Document:

Exhibit 4.5

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of [*], 2021 between Aquaron Acquisition Corp., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, with offices at 6201 15th
Avenue, Brooklyn, NY 11219 (the “Right Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 5,750,000 units (including 750,000 units
which may be issued pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Units”)
comprised of one share of common stock, $0.0001 par value (“Common Stock”), one right to receive one-twentieth (1/20)
of one share of Common Stock, and one warrant, where each whole warrant entitles the holder to purchase one-half (1/2) of one share of
Common Stock at a price of $11.50 per full share, subject to adjustment as described herein, and, in connection therewith, will issue
and deliver up to 5,750,000 rights (the “Public Rights”) to the public investors in connection with the Public Offering;
and

 

WHEREAS,
simultaneously with the consummation of the Public Offering, the Company will issue and deliver up to an aggregate of 307,500 rights
underlying private units (the “Private Rights”);

 

WHEREAS,
in connection with the Public Offering, the Company will issue and deliver up to 150,000 rights (underlying the unit purchase option)
to the Representative or its designees (“Representative Rights”);

 

WHEREAS,
the Company may issue up to an additional 115,000 Rights, which will be identical to the Private Rights, in consideration of the extension
loans that may be made by Aquaron Investments LLC, the Company’s sponsor, or the Company’s officers, directors or affiliates
(“Extension Loan Rights”);

 

WHEREAS,
the Company may issue up to an additional 60,000 Rights, which will be identical to the Private Rights, in consideration of certain working
capital loans that may be made by Aquaron Investments LLC, the Company’s sponsor, or the Company’s officers, directors or
affiliates (together with the Public Rights, the Private Rights, the Representative Rights, the Extension Loan Rights, and along with
such other rights as the Company issues from time to time hereunder, the “Rights”);

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
File No. 333-[*] (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Rights and the Common Stock issuable to the holders of the Public Rights;

 

WHEREAS,
the Company desires the Right Agent to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the
issuance, registration, transfer and exchange of the Rights;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Right Agent, and the holders of the Rights; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Right Agent, as provided herein, the valid, binding and legal obligations of the Company, 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 Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company for the Rights, and the Right Agent
    hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

	2.	Rights.

 

	 	2.1.	Form
    of Right. Each Right shall be issued in registered or book entry form, as requested by the Company or the holder of a Right. Any
    Rights issued in registered form shall be in substantially the form of Exhibit A hereto, the provisions of which
    are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive
    Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal, if
    any. In the event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity
    in which such person signed the Right before such Right 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.	Effect of Countersignature.
    Unless and until countersigned by the Right Agent pursuant to this Agreement, a registered Right shall be invalid and of no effect
    and may not be exchanged for Common Stock.

 

	 	2.3.	Registration.

 

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

 

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

 

	 	2.4.	Detachability of Rights.
    The securities comprising the Units, including the Rights, will not be separately transferable until the ninetieth (90th)
    day after the date hereof unless the Representative informs the Company and the Right Agent of its decision to allow earlier separate
    trading, but in no event will separate trading of the securities comprising the Units begin until (i) the Company files a Current
    Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
    Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option
    is exercised on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when
    such separate trading shall begin.

 

	3.	Terms and Exchange of
    Rights.

 

	 	3.1.	Rights. Each Right
    shall entitle the holder thereof to receive one-twentieth of one share of Common Stock upon the happening of the Exchange Event (described
    below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares of Common Stock
    upon the Exchange Event as the purchase price for such shares of Common Stock has been included in the purchase price for the Units.
    In no event will the Company be required to net cash settle the Rights or issue fractional shares of Common Stock. The provisions
    of this Section 3.1 may not be modified, amended or deleted without the prior written consent of the Representative.

 

	 	3.2.	Exchange Event.
    The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s
    Amended and Restated Certificate of Incorporation).

 

    2

     

    

 

	 	3.3.	Exchange of Rights.

 

	 	3.3.1.	Issuance
    of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct holders of the Rights
    to return their Rights Certificates to the Right Agent. If the Company is not the surviving entity in a Business Combination, the
    holder of Rights must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate, the Right Agent shall issue
    to the registered holder of such Right(s) a certificate or certificates for the number of full shares of Common Stock to which he,
    she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing, or any
    provision contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The
    Company shall not issue fractional shares upon exchange of Rights. At the time of the Exchange Event, the Company will instruct the
    Right Agent to round down to the nearest whole share of Common Stock or otherwise inform it how fractional shares will be addressed
    in accordance with Delaware law.

 

	 	3.3.2.	Valid Issuance.
    All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully paid and
    nonassessable.

 

	 	3.3.3.	Date of Issuance.
    Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become
    the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate.

 

	 	3.3.4.	Company Not Surviving
    Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting entity, the
    definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders of the Common
    Stock will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section 3.1 above.

 

	 	3.4.	Duration of Rights.
    If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation,
    as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

	4.	Transfer and Exchange
    of Rights.

 

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

 

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

 

	 	4.3.	Fractional Rights.
    The Right Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right
    Certificate for a fraction of a Right.

 

	 	4.4.	Service Charges.
    There shall be a reasonable service charge paid to the Right Agent for any exchange or registration of transfer of Rights.

 

	 	4.5.	Right Execution and
    Countersignature. The Right Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
    the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Right Agent,
    will supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

    3

     

    

 

	5.	Other Provisions Relating
    to Rights of Holders of Rights.

 

	 	5.1.	No
        Rights as Stockholder. Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle
        the registered holder thereof to any of the rights of a stockholder of the Company, 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 stockholders
        in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

     

	 	5.2.	Lost, Stolen, Mutilated,
    or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Right 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 Right, include the surrender
    thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated, or destroyed. Any such
    new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
    or destroyed Right shall be at any time enforceable by anyone.

  

	 	5.3.	Reservation of Common
    Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock
    that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

	6.	Concerning the Right
    Agent and Other Matters.

 

	 	6.1.	Payment of Taxes.
    The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Right Agent in
    respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall not be obligated
    to pay any transfer taxes in respect of the Rights or such shares.

 

	 	6.2.	Resignation, Consolidation,
    or Merger of Right Agent.

 

	 	6.2.1.	Appointment of Successor
    Right Agent. The Right 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 the Company. If the office of the Right
    Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Right Agent
    in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified
    in writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall, with such notice, submit
    his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State of
    New York for the County of New York for the appointment of a successor Right Agent at the Company’s cost. Any successor Right
    Agent, whether appointed by the Company 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 Right Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
    of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder, without any further act or deed;
    but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver, at the expense
    of the Company, an instrument transferring to such successor Right Agent all the authority, powers, and rights of such predecessor
    Right Agent hereunder; and upon request of any successor Right Agent the Company shall make, execute, acknowledge, and deliver any
    and all instruments in writing for more fully and effectually vesting in and confirming to such successor Right Agent all such authority,
    powers, rights, immunities, duties, and obligations.

 

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	 	6.2.2.	Notice of Successor
    Right Agent. In the event a successor Right Agent shall be appointed, the Company shall give notice thereof to the predecessor
    Right Agent and the transfer agent for the shares of Common Stock not later than the effective date of any such appointment.

 

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

 

	 	6.3.	Fees and Expenses of
    Right Agent.

 

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

 

	 	6.3.2.	Further Assurances.
    The Company 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 Right Agent for the carrying out
    or performing of the provisions of this Agreement.

 

	 	6.4.	Liability of Right Agent.

 

	 	6.4.1.	Reliance on Company
    Statement. Whenever in the performance of its duties under this Agreement, the Right Agent shall deem it necessary or desirable
    that any fact or matter be proved or established by the Company 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 Chief Financial Officer and delivered to the Right Agent. The Right Agent
    may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

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

 

	 	6.4.3.	Exclusions. The
    Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
    of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
    condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or
    warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Right
    or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

	 	6.5.	Acceptance of Agency.
    The Right Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
    herein set forth.

 

	 	6.6.	Waiver. The Right
    Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to
    any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
    by and between the Company and the Right Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
    or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    5

     

    

 

	7.	Miscellaneous Provisions.

 

	 	7.1.	Successors. All
    the covenants and provisions of this Agreement by or for the benefit of the Company or the Right Agent shall bind and inure to the
    benefit of their respective successors and assigns.

 

	 	7.2.	Notices. Any notice,
    statement or demand authorized by this Agreement to be given or made by the Right Agent or by the holder of any Right to or on the
    Company 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
    Company with the Right Agent), as follows:

 

	 	Aquaron
        Acquisition Corp.

    515
    Madison Ave. 8th Floor

    New
    York, NY 10022

    Attn:
    Jie Weng

 

	 	Any notice, statement or
    demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the Right 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 Right
    Agent with the Company), as follows:

  

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

Email:
ReorgWarrants@astfinancial.com

 

and
 

 

Loeb
& Loeb LLP

35 Park Avenue

New York, New York 10154

Attn: Sally Yin, Esq.  

 

and
 

 

Chardan
Capital Markets, LLC

17
State Street, Suite 1600

New York, New York 10004

Attn: Shai Gerson 

 

and
 

 

Reed
Smith LLP

599 Lexington Avenue, 22nd Floor

New
York, New York 10022

Attn: Ari Edelman, Esq.  

 

	 	7.3.	Applicable Law.
    The validity, interpretation, and performance of this Agreement and of the Rights 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. The Company 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. The Company
    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 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 7.2 hereof. Such mailing shall be deemed personal
    service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

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	 	7.4.	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 Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right, remedy, or claim
    under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
    shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 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 Representative with respect to Sections 3.1, 7.4 and 7.8 hereof) and their successors and assigns and of
    the registered holders of the Rights.

 

	 	7.5.	Examination of this
    Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Right Agent in the County
    of Nassau County, State of New York, for inspection by the registered holder of any Right. The Right Agent may require any such holder
    to submit his, her or its Right for inspection by it.

  

	 	7.6.	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.

 

	 	7.7.	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.

 

	 	7.8.	Amendments. This
    Agreement may be amended by the parties hereto 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 shall require the written
    consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of the Representative.

 

	 	7.9.	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]

 

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

 

	 
	AQUARON ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:  	Jie Weng 
	 	 	Title:	Chief Executive Officer
	 	 	 
	 	AMERICAN
STOCK TRANSFER & TRUST COMPANY

	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

Signature
Page to the Rights Agreement

 

     

     

    

 

EXHIBIT
A

 

Form
of Right

 

 

Exhibit
AExhibit
4.6

 

WARRANT
AGREEMENT

 

This
WARRANT AGREEMENT (this “Agreement”) is made as of [●], 2021 between Aquaron Acquisition Corp., a Delaware
corporation, with offices at 515 Madison Ave. 8th Floor, New York, NY 10022 (the “Company”), and American
Stock Transfer & Trust Company, LLC, a New York limited purpose trust company, with offices at 6201 15th Avenue, Brooklyn, NY
11219, as warrant agent (the “Warrant Agent,” also referred herein as the “Transfer Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 5,750,000 units (including 750,000 units
which may be issued pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Public
Units”) comprised of one share of common stock, $0.0001 par value (“Share”), one right to receive one-twentieth
(1/20) of a Share, and one warrant, where each whole warrant entitles the holder to purchase one-half (1/2) of one (1) Share at a price
of $11.50 per full share, subject to adjustment as described herein, and, in connection therewith, will issue and deliver up to 5,750,000
warrants (the “Public Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
No. 333-[*] (“Registration Statement”) and prospectus (“Prospectus”), for the registration, under
the Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants; and

 

WHEREAS,
the Company has received binding commitments (“Subscription Agreements”) from the Company’s sponsor, Aquaron
Investments LLC (the “Sponsor”), and Chardan Capital Markets, LLC, to purchase, simultaneously with the closing of
the Public Offering, up to an aggregate of 281,250 or up to 307,500 if the underwriter’s over-allotment option is exercised in
full) private units at a price of $10.00 per unit in a private placement (the “Private Units”), with each Private
Unit consisting of one Share, one redeemable warrant and one right to receive one-twentieth (1/20) of a Share, and in connection therewith,
will issue and deliver up to 307,500 warrants underlying the Private Units (the “Private Warrants”), each such Private
Warrant entitling its holder to purchase one-half (1/2) of one (1) Share at a price of $11.50 per full share, bearing the legend set
forth in Exhibit B hereto; and

 

WHEREAS,
the Company will issue and deliver 150,000 warrants (or 172,500 warrants if the over-allotment option is exercised in full) underlying
a unit purchase option to the Representative or its designees, which warrants will be identical to the Public Warrants, subject to compliance
with FINRA Rule 5110 (“Representative Warrants”);

 

WHEREAS,
the Company may issue up to an additional 60,000 warrants, which will be identical to the Private Warrants, in consideration of certain
working capital loans that may be made by the sponsor or the Company’s officers, directors or affiliates (the “Working
Capital Warrants”);

 

WHEREAS,
the Company may issue up to an additional 100,000 or up to 115,000 warrants, which will be identical to the Private Warrants, in consideration
of certain extension loans that may be made by the sponsor or the Company’s officers, directors or affiliates (the “Extension
Warrants”) and

 

WHEREAS,
following consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and
together with the Public Warrants, Private Warrants, Representative Warrants, Working Capital Warrants, and Extension Warrants, the “Warrants”)
in connection with, or following the consummation by the Company of, a Business Combination (defined below); and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

    1 

     

    

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company, 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. The Company hereby appoints the Warrant Agent to act as agent for the Company 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, 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, Chief Financial Officer or Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile
of the Company’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 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 the Company 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 the Company.

 

2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company 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 the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability of Warrants. The securities comprising
the Units will not be separately transferable until the 90th day following the date of the Prospectus or, if such 90th day is
not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business
(a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment
Date”) with the consent of Chardan Capital Markets, LLC, as representative of the several underwriters (the “Representative”),
but in no event shall the securities comprising the Units be separately traded until (A) the Company has filed a current report on Form
8-K (or other applicable form) with the SEC containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds
of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional
Units in the Offering (the “Over-Allotment Option”), if the Over-Allotment Option is exercised prior to the filing
of the Form 8-K (or other applicable form), and (B) the Company issues a press release and files with the SEC a current report on Form
8-K (or other applicable form) announcing when such separate trading shall begin. In furtherance of the foregoing, the Company agrees
to promptly prepare and file such Form 8-K (or other report) and issue such press release and file the related Form 8-K (or other report)
promptly following receipt by the Company of the gross proceeds of the Offering.

 

    2 

     

    

 

2.6. Attributes
of Representative Warrant, Private Warrant, Working Capital Warrant and Extension Warrant. The Representative Warrants, Private Warrants,
Working Capital Warrants and Extension Warrants will be identical to the Public Warrants.

 

2.7.  Post
IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants
except as may be agreed upon by the Company.

 

3. Terms
and Exercise of Warrants

 

3.1. Warrant
Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of Shares stated therein, at the price of $11.50 per full 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 Shares may be purchased at the time a Warrant is exercised. The Company 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 twenty (20) Business
Days; provided, that the Company shall provide at least five (5) days’ prior written notice of such reduction to Registered
Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing, on the later of, (i) 30 days after the consummation by
the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration
Statement) or (2) 12 months from the closing of this Public Offering, and terminating at 5:00 p.m., New York City time on the earlier
to occur of (i) the date that is five (5) years after the date on which the Company consummates a Business Combination, (ii) at
5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2 of this Agreement and (iii) the liquidation
of the Company (defined below) (“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), as applicable, each outstanding 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 5:00 p.m., New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, however, that the Company 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 whole 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)
in lawful money of the United States, by good certified check or wire payable to the Warrant Agent; or

 

(b)
in the event of a redemption pursuant to Section 6.1 hereof in which the Company’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 Shares equal
to the quotient obtained by dividing (x) the product of the number of 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 the Shares for
the ten (10) trading days ending on the day prior to the date on which the notice of redemption is sent to the holders of the Warrants,
pursuant to Section 6 hereof; or

  

    3

     

    

 

(c)
in the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days
after the closing of a Business Combination, by surrendering such Warrants for that number of Shares equal to the quotient obtained by
dividing (x) the product of the number of Shares underlying the Warrants, multiplied by the difference between the exercise price
of the Warrants and the “Fair Market Value” 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 the Shares for the ten (10) trading days
ending on the trading day prior to the date of exercise.

 

3.3.2. Issuance
of Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price
(if any), the Company shall issue to the Registered Holder of such Warrant a certificate or certificates, or book entry position, for
the number of 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, or book entry position, for the number of shares as
to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash
settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to issue Shares upon exercise
of a Warrant unless the 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, in which case the purchaser of a Unit containing such Warrants shall have paid
the full purchase price for the Unit solely for the Shares underlying such Unit. Warrants may not be exercised by, or securities issued
to, any Registered Holder in any state in which such exercise or issuance would be unlawful.

 

3.3.3. Valid
Issuance. All 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 book entry position or certificate for 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, or book entry position representing such 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 the Company or book entry system of the Warrant Agent
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 or book entry system are open.

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company 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 Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of Shares beneficially owned by such person and its affiliates shall include the number of Shares issuable upon
exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude 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 the Company 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
Shares, the holder may rely on the number of outstanding Shares as reflected in (1) the Company’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
SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the
Warrant Agent setting forth the number of Shares outstanding. For any reason at any time, upon the written request of the holder of the
Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Shares then
outstanding. In any case, the number of outstanding Shares shall be determined after giving effect to the conversion or exercise of equity
securities of the Company by the holder and its affiliates since the date as of which such number of outstanding Shares was reported.
By written notice to the Company, 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 the Company.

 

    4

     

    

 

4. Adjustments.

 

4.1. Stock
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 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 of such stock dividend, split up or similar event, the number of Shares issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding Shares.

 

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

  

4.3 Extraordinary
Dividends. If the Company, 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 Shares or other shares of the Company’s capital stock 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 the Company’s
Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend divided by all outstanding
shares of the Company at such time (whether or not any stockholders waived their right to receive such 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, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash
dividends and cash distributions paid on the Shares during the 365-day period ending on the date of declaration of such dividend
or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether
or not any stockholders waived their right to receive such dividend) and 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 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, (c) any payment to satisfy the conversion rights of the holders of the Shares
in connection with a proposed initial Business Combination or certain amendments to the Company’s Amended and Restated Certificate
of Incorporation (as described in the Registration Statement) or (d) any payment in connection with the Company’s liquidation
and the distribution of its assets upon its failure to consummate a Business Combination. Solely for purposes of illustration, if the
Company, 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 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)). Furthermore,
solely for the purposes of illustration, if following the closing of the Company’s initial Business Combination, there were 100,000,000
shares outstanding and the Company paid a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their
right to receive such dividend), then no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000
shares equals $0.175 per share which is less than $0.50 per share.

 

    5

     

    

 

4.4 Adjustments
in Exercise Price. Whenever the number of 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 Shares purchasable upon the exercise of the Warrants
immediately prior to such adjustment, and (y) the denominator of which shall be the number of Shares so purchasable immediately
thereafter.

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares (other than a
change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Shares), or in the case of any merger
or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing
corporation 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 corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
in connection with which the Company 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 Shares of the Company 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. If any reclassification also results in a change in the 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. In no event
will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant. Notwithstanding anything
to the contrary herein, in the event of any tender offer for shares of Shares, the offeror shall not make any tender offer for Warrants
if the effect of such offer would be to require the Warrants to be accounted for as liabilities under applicable accounting principles.

  

4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Shares
or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial stockholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Shares or equity-linked
securities, and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 165% of the higher
of the Fair Market Value and the price at which the Company issues Shares or equity-linked securities. Solely for purposes of this Section
4.6, the “Fair Market Value” shall mean the volume weighted average reported trading price of the Shares for the twenty
(20) trading days starting on the trading day prior to the date of the consummation of the Business Combination.

 

4.7 Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the
Company 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, 4.5, or 4.6, then, in any such event, the Company 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.

 

4.8. No
Fractional Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company 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, the Company shall, upon such
exercise, round down to the nearest whole number of Shares to be issued to the Warrant holder.

 

    6

     

    

 

4.9. 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, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
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.

 

4.10 Other
Events. In case any event shall occur affecting the Company 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, the Company 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. The Company 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, in the case of certificated Warrants, 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. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, 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 the Company 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 or book-entry position 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 the Company, whenever required
by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private
Warrants, Working Capital Warrants, Extension Warrants, and Post IPO Warrants. The Warrant Agent shall not register any transfer
of Private Warrants, Working Capital Warrants, Extension Warrants, or Post-IPO Warrants until after the consummation by the Company of
an initial Business Combination, except for transfers (i) among the initial stockholders or to the initial stockholders’ or
the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s stockholders or members upon
the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s
immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each case
for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified
domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination,
(vii) in connection with the consummation of a Business Combination by private sales at prices no greater than the price at which
the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation
of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination,
the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their Shares for cash, securities or other property, in each case (except for clauses (vi),
(viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted Transferee”)
or the trustee or legal guardian for such Permitted Transferee agrees to be bound by the transfer restrictions contained in this Agreement
and any other applicable agreement the transferor is bound by.

 

    7

     

    

 

5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit.
Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such
Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after
the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period,
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 closing price of the Shares equals or exceeds $16.50 per share (the “Redemption Trigger
Price”) (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any
thirty (30) trading day period commencing after the Warrants become exercisable and ending on the third trading day prior to the
date on which notice of redemption is given and provided that there is an effective registration statement covering the Shares issuable
upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day redemption or the
Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided,
however, that if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance
of Shares upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the
Company is unable to effect such registration or qualification.

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company 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 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 the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their 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 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.

 

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

 

7.1. No
Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company,
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 stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other
matter.

 

7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company 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 the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

    8

     

    

 

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

 

7.4. Registration
of Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, it shall use its
best efforts to file with SEC a registration statement for the registration, under the Act, of the Shares issuable upon exercise of the
Warrants, and it shall use its best efforts to take such action as is necessary to register or qualify for sale, in those states in which
the Warrants were initially offered by the Company and in those states where holders of Warrants then reside, the Shares issuable upon
exercise of the Warrants, to the extent an exemption is not available. The Company will use its best efforts to cause the same to become
effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration
of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective
by the 90th day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning
on the 91st day after the closing of the Business Combination and ending upon such registration statement being declared effective by
SEC, and during any other period when the Company shall fail to have maintained an effective registration statement covering the Shares
issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with
Section 3.3.1(c). The Company shall provide the Warrant Agent with an opinion of counsel for the Company (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 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 the Company
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, the Company 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 may not be modified, amended, or deleted without the
prior written consent of the Representative.

  

8. Concerning
the Warrant Agent and Other Matters.

 

8.1. Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Shares upon the exercise of Warrants, but the Company 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 the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company 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 the Company), 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 the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company 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 the Company, 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 the Company 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.

 

    9

     

    

 

8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the Transfer Agent for the 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.
The Company 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. The Company 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 Company 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 the Company 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, President, Chief Financial Officer, Secretary or Chairman of the Board of Directors
of the Company 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 fraud, gross negligence, willful misconduct or bad faith. The Company 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
fraud, 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 the Company 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 Shares to be issued pursuant to this Agreement, or any Warrant or as to whether any Shares will, when issued, be
valid and fully paid and nonassessable.

 

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 the Company with respect to Warrants exercised and
concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of 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 the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns.

 

    10

     

    

 

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 the Company shall be sufficiently given (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when
so delivered, or (iii) 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 the Company with the Warrant Agent), as follows:

 

Aquaron
Acquisition Corp.

515
Madison Ave. 8th Floor

New
York NY 10022

Attn:
Jie Weng, Chief Executive Officer

E-mail:
jieweng@aquaroncorp.com

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on
the Warrant Agent shall be sufficiently given (i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) 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 the Company), as follows:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Reorg Department

 

with
a copy in each case to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Sally Yin

E-mail:
syin@loeb.com

  

9.3. Applicable
Law and Exclusive Forum. 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. Subject to applicable law, the Company 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 forum for any such action, proceeding or claim. The Company hereby waives any objection that such courts
represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce
any liability or duty created by the Act and the Exchange Act or any other claim for which the federal district courts of the United
States of America are the sole and exclusive forum.

 

Any
person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented
to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above,
is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District
of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an
“enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by
service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

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 7.4, 9.4 and 9.8 hereof, the Representative, any right, remedy,
or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representative with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the Registered
Holders of the Warrants.

  

    11

     

    

 

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 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 (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. Notwithstanding the foregoing, the Company 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. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

9.9 Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely
against the Company and not against the property held in the Trust Account.

 

9.10 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.

 

	 	Aquaron Acquisition Corp.
	 	 	 
	 	By:	
	 	Name:  	Jie Weng
	 	Its:	Chief Executive Officer
	 	 	 
	 	American Stock Transfer & Trust Company, LLC
	 	 	 
	 	By:	
	 	Name:	 
	 	Its:	 

 

[Signature
Page to Warrant Agreement]

 

    13

     

    

 

EXHIBIT
A

 

WARRANT
CERTIFICATE

 

    14

     

    

 

EXHIBIT
B

 

LEGEND
FOR PRIVATE PLACEMENT WARRANTS

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS
ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG AQUARON ACQUISITION CORP. (THE “COMPANY”), CHARDAN
CAPITAL MARKETS, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR
TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN
SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES
EVIDENCED BY THIS CERTIFICATE AND SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS
UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

  

 

15

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