of our initial business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our shareholders having the right to
        exchange their Class A ordinary shares for cash, securities or other property. 1,437,500 founder shares were surrendered to us for no consideration due to the partial exercise of the over-allotment option.  Only holders of Class B ordinary shares
        will have the right to appoint directors in any election held prior to or in connection with the completion of our initial business combination. In addition, prior to the completion of an initial business combination, holders of a majority of our
        founder shares may remove a member of the board of directors for any reason. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. These provisions of our amended and restated memorandum and
        articles of association relating to the rights of holders of Class B ordinary shares to appoint directors may be amended by a special resolution passed by a majority of at least 90% of our shares voting in a general meeting. With respect to any
        other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of the founder shares and holders of our public shares will vote together as a single
        class, with each share entitling the holder to one vote.

       

      Register of Members

       

      Under Cayman Islands law, we must keep a register of members and there will be entered therein:

      	

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              the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of the shares of each member;

            

      	

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              the date on which the name of any person was entered on the register as a member; and

            

      	

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              the date on which any person ceased to be a member.

            

       

      
        
          

      

      Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred to above
        unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Upon the closing of this public offering, the
        register of members will be immediately updated to reflect the issue of shares by us. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against
        their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court
        has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the
        register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

       

      Preferred Shares

       

      Our amended and restated memorandum and articles of association authorize 1,000,000 preferred shares and provide that preferred shares may be issued from time to time in one or more series. Our board of directors is
        authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our
        board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover
        effects. The ability of our board of directors to issue preferred shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preferred
        shares outstanding at the date hereof. Although we do not currently intend to issue any preferred shares, we cannot assure you that we will not do so in the future. No preferred shares were issued or registered in our initial public offering.

       

      Warrants

       

      Public Warrants

       

      Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one year from
        the closing of our initial public offering or 30 days after the completion of our initial business combination, provided in each case that we have an effective registration statement under the Securities Act covering the Class A ordinary shares
        issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the 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 warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A
        ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least
        two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

       

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

       

      
        
          

      

      We have agreed that as soon as practicable, but in no event later than 20 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement
        for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration
        statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the
        warrants is not effective by the 60th business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to
        maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A ordinary shares are at the time of any
        exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
        their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so
        elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

       

      Redemption Procedures

       

      Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. We may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

       

      	

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              in whole and not in part;

            

      	

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              at a price of $0.01 per warrant;

            

      	

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

            

      	

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              if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the
                heading “—Redemption Procedures—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.

            

       

      If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

       

      We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing
        conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may
        fall below the $18.00 redemption trigger price (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

       

      Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except
        as described herein with respect to the private placement warrants):

       

      	

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              in whole and not in part;

            

      	

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              at a price of $0.10 per warrant;

            

      	

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

            

       

      
        
          

      

      	

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

            

      	

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

            

       

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

       

      Pursuant to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or for which they
        have been exchanged in the event we are not the surviving company in our initial business combination.

       

      

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

       

      
        
          

      

      
        	
                Redemption Date (Period to Expiration of Warrants)

              	
                ​

              	
                ​

              	
                Fair Market Value of Class A Ordinary Shares

              
	
                ​

              	
                ≤$10.00

              	
                ​

              	
                ​

              	
                $11.00

              	
                ​

              	
                ​

              	
                $12.00

              	
                ​

              	
                ​

              	
                $13.00

              	
                ​

              	
                ​

              	
                $14.00

              	
                ​

              	
                ​

              	
                $15.00

              	
                ​

              	
                ​

              	
                $16.00

              	
                ​

              	
                ​

              	
                $17.00

              	
                ​

              	
                ​

              	
                ≥$18.00

              
	
                60 months

              	
                ​

              	
                ​

              	
                0.261

              	
                ​

              	
                ​

              	
                0.281

              	
                ​

              	
                ​

              	
                0.297

              	
                ​

              	
                ​

              	
                0.311

              	
                ​

              	
                ​

              	
                0.324

              	
                ​

              	
                ​

              	
                0.337

              	
                ​

              	
                ​

              	
                0.348

              	
                ​

              	
                ​

              	
                0.358

              	
                ​

              	
                ​

              	
                0.361

              
	
                57 months

              	
                ​

              	
                ​

              	
                0.257

              	
                ​

              	
                ​

              	
                0.277

              	
                ​

              	
                ​

              	
                0.294

              	
                ​

              	
                ​

              	
                0.310

              	
                ​

              	
                ​

              	
                0.324

              	
                ​

              	
                ​

              	
                0.337

              	
                ​

              	
                ​

              	
                0.348

              	
                ​

              	
                ​

              	
                0.358

              	
                ​

              	
                ​

              	
                0.361

              
	
                54 months

              	
                ​

              	
                ​

              	
                0.252

              	
                ​

              	
                ​

              	
                0.272

              	
                ​

              	
                ​

              	
                0.291

              	
                ​

              	
                ​

              	
                0.307

              	
                ​

              	
                ​

              	
                0.322

              	
                ​

              	
                ​

              	
                0.335

              	
                ​

              	
                ​

              	
                0.347

              	
                ​

              	
                ​

              	
                0.357

              	
                ​

              	
                ​

              	
                0.361

              
	
                51 months

              	
                ​

              	
                ​

              	
                0.246

              	
                ​

              	
                ​

              	
                0.268

              	
                ​

              	
                ​

              	
                0.287

              	
                ​

              	
                ​

              	
                0.304

              	
                ​

              	
                ​

              	
                0.320

              	
                ​

              	
                ​

              	
                0.333

              	
                ​

              	
                ​

              	
                0.346

              	
                ​

              	
                ​

              	
                0.357

              	
                ​

              	
                ​

              	
                0.361

              
	
                48 months

              	
                ​

              	
                ​

              	
                0.241

              	
                ​

              	
                ​

              	
                0.263

              	
                ​

              	
                ​

              	
                0.283

              	
                ​

              	
                ​

              	
                0.301

              	
                ​

              	
                ​

              	
                0.317

              	
                ​

              	
                ​

              	
                0.332

              	
                ​

              	
                ​

              	
                0.344

              	
                ​

              	
                ​

              	
                0.356

              	
                ​

              	
                ​

              	
                0.361

              
	
                45 months

              	
                ​

              	
                ​

              	
                0.235

              	
                ​

              	
                ​

              	
                0.258

              	
                ​

              	
                ​

              	
                0.279

              	
                ​

              	
                ​

              	
                0.298

              	
                ​

              	
                ​

              	
                0.315

              	
                ​

              	
                ​

              	
                0.330

              	
                ​

              	
                ​

              	
                0.343

              	
                ​

              	
                ​

              	
                0.356

              	
                ​

              	
                ​

              	
                0.361

              
	
                42 months

              	
                ​

              	
                ​

              	
                0.221

              	
                ​

              	
                ​

              	
                0.246

              	
                ​

              	
                ​

              	
                0.269

              	
                ​

              	
                ​

              	
                0.290

              	
                ​

              	
                ​

              	
                0.309

              	
                ​

              	
                ​

              	
                0.325

              	
                ​

              	
                ​

              	
                0.340

              	
                ​

              	
                ​

              	
                0.354

              	
                ​

              	
                ​

              	
                0.361

              
	
                39 months

              	
                ​

              	
                ​

              	
                0.228

              	
                ​

              	
                ​

              	
                0.252

              	
                ​

              	
                ​

              	
                0.274

              	
                ​

              	
                ​

              	
                0.294

              	
                ​

              	
                ​

              	
                0.312

              	
                ​

              	
                ​

              	
                0.328

              	
                ​

              	
                ​

              	
                0.342

              	
                ​

              	
                ​

              	
                0.355

              	
                ​

              	
                ​

              	
                0.361

              
	
                36 months

              	
                ​

              	
                ​

              	
                0.213

              	
                ​

              	
                ​

              	
                0.239

              	
                ​

              	
                ​

              	
                0.263

              	
                ​

              	
                ​

              	
                0.285

              	
                ​

              	
                ​

              	
                0.305

              	
                ​

              	
                ​

              	
                0.323

              	
                ​

              	
                ​

              	
                0.339

              	
                ​

              	
                ​

              	
                0.353

              	
                ​

              	
                ​

              	
                0.361

              
	
                33 months

              	
                ​

              	
                ​

              	
                0.205

              	
                ​

              	
                ​

              	
                0.232

              	
                ​

              	
                ​

              	
                0.257

              	
                ​

              	
                ​

              	
                0.280

              	
                ​

              	
                ​

              	
                0.301

              	
                ​

              	
                ​

              	
                0.320

              	
                ​

              	
                ​

              	
                0.337

              	
                ​

              	
                ​

              	
                0.352

              	
                ​

              	
                ​

              	
                0.361

              
	
                30 months

              	
                ​

              	
                ​

              	
                0.196

              	
                ​

              	
                ​

              	
                0.224

              	
                ​

              	
                ​

              	
                0.250

              	
                ​

              	
                ​

              	
                0.274

              	
                ​

              	
                ​

              	
                0.297

              	
                ​

              	
                ​

              	
                0.316

              	
                ​

              	
                ​

              	
                0.335

              	
                ​

              	
                ​

              	
                0.351

              	
                ​

              	
                ​

              	
                0.361

              
	
                27 months

              	
                ​

              	
                ​

              	
                0.185

              	
                ​

              	
                ​

              	
                0.214

              	
                ​

              	
                ​

              	
                0.242

              	
                ​

              	
                ​

              	
                0.268

              	
                ​

              	
                ​

              	
                0.291

              	
                ​

              	
                ​

              	
                0.313

              	
                ​

              	
                ​

              	
                0.332

              	
                ​

              	
                ​

              	
                0.350

              	
                ​

              	
                ​

              	
                0.361

              
	
                24 months

              	
                ​

              	
                ​

              	
                0.173

              	
                ​

              	
                ​

              	
                0.204

              	
                ​

              	
                ​

              	
                0.233

              	
                ​

              	
                ​

              	
                0.260

              	
                ​

              	
                ​

              	
                0.285

              	
                ​

              	
                ​

              	
                0.308

              	
                ​

              	
                ​

              	
                0.329

              	
                ​

              	
                ​

              	
                0.348

              	
                ​

              	
                ​

              	
                0.361

              
	
                21 months

              	
                ​

              	
                ​

              	
                0.161

              	
                ​

              	
                ​

              	
                0.193

              	
                ​

              	
                ​

              	
                0.223

              	
                ​

              	
                ​

              	
                0.252

              	
                ​

              	
                ​

              	
                0.279

              	
                ​

              	
                ​

              	
                0.304

              	
                ​

              	
                ​

              	
                0.326

              	
                ​

              	
                ​

              	
                0.347

              	
                ​

              	
                ​

              	
                0.361

              
	
                18 months

              	
                ​

              	
                ​

              	
                0.146

              	
                ​

              	
                ​

              	
                0.179

              	
                ​

              	
                ​

              	
                0.211

              	
                ​

              	
                ​

              	
                0.242

              	
                ​

              	
                ​

              	
                0.271

              	
                ​

              	
                ​

              	
                0.298

              	
                ​

              	
                ​

              	
                0.322

              	
                ​

              	
                ​

              	
                0.345

              	
                ​

              	
                ​

              	
                0.361

              
	
                15 months

              	
                ​

              	
                ​

              	
                0.130

              	
                ​

              	
                ​

              	
                0.164

              	
                ​

              	
                ​

              	
                0.197

              	
                ​

              	
                ​

              	
                0.230

              	
                ​

              	
                ​

              	
                0.262

              	
                ​

              	
                ​

              	
                0.291

              	
                ​

              	
                ​

              	
                0.317

              	
                ​

              	
                ​

              	
                0.342

              	
                ​

              	
                ​

              	
                0.361

              
	
                12 months

              	
                ​

              	
                ​

              	
                0.111

              	
                ​

              	
                ​

              	
                0.146

              	
                ​

              	
                ​

              	
                0.181

              	
                ​

              	
                ​

              	
                0.216

              	
                ​

              	
                ​

              	
                0.250

              	
                ​

              	
                ​

              	
                0.282

              	
                ​

              	
                ​

              	
                0.312

              	
                ​

              	
                ​

              	
                0.339

              	
                ​

              	
                ​

              	
                0.361

              
	
                9 months

              	
                ​

              	
                ​

              	
                0.090

              	
                ​

              	
                ​

              	
                0.125

              	
                ​

              	
                ​

              	
                0.162

              	
                ​

              	
                ​

              	
                0.199

              	
                ​

              	
                ​

              	
                0.237

              	
                ​

              	
                ​

              	
                0.272

              	
                ​

              	
                ​

              	
                0.305

              	
                ​

              	
                ​

              	
                0.336

              	
                ​

              	
                ​

              	
                0.361

              
	
                6 months

              	
                ​

              	
                ​

              	
                0.065

              	
                ​

              	
                ​

              	
                0.099

              	
                ​

              	
                ​

              	
                0.137

              	
                ​

              	
                ​

              	
                0.178

              	
                ​

              	
                ​

              	
                0.219

              	
                ​

              	
                ​

              	
                0.259

              	
                ​

              	
                ​

              	
                0.296

              	
                ​

              	
                ​

              	
                0.331

              	
                ​

              	
                ​

              	
                0.361

              
	
                3 months

              	
                ​

              	
                ​

              	
                0.034

              	
                ​

              	
                ​

              	
                0.065

              	
                ​

              	
                ​

              	
                0.104

              	
                ​

              	
                ​

              	
                0.150

              	
                ​

              	
                ​

              	
                0.197

              	
                ​

              	
                ​

              	
                0.243

              	
                ​

              	
                ​

              	
                0.286

              	
                ​

              	
                ​

              	
                0.326

              	
                ​

              	
                ​

              	
                0.361

              
	
                0 months

              	
                ​

              	
                ​

              	
                —

              	
                ​

              	
                ​

              	
                —

              	
                ​

              	
                ​

              	
                0.042

              	
                ​

              	
                ​

              	
                0.115

              	
                ​

              	
                ​

              	
                0.179

              	
                ​

              	
                ​

              	
                0.233

              	
                ​

              	
                ​

              	
                0.281

              	
                ​

              	
                ​

              	
                0.323

              	
                ​

              	
                ​

              	
                0.361

              

         

        

      

      
        
          

      

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

       

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

       

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

       

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

       

      
        
          

      

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

       

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

       

      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 all or substantially all the holders of Class A ordinary
        shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A
        ordinary shares in connection with a proposed initial business combination, or (d) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be
        decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.

       

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

       

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

       

      In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a Newly Issued Price of
        less than $9.20 per Class A ordinary share, (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
        of the consummation of our initial business combination (net of redemptions), and (z) the Market Value of our Class A ordinary shares is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be
        equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger prices described above under “—Warrants—Public Warrants—Redemption Procedures—Redemption of warrants when the price per Class A
        ordinary share equals or exceeds $18.00” and “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
        Issued Price, and the $10.00 per share redemption trigger price described above under “—Warrants—Public Warrants— Redemption Procedures—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to
        the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

       

      
        
          

      

      In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of
        any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and outstanding
        Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the
        warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the
        exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
        following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A
        ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so
        listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced
        as specified in the warrant agreement based on the Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an
        extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

       

      

      The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants
        may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or to correct any defective provision or mistake, including to conform the provisions of the warrant agreement to the description of the terms of the
        warrants and the warrant agreement set forth in this Report (ii) adjusting the provisions relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) 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 public warrants is required to make any change that adversely affects the interests of the registered holders of public warrants, and, solely with respect to any
        amendment to the terms of the private placement warrants, 50% of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which was filed as an exhibit to the registration statement, for a complete
        description of the terms and conditions applicable to the warrants.

       

      The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate
        completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do
        not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder
        will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

       

      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 will be brought and enforced in the courts of the State of New York or the United States
        District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See “Risk Factors—Our warrant agreement will designate
        the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could
        limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.” This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the
        federal district courts of the United States of America are the sole and exclusive forum.

       

      
        
          

      

      Private Placement Warrants

       

      The private placement warrants (including the Class A ordinary shares issuable upon exercise of such warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business
        combination and they will not be redeemable by us so long as they are held by our sponsor, members of our sponsor, Jefferies or their permitted transferees, except as described above under “—Warrants—Public Warrants— Redemption
        Procedures—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.” The sponsor, Jefferies or their permitted transferees, have the option to exercise the private placement warrants on a cashless basis. Except as
        described below, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering. If the private placement warrants are held by holders other than
        the sponsor, Jefferies or their permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in our initial public offering. In
        accordance with FINRA Rule 5110(g)(8)(A), the warrants purchased by Jefferies will not be exercisable for more than five years from the effective date of the registration statement of which the final prospectus related to our initial public
        offering for so long as they are held by the Jefferies.

       

      Except as described above under “—Warrants—Public Warrants— Redemption Procedures—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00,” if holders of the private placement warrants
        elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A
        ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” of our Class A ordinary shares (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” will mean the
        average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these
        warrants will be exercisable on a cashless basis so long as they are held by the sponsor, Jefferies or their permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If
        they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during specific periods of time.
        Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could
        exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a
        result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

       

      Dividends

       

      We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of 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. The payment of any cash dividends subsequent to a business combination will be within the
        discretion of our board of directors at such time. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

       

      Our Transfer Agent and Warrant Agent

       

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

       

      
        
          

      

      Certain Differences in Corporate Law

       

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

       

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

       

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

       

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

       

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

       

      
        
          

      

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

       

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

       

      	

            	•	
              we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;

            

      	

            	•	
              the shareholders have been fairly represented at the meeting in question;

            

      	

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

            

      	

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

            

       

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

       

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

       

      
        
          

      

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

       

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

       

      	

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

            

      	

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

            

      	

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

            

       

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

       

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

       

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

       

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

       

      	

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

            

      	

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

            

      	

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

            

      	

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

            

       

      
        
          

      

      	

            	•	
              an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

            

      	

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

            

      	

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

            

      	

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

            

       

      Amended and Restated Memorandum and Articles of Association

       

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

       

      Our initial shareholders,, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended
        and restated memorandum and articles of association provides, among other things, that:

       

      	

            	•	
              if we are unable to complete our initial business combination within 18 months from the closing of our initial public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
                possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
                trust account (less 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 shareholders’ rights as shareholders
                (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 shareholders and our board of directors, liquidate
                and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law;

            

      	

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

            

      	

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

            

      	

            	•	
              if a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other 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;

            

      	

            	•	
              if our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination
                or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our initial public offering or (B) with respect to any other material provisions relating to shareholders’
                rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon such approval at a per-share price, payable in cash, equal to
                the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject
                to the limitations and on the conditions described herein; and

            

      	

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

            

       

      
        
          

      

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

       

      

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

       

      Anti-Money Laundering—Cayman Islands

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          

      

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

       

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

       

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

       

      Our amended and restated memorandum and articles of association provide that our board of directors 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 general meetings.

       

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

       

      Securities Eligible for Future Sale

       

      Immediately after our initial public offering we had 21,562,000 ordinary shares issued and outstanding on an as-converted basis. Of these shares, the 17,250,000 Class A ordinary shares sold in our
        initial public offering are freely tradable without restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All
        of the outstanding founder shares and all of the outstanding private placement warrants are 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.

       

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

       

      	

            	•	
              1% of the total number of ordinary shares then outstanding, which equals 215,620 ordinary shares; or

            

       

      	

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

            

       

      

      
        
          

      

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

       

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

       

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

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

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

       

      
        Registration and Shareholder Rights

         

        The holders of the founder shares, private placement warrants and warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of
          the private placement warrants and warrants that may be issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement that the holders signed at the closing of
          our initial public offering. 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. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the
          Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in the case of the private placement warrants and the
          respective Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

      

      
        

        

        In addition, pursuant to the registration and shareholder rights agreement, our sponsor, upon consummation of an initial business combination, will be entitled to nominate three individuals for
          election to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.Exhibit 4.2
​
Avista Healthcare Partners, LP
65 East 55th Street, 18th Floor
New York, NY 10022
Attn: Ben Silbert
​
Altchem Limited:
Καραϊσκάκη, 6
CITY HOUSE
3032, Λεμεσός, Κύπρος:
Attn: Georgios Filippou
​
Orbit Co-Invest I, LLC:
c/o Paradox Capital Partners, LLC
1500 East Las Olas Blvd, 2nd Floor
Ft. Lauderdale, Florida 33301
Attn: Harvey Kesner
​
November 19, 2020
​
Ladies and Gentlemen:
​
Reference is hereby made to that certain Shareholders Agreement, dated as of October 17, 2018, among Avista Healthcare Partners, LP (as successor to each of ACP Holdco (Offshore), L.P. and ACP III AIV, L.P., “Avista Healthcare”), Osmotica Pharmaceuticals plc (“Osmotica”), Altchem Limited (“Altchem”) and the other parties thereto (as amended from time to time, the “Shareholders Agreement”). Capitalized terms used herein and not defined shall have the meanings ascribed to such terms in the Shareholders Agreement. References to Sections set forth herein are references to sections of the Shareholders Agreement, unless the context requires otherwise.
​
WHEREAS, on the date hereof and concurrently with the execution of this letter agreement, Avista Capital Partners III GP, LP, Osmotica, Orbit I (as defined below), SDK VC Pharma Holding Corp. (“SDK”), Steven Squashic, Kevin Hudy and David Purdy are entering into a letter agreement relating to SDK’s interest in and management of Orbit I (the “Orbit I Letter Agreement”);
​
WHEREAS, the parties to this letter agreement wish to amend the Shareholders Agreement to remove Orbit Co-Invest I LLC (“Orbit I”) as a party to the Shareholders Agreement; and
​
WHEREAS Section 7.03 of the Shareholders Agreement provides that the Shareholders Agreement may be amended by an instrument in writing executed by (i) Osmotica, (ii) Avista Healthcare and (iii) Altchem.
​
In consideration of the mutual covenants and agreements set forth herein, and in the Shareholders Agreement, the parties hereto, intending to be legally bound, agree as follows:
​

​
1.Amendment of Shareholders Agreement. Upon the execution of this letter agreement by each of the parties hereto, the Shareholders Agreement is hereby amended in accordance with Section 7.03 thereof as follows:
(a)The preamble of the Shareholders Agreement is hereby deleted and replaced with the following:
“THIS SHAREHOLDERS AGREEMENT (this “Agreement”), dated as of October 17, 2018, is entered into by and among Osmotica Pharmaceuticals plc, a public limited company incorporated under the laws of Ireland with registration number 607944 and registered office at 25-28 North Wall Quay, Dublin 1, Ireland (together with its successors, the “Company”), Avista Healthcare Partners, LP (the “Avista Shareholder”), Altchem Limited (the “Altchem Shareholder”), and each of Altchem, on the one hand, and the Avista Shareholder, collectively, on the other hand, a “Sponsor”), Orbit Co-Invest A-I LLC, a Delaware LLC (“Orbit A-1”) and Orbit Co-Invest III, LLC (“Orbit 3”, and together with Orbit A-1, the “Co-Invest Vehicles”), the shareholders listed on Annex A hereto as Management Shareholders, and the Persons who on becoming shareholders of the Company execute and deliver a Joinder Agreement, substantially as set forth on Annex A hereto (a “Joinder Agreement”) (each of the foregoing a “Shareholder” and collectively, the “Shareholders”).”
​
(b)The definition of “Avista Co-Invest Vehicle”, set forth in Section 1.01 of the Shareholders Agreement is hereby deleted and replaced with the following:
““Avista Co-Invest Vehicle” means Orbit 3 and any other co-investment vehicle controlled by the Avista Shareholder or one of its controlled Affiliates and that holds Equity Securities from or after the Effective Date, collectively referred to as “Avista Co-Invest Vehicles”; provided, that the Avista Shareholder and their Permitted Transferees shall in no event be deemed to be an Avista Co-Invest Vehicle.””
​
(c)All other references to “Orbit Co-Invest I LLC” and “Orbit 1” in the Shareholders Agreement shall be deleted in their entirety, and from and after the date hereof Orbit I shall no longer be party or subject to the Shareholders Agreement in any respect.
2.Miscellaneous. This letter agreement, the Shareholders Agreement and the Orbit I Letter Agreement constitute the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all negotiations, representations, prior discussions and preliminary agreements between the parties relating to the subject matter of this letter agreement. Except as expressly amended in Section 1 of this letter agreement, the Shareholders Agreement shall apply, control and continue in full force and effect with respect to the remaining parties thereto as originally constituted and is ratified and affirmed by and/or on behalf of each of the parties. 
​

This letter agreement shall be construed in accordance with, and this letter agreement and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to this letter agreement shall be governed by, the Law of the State of Delaware, without regard to any conflicts of laws or choice of laws rules that may require application of another state’s laws. This letter agreement may be executed in multiple counterparts or by facsimile or electronic (including by PDF) signatures, which signatures shall be effective to bind the parties. This letter agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Each of the parties hereto represents and warrants to each such other party that this letter agreement has been duly executed by each such party and constitutes a valid and binding obligation of each such party, enforceable in accordance with its terms, and that no consent or authorization of any other Person is required or necessary to said party’s performance of the terms of this letter agreement. If any provision of this letter agreement or the application thereof, shall for any reason and to any extent be determined by a court of competent jurisdiction to be invalid or unenforceable under applicable Law, the remaining provisions of this letter agreement shall be interpreted so as best to reasonably effect the intent of the parties.
[Signature pages follow]
​
​

Please acknowledge your agreement to the foregoing by countersigning this letter agreement in the space provided below and returning it to the undersigned.
​
​
	​
	Very truly yours,

	​
	​

	​
	OSMOTICA PHARMACEUTICALS PLC

		
		By:
	
			Name:
	Christopher Klein

			Title:
	Secretary

	​
	​

	​
	ACCEPTED AND AGREED

	​
	​

	​
	ALTCHEM LIMITED

	​
	​

		By:
	
			Name:
	Georgios Filippou

			Title:
	Director

	​
	​

	​
	AVISTA HEALTHCARE PARTNERS, LP

		By:
	Avista Healthcare Partners GP, Ltd.,

		Its:
	General Partner

	​
	​

		By:
	
			Name:
	Ben Silbert

			Title:
	Authorized Representative

	​
	​

	​
	ORBIT CO-INVEST I, LLC

	​
	​

		By:
	
			Name:
	​

			Title:
	​

	​
	​

​

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