Document:

SPECIMEN UNIT CERTIFICATE

	
     NUMBER

	
UNITS

	
U-___________

	  

	
SEE REVERSE FOR

	  
	
CERTAIN

	  
	
DEFINITIONS

	  

 

SELWAY CAPITAL ACQUISITION CORPORATION

 

CUSIP ___________

 

UNITS CONSISTING OF ONE (1) SERIES A SHARE AND ONE (1) WARRANT TO PURCHASE 

ONE (1) SHARE OF COMMON STOCK

	
THIS CERTIFIES THAT 

	  

	
is the owner of

	  	
  Units.

 

Each Unit (“Unit”) consists of one (1) Series A Share of common stock, par value $0.0001 per share (“Series A Share”), of SELWAY CAPITAL ACQUISITION CORPORATION, a Delaware corporation (the “Company”), and one (1) warrant (the “Warrant”). Each Warrant entitles the holder to purchase one (1) share of common stock for $10.00 per share (subject to adjustment).  Each Warrant will become exercisable on the later of (i) the Company’s completion of an initial business combination with one or more target businesses and (ii) ____________, 2011 [ONE YEAR FROM THE DATE OF THE IPO PROSPECTUS], and will expire unless exercised before 5:00 p.m., New York City Time, on ____________, 2016, or earlier upon redemption (the “Expiration Date”). The Series A Shares and Warrants comprising the Units represented by this certificate will begin separate trading 90 days after the date of the prospectus covering these securities (the “Prospectus”) or the announcement by the underwriters of the Company’s initial public offering of the decision to allow earlier trading; provided, however, in no event will the representative allow separate trading of the Series A Shares and Warrants until the Company files an audited balance sheet with the Securities and Exchange Commission reflecting the Company’s receipt of the gross proceeds of the offering and issues a press release announcing when such separate trading will begin.  The terms of the Warrants are governed by a Warrant Agreement, dated as of _______, 2011, between the Company and American Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.  Copies of the Warrant Agreement are on file at the office of the Warrant Agent at American Stock Transfer & Trust Company, LLC, 59 Maiden Lane, New York, NY 10038, and are available to any Warrant holder on written request and without cost. This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers.

 

	
  By  

	  	  	  
	  	
Chief Executive Officer

	  	
Secretary

 

SELWAY CAPITAL ACQUISITION CORPORATION

CORPORATE

SEAL

2011

DELAWARE

  

  

  

 

SELWAY CAPITAL ACQUISITION CORPORATION

 

The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

TEN COM  -  as tenants in common

TEN ENT  -  as tenants by the entireties

JT TEN  -  as joint tenants with right of survivorship

and not as tenants in common

	
UNIF GIFT MIN ACT -

	  	
Custodian

	  	  
	  	
(Cust)

	  	
(Minor)

	  

	 	 
under Uniform Gifts to Minors

	 
	 	
Act

	  	 
	  	  	
(State)

	 

 

Additional Abbreviations may also be used though not in the above list.

 

For value received, ___________________________ hereby sell, assign and transfer unto

	
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

	  
	  	  
	  	  
	  
	 
	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

	  
	  

	  	
 Units

	
represented by the within Certificate, and do hereby irrevocably constitute and appoint

	 	
  Attorney

to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

	
Dated 

	  	  	  	  
	  	  	  	  	  
	  	  	  	
NOTICE: 

	
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

2

  

	
Signature(s) Guaranteed:

	  

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

The holder of this certificate shall be entitled to receive funds from the trust account only in the event of (i) the Company’s liquidation upon a failure to consummate an acquisition transaction (ii) if the holder seeks to convert his respective shares into cash in connection with the initial acquisition transaction which is approved by the shareholders of the Company as set forth in the Company ’s prospectus or (iii) if the holder seeks to convert his respective shares into cash in connection with a post-acquisition transaction tender offer conducted by the Company.  In no other circumstances shall the holder have any right or interest of any kind in or to the trust account.

  

3SPECIMEN SERIES A SHARE CERTIFICATE

 

	
NUMBER

	
SHARES 

_________A

 

SELWAY CAPITAL ACQUISITION CORPORATION

 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 

SERIES A COMMON STOCK

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

	
THIS CERTIFIES THAT

	
CUSIP ____________

	  	  
	
IS THE OWNER OF

	  

 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF

$0.0001 EACH OF SERIES A COMMON STOCK OF

 

SELWAY CAPITAL ACQUISITION CORPORATION

 

transferable on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.  Capitalized terms not otherwise defined shall have the meanings assigned to them in the Company’s Amended and Restated Certificate of Incorporation.  The Series A Common Stock will be automatically consolidated with all other classes of the Company’s Common Stock upon consummation of its initial Acquisition Transaction, provided that the Company has not elected to grant its public shareholders their redemption rights by means of a Post-Acquisition Tender Offer, in which case the Series A Common Stock will automatically be converted to Series B Common Stock immediately following consummation of the Acquisition Transaction.  Public shareholders who hold Series B Common Stock will be entitled to participate in the Post-Acquisition Transaction Tender Offer by tendering their Series B Common Stock in accordance with the instructions included in the Schedule TO and related tender offer documents to be filed with the SEC.  The Series B Common Stock will be automatically consolidated with all other classes of the Company’s Common Stock upon consummation of its Post-Acquisition Tender Offer.  The Company will be forced to liquidate if it is unable to complete an Acquisition Transaction by ________, all as more fully described in the Company’s final prospectus dated _______, 2011.  This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.  Witness the seal of the Company and the facsimile signatures of its duly authorized officers.

 

Dated:

 

	  	  	  
	
Chief Executive Officer

	  	
Secretary

 

SELWAY CAPITAL ACQUISITION CORPORATION

CORPORATE

SEAL 2011

DELAWARE

 

  

  

  

 

SELWAY CAPITAL ACQUISITION CORPORATION

 

The Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of share or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.  This certificate and the shares represented thereby are issued and shall be held subject to all the provisions of the Certificate of Incorporation and Bylaws of the Company and all amendments thereto and resolutions of the Board of Directors providing for the issue of Series A Common Stock (copies of which may be obtained from the secretary of the Corporation), to all of which the holder of this certificate by acceptance hereof assents.

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
 

	
TEN COM  -  as tenants in common

	
 

	
TEN ENT  -  as tenants by the entireties

	
 

	
JT TEN  -  as joint tenants with right of survivorship

	
  

	
 and not as tenants in common

 

	
UNIF GIFT MIN ACT -

	  	
    Custodian  

	  	  
	  	
(Cust)

	  	
(Minor)

	  

	  	
under Uniform Gifts to Minors

	  	
Act  

	 	  	  
	  	  	(State)	  

 

Additional Abbreviations may also be used though not in the above list.

 

For value received, ___________________________ hereby sell, assign and transfer unto

 

	
PLEASE INSERT SOCIAL SECURITY OR

	  
	
OTHER

	  
	
IDENTIFYING NUMBER OF ASSIGNEE

	  
	  	  
	  	  
	 
	  
	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

	  
	  
	  	
shares

	
of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

	  	
Attorney

	
to transfer the said share on the books of the within named Corporation will full power of substitution in the premises.

 

	
Dated

	  	 	  

 

  

2

  

 

	  	  	  
	  	  	  
	  	  	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

	
Signature(s) Guaranteed:

	  
	  
	
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

	  
	
The holder of this certificate shall be entitled to receive funds from the trust account only in the event of (i) the Company’s liquidation upon a failure to consummate an acquisition transaction (ii) if the holder seeks to convert his respective shares into cash in connection with the initial acquisition transaction which is approved by the shareholders of the Company as set forth in the Company ’s prospectus or (iii) if the holder seeks to convert his respective shares into cash in connection with a post-acquisition transaction tender offer conducted by the Company.  In no other circumstances shall the holder have any right or interest of any kind in or to the trust account.

 

  

3

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