Document:

Exhibit 4.8

 

AMENDED AND RESTATED WARRANT AGREEMENT

 

This AMENDED AND RESTATED WARRANT AGREEMENT
(“Agreement”) is entered into as of March [●], 2020, by and between Meten EdtechX Education Group Ltd.,
a Cayman Islands exempted company (“Holdco”), and Continental Stock Transfer & Trust Company, a New York
corporation, with offices at 1 State Street Plaza, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, in connection with the initial
public offering of units and simultaneous private placement of warrants of EdtechX Holdings Acquisition Corp., a Delaware corporation
(“EdtechX”), EdtechX engaged the Warrant Agent to act on behalf of EdtechX in connection with the issuance,
registration, transfer, exchange, redemption, and exercise of EdtechX’s warrants on the terms and conditions as set forth
in the Warrant Agreement dated as of October 5, 2018 between EdtechX and the Warrant Agent (the “Prior Agreement”)

 

WHEREAS, EdtechX entered into an Agreement
and Plan of Reorganization (“Merger Agreement”), dated as of December 12, 2019, by and among EdtechX, Holdco,
Meten Education Inc., a Delaware corporation and wholly owned subsidiary of Holdco, Meten Education Group Ltd., a Cayman Islands
exempted company and wholly owned subsidiary of Holdco, and Meten International Education Group, a Cayman Islands exempted company,
pursuant to which, among other things, upon the closing of the transactions contemplated by the Merger Agreement (“Closing”),
Meten Education Inc. will merge with and into EdtechX and EdtechX will become a wholly-owned subsidiary of Holdco;

 

WHEREAS, effective upon the Closing, (i)
each outstanding share of common stock of EdtechX will be exchanged for one ordinary share of Holdco (“Holdco Ordinary
Shares”), (ii) each outstanding warrant issued by EdtechX as part of the units in EdtechX’s initial public offering
will be exchanged for one warrant of Holdco (“IPO Warrants”), with each IPO Warrant entitling the holder to
purchase one Holdco Ordinary Share at a price of $11.50 per share, subject to adjustment as set forth herein, (iii) each outstanding
warrant issued by EdtechX in a private placement (including warrants underlying units issued by EdtechX prior to the Closing pursuant
to a forward purchase agreement) will be exchanged for one warrant of Holdco (“Placement Warrants”), with each
Placement Warrant entitling the holder to purchase one Holdco Ordinary Share at a price of $11.50 per share, subject to adjustment
as set forth herein, and (iv) each outstanding unit purchase option of EdtechX will remain outstanding but will be deemed to have
been converted into the right to purchase one unit of Holdco (“Holdco Units”), with each Holdco Unit consisting
of one Holdco Ordinary Share and one warrant of Holdco (“UPO Warrants”, together with the IPO Warrants and the
Placement Warrants, the “Pre-Merger Warrants”), with each UPO Warrant entitling the holder to purchase one Holdco
Ordinary Share at a price of $11.50 per share, subject to adjustment as set forth herein;

 

WHEREAS, following Closing, Holdco may issue
additional warrants (including warrants issued by Holdco at the Closing pursuant to forward purchase agreements, the “Post-Merger
Warrants” and together with the Pre-Merger Warrants, the “Warrants”);

 

WHEREAS, in connection with the Closing,
EdtechX, Holdco, and the Warrant Agent entered into an Assignment and Assumption Agreement, pursuant to which EdtechX assigned
to Holdco all of its rights, interests, and obligations in and under the Prior Agreement and the Pre-Merger Warrants;

 

WHEREAS, for the purpose of curing any ambiguity
as to whether the Prior Agreement applies to the Warrants following the Closing, Holdco and the Warrant Agent desire to amend and
restate the Prior Agreement pursuant to Section 9.8 of the Prior Agreement, to provide that the same form and provisions applicable
under the Prior Agreement apply to the Warrants;

 

WHEREAS, Chardan Capital Markets, LLC and
I-Bankers Securities, Inc. (the “Joint Book-Running Managers”) have consented to the amendments to sections
6.4 and 7.4 of the Prior Agreement, as required by the Prior Agreement; and

 

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

 

     

     

    

 

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

 

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

 

2. Warrants.

 

2.1. Form of Warrant. Each Warrant
shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto (except for (i) the Placement Warrants
and (ii) Post-Merger Warrants if such warrants provide that they are non-redeemable by Holdco), the provisions of which are incorporated
herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive Officer
and Treasurer, Secretary or Assistant Secretary of Holdco and shall bear a facsimile of Holdco’s seal. In the event the person
whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed
the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

2.2. Uncertificated Warrants. Notwithstanding
anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented by, a Holdco Unit,
and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The Depository
Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the Board
of Directors of Holdco or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect
as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3. Effect of Countersignature.
Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant Register. The Warrant
Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants
in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to
the Warrant Agent by Holdco.

  

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

 

2.5. Placement Warrant Attributes.
The Placement Warrants will be issued in the same form as the IPO Warrants but they (i) will not be redeemable by Holdco and (ii)
may be exercised for cash or on a cashless basis at the holder’s option, in either case as long as they are held by the initial
purchasers or their permitted transferees (as prescribed in Section 5.6 hereof). Once a Placement Warrant is transferred to a holder
other than an affiliate or permitted transferee, it shall be treated as an IPO Warrant hereunder for all purposes.

 

2.7. UPO Warrants. The UPO Warrants,
when issued, shall have the same terms and be in the same form as the IPO Warrants. The provisions of this Section 2.7 may not
be modified, amended or deleted without the prior written consent of the Joint Book-Running Managers.

 

    2

     

    

 

2.8 Post-Merger Warrants. The Post-Merger
Warrants, when and if issued, shall have the same terms and be in the same form as the IPO Warrants except as may be agreed upon
by Holdco.

  

3. Terms and Exercise of Warrants

 

3.1. Warrant Price. Each Warrant
shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant
and of this Agreement, to purchase from Holdco the number of Holdco Ordinary Shares stated therein, at the price of $11.50 per
share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement refers to the price per share at which the Holdco Ordinary Shares may be purchased at the
time a Warrant is exercised. Holdco in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date
(as defined below) for a period of not less than ten (10) Business Days; provided, that Holdco shall provide at least ten (10)
days prior written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction
shall be applied consistently to all of the Warrants.

 

3.2. Duration of Warrants. A Warrant
may be exercised any time and from time to time beginning on the date hereof and terminating at 5:00 p.m., New York City time on
the earlier to occur of (i) five years from the date hereof and (ii) the Redemption Date as provided in Section 6.2 of this Agreement,
if applicable (“Expiration Date”). The period of time from the date the Warrants will first become exercisable
until the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.” Except with respect
to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the
Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease
at the close of business on the Expiration Date. Holdco in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date; provided, however, that Holdco will provide at least twenty (20) days prior written notice of any such extension
to registered holders and, provided further that any such extension shall be applied consistently to all of the Warrants.

 

3.3. Exercise of Warrants.

 

3.3.1. Payment. Subject to the provisions
of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder
thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough
of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying
in full the Warrant Price for each Holdco Ordinary Share as to which the Warrant is exercised and any and all applicable taxes
due in connection with the exercise of the Warrant, as follows:

 

(a) by good certified check or
good bank draft payable to the order of the Warrant Agent; or

 

(b) in the event of redemption
pursuant to Section 6 hereof in which Holdco’s management has elected to force all holders of Warrants to exercise such Warrants
on a “cashless basis,” by surrendering the Warrants for that number of Holdco Ordinary Shares equal to the quotient
obtained by dividing (x) the product of the number of Holdco Ordinary Shares underlying the Warrants, multiplied by the difference
between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes
of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of Holdco Ordinary
Shares for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to holders of the Warrants pursuant to Section 6 hereof; or 

 

(c) with respect to any Placement
Warrants, so long as such Placement Warrants are held by the initial purchasers or their permitted transferees, by surrendering
such Placement Warrants for that number of Holdco Ordinary Shares equal to the quotient obtained by dividing (x) the product of
the number of Holdco Ordinary Shares underlying the Placement Warrants, multiplied by the difference between the exercise price
of the Warrants and the “Fair Market Value” (defined below) by (y) the Fair Market Value; provided, however, that no
cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes
of this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of Holdco Ordinary
Shares for the five (5) trading days ending on the trading day prior to the date of exercise; or

 

    3

     

    

 

(d) in the event the registration
statement required by Section 7.4 hereof is not then effective, by surrendering such Warrants for that number of Holdco Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Holdco Ordinary Shares underlying the Warrants,
multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” (defined below)
by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal
to or higher than the exercise price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean
the average reported last sale price of Holdco Ordinary Shares for the five (5) trading days ending on the trading day prior to
the date of exercise.

 

3.3.2. Issuance of Certificates. As
soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any),
Holdco shall issue to the registered holder of such Warrant a certificate or certificates for the number of Holdco Ordinary Shares
to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant
shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not
have been exercised. Notwithstanding the foregoing, in no event will Holdco be required to net cash settle the Warrant exercise.
No Warrant shall be exercisable for cash and Holdco shall not be obligated to issue Holdco Ordinary Shares upon exercise of a Warrant
unless Holdco Ordinary Shares 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 condition in the immediately
preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such
Warrant for cash and such Warrant may have no value and expire worthless. Warrants may not be exercised by, or securities issued
to, any registered holder in any state in which such exercise would be unlawful.

  

3.3.3. Valid Issuance. All Holdco Ordinary
Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.4. Date of Issuance. Each person
in whose name any such certificate for Holdco Ordinary Shares is issued shall for all purposes be deemed to have become the holder
of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the share transfer
books of Holdco are closed, such person shall be deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the share transfer books are open.

 

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

 

    4

     

    

 

4. Adjustments.

 

4.1. Share Dividends; Split Ups.
If after the Closing, the number of outstanding Holdco Ordinary Shares is increased by a share dividend payable in Holdco Ordinary
Shares, or by a split up of Holdco Ordinary Shares, or other similar event, then, on the effective date of such share dividend,
split up or similar event, the number of Holdco Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion
to such increase in outstanding Holdco Ordinary Shares.

 

4.2. Aggregation of Shares. If after
the Closing, the number of outstanding Holdco Ordinary Shares is decreased by a consolidation, combination, reverse share split
or reclassification of Holdco Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination,
reverse share split, reclassification or similar event, the number of Holdco Ordinary Shares issuable on exercise of each Warrant
shall be decreased in proportion to such decrease in outstanding Holdco Ordinary Shares.

 

4.3 Extraordinary Dividends. If Holdco,
at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or
other assets to the holders of the Holdco Ordinary Shares or other shares of Holdco’s capital into which the Warrants are
convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately
after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by Holdco’s
Board of Directors, in good faith) of any securities or other assets paid on each Holdco Ordinary Share in respect of such Extraordinary
Dividend; provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision:
(a) any adjustment described in subsection 4.1 above or (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 Holdco Ordinary Shares 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 of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted
in an adjustment to the Warrant Price or to the number of Holdco Ordinary Shares 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. Solely for purposes
of illustration, if Holdco, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously
paid an aggregate of $0.40 of cash dividends and cash distributions on the Holdco Ordinary Shares during the 365-day period ending
on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately after the
effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all
cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater
of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior
to such $0.35 dividend)).

  

4.4 Adjustments in Exercise Price.
Whenever the number of Holdco Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections
4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior
to such adjustment by a fraction (x) the numerator of which shall be the number of Holdco Ordinary Shares purchasable upon the
exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Holdco Ordinary
Shares so purchasable immediately thereafter.

 

    5

     

    

 

4.5. Replacement of Securities upon Reorganization,
etc. In case of any reclassification or reorganization of the outstanding Holdco Ordinary Shares (other than a change covered
by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of Holdco Ordinary Shares), or in the case of any merger
or consolidation of Holdco with or into another corporation (other than a consolidation or merger in which Holdco is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Holdco Ordinary Shares), or in
the case of any sale or conveyance to another corporation or entity of the assets or other property of Holdco as an entirety or
substantially as an entirety in connection with which Holdco is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Holdco Ordinary
Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger
or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such
Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results
in a change in the Holdco Ordinary Shares covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections
4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

  

4.6. Notices of Changes in Warrant.
Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, Holdco shall give written
notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase
or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified
in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, Holdco shall give written notice to each Warrant holder, at the
last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7. No Fractional Warrants or Shares.
No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision contained in this Agreement to the
contrary, Holdco shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to
this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest
in a share, Holdco shall, upon such exercise, round up to the nearest whole number of Holdco Ordinary Shares to be issued to the
Warrant holder.

 

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

 

4.9 Other Events. In case any event
shall occur affecting Holdco as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable,
but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and
(ii) effectuate the intent and purpose of this Section 4, then, in each such case, Holdco shall appoint a firm of independent public
accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether
or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section
4 and, if they determine that an adjustment is necessary, the terms of such adjustment. Holdco shall adjust the terms of the Warrants
in a manner that is consistent with any adjustment recommended in such opinion.

  

5. Transfer and Exchange of Warrants.

 

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

 

    6

     

    

 

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

 

5.3. Fractional Warrants. The Warrant
Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate
for a fraction of a warrant.

 

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

 

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

 

6. Redemption.

 

6.1. Redemption. Subject to Section
6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of Holdco, at any time during the Exercise
Period (so long as there is a current registration statement in effect with respect to the Holdco Ordinary Shares underlying the
Warrants), at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the last sales price of the Holdco Ordinary Shares equals or exceeds $16.50 per share (subject
to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period
ending on the third business day prior to the date on which notice of redemption is given.

 

6.2. Date Fixed for, and Notice of, Redemption.
In the event that Holdco shall elect to redeem all of the Warrants that are subject to redemption, Holdco shall fix a date for
the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid,
by Holdco not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3. Exercise After Notice of Redemption.
The IPO Warrants and, subject to Section 6.4, the Post-Merger Warrants, may be exercised, for cash (or on a “cashless basis”
in accordance with Section 3 of this Agreement) at any time after notice of redemption shall have been given by Holdco pursuant
to Section 6.2 hereof and prior to the Redemption Date. In the event that Holdco determines to require all holders of IPO Warrants
to exercise their IPO Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain
the information necessary to calculate the number of Holdco Ordinary Shares to be received upon exercise of the Warrants, including
the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have
no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

  

6.4 Exclusion of Certain Warrants.
Holdco understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent
a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase
rights are exercised, Holdco may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met.
Additionally, Holdco agrees that the redemption rights provided in this Section 6 shall not apply to (i) the Placement Warrants
if at the time of the redemption such Placement Warrants continue to be held by the initial purchasers or their permitted transferees
or (ii) Post-Merger Warrants if such warrants provide that they are non-redeemable by Holdco. However, with respect to the Placement
Warrants, once such Placement Warrants are transferred (other than to permitted transferees under Section 5.6), Holdco may redeem
the Placement Warrants in the same manner as the IPO Warrants. The provisions of this Section 6.4 in respect of Placement Warrants
may not be modified, amended or deleted without the prior written consent of the Joint Book-Running Managers.

 

    7

     

    

 

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

 

7.1. No Rights as Shareholder. A
Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of Holdco, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice
as shareholders in respect of the meetings of shareholders or the election of directors of Holdco or any other matter.

 

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

 

7.3. Reservation of Holdco Ordinary Shares.
Holdco shall at all times reserve and keep available a number of its authorized but unissued Holdco Ordinary Shares that will be
sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration of Holdco Ordinary
Shares. On March ___, 2020, the registration statement on Form F-4 (Commission File No. 333-235859) registering the Holdco
Ordinary Shares issuable upon the exercise of the IPO Warrants, Placement Warrants (excluding warrants underlying units issued
by EdtechX prior to the Closing pursuant to a forward purchase agreement), and UPO Warrants was declared effective by the Commission.
Holdco will use its best efforts to maintain the effectiveness of such registration statement until the expiration of the Warrants
in accordance with the provisions of this Agreement and to take such action as is necessary to register or qualify for sale, in
those states in which the Warrants were initially offered by Holdco and in those states where holders of Warrants then reside,
the Holdco Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption is not available. During any period
when Holdco shall fail to have maintained an effective registration statement covering the Holdco Ordinary Shares issuable upon
exercise of the Warrants, the holders of the Warrants shall have the right to exercise such Warrants on a “cashless basis”
as determined in accordance with Section 3.3.1(d). Holdco shall provide the Warrant Agent with an opinion of counsel for Holdco
(which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless
basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the Holdco Ordinary Shares issued
upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is
defined in Rule 144 under the Act) of Holdco and, accordingly, will not be required to bear a restrictive legend. For the avoidance
of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, Holdco shall continue to be obligated
to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions of this Section
7.4 in respect of the Pre-Merger Warrants may not be modified, amended or deleted without the prior written consent of the Joint
Book-Running Managers.

 

8. Concerning the Warrant Agent and Other Matters.

 

8.1. Payment of Taxes. Holdco will
from time to time promptly pay all taxes and charges that may be imposed upon Holdco or the Warrant Agent in respect of the issuance
or delivery of Holdco Ordinary Shares upon the exercise of Warrants, but Holdco shall not be obligated to pay any transfer taxes
in respect of the Warrants or such shares.

 

8.2. Resignation, Consolidation, or Merger
of Warrant Agent.

 

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

 

    8

     

    

 

8.2.2. Notice of Successor Warrant Agent.
In the event a successor Warrant Agent shall be appointed, Holdco shall give notice thereof to the predecessor Warrant Agent and
the transfer agent for the Holdco Ordinary Shares not later than the effective date of any such appointment.

 

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

 

8.3. Fees and Expenses of Warrant Agent.

 

8.3.1. Remuneration. Holdco agrees
to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant
Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

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

 

8.4. Liability of Warrant Agent.

 

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

 

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

 

8.4.3. Exclusions. The Warrant Agent
shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any
Warrant (except its countersignature thereof); nor shall it be responsible for any breach by Holdco of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions
of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any Holdco Ordinary Shares to be issued pursuant to this Agreement or any Warrant or
as to whether any Holdco Ordinary Shares will, when issued, be valid and fully paid and nonassessable.

 

    9

     

    

 

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

 

9. Miscellaneous Provisions.

 

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

 

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

 

Meten EdtechX Education Group Ltd.

c/o Meten International Education Group

3rd Floor, Tower A, Tagen Knowledge & Innovation
Center

2nd Shenyun West Road, Nanshan District

Shenzhen, Guangdong Province 518045

The People’s Republic of China

Attn: Alan Peng, Chief Executive Officer

 

with a copy, which shall not constitute notice, to:

 

Morgan, Lewis & Bockius LLP

c/o Suites 1902-09, 19th Floor

Edinburgh Tower, The Landmark

15 Queen’s Road Central

Hong Kong

Attn: Ning Zhang, Esq. / Yile Gao, Esq.

 

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

 

Continental Stock Transfer & Trust Company

1 State Street Plaza

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Schiff Hardin LLP

901 K Street NW

Suite 700

Washington, D.C. 20001

Attn: Ralph V. DeMartino, Esq.

 

    10

     

    

 

and

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, New York 10004

Attn: George Kaufman, Partner and Head of Investment
Banking

 

and

I-Bankers Securities, Inc.

535 5th Avenue, Suite 423

New York, NY 10017

Attn: Mike McCrory

 

9.3. Applicable Law. The validity,
interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws
of another jurisdiction. Holdco hereby agrees that any action, proceeding or claim against it arising out of or relating in any
way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Holdco
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon Holdco may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal
service and shall be legal and binding upon Holdco in any action, proceeding or claim.

  

9.4. Persons Having Rights under this
Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended,
or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders
of the Warrants and, for the purposes of Sections 2.7, 6.4, 7.4, 9.4 and 9.8 hereof, the Joint Book-Running Managers, any right,
remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
the Joint Book-Running Managers shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.7,
6.4, 7.4, 9.4 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall
be for the sole and exclusive benefit of the parties hereto (and the Joint Book-Running Managers with respect to the Sections 2.7,
6.4, 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

 

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

 

9.6. Counterparts. This Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

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

 

9.8 Amendments. This Agreement may
be amended by the parties hereto (and the Joint Book-Running Managers, if required) without the consent of any registered holder
for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or
adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem
necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written
consent or vote of the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, Holdco
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without
the consent of the registered holders.

 

    11

     

    

 

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

 

[signature page follows]

 

    12

     

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.

 

	 	METEN EDTECHX EDUCATION GROUP LTD.
	 	 	    	 
	 	By:	 
	 	 	Name:	            
	 	 	Title:	 
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

13Exhibit 4.9

 

THE REGISTERED HOLDER OF THIS PURCHASE
OPTION BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
OPTION OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE
EFFECTIVE ECONOMIC DISPOSITION OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE
DATE (AS DEFINED HEREIN) TO ANYONE OTHER THAN TO (I) CHARDAN CAPITAL MARKETS, LLC (“CHARDAN”), I-BANKERS
SECURITIES, INC. (“I-BANKERS”), OR AN OTHER UNDERWRITER OR SELECTED DEALER PARTICIPATING IN THE OFFERING
OR (II) AN OFFICER OR PARTNER OF CHARDAN, I-BANKERS, OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA
RULE 5110(G)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE
PRIOR TO THE LATER OF THE CONSUMMATION BY EDTECHX HOLDINGS ACQUISITION CORP. (“COMPANY”) OF A MERGER,
SHARE EXCHANGE, ASSET ACQUISITION, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS
COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) AND APRIL
3, 2019. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EARLIER OF THE LIQUIDATION OF THE COMPANY’S TRUST ACCOUNT
(AS DESCRIBED IN THE REGISTRATION STATEMENT) IF THE COMPANY HAS NOT COMPLETED A BUSINESS COMBINATION WITHIN THE REQUIRED TIME PERIODS
OR OCTOBER 5, 2023.

 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

125,000 UNITS

OF

EDTECHX HOLDINGS ACQUISITION CORP.

 

1. 
Purchase Option.

 

THIS CERTIFIES THAT, in consideration of
$100.00 duly paid by or on behalf of Chardan Capital Markets, LLC (“Holder”), as registered owner of
this Purchase Option, to EdtechX Holdings Acquisition Corp. (“Company”), Holder is entitled, at any time
or from time to time upon the later of the consummation of a Business Combination or April 3, 2019 (“Commencement Date”),
and at or before 5:00 p.m., New York City local time, on the earlier of the liquidation of the Company’s Trust Account (as
described in the Company’s registration statement (“Registration Statement”) pursuant to which
Units are offered for sale to the public in the Company’s initial public offering (“Offering”))
in the event the Company has not completed a Business Combination within the required time periods and October 5, 2023, five years
from the effective date (“Effective Date”) of the Registration Statement (“Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 125,000 units (“Units”)
of the Company, each Unit consisting of one (1) share of the Company’s common stock, par value $0.0001 per share (“Share(s)”)
and one- redeemable warrant (“Warrant(s)”), each Warrant entitling the holder thereof to purchase one
Share. Each Warrant is the same as the warrant included in the Units being registered for sale to the public by way of the Registration
Statement (the “Public Warrants”). If the Expiration Date is a day on which banking institutions are
authorized by law to close, then this Purchase Option may be exercised on the next succeeding day which is not such a day in accordance
with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
the Purchase Option. This Purchase Option is initially exercisable at $12.00 per Unit so purchased; provided,
however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this
Purchase Option, including the exercise price per Unit and the number of Units (and Shares and Warrants) to be received upon such
exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

 

     

     

    

 

2. 
Exercise OF PUrchase option.

 

2.1 
Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased
payable in cash or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised
at or before 5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and be void without
further force or effect, and all rights represented hereby shall cease and expire.

 

2.2 
Legend. Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows, unless
such securities have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by
this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state
law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

2.3 
Cashless Exercise.

 

2.3.1 
Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase
Option is exercisable (and in lieu of being entitled to receive Shares and Warrants) in the manner required by Section 2.1,
and subject to Section 6.1 hereof, the Holder shall have the right (but not the obligation) to convert any exercisable but
unexercised portion of this Purchase Option into Units (“Cashless Exercise Right”) as follows: upon exercise
of the Cashless Exercise Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price
in cash) that number of Units (or at the Holder’s option that number of Shares and Warrants comprising that number of Units)
equal to the number of Units to be exercised multiplied by the quotient obtained by dividing (x) the “Value” (as defined
below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The “Value”
of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price
multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market
Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein,
the term “Current Market Value” per Unit at any date means: (A) in the event that the Units, Shares and
Public Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on the OTC Bulletin
Board (or successor exchange), the average reported last sale price of the Units in the principal trading market for the Units
as reported by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”), as the
case may be, for the three trading days preceding the date in question; or (ii) if the Units are not listed on a national securities
exchange or quoted on the OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market, the
average reported last sale price for Units for the three trading days preceding the date in question for which such quotations
are reported by the Pink Sheets, LLC or similar publisher of such quotations; (B) in the event that the Units are not still trading
but the Shares and Public Warrants underlying the Units are still trading, the aggregate of (i) the product of (x) the Current
Market Price of the Shares and (y) the number of the Shares underlying one Unit, plus (ii) the product of (x) the Current Market
Price of the Public Warrants and (y) the number of Warrants included in one Unit; or (C) in the event that neither the Units nor
the Public Warrants are still trading, the aggregate of (i) the product of (x) the Current Market Price of the Shares and (y) the
number of the Shares underlying one Unit, plus (ii) the remainder derived from subtracting (x) the exercise price of the Warrants
multiplied by the number of Shares issuable upon exercise of the Warrants underlying one Unit from (y) the product of (aa) the
Current Market Price of the Shares multiplied by (bb) the number of Shares underlying the Warrants included in each such Unit.
The “Current Market Price” shall mean (i) if the Shares (or Public Warrants, as the case may be) are
listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported last
sale price of the Shares (or Public Warrants) in the principal trading market for the Share (or Public Warrants) as reported by
the exchange, Nasdaq or FINRA, as the case may be, for the three trading days preceding the date in question; (ii) if the Shares
(or Public Warrants) are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange),
but are traded in the residual over-the-counter market, the average reported last sale price for the Shares (or Public Warrants)
for the three (3) trading days preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or
similar publisher of such quotations; and (iii) if the fair market value of the Shares cannot be determined pursuant to clause
(i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith. In the event the Public
Warrants have expired and are no longer exercisable, no “Value” shall be attributed to Warrants underlying this Purchase
Options.

 

    2

     

    

 

2.3.2 
Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after
the Commencement Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise
form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying
the total number of Units (or at Holder’s option that number of Shares and Warrants comprising that number of Units) the
Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4 
No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event
will the Company be required to net cash settle the exercise of the Purchase Option or Warrants underlying the Purchase Option.
The holder of the Purchase Option and Warrants underlying the Purchase Option will not be entitled to exercise the Purchase Option
or the Warrants underlying such Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right
or a registration statement is effective, or an exemption from the registration requirements is available at such time and, if
the holder is not able to exercise the Purchase Option or underlying Warrants, the Purchase Option and/or the underlying Warrants,
as applicable, will expire worthless.

 

3. 
Transfer of purchase option.

 

3.1 
General Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell,
transfer, assign, pledge or hypothecate this Purchase Option (or the Shares and Warrants underlying this Purchase Option), or cause
the Purchase Option (or the Shares and Warrants underlying this Purchase Option) to be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of the Purchase Option by any person,
for a period of 180 days (pursuant to Rule 5110(g)(1) of the Conduct Rules of FINRA) following the Effective Date to anyone other
than (i) Chardan, I-Bankers or any other underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer
or partner of Chardan, I-Bankers or of any such underwriter or selected dealer. On and after the 181st day following the Effective
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
within 2 business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option
of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2 
Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable
satisfaction of the Company (the Company hereby agreeing that the opinion of Schiff Hardin LLP shall be deemed satisfactory evidence
of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement
relating to such securities has been filed by the Company and declared effective by the Securities and Exchange Commission (the
“Commission”) and compliance with applicable state securities law has been established.

 

4. 
New Purchase Option to be Issued.

 

4.1 
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised
or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase
Option for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price
(except to the extent that the Holder elects to purchase this Purchase Option by means of a cashless exercise as provided in Section
2.3 above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like
tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Purchase Option has not been exercised or assigned

 

    3

     

    

 

4.2 
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Purchase Option and of reasonably satisfactory indemnification (without the requirement for posting of a bond), the Company
shall execute and deliver a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as
a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the
Company.

 

5. 
REGISTRATION RIGHTS.

 

5.1 
Demand Registration.

 

5.1.1 
Grant of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of
at least 51% of the Purchase Option and/or the underlying Units and/or the underlying securities (“Majority Holders”),
agrees to use its best efforts to register (the “Demand Registration”) under the Act on one occasion,
all or any portion of the Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities
underlying such Purchase Option, including the Units, Shares, Warrants and the Shares underlying the Warrants (collectively, the
“Registrable Securities”). On such occasion, the Company will use its best efforts to file a registration
statement or a post-effective amendment to the Registration Statement covering the Registrable Securities as expeditiously as possible
after receipt of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment
declared effective as soon as possible thereafter. The demand for registration may be made at any time during a period of four
and one-half years beginning 180 days after the Effective Date. The Initial Demand Notice shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders
of the Purchase Option and/or Registrable Securities of the demand within ten days from the date of the receipt of any such Initial
Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable
Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from
the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the
Demand Registration, subject to Section 5.1.4. The Company shall not be required to effect more than one (1) Demand Registration
under this Section 5.1 in respect of all Registrable Securities.

 

5.1.2 
Effective Registration. Notwithstanding Section 5.1.5, a registration will not count as a Demand Registration until
the registration statement filed with the Commission, with respect to such Demand Registration, has been declared effective and
the Company has complied with all of its obligations under this Purchase Option with respect thereto.

 

5.1.3 
Underwritten Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand
Notice, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned
upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in
the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting
by the Majority Holders.

 

    4

     

    

 

5.1.4 
Reduction of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other Shares or other securities which the Company desires
to sell and the Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as
to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that
each such person has requested be included in such registration, regardless of the number of shares held by each such person (such
proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number
of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the
Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii)
third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Shares
or other securities registrable pursuant to the terms of the Registration Rights Agreement between the Company and the initial
investors in the Company (including Chardan and I-Bankers), dated as of October 5, 2018 (the “Registration Rights Agreement”
and such registrable securities, the “Investor Securities”) as to which “piggy-back” registration
has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv)
fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii),
the Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

5.1.5 
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw
prior to the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the
Company does not have to continue its obligations under Section 5.1, provided that, any such withdrawal will not
count as the Demand Registration if the Demanding Holders pay all of the Company’s out-of-pocket expenses, with respect to
such withdrawn registration.

 

5.1.6 
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses
of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the
Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register
the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however,
that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would
cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign
corporation doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their
shares of capital stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective
amendment filed pursuant to the demand rights granted under Section 5.1.1 to remain effective for a period of nine consecutive
months from the effective date of such registration statement or post-effective amendment.

 

5.2 
Piggy-Back Registration.

 

5.2.1 
Piggy-Back Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to
file a registration statement under the Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders
of the Company for their account (or by the Company and by shareholders of the Company including, without limitation, pursuant
to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event
less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the
sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following receipt
of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to
be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration

 

    5

     

    

 

5.2.2 
Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Shares which
the Company desires to sell, taken together with Shares, if any, as to which registration has been demanded pursuant to written
contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as
to which registration has been requested under this Section 5.2, and the Shares, if any, as to which registration has been
requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such registration:

 

(a) If
the registration is undertaken for the Company’s account: (A) first, Shares or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the Shares or other securities, if any, comprised of Registrable Securities
and Investor Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C)
third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Shares
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

(b) If
the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A),
the Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares
of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold
without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (A), (B) and (C), the Shares or other securities for the account of other persons that the Company
is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the
Maximum Number of Shares; and

 

(c) If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the Shares or other securities for the account of the demanding persons that can
be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), collectively the Shares or other securities comprised of Registrable Securities and Investor Securities,
Pro Rata, as to which registration has been requested pursuant to the terms hereof and of the Registration Rights Agreement, as
applicable, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Shares or other securities for the account of
other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can
be sold without exceeding the Maximum Number of Shares.

 

5.2.3 
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.2.4.

 

    6

     

    

 

5.2.4 
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses
of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the
Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until
such time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice within ten days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement
filed pursuant to the above “piggyback” rights to remain effective for at least nine months from the date that the
Holders of the Registrable Securities are first given the opportunity to sell all of such securities.

 

5.3 
General Terms.

 

5.3.1 
Indemnification. The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable
Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within
the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange
Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and
other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced or threatened, or any
claim whatsoever whether arising out of any action between the underwriter and the Company or between the underwriter and any third
party or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the underwriters contained in Section 5 of the Underwriting Agreement between the Company, Chardan and the other underwriters named
therein dated the Effective Date (“Underwriting Agreement”). The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the
Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they
may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns for specific inclusion in such registration statement or arising from any omission or the alleged
omission to state a material fact required to be stated therein or necessary to make the statement contained therein not misleading
in connection with the registration of the Registrable Securities, to the same extent and with the same effect as the provisions
contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

5.3.2 
Exercise of Purchase Option. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to
exercise their Purchase Option or Warrants underlying such Purchase Option prior to or after the initial filing of any registration
statement or the effectiveness thereof.

 

    7

     

    

 

5.3.3 
Documents Delivered to Holders. The Company shall furnish Chardan, for as long as it is a Holder, as representative of the
Holders participating in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an
opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and
(ii) if such registration statement is filed in connection with an underwritten public offering, a “cold comfort” letter
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a
letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued
a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company
shall also deliver promptly to Chardan, as representative of the Holders participating in the offering, the correspondence and
memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and
all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit Chardan,
as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules
of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of
the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often
as Chardan, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose any confidential
information or other records to Chardan, as representative of the Holders, or to any other person, until and unless such persons
shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company), with
the Company with respect thereto.

 

5.3.4 
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any,
selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter
shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be
parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution.
Such Holders, however, shall agree to such covenants and indemnification and contribution obligations for selling shareholders
as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate
custody agreements and otherwise cooperate fully in the preparation of the registration statement and other documents relating
to any offering in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities
as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5 
Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held
by any Holder where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period
prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder (assuming
such Holder were an affiliate within the meaning of Rule 144).

 

5.3.6 
Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event
as a result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities
pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of
a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense
of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file
copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt
of such notice.

 

    8

     

    

 

6. 
ADJUSTMENTS.

 

6.1 
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase
Option shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 
Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number
of outstanding Shares is increased by a stock dividend payable in Shares or by a split-up of Shares or other similar event, then,
on the effective date thereof, the number of Shares underlying each of the Units purchasable hereunder shall be increased in proportion
to such increase in outstanding shares. In such case, the number of Shares, and the exercise price applicable thereto, underlying
the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants.

 

6.1.2 
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective
date thereof, the number of Shares underlying each of the Units purchasable hereunder shall be decreased in proportion to such
decrease in outstanding shares and the Exercise Price shall be proportionately increased. In such case, the number of Shares, and
the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Warrants.

 

6.1.3 
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such
Shares, or in the case of any merger or consolidation of the Company with or into another company (other than a consolidation or
merger in which the Company is the continuing entity and that does not result in any reclassification or reorganization of the
outstanding Shares), or in the case of any sale or conveyance to another company or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option
shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to receive upon the exercise
hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares
or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise
of this Purchase Option and the underlying Warrants immediately prior to such event; and if any reclassification also results in
a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4 
Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this
Section, and a Purchase Option issued after such change may state the same Exercise Price and the same number of Units as are stated
in the Purchase Option as initially issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a
required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or
the computation thereof.

 

6.2 
Substitute Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of
the Company into, another entity (other than a consolidation or merger which does not result in any reclassification or change
of the outstanding Shares), the entity formed by such consolidation or merger shall execute and deliver to the Holder a supplemental
Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter
(until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of
shares and other securities and property receivable upon such consolidation or merger, by a holder of the number of Shares of the
Company for which such Purchase Option might have been exercised immediately prior to such consolidation, merger, sale or transfer.
Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in Section
6. The above provision of this Section shall similarly apply to successive consolidations or mergers.

 

    9

     

    

 

6.3 
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or
down to the nearest whole number of Warrants, Shares or other securities, properties or rights.

 

7. 
RESERVATION AND LISTING. The Company shall at all times reserve and keep
available out of its authorized but unissued Shares, solely for the purpose of issuance upon exercise of the Purchase Option or
the Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The
Company covenants and agrees that, upon exercise of the Purchase Option and payment of the Exercise Price therefor, all Shares
and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject
to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise of the Warrants underlying
the Purchase Option and payment of the respective Warrant exercise price therefor, all Shares and other securities issuable upon
such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholders.
As long as the Purchase Option shall be outstanding, the Company shall use its best efforts to cause all (i) Units and Shares issuable
upon exercise of the Purchase Option, (ii) Warrants issuable upon exercise of the Purchase Option and (iii) Shares issuable upon
exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option, to be listed and/or quoted (subject
to official notice of issuance) on all securities exchanges (or, if applicable, on the OTC Bulletin Board or OTC Markets Group,
Inc. or any successor trading market) on which the Shares or the Public Warrants may then be listed and/or quoted.

 

8. 
CERTAIN NOTICE REQUIREMENTS.

 

8.1 
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote
or consent as a shareholders for the election of directors or any other matter, or as having any rights whatsoever as a shareholders
of the Company. If, however, at any time prior to the expiration of the Purchase Option and its exercise, any of the events described
in Section 8.2 shall occur, then, in each such event, the Company shall give written notice of such event at least fifteen
days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders
entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such
proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of
the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each
notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the
shareholders.

 

8.2 
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of
the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out
of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or
(ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities
convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor,
or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a
sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3 
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The
Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true
and accurate by the Company’s Chief Executive Officer.

 

    10

     

    

 

8.4 
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in
writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i)
if to the registered Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii)
if to the Company, to the following address or to such other address as the Company may designate by notice to the Holders:

 

EdtechX Holdings Acquisition
Corp.

c/o IBIS Capital Limited

22 Soho Square

London, W1D 4NS

United Kingdom

Telephone: +44 207 070 7080

Attn: Benjamin Vedrenne-Cloquet,
Chief Executive Officer

 

9. 
MISCELLANEOUS.

 

9.1 
Amendment The Company and Chardan, for as long as it is a Holder, may from time to time supplement or amend this Purchase
Option without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained
herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters
or questions arising hereunder that the Company and Chardan may deem necessary or desirable and that the Company and Chardan deem
shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom enforcement of the modification or amendment is sought.

 

9.2 
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit
or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3 
Entire Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or
in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof.

 

9.4 
Binding Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

 

9.5 
Governing Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Holder and the
Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option
shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the
Holder and the Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.4 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company
and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all
of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation
therefore.

 

9.6 
Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option
or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought;
and no waiver of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach or non-compliance.

 

    11

     

    

 

9.7 
Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto.

 

9.8 
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that,
at any time prior to the complete exercise of this Purchase Option by Holder, if the Company and Chardan enter into an agreement
(“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Option’s will
be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the
Exchange Agreement.

 

[Signature Page Follows]

 

    12

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Option to be signed by its duly authorized officer as of the 10th day of October, 2018.

 

	 	EdtechX Holdings Acquisition Corp.
	 	 
	 	By:	 
	 	 	/s/ Benjamin Vedrenne-Cloquet
	 	 	Name: 	Benjamin Vedrenne-Cloquet
	 	 	Title: 	Chief Executive Officer

 

    13

     

    

 

Form to be used to exercise Purchase Option

 

EdtechX Holdings Acquisition
Corp.

c/o IBIS Capital Limited

22 Soho Square

London, W1D 4NS

United Kingdom

 

Date:_________________, 20___

 

The undersigned hereby elects irrevocably
to exercise all or a portion of the within Purchase Option and to purchase ____ Units of EdtechX Holdings Acquisition Corp. and
hereby makes payment of $____________ (at the rate of $12.00 per Unit) in payment of the Exercise Price pursuant thereto. Please
issue the securities as to which this Purchase Option is exercised in accordance with the instructions given below.

 

or

 

The undersigned hereby elects irrevocably
to convert its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion
of the attached Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______).
Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the instructions
given below.

 

________________________.

 

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

 

Signature(s) Guaranteed:

 

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

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name: 	 	 
	 	(Print in Block Letters)	 

 

	Address: 	 	 
	 	 	 
	 	 	 

 

    14

     

    

 

Form to be used to assign Purchase Option

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Option):

 

FOR VALUE
RECEIVED,______________________________________________ does hereby sell, assign and transfer unto
___________________________________________ the right to purchase __________ Units of EdtechX Holdings Acquisition Corp.
(“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

 

Dated:___________________, 20__

 

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

 

Signature(s) Guaranteed:

	 

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

 

 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]