Document:

Exhibit 4.2

    

    
      
         

        

        ARYA SCIENCES ACQUISITION CORP V

        
          DESCRIPTION OF SECURITIES

        

        
          

          

        

        
          The following summary of the material terms of the securities of ARYA Sciences Acquisition Corp V is not intended to be a complete summary of the
            rights and preferences of such securities and is subject to and qualified by reference to our amended and restated memorandum and articles of association and applicable Cayman Islands law. We urge you to read our amended and restated memorandum
            and articles of association in their entirety for a complete description of the rights and preferences of our securities.

        

        
          

          

        

        
          Certain Terms

        

        
          

          

        

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

        

        
          

          

        

        
          •          “Companies Act” are
              to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time; “company,” “we,” “us,” “our,” or “our company” are to ARYA Sciences Acquisition Corp V, a Cayman Islands exempted company;

          

          

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

          

          

          •          “initial
              shareholders” are to our sponsor and independent directors;

          

          

          •          “Initial Public
              Offering” refers to our initial public offering for our Class A ordinary shares;

          

          

          •          “management” or “our
              management team” are to our executive officers and directors (including our directors who became directors at the consummation of our Initial Public Offering);

          

          

          •          “ordinary shares”
              are to our Class A ordinary shares and our Class B ordinary shares;

          

          

          •         “private placement
              shares” are to the Class A ordinary shares issued to our sponsor in a private placement simultaneously with the closing of our Initial Public Offering (which private placement shares are identical to the shares sold in our Initial Public
              Offering, subject to certain limited exceptions) and upon conversion of working capital loans;

          

          

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

          

          

          •          “public shares” are
              to our Class A ordinary shares to be sold in our Initial Public Offering (whether they are purchased in our Initial Public Offering or thereafter in the open market); and

          

          

          •          “sponsor” refers to
              to ARYA Sciences Holdings V, a Cayman Islands exempted limited company.

        

        
          

          

          General

        

        
          

          

        

        
          We are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association, the
            Companies Act and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 479,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares, as well
            as 1,000,000 preference shares, $0.0001 par value each. The following description summarizes certain terms of our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a
            summary, it may not contain all the information that is important to you.

           

          

        

        
          
            

        

        
          Ordinary Shares

            

          

          Upon the closing of the Initial Public Offering, 19,186,500 of our ordinary shares were outstanding, including:

           

        

        
          	

                	•	
                  14,950,000 Class A ordinary shares issued as as part of our Initial Public Offering;

                

           

          	

                	•	
                  499,000 private placement shares issued simultaneously with the closing of our Initial Public Offering; and

                

           

          	

                	•	
                  3,737,500 Class B ordinary shares held by our initial shareholders.

                

           

        

        
          Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A
            ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum and articles
            of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our
            shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum
            and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three
            classes, each of which will generally serve for terms of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more
            than 50% of the shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.
            Prior to our initial business combination, only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be entitled to vote on the election of directors during such time. In
            addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. The provisions of our amended and restated memorandum and articles
            of association governing the appointment or removal of directors prior to our initial business combination may only be amended by a special resolution passed by holders representing at least two-thirds of our outstanding Class B ordinary
            shares.

           
            Because our amended and restated memorandum and articles of association authorize the issuance of up to 479,000,000 Class A ordinary shares, if we
              were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote
              on the business combination to the extent we seek shareholder approval in connection with our initial business combination.

             

            Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those
              directors appointed prior to our first annual meeting of shareholders) serving a three-year term. In accordance with the corporate governance requirements of The Nasdaq Capital Market (“Nasdaq”), we are not required to hold an annual meeting
              until one year after our first fiscal year end following our listing on Nasdaq. As an exempted company, there is no requirement under the Companies Act for us to hold annual or shareholder meetings to elect directors. We may not hold an
              annual meeting of shareholders to elect new directors prior to the consummation of our initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee
              chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason.

             

          

        

        
          
            

        

        
          We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial
            business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest
            earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein. The amount in the trust
            account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
            The redemption rights may include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and our management team have entered into an agreement with us, pursuant to which they have agreed
            to waive their redemption rights with respect to their founder shares, private placement shares and any public shares purchased during or after our Initial Public Offering in connection with (i) the completion of our initial business
            combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares
            the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our Initial Public
            Offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their
            initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law
            or stock exchange rule and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer
            rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially
            the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock
            exchange rule, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
            the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting
            are voted in favor of the business combination. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in the final prospectus), if any, could result in
            the approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination unless restricted by applicable Nasdaq rules. For purposes of
            seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of
            association require that at least five clear days’ notice will be given of any shareholder meeting.

          

          

        

        
          If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
            combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is
            acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in our Initial Public Offering, without our prior
            consent, which we refer to as the “Excess Shares.” However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability
            to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.
            Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders will continue to hold that number of shares
            exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

           

        

        
          
            

        

        
          If we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or
            by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our sponsor and each member of our management team have agreed to vote their founder shares, private placement
            shares and public shares purchased during or after our Initial Public Offering in favor of our initial business combination. As a result, in addition to our initial shareholders’ founder shares and private placement shares, we would need
            5,356,751, or 35.83%, of the 14,950,000 public shares sold in our Initial Public Offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all issued and outstanding
            shares are voted). The other members of our management team are subject to the same arrangements with respect to any public shares acquired by them in or after our Initial Public Offering. Additionally, each public shareholder may elect to
            redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all.

            

          

          Pursuant to our amended and restated memorandum and articles of association, if we do not consummate an initial business combination within 24 months
            from the closing of our Initial Public Offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a
            per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to
            $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
            liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case of clause
            (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to
            which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares or private placement shares they hold if we fail to consummate an initial business combination within 24 months
            from the closing of our Initial Public Offering (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within 24
            months from the closing of our Initial Public Offering).

           

        

        
          In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably
            in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other
            subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the
            aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public
            shares, upon the completion of our initial business combination, subject to the limitations described herein.

           

          Private Placement Shares

            

          

          The private placement shares are not transferable or salable until 30 days after the completion of our initial business combination (except, among
            other limited exceptions, to our officers and directors and other persons or entities affiliated with our sponsor). Holders of our private placement shares are entitled to certain registration rights. If we do not consummate an initial business
            combination within 24 months from the closing of our Initial Public Offering, the proceeds from the sale of the private placement shares held in the trust account will be used to fund the redemption of our public shares (subject to the
            requirements of applicable law) and the private placement shares will be worthless. Further, if we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or
            by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our sponsor and each member of our management team have agreed to vote their founder shares, private placement
            shares and any public shares purchased during or after our Initial Public Offering in favor of our initial business combination. Otherwise, the private placement shares are identical to the Class A ordinary shares sold in our Initial Public
            Offering.

           

        

        
          
            

        

        
          Our sponsor and our management team have agreed not to transfer, assign or sell any of their private placement shares, until 30 days after the
            completion of our initial business combination, except that, among other limited exceptions, to our officers and directors and other persons or entities affiliated with our sponsor” made to our officers and directors and other persons or
            entities affiliated with our sponsor.

            

          

          In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or
            an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into shares of the post-business combination company at a
            price of $10.00 per share at the option of the lender. Such shares would be identical to the private placement shares.

            

          

          Founder Shares

           

            The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares sold in
              our Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that:

             

            •         the founder shares are subject to
                certain transfer restrictions, as described in more detail below;

             

            •         our sponsor and our management team
                have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to any founder shares, private placement shares and public shares they hold, (ii) to waive their redemption rights
                with respect to any founder shares, private placement shares and any public shares purchased during or after our Initial Public Offering in connection with a shareholder vote to approve an amendment to our amended and restated memorandum
                and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to
                redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our
                Class A ordinary shares and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares or private placement shares they hold if we fail to consummate an initial business combination
                within 24 months from the closing of our Initial Public Offering (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
                combination within 24 months from the closing of our Initial Public Offering);

             

            •         the founder shares will
                automatically convert into our Class A ordinary shares at the time of our initial business combination as described in our amended and restated memorandum and articles of association; and

             

            •         the founder shares are entitled to
                registration rights.

              

            

            If we submit our initial business combination to our public shareholders for a vote, our sponsor and our management team have agreed to vote their
              founder shares, private placement shares and any public shares purchased during or after our Initial Public Offering in favor of our initial business combination. If we seek shareholder approval, we will complete our initial business
              combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our sponsor and each member of
              our management team have agreed to vote their founder shares, private placement shares and any public shares purchased during or after our Initial Public Offering in favor of our initial business combination. As a result, in addition to our
              initial shareholders’ founder shares and private placement shares, we would need 5,356,751, or 35.83%, of the 14,950,000 public shares sold in our Initial Public Offering to be voted in favor of an initial business combination in order to
              have our initial business combination approved (assuming all issued and outstanding shares are voted and the private placement shares to be issued to our sponsor are voted in favor of the transaction).

             

          

        

        
          
            

        

        
          The founder shares will automatically convert into Class A ordinary shares on the first business day following the consummation of our initial
            business combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares
            issued and outstanding (excluding the private placement shares) upon completion of our Initial Public Offering, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of
            any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities
            exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement shares issued to our sponsor, members of our management team or any
            of their affiliates upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.

           
            Except as described herein, our sponsor and our management team have agreed not to transfer, assign or sell any of their founder shares until the
              earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted
              for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which
              we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any
              permitted transferees will be subject to the same restrictions and other agreements of our sponsor and management team with respect to any founder shares and private placement shares. We refer to such transfer restrictions throughout this
              exhibit as the lock-up. Notwithstanding the foregoing, if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the
              like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, the founder shares will be released from the lock-up.

              

            

            Prior to the completion of our initial business combination, only holders of our founder shares will have the right to vote on the election of
              directors. Holders of our public shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may
              remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by holders representing at least two-thirds of
              our outstanding Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder
              shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote.

              

            

            Preference Shares

              

            

            Our amended and restated memorandum and articles of association authorize 1,000,000 preference shares and provide that preference shares may be
              issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
              limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power
              and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or
              preventing a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that
              we will not do so in the future. No preference shares were issued or registered in our Initial Public Offering.

             

          

        

        
          
            

        

        
          Dividends

           

        

        
          We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial
            business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The
            payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time, and we will only pay such dividend out of our profits or share premium (subject to solvency
            requirements) as permitted under Cayman Islands law. Further, if we incur any indebtedness in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
            therewith.

           
            Our Transfer Agent

             

          

        

        
          The transfer agent for our ordinary shares is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer
            & Trust Company in its roles as transfer agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity,
            except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

        

        
           

          Certain Differences in Corporate Law

           

        

        
          Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law
            statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws
            applicable to companies incorporated in the United States and their shareholders.

            

          

          Mergers and Similar Arrangements. In certain circumstances, the Companies Act allows for mergers or
            consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that
            other jurisdiction) so as to form a single surviving company.

            

          

          Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve and enter into a written plan of
            merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of two-thirds in value of the voting shares voted at a
            shareholder meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent
            company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be
            obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of
            Companies will register the plan of merger or consolidation.

            

          

          Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors
            of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted
            or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or
            will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver,
            trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or other similar
            arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.

           

        

        
          
            

        

        
          Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make
            a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is
            bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to
            the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with
            respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign
            jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

          

          Where the above procedures are adopted, the Companies Act provides certain limited appraisal rights for dissenting shareholders to be paid a payment
            of the fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the merger or
            consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within
            20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following
            receipt of such notice from the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares; (d) within seven days following
            the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the
            consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the
            date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period
            expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders
            with whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to
            be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached.
            These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer
            quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company.

            

          

          Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
            circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to a
            merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the
            arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or
            creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the
            Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself
            that:

           

        

        
          
            

        

        
          •          we

              are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;

           

          •          the

              shareholders have been fairly represented at the meeting in question;

           

          •          the

              arrangement is such as a businessman would reasonably approve; and

           

          •         the

              arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.”

           

          If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal
            rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United States corporations.

           
            Squeeze-out Provisions. When a tender offer is made and accepted by holders of 90% of the shares to whom
              the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman
              Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

              

            

            Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than
              these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.

             
              Shareholders’ Suits. Our Cayman Islands counsel is not aware of any reported class action having been
                brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any
                claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would
                in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

                

              

              •          a company is acting, or proposing
                  to act, illegally or ultra vires (beyond the scope of its authority);

               

              •          the act complained of, although
                  not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or

               

              •          those who control the company are
                  perpetrating a “fraud on the minority.”

               
                A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to
                  be infringed.

                 

              

            

          

        

        
          Enforcement of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to
            the United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

          

          

        

        
          
            

        

        
          We have been advised by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us
            judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against
            us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no
            statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the
            merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are
            met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in
            respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple
            damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

            

          

          Special Considerations for Exempted Companies. We are an exempted company with limited liability (meaning our
            public shareholders have no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies Act. The Companies Act distinguishes between ordinary resident companies and
            exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
            same as for an ordinary company except for the exemptions and privileges listed below:

            

          

          •          annual reporting
              requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Act;

           

          •          an exempted
              company’s register of members is not open to inspection;

           

          •          an exempted company
              does not have to hold an annual shareholder meeting;

           

          •          an exempted company
              may issue negotiable or bearer shares or shares with no par value;

           

          •          an exempted company
              may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

           

          •          an exempted company
              may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

           

          •          an exempted company
              may register as a limited duration company; and

           

          •          an exempted company
              may register as a segregated portfolio company.

            

          

        

        
          
            

        

        
          
            Amended and Restated Memorandum and Articles of Association

          

           

          

          Our amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections that apply to us
            until the completion of our initial business combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either
            (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s shareholders entitled to vote and so voting at a shareholder meeting for which notice specifying the
            intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Our amended and restated
            memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a shareholder meeting of the company (i.e., the lowest threshold permissible under
            Cayman Islands law), or by a unanimous written resolution of all of our shareholders. Further, our amended and restated memorandum and articles of association provide that a quorum at our shareholder meetings consists of one or more
            shareholders who together hold not less than one-third of the ordinary shares entitled to vote at such meeting being individuals present in person or by proxy; provided that a quorum in connection with any meeting that is convened to vote on a
            business combination or any amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their
            shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our Initial Public Offering or (B) with
            respect to any other provision relating to the rights of holders of our Class A ordinary shares shall be a majority of the ordinary shares entitled to vote at such meeting being individuals present in person or by proxy or if a corporation or
            other non-natural person by its duly authorized representative or proxy.

            

          

          Our initial shareholders and their permitted transferees, if any, who collectively beneficially own 20% of our ordinary shares (excluding the private
            placement shares) upon the closing of our Initial Public Offering, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose.
            Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

            

          

          
            
              	 	
                      •

                    	
                      if we do not consummate an initial business combination within 24 months from the closing of our Initial Public Offering, we will (i) cease all operations
                        except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
                        deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided
                        by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as
                        promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations
                        under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

                    

            

          

           

          	

                	•	
                  prior to the completion of our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds
                    from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business
                    combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 24 months from the closing of our Initial Public
                    Offering or (y) amend the foregoing provisions;

                

           

          	

                	•	
                  although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our executive officers,
                    we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm which is a member of FINRA or an
                    independent valuation or accounting firm that such a business combination or transaction is fair to our company from a financial point of view;

                

           

        

        
          
            

        

        
          	

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

                

           

          	

                	•	
                  our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the net assets
                    held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the interest earned on the trust account) at the time of signing the agreement to enter into the initial business
                    combination;

                

           

          	

                	•	
                  our initial business combination must be approved by a majority of our independent directors;

                

           

          	

                	•	
                  if our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our
                    obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
                    combination within 24 months from the closing of our Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public shareholders with the
                    opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in
                    the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein; and

                

           

          	

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

                

        

        
           

          In addition, our amended and restated memorandum and articles of association provide that under no circumstances will we redeem our public shares in
            an amount that would cause our net tangible assets to be less than $5,000,001.

           
            The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a
              special resolution. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
              Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating to our
              proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers
              or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

             
              Anti-Money Laundering — Cayman Islands

               
                In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money
                  laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering
                  procedures (including the acquisition of due diligence information) to a suitable person.

                 

                

              

            

          

        

        
          We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied
            that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised from time to time (the “Regulations”). Depending on the circumstances
            of each application, a detailed verification of identity might not be required where:

           

        

        
          
            

        

        
          
            	 	
                    a)

                  	
                    the subscriber makes the payment for their investment from an account held in the subscriber’s name at a recognized financial
                        institution;

                  

          

           

          
            	 	
                    b)

                  	
                    the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of,
                        a recognized jurisdiction; or

                  

          

           

          
            	 	
                    c)

                  	
                    the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or
                        incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

                  

          

            

          

          For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance
            with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

           

        

        
          In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to
            accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

        

        
           

          We also reserve the right to refuse to make any distribution payment to a shareholder if our directors or officers suspect or are advised that the
            payment of such distribution to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to
            ensure our compliance with any such laws or regulations in any applicable jurisdiction.

           

        

        
          If any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in
            criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector or other trade, profession, business or
            employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure relates
            to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to
            involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

           

        

        
          Certain Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association

           

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

           

        

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

           

        

        
          
            

        

        
          Securities Eligible for Future Sale

           
            Immediately after our Initial Public Offering we had 15,449,000 Class A ordinary shares issued and outstanding on an as-converted basis. Of these
              shares, the Class A ordinary shares sold in our Initial Public Offering (14,950,000 Class A ordinary shares) are freely tradable without restriction or further registration under the Securities Act, except for any Class A ordinary shares
              purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the outstanding founder shares (3,737,500 founder shares) and all of the outstanding private placement shares (499,000 private placement
              shares), and the securities underlying the foregoing, are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering.

             
              Rule 144

               

            

          

        

        
          Pursuant to Rule 144, a person who has beneficially owned restricted shares for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic
            reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the
            sale.

           

        

        
          Persons who have beneficially owned restricted shares for at least six months but who are our affiliates at the time of, or at any time during the
            three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

           

        

        	•	
                1% of the total number of ordinary shares then outstanding, which equals 191,865 shares immediately after our Initial Public Offering; and

              

        	•	
                the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

              

        

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

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

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

               

            

          

        

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

              

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

              

        	•	
                the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the
                  issuer was required to file such reports and materials), other than Form 8-K reports; and

              

        	•	
                at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

              

        

        
          As a result, our initial shareholders will be able to sell their founder shares and our sponsor will be able to sell its private placement shares,
            pursuant to Rule 144 without registration one year after we have completed our initial business combination.

           

        

        
          
            

        

        
          Registration and Shareholder Rights

           
            The holders of the founder shares and private placement shares, including the private placement shares that may be issued upon conversion of working
              capital loans and any Class A ordinary shares issuable upon conversion of founder shares are entitled to registration rights pursuant to the registration and shareholder rights agreement that the holders signed at the closing of our Initial
              Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to
              registration statements filed subsequent to our completion of our initial business combination. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities
              Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in the case of the private placement shares, 30 days after the
              completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

              

            

            Except as described herein, our sponsor and our management team have agreed not to transfer, assign or sell (i) any of their founder shares until
              the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as
              adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date
              on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property,
              and (ii) any of their private placement shares until 30 days after the completion of our initial business combination. Any permitted transferees will be subject to the same restrictions and other agreements of our sponsor and management team
              with respect to any founder shares and private placement shares. We refer to such transfer restrictions throughout this exhibit as the lock-up.

              

            

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

              

            

            Listing of Securities

             

          

        

        
          Our Class A ordinary shares are listed on Nasdaq under the symbol “ARYE.”Exhibit 4.3

 

DESCRIPTION
OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

As of June
30, 2021, the end of the period covered by this Annual Report on Form 10-K, Lifesci Acquisition II Corp. (the “Company,” “we,”
 “us,” or “our”)  had one class of securities registered under Section 12 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”): the Company’s common stock, $0.0001 par value (“common stock”).

 

The following
description of the Company’s capital stock and provisions of the Company’s amended and restated certificate of incorporation,
bylaws and the Delaware General Corporation Law are summaries and are qualified in their entirety by reference to the Company’s
amended and restated certificate of incorporation and bylaws and the text of the Delaware General Corporation Law. Copies of these documents
have been filed with the SEC as exhibits to the Annual Report on Form 10-K to which this description has been filed as an exhibit.

 

General

 

Pursuant to
our Amended and Restated Certificate of Incorporation, our authorized capital stock consists of 30,000,000 shares of common stock, par
value $0.0001, and 1,000,000 shares of preferred stock, par value $0.0001. As of June 30, 2021, 10,011,301 shares of common stock were
issued and outstanding. No preferred shares are issued or outstanding.

 

Common Stock

 

Our holders
of record of our common stock are entitled to one vote for each share held on all matters to be voted on by stockholders. In connection
with any vote held to approve our initial business combination, our insiders, officers and directors, have agreed to vote their respective
shares of common stock owned by them immediately prior to the Company’s initial public offering, including both the insider shares
and any shares acquired in the offering or following the offering in the open market, in favor of the proposed business combination.

 

We will consummate
an initial business combination only if public stockholders do not exercise conversion rights in an amount that would cause our net tangible
assets to be less than $5,000,001 and a majority of the outstanding shares of common stock voted are voted in favor of the business combination.

 

Pursuant to
the Amended and Restated Certificate of Incorporation, if we do not consummate our initial business combination within 24 months from
the closing of our IPO, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem 100% of the outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and the Board, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide
for claims of creditors and the requirements of other applicable law. Our insiders have agreed to waive their rights to share in any distribution
with respect to their insider shares.

 

Our stockholders
have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares
of common stock, except that public stockholders have the right to sell their shares to us in any tender offer or have their shares of
common stock converted to cash equal to their pro rata share of the Trust Account if they vote on the proposed business combination and
the business combination is completed.

 

If we hold a
stockholder vote to amend any provisions of our certificate of incorporation relating to stockholder’s rights or pre-business combination
activity (including the substance or timing within which we have to complete a business combination), we will provide our public stockholders
with the opportunity to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and
not previously released to us to pay our franchise and income taxes or for working capital purposes, divided by the number of then outstanding
public shares, in connection with any such vote. In either of such events, converting stockholders would be paid their pro rata portion
of the Trust Account promptly following consummation of the business combination or the approval of the amendment to the certificate of
incorporation. If the business combination is not consummated or the amendment is not approved, stockholders will not be paid such amounts.

 

    1

     

    

 

Preferred Stock

 

There are no shares
of preferred stock outstanding. Accordingly, the Board is empowered, without stockholder approval, to issue preferred stock with dividend,
liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of common
stock. However, the underwriting agreement with the underwriters in the Company’s initial public offering prohibits us, prior to
a business combination, from issuing preferred stock which participates in any manner in the proceeds of the Trust Account, or which
votes as a class with the common stock on our initial business combination. We may issue some or all of the preferred stock to effect
our initial business combination. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing
a change in control of us. Although we do not currently intend to issue any shares of preferred stock, we reserve the right to do so
in the future. 

 

Private Placement Warrants

 

3,146,453 Private
Placement Warrants were currently outstanding as of June 30, 2021. Each Private Placement Warrant entitles the registered holder to purchase
one share of common stock at a price of $11.50 per whole share, subject to adjustment as discussed below, at any time commencing on the
later of one year after the closing of the IPO or the consummation of an initial business combination.

 

The
Private Placement Warrants are not exercisable more than five years following the IPO in accordance with FINRA Rule 5110(g)(8)(A), as
long as our Sponsor or any of its related persons beneficially own these Private Placement Warrants.

 

The exercise
price and number of shares of common stock issuable on exercise of the Private Placement Warrants may be adjusted in certain circumstances
including in the event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
the Private Placement Warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise
prices.

 

The
Private Placement Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the
offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as
indicated, accompanied by full payment of the exercise price, by certified or official bank check payable to us, for the number of
warrants being exercised. The holders of Private Placement Warrants do not have the rights or privileges of holders of shares of
common stock and any voting rights until they exercise their warrants and receive shares of common stock. After the issuance of
shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all
matters to be voted on by stockholders.

 

In connection
with the execution of the Merger Agreement dated as of May 6, 2021 with Science 37, Inc. (“Science 37”), the Company’s
Sponsor entered into the Sponsor Support Agreement with Science 37 pursuant to which the Sponsor has agreed, among other things to amend
the agreement relating to the Private Placement Warrants held by the Sponsor or enter into such other agreement such that they shall represent
the right to receive 3,146,453 shares of Common Stock at the Effective Time of the merger with Science 37, if any.

 

Our Transfer Agent

 

The transfer
agent for our shares of common stock is Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York
10004.

 

    2

     

    

 

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

 

We have opted
out of Section 203 of the Delaware General Corporate Law, or the DGCL. However, the Amended and Restated Certificate of Incorporation
contains similar provisions providing that we may not engage in certain “business combinations” with any “interested
stockholder” for a three-year period following the time that the stockholder became an interested stockholder, unless:

 

		•	prior to such time, the Board approved either a business combination
or the transaction which resulted in the stockholder becoming an interested stockholder;

 

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

 

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

 

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

 

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

 

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

 

Special meeting of stockholders

 

Our bylaws provide
that special meetings of our stockholders may be called only by a majority vote of the Board, by our chief executive officer or by our
chairman.

 

Advance notice requirements for stockholder
proposals and director nominations

 

Our bylaws
provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for
election as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a
stockholder’s notice will need to be delivered to our principal executive offices not later than the close of business on the
90th day nor earlier than the opening of business on the 120th day prior to the scheduled date of the annual
meeting of stockholders. Our bylaws also specify certain requirements as to the form and content of a stockholders’ meeting.
These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.

 

Authorized but unissued shares

 

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

 

    3

     

    

 

Exclusive forum for certain
lawsuits

 

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

 

Listing of Securities

 

The Company’s
shares of common stock are quoted on the Nasdaq Stock Market under the symbol “LSAQ.” The common stock commenced trading on
the Nasdaq Stock Market on or about November 19, 2020.

 

    4

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