Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE

 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2021, CIIG
Capital Partners II, Inc. (“we,” “our,” “us” or the “Company”) had the following
three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
(i) its units, consisting of one share of Class A common stock (as defined below) and one-half of
one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share of Class A common
stock (the “units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”), and
(iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).

 

Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 220,000,000 shares of common stock,
including 200,000,000 shares of Class A common stock, $0.0001 par value and 20,000,000 shares of Class B common stock, $0.0001
par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material
terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to,
our amended and restated certificate of incorporation, and our warrant agreement, each of which is incorporated by reference as an exhibit
to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each unit consists of one
share of Class A common stock and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of
our Class A common stock 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 shares of Class A common stock.

 

Class A Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Only holders of our Class B common stock
will have the right to elect all of our directors prior to the consummation of our initial business combination. Holders of our Class A
common stock will not be entitled to vote on the election of directors during such time. On any other matter submitted to a vote of our
stockholders, holders of our Class B common stock and holders of our Class A common stock will vote together as a single class,
except as required by applicable law or stock exchange rule. These provisions of our amended and restated certificate of incorporation
may only be amended if approved by a majority of at least 90% of our common stock voting at a stockholder meeting. There is no cumulative
voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election
of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the
board of directors out of funds legally available therefor.

 

We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account 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 described herein. Our sponsor, officers
and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect
to any founder shares and any public shares held by them in connection with the completion of our business combination.

 

If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender
offer rules, our amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the
shares of common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be restricting
our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our business combination. Our stockholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our business combination, and such stockholders
could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will
not receive redemption distributions with respect to the Excess Shares if we complete the business combination. And, as a result, such
stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell
their stock in open market transactions, potentially at a loss.

 

     

     

    

 

In the event of a liquidation,
dissolution or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to
their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination,
subject to the limitations described herein.

 

Redeemable Warrants

 

Each whole warrant entitles
the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing 30 days after the completion of our initial business combination. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. 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 shares of Class A common stock 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 shares of Class A common stock underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with
respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon
exercise of a warrant unless Class A common stock 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 share of Class A common stock underlying such unit.

 

Redemption of warrants when the price per
share of Class A common stock equals or exceeds $18.00.  Once the warrants become exercisable,
we may call the warrants for redemption:

 

	➤	in whole and not in part;

 

	➤	at a price of $0.01 per warrant;

 

	➤	upon not less than 30 days’ prior written notice
of redemption given after the warrants become exercisable (the “30-day redemption period”) to each warrantholder; and

 

	➤	if, and only if, the reported last sale price of the Class A
common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption
to the warrantholders.

 

We will not redeem the warrants
as described above unless a registration statement under the Securities Act covering the shares of Class A common stock issuable
upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available
throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is
exempt from registration under the Securities Act. However, 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.

 

    2

     

    

 

Redemption of warrants when the price per
share of Class A common stock equals or exceeds $10.00 and is less than $18.00. Once the warrants become exercisable,
we may redeem the outstanding warrants (including the placement warrants:

 

	➤	in whole and not in part;

 

	➤	at a price of $0.10 per warrant, upon a minimum of 30 days’
prior written notice of redemption, provided that holders will be able to exercise their warrants, but only 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” of our Class A common stock (as defined below in the immediately following paragraph) except
as otherwise described below; and

 

	➤	if, and only if, the reported last sale price of the Class A
common stock equals or exceeds $10.00 per share and is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days (the “Reference Days”) within a 30-trading day period ending
three business days before we send the notice of redemption to the warrantholders.

 

Beginning on the date the
notice of redemption is given until the warrants are redeemed or exercised, holders who elect to exercise their warrants may only do so
on a “cashless” basis. The numbers in the table below represent the number of shares of Class A common stock 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 common stock 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 average reported
last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the
notice of redemption is sent to the holders of warrants, 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 common stock shall include a security other than Class A common stock into which the Class A
common stock have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The
numbers in the table below will not be adjusted when determining the number of Class A common stock to be issued upon exercise of
the warrants if we are not the surviving entity following our initial business combination.

 

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

 

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

 

    3

     

    

 

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 shares of Class A common stock 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 common stock as reported during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of 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 shares of Class A common stock 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 common stock as reported
during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of 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 shares of Class A common stock 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 shares of Class A
common stock per whole 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 common stock.

 

This redemption feature differs
from the typical warrant redemption features used in some other blank check offerings, which typically only provide for a redemption of
warrants for cash (other than the placement warrants) when the trading price for the Class A common stock exceeds $18.00 per share
for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants (including the placement
warrants) to be redeemed when the Class A common stock is trading at or above $10.00 per share and less than $18.00 per share, which
may be at a time when the trading price of our Class A common stock 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 share of Class A common stock 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
Registration Statement. 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.

 

    4

     

    

 

As stated above, we can redeem
the warrants when the shares of Class A common stock 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 shares of Class A common stock are trading at a price below the exercise price of the warrants, this could result in the
warrant holders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise
their warrants for shares of Class A common stock if and when such shares of Class A common stock were trading at a price higher
than the exercise price of $11.50.

 

No fractional shares of Class A
common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share,
we will round down to the nearest whole number of shares of Class A common stock to be issued to the holder. If, at the time of redemption,
the warrants are exercisable for a security other than Class A common stock 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 Class A common stock, 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.

 

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 4.8% or 9.8% (or such other amount as a holder may specify) of the shares of Class A
common stock outstanding immediately after giving effect to such exercise.

 

The warrants have certain
antidilution and adjustment rights upon certain events.

 

In addition, if (x) we
issue additional shares of Class A common stock 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 share of Class A common stock (with
such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance
to our sponsor, initial stockholders or their affiliates, without taking into account any founder shares held by them, , as applicable,
prior to such issuance), (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 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 greater of the Market Value and the Newly Issued Price, the $18.00 per share
redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued
Price and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market
Value and the Newly Issued Price.

 

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 Class A common stock or any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise
of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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

 

 

5Exhibit
4.5

 

DESCRIPTION
OF SECURITIES

 

The following summary of the material terms of
the securities of JAWS Hurricane Acquisition Corporation (“we,” “us,” “our” or the “Company”)
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 certificate of incorporation incorporated by reference as an exhibit to the Company’s Annual Report
on Form 10-K for the year ended December 31, 2021 (the “Report”), and applicable Delaware law. We urge you to read our
amended and restated certificate of incorporation in its entirety for a complete description of the rights and preferences of our securities.

 

Certain Terms 

 

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

 

		·	“common
stock” are to our Class A common stock and our Class B common stock, collectively;

 

		·	“Founders” are to Barry S. Sternlicht and Matthew Walters;

 

		·	“founder shares” are to our shares of Class B common stock
initially issued to our sponsor in a private placement prior to our initial public offering and the shares of Class A common stock
that will be issued upon the automatic conversion of the shares of Class B common stock at the time of our initial business combination
(for the avoidance of doubt, such shares of Class A common stock will not be “public shares”);

 

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

 

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

 

		·	“private placement warrants” are to the warrants issued to our
sponsor in a private placement simultaneously with the closing of our initial public offering and that may be issued upon conversion of
working capital loans, if any;

 

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

 

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

 

		·	“public warrants” are to the warrants sold as part of the units
in our initial public offering (whether they were purchased in our initial public offering or thereafter in the open market) and to any
private placement warrants that are sold to third parties that are not initial purchasers or officers or directors (or permitted transferees)
following the consummation of our initial business combination;

 

		·	“sponsor” are to Hurricane Sponsor LLC, a Delaware limited liability
company and affiliate of JAWS Estates Capital LLC (“JAWS”), the public and private direct investing focused single family
office of Barry S. Sternlicht; and

 

		·	“we,” “us,” “our,” “company,”
“our company” or “JAWS Hurricane” are to JAWS Hurricane Acquisition Corporation, a Delaware corporation.

 

     

     

    

 

As of the date of this Report, pursuant to
the amended and restated certificate of incorporation, which was adopted on June 10, 2021, we are authorized to issue 200,000,000 shares
of Class A common stock, $0.0001 par value per share, 20,000,000 shares of Class B common stock, $0.0001 par value per share,
and 1,000,000 shares of undesignated preferred stock, $0.0001 par value per share. The following description summarizes certain terms
of our capital stock as set out more particularly in our amended and restated certificate of incorporation. Because it is only a summary,
it may not contain all the information that is important to you.

 

Units

 

Each unit has an offering price of $10.00 and
consists of one whole share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder
thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described herein.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common
stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants have been or
will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you are separating at least four units,
you will not be able to receive or trade a whole warrant. The Class A common stock and warrants comprising the units began separate
trading on August 2, 2021. Once the shares of Class A common stock and warrants commence separate trading, 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 to separate the units into shares of Class A common stock and warrants. No fractional warrants have been or will be issued
upon separation of the units and only whole warrants will trade. Accordingly, unless you are separating at least four units, you will
not be able to receive or trade a whole warrant.

 

Common Stock

 

As of the date of this Report, there were 34,375,000
shares of common stock outstanding, including:

 

		●	27,500,000 shares of Class A common stock underlying
the units issued as part of our initial public offering; and

 

		●	6,875,000 shares of Class B common stock held by our
sponsor.

 

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

 

Because our amended and restated certificate
of incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of Class A
common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek
stockholder approval in connection with our business combination.

 

Our board of directors is divided into three
classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our
first annual meeting of stockholders) serving a three-year term. In accordance with the Nasdaq Capital Market (“Nasdaq”) corporate
governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for
the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting.
We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination,
and thus, we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders
want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold
one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

    2

     

    

 

We will provide our public stockholders with
the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to
the consummation of our initial business combination including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, including franchise and income taxes, divided by the number of then outstanding public shares, subject
to the limitations described herein. The amount in the trust account is initially anticipated to be approximately $10.00 per public share.
The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
discounts and commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner
must identify itself in order to validly redeem its shares. Our sponsor, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held
by them in connection with the completion of our business combination. Our amended and restated certificate of incorporation requires
these tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the Securities and Exchange Commission (the “SEC”) proxy rules. If, however,
stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain stockholder
approval for business or other legal reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete
our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the business
combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock
of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote
at such meeting. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated
transactions (as described in the Report), if any, could result in the approval of our business combination even if a majority of our
public stockholders vote, or indicate their intention to vote, against such business combination. For purposes of seeking approval of
the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our business combination
once a quorum is obtained. We will give at least 10 days prior written notice of any such meeting, if required, at which a vote shall
be taken to approve our business combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders,
may make it more likely that we will consummate our initial business combination.

 

If we seek stockholder approval of our initial
business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer rules,
our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect
to more than an aggregate of 15% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares.
However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against
our business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to
complete our business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares
on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we
complete the business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and,
in order to dispose such shares would be required to sell their stock in open market transactions, potentially at a loss.

 

If we seek stockholder approval in connection
with our business combination, our initial stockholders have agreed to vote their founder shares and any public shares purchased during
or after our initial public offering in favor of our initial business combination. As a result, in addition to our initial stockholders’
founder shares, we would need 11,859,376, or 37.5% of the 31,625,000 public shares sold in our initial public offering to be voted in
favor of the business combination in order to have our initial business combination approved. Additionally, each public stockholder may
elect to redeem its public shares irrespective of whether it votes for or against the proposed transaction (subject to the limitation
described in the preceding paragraph).

 

    3

     

    

 

Pursuant to our amended and restated certificate
of incorporation, if we have not completed our initial business combination within 24 months from the closing of our initial public offering,
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than
ten business days thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes, including franchise and income taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’
rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have
agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we
fail to complete our business combination within 24 months from the closing of our initial public offering. However, if our sponsor, officers
or directors 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 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 stockholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over
the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to
the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for cash equal
to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination,
subject to the limitations described herein.

 

Founder Shares

 

The founder shares are identical to the shares
of Class A common stock included in the units being sold in our initial public offering, and holders of founder shares have the same
stockholder rights as public stockholders, except that: (a) the founder shares are subject to certain transfer restrictions, as described
in more detail below, (b) our sponsor and each member of our management team have entered into a letter agreement with us, pursuant
to which they have agreed to (i) waive their redemption rights with respect to their founder shares, (ii) to waive their redemption rights
with respect to their founder shares and public shares held by them in connection with stockholder vote to approve an amendment to our
amended and restated certificate of incorporation (A) that would modify the substance or timing of our obligation to provide holders
of shares of Class A common stock the right to have their shares redeemed 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 24 months from the closing of our initial
public offering or (B) with respect to any other provision relating to the rights of holders of our Class A common stock and
(iii) to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we
fail to consummate an initial business combination within 24 months from the closing of our initial public offering (although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our
initial business combination within the prescribed time frame), (c) the founder shares are shares of our Class B common stock
that will automatically convert into shares of our Class A common stock at the time of our initial business combination, as described
herein and (d) are entitled to registration rights. If we submit our business combination to our public stockholders for a vote,
our initial stockholders have agreed to vote any founder shares held by them and any public shares purchased during or after our initial
public offering in favor of our initial business combination.

 

    4

     

    

 

The shares of Class B common stock will
automatically convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis
(subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment
as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed
issued in excess of the amounts sold in our initial public offering and related to the closing of the business combination, the ratio
at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders
of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance
or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding
upon completion of our initial public offering plus all shares of Class A common stock and equity-linked securities issued or deemed
issued in connection with the business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller
in the business combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team
upon conversion of working capital loans). Holders of founder shares may also elect to convert their shares of Class B common stock
into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time.

 

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 (B) subsequent to our initial business combination, (x) if the closing price of our Class A
common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination,
or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that
results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

 

With respect to any matter submitted to a vote
of our stockholders, including any vote in connection with our initial business combination, except as required by law, holders of our
founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote.

 

Preferred Stock

 

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

 

Warrants

 

Public Stockholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing on the later of one year from the closing of our initial public offering and 30 days after the completion of our initial
business combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder
may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised
at a given time by a warrant holder. No fractional warrants have been or will be issued upon separation of the units and only whole warrants
will trade. Accordingly, unless you purchase at least four 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.

 

    5

     

    

 

We are not obligated to deliver any shares of
Class A common stock pursuant to the exercise of a warrant, and we have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and
a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a
valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a share of Class A
common stock upon exercise of a warrant unless the share of Class A common stock 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 share of Class A common stock
underlying such unit.

 

We have agreed that as soon as practicable, but
in no event later than twenty business days after the closing of our initial business combination, we will use our commercially reasonable
efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common
stock issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective
within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as
specified in the warrant agreement; provided that if our shares of Class A common stock 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, but we will use commercially reasonable efforts to register or qualify the shares under
applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the shares of Class A
common stock issuable upon exercise of the warrants is not effective by the 60th day after the closing of the 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, but we will use commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the
warrants for that number of shares of Class A common stock equal to the lesser of (A) the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market
value” (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361 shares of Class A
common stock per warrant (subject to adjustment). The “fair market value” as used in this paragraph shall mean the volume
weighted average price of the shares of Class A common stock for the 10 trading days ending on the trading day prior to the date
on which the notice of exercise is received by the warrant agent.

 

Redemption of warrants when the price per
share of Class A common stock equals or exceeds $18.00.    Once the warrants become exercisable, we may redeem
the outstanding warrants (except as described herein with respect to the private placement warrants):

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon a minimum of 30 days’ prior written notice
of redemption to each warrant holder; and

 

		●	if, and only if, the closing price of the shares of Class A
common stock equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant) for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption
to the warrant holders.

 

    6

     

    

 

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

 

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

 

Redemption of warrants when the price per
share of Class A common stock 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):

 

		●	in whole and not in part;

 

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

 

		●	if, and only if, the closing price of our Class A common
stock equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant) 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

 

		●	if the closing price of the Class A common stock 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), the private placement warrants must also be concurrently called for redemption on the same terms as the
outstanding public warrants, as described above.

 

Beginning on the date the notice of redemption
is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in
the table below represent the number of Class A common stock 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 common stock
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 volume weighted average price of our Class A common stock 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 shares of Class A common stock shall include a security other than shares of Class A common stock into which the shares
of Class A common stock have been converted or exchanged for in the event we are not the surviving company in our initial business
combination. The numbers in the table below will not be adjusted when determining the number of shares of Class A common stock to
be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.

 

    7

     

    

 

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

 

	 	 	Fair Market Value of Class A Common Stock	 
	Redemption Date

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

 

    8

     

    

 

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 shares of Class A common stock 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 common stock 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 shares of Class A common stock
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 common stock 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 shares of Class A
common stock 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 shares of Class A common stock 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 shares of Class A common stock.

 

This redemption feature is structured to allow
for all of the outstanding warrants to be redeemed when the Class A common stock is trading at or above $10.00 per public share,
which may be at a time when the trading price of our Class A common stock 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 share of Class A common stock
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 June
10, 2021. 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 common stock is 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 shares of Class A
common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer
shares of Class A common stock than they would have received if they had chosen to wait to exercise their warrants for shares of
Class A common stock if and when such shares of Class A common stock were trading at a price higher than the exercise price
of $11.50.

 

No fractional shares of Class A common stock
will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round
down to the nearest whole number of the number of shares of Class A common stock to be issued to the holder. If, at the time of redemption,
the warrants are exercisable for a security other than the shares of Class A common stock 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 common stock, 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.

 

    9

     

    

 

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

 

Anti-dilution Adjustments.    If
the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A common
stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend,
split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased in
proportion to such increase in the outstanding shares of Class A common stock. A rights offering made to all or substantially all
holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the “historical
fair market value” (as defined below) will be deemed a stock dividend of a number of shares of Class A common stock equal to
the product of (i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any
other equity securities sold in such rights offering that are convertible into or exercisable for shares of Class A common stock)
and (ii) one minus the quotient of (x) the price per share of Class A common stock paid in such rights offering and (y) the
historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for
shares of Class A common stock, in determining the price payable for shares of Class A common stock, there will be taken into
account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical
fair market value” means the volume weighted average price of the Class A common stock as reported during the 10 trading day
period ending on the trading day prior to the first date on which the Class A common stock trades 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 of
the holders of the shares of Class A common stock on account of such shares of Class A common stock (or other securities into
which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which,
when combined on a per share basis with all other cash dividends and cash distributions paid on the shares of Class A common stock
during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately
reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price
or to the number of shares of Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the
aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the
holders of shares of Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of shares of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate
of incorporation (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 24 months from the closing
of our initial public offering, or (B) with respect to any other provisions relating to the rights of holders of our Class A
common stock or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our
failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the
effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share
of Class A common stock in respect of such event.

 

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

 

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

 

    10

     

    

 

In addition, if (x) we issue additional
shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per share of our Class A common stock (with such
issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to
our sponsors or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates,
as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances
represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination
on the date of the completion of our initial business combination (net of redemptions), and (z) the volume-weighted average trading
price of our Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we complete
our initial business combination (such price, the “Market Value”) is below $9.20 per share, 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, and the $10.00
and $18.00 per share redemption trigger prices described adjacent to “Redemption of warrants when the price per share of Class A
common stock equals or exceeds $10.00” and “Redemption of warrants when the price per share of Class A common stock equals
or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the
Newly Issued Price, respectively.

 

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

 

    11

     

    

 

The warrants were 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 correct
any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in the Report, or defective provision (ii) amending the provisions relating to cash dividends on common stock
as contemplated by and in accordance with the warrant agreement, (iii) making any amendments that are necessary in the good faith determination
of our board of directors (taking into account then existing market precedents for initial public offerings of special purpose acquisition
companies underwritten by bulge bracket investment banks) to allow for the warrants to be classified as equity in our financial statements;
provided that this clause (iii) will not allow any modification or amendment to the warrant agreement that would adversely affect the
rights of the registered holders of the public warrants, including by increasing the exercise price of the warrants or shortening the
exercise period, which shall require the vote or consent as described below, (iv) removing any cap on the number of shares of Class
A common stock issuable upon a “cashless exercise,” deleting the provision described above under ” — Redemption
of warrants when the price per share of Class A common stock equals or exceeds $10.00” of the warrant agreement or amending
the terms of the private placement warrants, to provide that the terms of the private placement warrants will not change if transferred
to persons other than permitted transferees or to conform the provisions of the private placement warrants to the terms of the public
warrants or (v) adding or changing any provisions 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 in
any material respect, 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. You should review a copy of the warrant agreement, which
will be filed as an exhibit to the Report, for a complete description of the terms and conditions applicable to the warrants.

 

The warrant holders do not have the rights or
privileges of holders of common stock and any voting rights until they exercise their warrants and receive shares of Class A common
stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote
for each share held of record on all matters to be voted on by stockholders.

 

No fractional warrants have been or will be issued
upon separation of the units and only whole warrants will trade. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Class A
common stock to be issued to the warrant holder.

 

We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement 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. 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

 

Except as described below, the private placement
warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering.
The private placement warrants (including the shares of Class A common stock issuable upon exercise of the private placement warrants)
will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (with certain
exceptions) and they are not be redeemable by us (with certain exceptions) so long as they are held by our sponsor or its permitted transferees
(except as otherwise set forth herein). Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants
on a cashless basis. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private
placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants
included in the units being sold in our initial public offering. Any amendment to the terms of the private placement warrants will require
a vote of holders of at least 50% of the number of the then outstanding private placement warrants.

 

    12

     

    

 

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

 

In order to fund working capital deficiencies
or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or
certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans
may be convertible into warrants of the post business combination entity at a price of $2.00 per warrant at the option of the lender.
Such warrants would be identical to the private placement warrants.

 

Dividends

 

We have not paid any cash dividends on our common
stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions 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 common stock and warrant
agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer &
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any claims
and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

 

    13

     

    

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains certain requirements and restrictions relating to our initial public offering that apply to us until the completion of our initial
business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders,
who collectively beneficially own 20% of our common stock, will participate in any vote to amend our amended and restated certificate
of incorporation and will have the discretion to vote in any manner they choose. Specifically, our amended and restated certificate of
incorporation provides, among other things, that:

 

		●	If we have not completed our initial business combination
within 24 months from the closing of our initial public offering, we will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor,
redeem 100% of 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 and not previously released to us to pay our taxes, including franchise
and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares,
which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law;

 

		●	Prior to or in connection with our initial business combination,
we may not issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account
or (ii) vote on any initial business combination;

 

		●	In the event we enter into a business combination with a target
business that is affiliated with our sponsor, our directors or our officers, we, or a committee of independent directors, will obtain
an opinion from an independent investment banking firm or an independent accounting firm that such a business combination is fair to
our company from a financial point of view;

 

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

 

		●	Our initial business combination must occur with one or more
target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding
the deferred underwriting discounts and commissions and funds previously released to us to pay taxes payable on the income earned on
the trust account) at the time of the agreement to enter into the initial business combination;

 

		●	If our stockholders approve an amendment to our amended and
restated certificate of incorporation that would modify the substance or timing of our obligation to provide holders of our shares of
Class A common stock the right to have their shares redeemed 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 24 months from the closing of our initial public offering
or (B) with respect to any other provision relating to the rights of holders of our shares of Class A common stock, we will provide our
public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such approval at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on
the funds held in the trust account and not previously released to us to pay our taxes, including franchise and income taxes, divided
by the number of then outstanding public shares; and

 

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

 

    14

     

    

 

In addition, our amended and restated certificate
of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters’ fees
and commissions.

 

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

 

We have opted out of Section 203 of the
DGCL. However, our amended and restated certificate of incorporation contains similar provisions providing that we may not engage in certain
“business combinations” with any “interested stockholder” for a three-year period following the time that the
stockholder became an interested stockholder, unless:

 

		●	prior to such time, our board of directors approved either
the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 

		●	upon consummation of the transaction that resulted in the
stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the
time the transaction commenced, excluding certain shares; or

 

		●	at or subsequent to that time, the business combination is
approved by our board of directors and by the affirmative vote of holders of at least 66 2/3% of the outstanding voting stock that is
not owned by the interested stockholder.

 

Generally, a “business combination”
includes a merger, asset or stock sale or certain other transactions resulting in a financial benefit to the interested stockholder. Subject
to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates,
owns, or within the previous three years owned, 20% or more of our voting stock.

 

Under certain circumstances, this provision will
make it more difficult for a person who would be an “interested stockholder” to effect various business combinations with
a corporation for a three-year period. This provision may encourage companies interested in acquiring our company to negotiate in advance
with our board of directors because the stockholder approval requirement would be avoided if our board of directors approves either the
business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may
have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders
may otherwise deem to be in their best interests.

 

Our amended and restated certificate of incorporation
provides that our sponsor and its respective affiliates, any of their respective direct or indirect transferees of at least 20% of our
outstanding common stock and any group as to which such persons are party to, do not constitute “interested stockholders”
for purposes of this provision.

 

Our amended and restated certificate of incorporation
provides that our board of directors are classified into three classes of directors. As a result, in most circumstances, a person can
gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

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

 

    15

     

    

 

Exclusive Forum for Certain Lawsuits

 

Our amended and restated certificate of incorporation
provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall,
to the fullest extent permitted by law, be the sole and exclusive forum for any (1) derivative action or proceeding brought on behalf
of our company, (2) action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or agent of our company
to our company or our stockholders, or any claim for aiding and abetting any such alleged breach, (3) action asserting a claim against
our company or any director or officer of our company arising pursuant to any provision of the DGCL or our amended and restated certificate
of incorporation or our bylaws, or (4) action asserting a claim against us or any director or officer of our company governed by
the internal affairs doctrine except for, as to each of (1) through (4) above, any claim (a) as to which the Court of Chancery determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent
to the personal jurisdiction of the Court of Chancery within ten days following such determination), (b) which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, or (c) for which the Court of Chancery does not have subject matter
jurisdiction. Notwithstanding the foregoing, the provisions of this paragraph do not apply to suits brought to enforce any liability or
duty created by (1) the Exchange Act, (2) the Securities Act or (3) any other claim for which the federal district courts of the
United States of America shall be the sole and exclusive forum. Although we believe this provision benefits us by providing increased
consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging
lawsuits against our directors and officers. Furthermore, the enforceability of choice of forum provisions in other companies’ certificates
of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be
inapplicable or unenforceable.

 

Special Meeting of Stockholders

 

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

 

Advance Notice Requirements for Stockholder Proposals and Director
Nominations

 

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

 

Action by Written Consent

 

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

 

Classified Board of Directors

 

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

 

    16

     

    

 

Class B Common Stock Consent Right

 

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

 

Securities Eligible for Future Sale

 

Immediately after our initial public offering,
there were 39,531,250 shares of Class A common stock issued and outstanding on an as-converted basis. Of these shares, the shares
of Class A common stock sold in our initial public offering are freely tradable without restriction or further registration under
the Securities Act, except for any shares of Class A common stock 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 twelve 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 common stock then-outstanding, which
equals 395,313 shares; or

 

		●	the average weekly reported trading volume of the common stock
during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

 

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

 

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

 

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

 

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

 

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

 

		●	the issuer of the securities has filed all Exchange Act reports
and material required to be filed, as applicable, during the preceding twelve months (or such shorter period that the issuer was required
to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the time that the issuer
filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

 

    17

     

    

 

As a result, our initial stockholders 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 Stockholder Rights

 

The holders of the founder shares, private placement
warrants and any warrants that may be issued upon conversion of working capital loans (and any shares of Class A common stock issuable
upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans) are entitled
to registration rights pursuant to a registration and stockholder rights agreement signed in connection with 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 stockholder 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 shares of Class A common stock 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.

 

Except as described herein, our sponsor
and our directors and executive officers have agreed not to transfer, assign or sell their founder shares until the earliest of (A) one
year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if
the closing price of our shares of Class A common stock 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, or (y) the date on which we complete a liquidation, merger, share
exchange or other similar transaction that results in all of our public stockholders having the right to exchange their common stock for
cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of our sponsor
with respect to any founder shares. We refer to such transfer restrictions throughout the Report as the lock-up.

 

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

 

Listing of Securities

 

Our units, Class A common stock and warrants are each
traded on Nasdaq under the symbols “HCNEU,” “HCNE” and “HCNEW,” respectively. Our units commenced
public trading on June 11, 2021. Our Class A common stock and warrants began separately trading on August 2, 2021.

 

 

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]