Document:

Exhibit 4.6

 

METAL SKY STAR ACQUISITION CORPORATION

 

FORM OF RIGHTS AGREEMENT

 

This Rights Agreement (this “Agreement”)
is made as of _______, 2021 between Metal Sky Star Acquisition Corporation, a Cayman Islands company with offices at 132 West 31st Street,
First Floor, New York, New York 10001 (the “Company”) and VStock Transfer, LLC, a New York limited liability company, with
offices at 18 Lafayette Place, Woodmere, New York 11598 (“Rights Agent”).

 

WHEREAS, the Company is engaged
in an initial public offering (the “Public Offering”) of units of the Company’s equity securities (each, a “Unit”
and collectively, the “Units”) through Ladenburg Thalmann & Co., Inc. (the “Representative”), as representative
of the several underwriters (the “Underwriters”), each such Unit comprised of: (i) one ordinary share of the Company, par
value $0.001 per share (“Ordinary Share”); (ii) one redeemable warrant, each whole warrant entitling the holder thereof to
purchase one-half of one Ordinary Share; and (iii) one right to receive one-tenth (1/10) of one Ordinary Share (the “Public Rights”)
upon the happening of an Exchange Event (as defined below in Section 3.2), and in connection therewith, the Company has determined to
issue and deliver up to 5,750,000 Public Rights (including up to 750,000 Public Rights subject to the over-allotment option) to public
investors in the Public Offering; and

 

WHEREAS, on ____________, 2021,
the Company entered into certain Private Placement Unit Subscription Purchase Agreement with M-Star Management Corporation (the “Sponsor”),
pursuant to which the Sponsor agreed to purchase an aggregate of 235,000 Private Placement Units (or 250,000 Private Placement Units if
the over-allotment option is exercised in full by the Underwriters) simultaneously with the closing of the Public Offering at a purchase
price of $10.00 per Unit and in connection therewith, will issue and deliver up to an aggregate of 235,000 rights (or 250,000 if the over-allotment
option is exercised in full by the Underwriters) (“Private Placement Rights”); and

 

WHEREAS, in order to finance
the Company’s transaction costs in connection with an intended initial Business Combination (as defined in the Company’s Amended
and Restated Memorandum and Articles of Association), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers
and directors may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 may be converted
into up to an additional 150,000 Units (“Private Placement Units”) at a price of $10.00 per Unit, and in connection therewith,
the Company will issue and deliver up to an aggregate of 150,000 rights as part of such Private Unit (the “Working Capital Rights”);
and

 

WHEREAS, the Company may issue
additional rights from time to time that are to be governed by this Agreement (“Post-IPO Rights” and together with the Private
Placement Rights, the Working Capital Rights and the Public Rights, the “Rights”) in connection with, or following the consummation
by the Company of, a Business Combination; and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-1, File No. 333-___________ (the “Registration
Statement”), and the prospectus forming a part thereof (collectively, the “Prospectus”), for the registration under
the Securities Act of 1933, as amended, of the Units, each of the securities comprising the Units, and the Ordinary Shares underlying
the Units including the Public Rights and which Registration Statement has been declared effective by the SEC; and

 

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

 

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

 

    1

     

    

 

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

 

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

 

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

 

2. Rights.

 

2.1. Form of
Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board and
the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature
has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is
issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2. Effect
of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and
of no effect and may not be exchanged for Ordinary Shares.

 

2.3. Registration.

 

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

 

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

 

2.4. Detachability
of Rights. The securities comprising the Units, including the Rights, will begin to trade separately on (i) the first trading
day following the 52nd day after the effectiveness of the Registration Statement, or (ii) such earlier date as the Representative
shall determine is acceptable. In no event will separate trading of the securities comprising the Units commence until the Company (i) files
a Current Report on Form 8-K with the SEC including an audited balance sheet reflecting the Company’s receipt of the gross
proceeds of the Public Offering and (ii) issues a press release announcing when such separate trading will begin.

 

3. Terms
and Exchange of Rights

 

3.1. Rights.
Except in cases where the Company is not the surviving entity after the occurrence of an Exchange Event, each holder of a Right shall
automatically receive one-tenth of one Ordinary Share upon consummation of an Exchange Event. No additional consideration shall be paid
by a holder of Rights in order to receive his, her or its Ordinary Shares upon an Exchange Event, as the purchase price for such Ordinary
Shares has been included in the purchase price for the Units. In no event will the Company be required to net cash settle the Rights
or issue fractional Ordinary Shares. The provisions of this Section 3.1 may not be modified, amended or deleted without the prior
written consent of the Representative.

 

3.2. Exchange
Event. An “Exchange Event” shall be deemed to occur automatically upon the Company’s consummation of an initial
Business Combination.

 

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3.3. Exchange
of Rights.

 

3.3.1. Issuance
of Certificates. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights
to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall make (or cause
to be made) entries in its Register of Members of the Company and issue to the Registered Holder of such Right(s) a certificate
or certificates for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be
directed by him, her or it. The Company shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event,
the Company will either instruct the Rights Agent to round down to the nearest whole Ordinary Share or otherwise inform it how fractional
shares will be addressed in accordance with Cayman Islands law.

 

3.3.2. Valid
Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement and the Amended and Restated Memorandum
and Articles of Association of the Company shall be validly issued, fully paid and nonassessable.

 

3.3.3. Date
of Issuance. Each person in whose name any such certificate for Ordinary Shares is issued shall for all purposes be deemed to have
become the holder of record of such Ordinary Shares on the date that the person’s name is entered in the Register of Members of
the Company, which shall be the date of the Exchange Event, irrespective of the date of delivery of such certificate.

 

3.3.4 Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the surviving entity, each
holder of a Right will be required to affirmatively convert his, her or its Rights in order to receive the 1/10 of an Ordinary Share
underlying each Right (without paying any additional consideration) upon consummation of the Exchange Event. Each holder of a Right will
be required to indicate his, her or its election to convert the Rights into the underlying Ordinary Shares as well as to return the original
certificates evidencing the Rights to the Company.

 

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

 

4. Transfer
and Exchange of Rights.

 

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

 

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

 

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

 

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

 

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

 

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

 

5.1. No
Rights as Shareholder. Until exchange of a Right for Ordinary Shares as provided for herein, a Right does not entitle the Registered
Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings
of shareholders or the election of directors of the Company or any other matter.

 

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

 

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

 

5.4. Adjustments
to Conversion Ratios. The number of Ordinary Shares that the holders of Rights are entitled to receive as a result of the occurrence
of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, share dividend, reorganization,
recapitalization, reclassification, combination, exchange of shares or other like change with respect to the Ordinary Shares occurring
on or after the date hereof and prior to the Exchange Event.

 

6. Concerning
the Rights Agent and Other Matters.

 

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

 

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

 

6.2.1.
Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.
If the office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days
after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall,
with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost.
Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the
laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further act or deed; but
if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the
Company, an instrument transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent
hereunder; and upon request of any successor Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments
in writing for more fully and effectually vesting in and confirming to such successor Rights Agent all such authority, powers, rights,
immunities, duties, and obligations.

 

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

 

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

 

6.3. Fees
and Expenses of Rights Agent.

 

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

 

6.3.2.
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the
carrying out or performing of the provisions of this Agreement.

 

6.4. Liability
of Rights Agent.

 

6.4.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer and delivered
to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the
provisions of this Agreement.

 

6.4.2.
Indemnity. The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject
to Section 6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including
judgments, costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except
as a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

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

 

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

 

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

 

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7. Miscellaneous
Provisions.

 

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

 

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

 

Metal Sky Star Acquisition Corporation

132 West 31st Street, First Floor

New York, New York 10001

Attention: Chief Executive Officer

 

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

 

VStock Transfer, LLC

18 Lafayette Place

Woodmere, New York 11598

Attention: Relationship Management

 

7.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons
to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim.

 

7.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
Registered Holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right, remedy, or
claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto
(and the Representative with respect to the Sections 3.1, 7.4 and 7.8 hereof) and their successors and assigns and of the Registered
Holders of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent
of the Representative.

 

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

 

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

 

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

 

7.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the Registered Holders. All other modifications or amendments shall require the written consent or vote
of the Registered Holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not be modified,
amended or deleted without the prior written consent of the Representative.

 

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

 

 

[Signature Page Appears
Next]

 

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

 

	 	Metal Sky Star Acquisition Corporation
	 	 
	 	By: 	/s/
	 	Name: Man Chak Leung
	 	Title: Chief Executive Officer
	 	 
	 	VStock Transfer, LLC
	 	 
	 	By:	/s/       
	 	Name: Shay Galam
	 	Title: Compliance Officer

 

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Exhibit A Form of Right Certificate

 

A-1

 

	NUMBER	RIGHTS

 

METAL SKY STAR ACQUISITION CORPORATION

A CAYMAN ISLANDS COMPANY

 

Form of

 

PUBLIC RIGHTS CERTIFICATE

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

CUSIP_______

 

This Rights Certificate
certifies that        , or registered assigns, is the registered holder of a right or rights (the “Right”)
to automatically receive one-tenth of one ordinary share, par value $0.0001 per share (“Ordinary Share”), of
Metal Sky Star Acquisition Corporation (the “Company”) for each Right evidenced by this Rights Certificate on
the Company’s completion of an initial business combination (as defined in the final prospectus relating to the Company’s
initial public offering (“Prospectus”) upon surrender of this Rights Certificate pursuant to the Rights Agreement between
the Company and VStock Transfer, LLC, as Rights Agent (the “Rights Agent”). In no event will the Company be
required to net cash settle any Right or issue a fractional Ordinary Share.

 

Upon liquidation of the Company in the event an
initial business combination is not consummated during the required period as identified in the Company’s Amended and Restated Memorandum
and Articles of Association, the Rights shall expire and be worthless. The holder of a Right shall have no right or interest of any kind
in the Company’s trust account (as defined in the Prospectus).

 

Upon due presentment for registration of transfer
of the Right Certificate at the office or agency of VStock Transfer, LLC, the Rights Agent, a new Right Certificate or Right Certificates
of like tenor and evidencing in the aggregate a like number of Rights shall be issued to the transferee in exchange for this Right Certificate,
without charge except for any applicable tax or other governmental charge. The Company shall not issue fractional shares upon exchange
of Rights. The Company reserves the right to deal with any fractional entitlement at the relevant time in any manner (as provided in the
Rights Agreement).

 

The Company and the Rights Agent may deem and
treat the registered holder as the absolute owner of this Right Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the purpose of any conversion hereof, of any distribution to the registered holder, and for all other purposes,
and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

This Right does not entitle the registered holder
to any of the rights of a shareholder of the Company. This Right shall be governed by and construed in accordance with the internal laws
of the State of New York, without regard to conflicts of laws principles thereof.

 

Dated:

 

	SECRETARY	 	CHIEF EXECUTIVE OFFICER

 

SEAL

 

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

 

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

 

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

 

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METAL SKY STAR ACQUISITION CORPORATION

 

The Company will furnish without
charge to each security holder who so requests the powers, designations, preferences and relative, participating, optional or other special
rights of each class of equity securities or series thereof of the Company and the qualifications, limitations, or restrictions of such
preferences and/or rights. This certificate and the rights represented thereby are issued and shall be held subject to all the provisions
of the Rights Agreement, the Company’s Amended Memorandum and Articles of Association and all amendments thereto and resolutions
of the Board of Directors providing for the issuance of securities (copies of which may be obtained from the secretary of the Company),
to all of which the holder of this certificate by acceptance hereof assents.

 

For value received,__________________________ hereby
sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	 
	 
	 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE(S)) Rights represented by the within Certificate, and do hereby irrevocably constitute and appoint _______________________________________________________________
Attorney to transfer the said rights on the books of the within named Company will full power of substitution in the premises.

 

Dated

 

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

 

	 
	 	 
	Signature(s) Guaranteed:	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES ACT OF 1933, AS AMENDED).

 

The holder of this certificate shall have no right or interest of any
kind in or to the funds held in the Company’s trust fund (as defined in the Prospectus).

 

    11Exhibit 10.1

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE
RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $300,000	Dated as of June 15, 2021
	 	New York, New York

 

Metal Sky Star Acquisition
Corporation, a Cayman Islands exempt company and blank check company (the “Maker”), promises to pay to the order
of M-Star Management Corporation or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United
States of America, on the terms and conditions described below.  All payments on this Note shall be made by check or wire transfer
of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by
written notice in accordance with the provisions of this Note.

 

1. Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) December 31, 2021 or (ii) the
date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time.
Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker,
be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.
Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for
costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down
from time to time prior to the earlier of: (i) December 31, 2021 or (ii) the date on which Maker consummates an
initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”).
Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000)
unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after
receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred
Thousand Dollars ($300,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests
even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown
Request by Maker. It is acknowledged that the Company may have received amounts in respect of drawdowns under this Note prior to the
date hereof, and it is agreed that all such sums were received as drawdowns of principal hereunder in anticipation of the execution
of this Note.

 

4.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in
full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days
of the date specified above.

 

    

     

    

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

6. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

7.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment,
demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any
proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property,
from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of
time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers,
endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability
hereunder.

 

9.
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in
writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or
facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of
delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic
transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent
by mail.

 

10.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE BRITISH VIRGIN ISLANDS,
WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

    

     

    

 

11.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

12.
Trust Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right,
title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be
established in which the proceeds of the initial public offering (the “IPO”) to be conducted by the Maker
(including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a
private placement to occur prior to the closing of the IPO are to be deposited, as described in greater detail in the registration
statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.
Amendment; Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of the Maker and the Payee.

 

14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the
required consent shall be void.

 

[Signature page follows]

 

    

     

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed as deed by the undersigned
on the day and year first above written.

 

	 	METAL SKY STAR ACQUISITION CORPORATION

	 	 	 
	 	
    By:
	                
	 	 	Name: Hongjia Wang

	 	 	Title: Director

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