Document:

Exhibit
4.2

 

DESCRIPTION
OF CAPITAL STOCK

 

The
following is a summary of all material characteristics of our capital stock as set forth in our articles of incorporation and
bylaws. The summary does not purport to be complete and is qualified in its entirety by reference to our articles of incorporation
and bylaws and applicable provisions of the Nevada Revised Statutes, as amended (“NRS”).

 

Common
Stock

 

We
are authorized to issue 30,000,000 shares of common stock with a par value of $0.001 per share. As of January 25, 2018, there
were 5,742,894 shares of common stock issued and outstanding.

 

The
following summary of the terms of our common stock is subject to and qualified in its entirety by reference to our articles of
incorporation and bylaws, copies of which are on file with the SEC as exhibits to previous SEC filings.

 

Voting
Rights

 

Each
outstanding share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. There are no cumulative
voting rights. Removal of directors requires the vote, in addition to any vote required by law, of not less than eighty percent
(80%) of the total votes eligible to be cast by the holders of all outstanding shares of capital stock entitled to vote generally
in the election of directors at a meeting of stockholders expressly called for that purpose. The approval of the holders of at
least eighty percent (80%) of the outstanding shares of voting stock of the Corporation is required in connection with certain
“Business Combinations” with an Interested Stockholder, as defined in the NRS, after the expiration of three years
after the date the person becomes an Interested stockholder, except in cases where the proposed Business Combination has been
approved in advance by a majority of those members of the board of directors who are unaffiliated with the Interested Stockholder
and who were directors prior to the time when the Interested Stockholder became an Interested Stockholder. Any alteration, amendment,
repeal or rescission of any provision of our articles of incorporation must be approved by the affirmative vote of the holders
of at least eighty percent (80%) of the total votes eligible to be cast by the holders of all outstanding shares of capital stock
entitled to vote thereon; provided, however, if a majority of the board of directors recommends the change, then such change shall
only require the affirmative vote of the holders of a majority of the total votes eligible to be cast by the holders of all outstanding
shares of Capital Stock entitled to vote thereon. Any bylaw may be altered, amended, rescinded, or repealed by the holders of
eighty percent (80%) of the shares of capital stock entitled to vote thereon at any annual meeting or at any special meeting called
for that purpose. Notwithstanding the foregoing, any provision of the bylaws that contains a supermajority voting requirement
shall only be altered, amended, rescinded, or repealed by a vote of the board of directors or holders of shares of capital stock
entitled to vote thereon that is not less than the supermajority specified in such provision.

 

Dividends

 

Each
stockholder is entitled to receive the dividends as may be declared by our board of directors out of funds legally available for
dividends and, in the event of liquidation, to share pro rata in any distribution of our assets after payment of liabilities.
Our board of directors is not obligated to declare a dividend. Any future dividends will be subject to the discretion of our board
of directors and will depend upon, among other things, future earnings, the operating and financial condition of our company,
its capital requirements, general business conditions and other pertinent factors.

 

Other
Rights

 

Upon
liquidation, dissolution or winding up of the corporation, the holders of common stock are entitled to share ratably in all net
assets available for distribution to stockholders after payment to creditors. Our common stock is not convertible or redeemable
and has no preemptive, subscription or conversion rights. There is no conversion, redemption, sinking fund or similar provisions
regarding our common stock.

 

    	 

    	 

    

 

Transfer
Agent

 

The
transfer agent and registrar for our Common Stock is Direct Transfer LLC. Its address is 500 Perimeter Park Drive, Suite D, Morrisville,
North Carolina 27560 and its telephone number is (919) 481-4000. The transfer agent and registrar for any series or class of preferred
stock will be set forth in the applicable prospectus supplement.

 

Preferred
Stock

 

We
are authorized to issue up to 10,000,000 shares of preferred stock, par value $0.001 per share, with such designations, rights,
and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered,
without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights that could
adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock could have
the effect of restricting dividends on our common stock (if any are declared), diluting the voting power of our common stock,
impairing the liquidation rights of our common stock, or delaying or preventing a change in control of our company, all without
further action by our stockholders. As of the date of this Annual Report on Form 10-K, no shares of our preferred stock were outstanding.

 

Stock
Options

 

We had issued and
outstanding options to purchase up to 1,000,000 shares of common stock, exercisable at $5.43 per share.

 

Anti-Takeover
Effects of Certain Provisions of Nevada Law and Our Articles of Incorporation and Bylaws

 

Our
articles of incorporation and bylaws contain a number of provisions that could make our acquisition by means of a tender or exchange
offer, a proxy contest or otherwise more difficult. Certain of these provisions are summarized below.

 

Classified
Board of Directors

 

Pursuant
to our articles of incorporation, the directors constituting our board of directors are classified, with respect to the time for
which they severally hold office, into three classes as nearly equal in number as possible. At each annual meeting of stockholders,
the successors of the class of directors whose term expires at that meeting are elected to hold office for a term expiring at
the annual meeting of stockholders held in the third year following the year of their election. The articles of incorporation
do provide, however, that directors may be removed at any time upon the approval of eighty percent (80%) of the total votes eligible
to be cast by the holders of all outstanding shares of capital stock entitled to vote at a meeting expressly called by stockholders
for such purpose.

 

Our
classified board of directors may have an anti-takeover effect of making more difficult and discouraging a takeover attempt, merger,
tender offer, or proxy fight. Additionally, our classified board of directors extends the time it would take for holders of a
majority of our shares to remove incumbent management to obtain control of the board of directors. That is, as a general matter
a majority shareholder could not obtain control of the board of directors until the second annual shareholder’s meeting
after it acquired a majority of the voting stock. Our classified board of directors may have the effect of making it more difficult
for stockholders to remove our existing management.

 

Special
Meetings

 

Our
articles of incorporation provide that special meetings of our stockholders may, unless otherwise prescribed by law, be called
only by resolution of a majority of the directors of the board then in office, by resolution of a majority of the disinterested
directors then in office, or upon written application, by stockholders holding at least 80% of the capital stock entitled to vote
at the meeting. Our stockholders are not permitted to act by written consent pursuant to our articles of incorporation.

 

    	 

    	 

    

 

Business
Combinations Act

 

The
Business Combinations Act, Sections 78.411 to 78.444 of the NRS, restricts the ability of a Nevada “resident domestic corporation”
having at least 200 stockholders of record to engage in any “combination” with an “interested stockholder”
for two (2) years after the date that the person first became an interested stockholder, unless the combination meets all of the
requirements of the articles of incorporation of the resident domestic corporation and (i) the purchase of shares by the interested
stockholder is approved by the board of directors before that date or (ii) the combination is approved by the board of directors
of the resident domestic corporation and, at or after that time, the combination is approved at an annual or special meeting of
the stockholders of the resident domestic corporation, and not by written consent, by the affirmative vote of the holders of stock
representing at least sixty percent (60%) of the outstanding voting power of the resident domestic corporation not beneficially
owned by the interested stockholder or the affiliates or associates of the interested stockholder.

 

If
this approval is not obtained, then after the expiration of the two (2) year period, the business combination may still not be
consummated unless it is a combination meeting all of the requirements of the articles of incorporation of the resident domestic
corporation and either the “fair price” requirements specified in NRS 78.441 to 78.444, inclusive are satisfied or
the combination is (a) a combination or transaction by which the person first became an interested stockholder is approved by
the board of directors of the resident domestic corporation before the person first became an interested stockholder, or (b) a
combination approved by a majority of the outstanding voting power of the resident domestic corporation not beneficially owned
by the interested stockholder, or any affiliate or associate of the interested stockholder.

 

“Interested
stockholder” means any person, other than the resident domestic corporation or its subsidiaries, who is (a) the beneficial
owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the resident domestic corporation
or (b) an affiliate or associate of the resident domestic corporation and at any time within two years immediately before the
date in question was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding
shares of the resident domestic corporation.

 

A
“combination” is broadly defined and includes, for example, any merger or consolidation of a corporation or any of
its subsidiaries with (i) an interested stockholder or (ii) any other entity that after and as a result of the merger or consolidation
would be an affiliate or associate of the interested stockholder; or any sale, lease, exchange, pledge, transfer or other disposition
of assets of the corporation, in one transaction or a series of transactions, to or with an interested stockholder having: (x)
an aggregate market value equal to more than 5% of the aggregate market value of the assets of a corporation, (y) an aggregate
market value equal to more than 5% of the aggregate market value of all outstanding voting shares of a corporation, or (z) representing
more than 10% of the earning power or net income of a corporation.

 

The
provisions of Nevada law, our articles of incorporation and our bylaws could have the effect of discouraging others from attempting
hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock
that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes
in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders
may otherwise deem to be in their best interests.

 

Limitations
of Director Liability and Indemnification of Directors, Officers and Employees

 

Neither
our articles of incorporation nor bylaws prevent us from indemnifying our officers, directors and agents to the extent permitted
under the NRS. NRS Section 78.7502, provides that a corporation shall indemnify any director, officer, employee or agent of a
corporation against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with any
defense to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to Section 78.7502(1) or 78.7502(2), or in defense of any claim, issue or
matter therein. NRS 78.7502(1) provides that a corporation may indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’
fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit
or proceeding if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful.

 

NRS
Section 78.7502(2) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor
by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise against expenses, including amounts paid in settlement and attorneys’ fees actually and reasonably incurred
by him in connection with the defense or settlement of the action or suit if he: (a) is not liable pursuant to NRS 78.138; or
(b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation.Exhibit 4.1

 

NUMBER OF UNITS

U-          

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP [__________]

 

CHURCHILL CAPITAL CORP III

UNITS CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND

ONE-FOURTH OF ONE REDEEMABLE WARRANT, EACH WHOLE WARRANT ENTITLING THE HOLDER TO PURCHASE ONE SHARE OF

CLASS A COMMON STOCK

 

THIS CERTIFIES THAT is the owner of Units.

 

Each Unit (“Unit”) consists
of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”), of Churchill Capital
Corp III, a Delaware corporation (the “Company”), and one-fourth (1/4) of one warrant (each whole warrant, a
 “Warrant”). Each whole Warrant entitles the holder to purchase one (1) share (subject to adjustment) of Common
Stock for $11.50 per share (subject to adjustment). Only whole Warrants are exercisable. Each whole Warrant will become exercisable
on the later of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business Combination”),
or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before
5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes its initial Business
Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The Common Stock and Warrants
comprising the Units represented by this certificate are not transferable separately prior to , 2020, unless Citigroup Global Markets
Inc. elects to allow earlier separate trading, subject to the Company’s filing of a Current Report on Form 8-K with the Securities
and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the
Company’s initial public offering and issuing a press release announcing when separate trading will begin. No fractional
Warrants will be issued upon separation of the Units. The terms of the Warrants are governed by a Warrant Agreement, dated as of
, 2020, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms
and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at One State Street, New York, New York 10004, and
are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and registered by the Registrar of the Company.

 

This certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile signature of its duly authorized officers.

 

	 	 	
	Secretary	 	Chief
Executive Officer

 

    

     

    

 

Churchill Capital Corp III

 

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

 

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

 

	TEN
    COM	—	as
    tenants in common	UNIF
    GIFT MIN ACT —	Custodian
	 	 	 	 	 
	TEN
    ENT	—	as
    tenants by the entireties	 	          (Cust)
    	(Minor)          
	 	 	 	 	 
	JT
    TEN	—	as
    joint tenants with right of survivorship and not as tenants in common	 	under
    Uniform Gifts to Minors Act

    (State)

 

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

 

For value received, hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

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

 

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

 

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

 

Dated

 

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

 

	Signature(s) Guaranteed:

 

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

    2 

     

    

 

In each case, as more fully described in the Company’s
final prospectus dated        , 2019, the holder(s) of the Company’s Class A common stock shall be entitled to receive a pro-rata
portion of certain funds held in the trust account established in connection with the Company’s initial public offering only
in the event that (i) the Company redeems the shares of Class A common stock sold in its initial public offering and liquidates
because it does not consummate an initial business combination by        , 2021 (or such later date if such period is extended pursuant
to the Company’s Certificate of Incorporation as in effect at such time), (ii) the Company redeems the shares of Class A
common stock sold in its initial public offering in connection with a stockholder vote to amend the Company’s amended and
restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the
Class A common stock if it does not consummate an initial business combination by        , 2021 (or such later date, if such period is
extended pursuant to the Company’s Certificate of Incorporation as in effect at such time) or with respect to any other material
provisions relating to stockholders’ rights of pre-initial business combination activity, or (iii) if the holder(s) seek(s)
to redeem for cash his, her or its respective shares of Class A common stock in connection with a tender offer (or proxy solicitation,
solely in the event the Company seeks stockholder approval of the proposed initial business combination) setting forth the details
of a proposed initial business combination. In no other circumstances shall the holder(s) have any right or interest of any kind
in or to the trust account.

 

    3

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