Document:

Exhibit 4.5

 

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

 

 

As of December 31,
2019, we had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”): (i) our ordinary shares, $0.0001 par value per share, (ii) our warrants, exercisable for one
ordinary share for $11.50 per share, and (iii) our units consisting of one ordinary share, one right and one redeemable warrant.

 

        Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A
common stock, $0.0001 par value, 10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares
of undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock.

 

 Units

 

        Each
unit consists of one whole share of Class A common stock and one-third of one warrant. Each whole warrant entitles the holder
thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock.
This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will
not be able to receive or trade a whole warrant.

 

Common
Stock

 

        Common
stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the
Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted
to a vote of our stockholders, except as required by law. Unless specified in our amended and restated certificate of incorporation
or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority
of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. Our board of
directors is divided into three classes, each of which will generally serve for a term 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 stockholders are entitled
to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

        We
will provide our stockholders 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 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 taxes, divided by the number of then outstanding public
shares, subject to the limitations described herein. 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. Our sponsor, officers and
directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with
respect to any founder shares and any public shares held by them in connection with the completion of our business combination.
Unlike many blank check companies that hold stockholder 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 stockholder vote is not required by law and we do not decide to hold a stockholder
vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, 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 certificate of incorporation requires 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, stockholder approval of the transaction is required by law, or we decide to obtain stockholder
approval for business or other legal 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 stockholder approval, we
will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in
favor of the business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares
of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock
of the company entitled to vote at such meeting.

 

     

     

    

 

        If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder,
together with any affiliate of such stockholder or any other person with whom such stockholder 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 of Class A common stock sold in our initial public offering, which we refer to as the Excess
Shares. However, we would not be restricting our stockholders' ability to vote all of their shares (including Excess Shares) for
or against our business combination. Our stockholders' inability to redeem the Excess Shares will reduce their influence over our
ability to complete our business combination, and such stockholders could suffer a material loss in their investment if they sell
such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to
the Excess Shares if we complete the business combination. And, as a result, such stockholders will continue to hold that number
of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions,
potentially at a loss.

 

        In
the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders 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 stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with
the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in
the trust account, upon the completion of our initial business combination, subject to the limitations described herein.

 

Founder
Shares

 

        The
founder shares are identical to the shares of Class A common stock, and holders of founder shares have the same stockholder
rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as described
in more detail below, (ii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which
they have agreed (A) to waive their redemption rights with respect to any founder shares and any public shares held by them
in connection with the completion of our business combination and (B) to waive their redemption rights with respect to their
founder shares and public shares in connection with a stockholder vote to approve an amendment to our amended and restated certificate
of incorporation (i) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not
complete our initial business combination within the timeframe set forth in our amended and restated certificate of incorporation
or (ii) with respect to any other provision relating to stockholders' rights or pre-initial business combination activity
and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares held
by them if we fail to complete our business combination within the timeframe set forth in our amended and restated certificate
of incorporation, 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 business combination within such time period, (iii) the founder shares are shares
of our Class B common stock that will automatically convert into shares of our Class A common stock at the time of our
initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described
herein and (iv) are subject to registration rights. If we submit our business combination to our public stockholders for a
vote, our sponsor, officers and directors have agreed to vote any founder shares held by them and any public shares purchased in
favor of our initial business combination. Permitted transferees of the founder shares held by our sponsor, officers and directors
would be subject to the same restrictions applicable to our sponsor, officers and directors, respectively.

 

     

     

    

 

        The
shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our initial
business combination on a one-for-one basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations
and the like), and subject to further adjustment as provided herein. In the case that additional shares of Class A common
stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in our initial public offering
and related to the closing of the business combination, including pursuant to a specified future issuance, the ratio at which shares
of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority
of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed
issuance, including a specified future issuance) so that the number of shares of Class A common stock issuable upon conversion
of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total
number of all shares of common stock outstanding upon completion of our initial public offering plus all shares of Class A
common stock and equity-linked securities issued or deemed issued in connection with the business combination (excluding any shares
or equity-linked securities issued, or to be issued, to any seller in the business combination). Holders of founder shares may
also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject
to adjustment as provided above, at any time.

 

        With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors
and other persons or entities affiliated with or related to our sponsor, each of whom will be subject to the same transfer restrictions)
until the earlier of (A) 180 days after the completion of our initial business combination or (B) subsequent to
our initial business combination, the date on which we complete a liquidation, merger, capital stock exchange, reorganization or
other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for
cash, securities or other property.

 

Redeemable
Warrants

 

        Each
whole warrant entitles the registered holder to purchase one whole share of our Class A common stock at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of our initial business
combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of
Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least
three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion
of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

        We
will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no
obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares
of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to
our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be
obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable upon
such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied
with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no
value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement
is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price
for the unit solely for the share of Class A common stock underlying such unit.

 

     

     

    

 

        We
have agreed that as soon as practicable, but in no event later than 15 business days, after the closing of our initial business
combination, we will use our reasonable best efforts to file, and within 60 business days following our initial business combination
to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of Class A
common stock issuable upon exercise of the warrants. We will use our reasonable best efforts to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. Notwithstanding the above, if our Class A common stock is at the time of any exercise
of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security"
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their
warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our
best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 

        Redemption
of Warrants for Cash.    Once the warrants become exercisable, we may call the warrants for redemption:

 

• in whole and not
in part;

 

• at a price of
$0.01 per warrant;

 

• upon not less
than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrant holder;
and

 

• if, and only if,
the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day
period ending three business days before we send the notice of redemption to the warrant holders.

        

If
and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify
the underlying securities for sale under all applicable state securities laws.

 

We have
established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However,
the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after
the redemption notice is issued.

 

        Redemption
of Warrants for Shares of Class A Common Stock. Commencing ninety days after the warrants become exercisable,
we may redeem the outstanding warrants:

 

• in whole and not in
part;

 

• at $0.10 per warrant
upon a minimum of 30 days' prior written notice of redemption provided that holders will be able to exercise their warrants
prior to redemption and receive that number of shares of Class A common stock to be determined by reference to the table below,
based on the redemption date and the "fair market value" of our Class A common stock (as defined below) except as
otherwise described below;

 

• if, and only if, the
last reported sale price of our Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which we send the notice of
redemption to the warrant holders;

 

• if, and only if, the
private placement warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A common
stock) as the outstanding public warrants, as described above; and

 

• if, and only if, there
is an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants
and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given.

 

     

     

    

 

 

        The
numbers in the table below represent the number of shares of Class A common stock that a warrant holder will receive upon
exercise in connection with a redemption by us pursuant to this redemption feature, based on the "fair market value"
of our Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such
warrants are not redeemed for $0.10 per warrant), determined based on the average of the last reported sales price for the 10 trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants, and
the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in
the table below.

 

        The
stock prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares
issuable upon exercise of a warrant is adjusted. The adjusted stock prices in the column headings will equal the stock prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable
upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable
upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at
the same time as the number of shares issuable upon exercise of a warrant.

 

	 	 	Fair Market Value of Class A Common Stock	 
	Redemption Date (Period to

Expiration of Warrants)	 	$10.00	 	$11.00	 	$12.00	 	$13.00	 	$14.00	 	$15.00	 	$16.00	 	$17.00	 	$18.00	 
	57 months	 	 	0.257	 	 	0.277	 	 	0.294	 	 	0.310	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.365	 
	54 months	 	 	0.252	 	 	0.272	 	 	0.291	 	 	0.307	 	 	0.322	 	 	0.335	 	 	0.347	 	 	0.357	 	 	0.365	 
	51 months	 	 	0.246	 	 	0.268	 	 	0.287	 	 	0.304	 	 	0.320	 	 	0.333	 	 	0.346	 	 	0.357	 	 	0.365	 
	48 months	 	 	0.241	 	 	0.263	 	 	0.283	 	 	0.301	 	 	0.317	 	 	0.332	 	 	0.344	 	 	0.356	 	 	0.365	 
	45 months	 	 	0.235	 	 	0.258	 	 	0.279	 	 	0.298	 	 	0.315	 	 	0.330	 	 	0.343	 	 	0.356	 	 	0.365	 
	42 months	 	 	0.228	 	 	0.252	 	 	0.274	 	 	0.294	 	 	0.312	 	 	0.328	 	 	0.342	 	 	0.355	 	 	0.364	 
	39 months	 	 	0.221	 	 	0.246	 	 	0.269	 	 	0.290	 	 	0.309	 	 	0.325	 	 	0.340	 	 	0.354	 	 	0.364	 
	36 months	 	 	0.213	 	 	0.239	 	 	0.263	 	 	0.285	 	 	0.305	 	 	0.323	 	 	0.339	 	 	0.353	 	 	0.364	 
	33 months	 	 	0.205	 	 	0.232	 	 	0.257	 	 	0.280	 	 	0.301	 	 	0.320	 	 	0.337	 	 	0.352	 	 	0.364	 
	30 months	 	 	0.196	 	 	0.224	 	 	0.250	 	 	0.274	 	 	0.297	 	 	0.316	 	 	0.335	 	 	0.351	 	 	0.364	 
	27 months	 	 	0.185	 	 	0.214	 	 	0.242	 	 	0.268	 	 	0.291	 	 	0.313	 	 	0.332	 	 	0.350	 	 	0.364	 
	24 months	 	 	0.173	 	 	0.204	 	 	0.233	 	 	0.260	 	 	0.285	 	 	0.308	 	 	0.329	 	 	0.348	 	 	0.364	 
	21 months	 	 	0.161	 	 	0.193	 	 	0.223	 	 	0.252	 	 	0.279	 	 	0.304	 	 	0.326	 	 	0.347	 	 	0.364	 
	18 months	 	 	0.146	 	 	0.179	 	 	0.211	 	 	0.242	 	 	0.271	 	 	0.298	 	 	0.322	 	 	0.345	 	 	0.363	 
	15 months	 	 	0.130	 	 	0.164	 	 	0.197	 	 	0.230	 	 	0.262	 	 	0.291	 	 	0.317	 	 	0.342	 	 	0.363	 
	12 months	 	 	0.111	 	 	0.146	 	 	0.181	 	 	0.216	 	 	0.250	 	 	0.282	 	 	0.312	 	 	0.339	 	 	0.363	 
	9 months	 	 	0.090	 	 	0.125	 	 	0.162	 	 	0.199	 	 	0.237	 	 	0.272	 	 	0.305	 	 	0.336	 	 	0.362	 
	6 months	 	 	0.065	 	 	0.099	 	 	0.137	 	 	0.178	 	 	0.219	 	 	0.259	 	 	0.296	 	 	0.331	 	 	0.362	 
	3 months	 	 	0.034	 	 	0.065	 	 	0.104	 	 	0.150	 	 	0.197	 	 	0.243	 	 	0.286	 	 	0.326	 	 	0.361	 
	0 months	 	 	—	 	 	—	 	 	0.042	 	 	0.115	 	 	0.179	 	 	0.233	 	 	0.281	 	 	0.323	 	 	0.361	 

      

  The
exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is
between two values in the table or the redemption date is between two redemption dates in the table, the number of shares of Class A
common stock to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of
shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on
a 365 or 366-day year, as applicable. For example, if the average last reported sale price of our Class A common stock for
the 10 trading days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders
of the warrants is $11 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose
to, in connection with this redemption feature, exercise their warrants for 0.277 shares of Class A common stock for
each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above,
if the average last reported sale price of our Class A common stock for the 10 trading days ending on the third trading date
prior to the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time
there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature,
exercise their warrants for 0.298 shares of Class A common stock for each whole warrant. In no event will the warrants be
exercisable in connection with this redemption feature for more than 0.365 shares of Class A common stock per warrant. Finally,
as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless
basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any shares
of Class A common stock.

 

     

     

    

 

        This
redemption feature differs from the typical warrant redemption features used in other blank check offerings, which typically only
provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A
common stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of
the outstanding warrants (other than the private placement warrants) to be redeemed when the Class A common stock are trading
at or above $10.00 per share, which may be at a time when the trading price of our Class A common stock is below the exercise
price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without
the warrants having to reach the $18.00 per share threshold set forth above under "—Redemption of warrants for cash."
Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a
number of shares representing "fair value" for their warrants based on a Black-Scholes option pricing model with a fixed
volatility input as of the date of this prospectus. This redemption right provides us with an additional mechanism by which to
redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer
be outstanding and would have been exercised or redeemed and we will be required to pay the redemption price to warrant holders
if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we
determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our
best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

 

        As
stated above, we can redeem the warrants when the shares of Class A common stock are trading at a price starting at $10.00,
which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position
while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of
shares. If we choose to redeem the warrants when the shares of Class A common stock are trading at a price below the exercise
price of the warrants, this could result in the warrant holders receiving fewer shares of Class A common stock than they would
have received if they had chosen to wait to exercise their warrants for Class A common stock if and when such shares of Class A
common stock were trading at a price higher than the exercise price of $11.50.

 

        No
fractional shares of Class A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive
a fractional interest in a share, we will round down to the nearest whole number of the number of shares of Class A common
stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class
A common stock pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination),
the warrants may be exercised for such security.

 

        Redemption
Procedures and Cashless Exercise.    If we call the warrants for redemption for cash as described above,
our management will have the option to require any holder that wishes to exercise its warrant to do so on a "cashless basis."
In determining whether to require all holders to exercise their warrants on a "cashless basis," our management will consider,
among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders
of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management
takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number
of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Class A common stock underlying the warrants, multiplied by the excess of the "fair market value" (defined below)
over the exercise price of the warrants by (y) the fair market value. The "fair market value" shall mean the average
last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option,
the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock
to be received upon exercise of the warrants, including the "fair market value" in such case. Requiring a cashless exercise
in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We
believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, our sponsor
and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis
using the same formula described above that other warrant holders would have been required to use had all warrant holders been
required to exercise their warrants on a cashless basis, as described in more detail below.

 

     

     

    

 

        A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's
affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.8% or 9.8% (or such other amount as
a holder may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.

 

        If
the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A
common stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such
stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant
will be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders
of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the fair market
value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of (i) the number
of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold
in such rights offering that are convertible into or exercisable for Class A common stock) multiplied by (ii) one (1) minus
the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the
fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A
common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value
means the volume weighted average price of Class A common stock as reported during the ten (10) trading day period ending
on the trading day prior to the first date on which the shares of Class A common stock trade on the applicable exchange or
in the applicable market, regular way, without the right to receive such rights.

 

        In
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A common stock on account of such shares of Class A common stock (or other shares
of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary
cash dividends, (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed
initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection
with a stockholder vote to amend our amended and restated certificate of incorporation to modify the substance or timing of our
obligation to redeem 100% of our Class A common stock if we do not complete our initial business combination within the timeframe
set forth in our amended and restated certificate of incorporation, or (e) in connection with the redemption of our public
shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective
immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other
assets paid on each share of Class A common stock in respect of such event.

 

        If
the number of outstanding shares of our Class A common stock is decreased by a consolidation, combination, reverse stock split
or reclassification of shares of Class A common stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Class A common stock issuable
on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of Class A common stock.

 

        Whenever
the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above,
the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a
fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise
of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A
common stock so purchasable immediately thereafter.

 

     

     

    

 

        In
case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described
above or that solely affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation
of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that
does not result in any reclassification or reorganization of our outstanding shares of Class A common stock), or in the case
of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially
as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A
common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and
amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have
received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of Class A common stock in such a transaction is payable in the form of common stock in the successor entity
that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be
so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified
in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The warrants will
be issued in registered form under a warrant agreement between American Stock Transfer & Trust Company, as warrant agent,
and us. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which
this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of public warrants.

 

        In
addition, if we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A
common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the
case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor
or such affiliates, as applicable, prior to such issuance), the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the Newly Issued Price and the $18.00 redemption trigger price will be adjusted to 180% of the Newly
Issued Price.

 

        The
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 (or on a cashless basis, if applicable), by certified or official bank check payable to us,
for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A
common stock or any voting rights until they exercise their warrants and receive shares of Class A common stock. After the
issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote
for each share held of record on all matters to be voted on by stockholders.

 

        No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to
receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A
common stock to be issued to the warrant holder.

 

     

     

    

 

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

 

        We
are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware
corporations, under certain circumstances, from engaging in a "business combination" with:

 

• a stockholder who
owns 15% or more of our outstanding voting stock (otherwise known as an "interested stockholder");

 

• an affiliate of an
interested stockholder; or

 

• an associate of an
interested stockholder, for three years following the date that the stockholder became an interested stockholder.

        A
 "business combination" includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203
do not apply if:

 

• our board of directors
approves the transaction that made the stockholder an "interested stockholder," prior to the date of the transaction;

 

• after the completion
of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of
our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

• on or subsequent to
the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our
stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned
by the interested stockholder.

 

        Our
amended and restated certificate of incorporation provides that our board of directors will be 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 common stock and preferred stock are available for future issuances without stockholder approval (including
a specified future issuance) 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.

 

Class B
Common Stock Consent Right

 

        For
so long as any shares of Class B common stock remain outstanding, we may not, without the prior vote or written consent of
the holders of a majority of the shares of Class B common stock then outstanding, voting separately as a single class, amend,
alter or repeal any provision our certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment,
alteration or repeal would alter or change the powers, preferences or relative, participating, optional or other or special rights
of the Class B common stock. Any action required or permitted to be taken at any meeting of the holders of Class B common
stock may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth
the action so taken, shall be signed by the holders of the outstanding Class B common stock having not less than the minimum
number of votes that would be necessary to authorize or take such action at a meeting at which all shares of Class B common
stock were present and voted.EXHIBIT 4.2

 

DESCRIPTION OF SECURITIES

 

The following is a
description of the material provisions of our capital stock, as well as other material terms of our Amended and Restated Articles
of Incorporation and Bylaws. We refer you to our Amended and Restated Articles of Incorporation, as amended, and Bylaws, copies
of which have been filed as exhibits to this report.

 

Common Stock

 

We are authorized
to issue up to 100,000,000 shares of common stock, par value $0.0001 per share. Each outstanding share of common stock entitles
the holder thereof to one vote per share on all matters. Our bylaws provide that elections for directors shall be by a plurality
of votes. Stockholders do not have preemptive rights to purchase shares in any future issuance of our common stock. Upon our liquidation,
dissolution or winding up, and after payment of creditors and preferred stockholders, if any, our assets will be divided pro-rata
on a share-for-share basis among the holders of the shares of common stock.

 

The holders of shares
of our common stock are entitled to dividends out of funds legally available when and as declared by our board of directors. Our
board of directors has never declared a dividend and does not anticipate declaring a dividend in the foreseeable future. Should
we decide in the future to pay dividends, as a holding company, our ability to do so and meet other obligations depends upon the
receipt of dividends or other payments from our operating subsidiary and other holdings and investments. In addition, our operating
subsidiary, from time to time, may be subject to restrictions on its ability to make distributions to us, including as a result
of restrictive covenants in loan agreements, restrictions on the conversion of local currency into U.S. dollars or other hard
currency and other regulatory restrictions. In the event of our liquidation, dissolution or winding up, holders of our common
stock are entitled to receive, ratably, the net assets available to stockholders after payment of all creditors.

 

To the extent that
additional shares of our common stock are issued, the relative interests of existing stockholders will be diluted.

 

Preferred Stock

 

We are authorized
to issue up to 10,000,000 shares of preferred stock, par value $0.0001 per share, in one or more classes or series within a class
as may be determined by our board of directors, who may establish, from time to time, the number of shares to be included in each
class or series, may fix the designation, powers, preferences and rights of the shares of each such class or series and any qualifications,
limitations or restrictions thereof. Any preferred stock so issued by the board of directors may rank senior to the common stock
with respect to the payment of dividends or amounts upon liquidation, dissolution or winding up of us, or both. Moreover, under
certain circumstances, the issuance of preferred stock or the existence of the unissued preferred stock might tend to discourage
or render more difficult a merger or other change of control. As of the date of this Current Report, the Board has designated
1,000 Series A Convertible Preferred Stock, 3,000,000 Series B Preferred Stock and 1,000,000 Series C Preferred Stock. As of the
date of this Current Report, there are outstanding 1,000 shares of Series A Convertible Preferred Stock and no shares of Series
B or Series C Preferred Stock. 

 

Series A Convertible Preferred Stock

 

A summary of the Certificate
of Designation for the Series A Convertible Preferred Stock is set forth below:

  

Voting. Except
as provided otherwise under law, holders of the Series A Convertible Preferred Stock are entitled to vote only on matters pertaining
to the Series A Convertible Preferred Stock and will have no voting rights on matters presented to holders of our Common Stock.

 

Conversion. Shares
of Series A Convertible Preferred Stock is convertible, at any time at the option of the holder, at a ratio of one (1) Common
Share for every twelve thousand (12,000) shares of Series A Convertible Preferred Stock. Notwithstanding the foregoing, conversion
shall be restricted to prohibit a holder of the Series A Preferred Stock from holding Common Stock in excess of 4.95% of the issued
and outstanding shares of our Common Stock.

 

Dividends. Holders
of the Series A Convertible Preferred Stock shall not be entitled to receive dividends.

 

Liquidation. 
Holders of the Series A Convertible Preferred Stock then outstanding shall not be entitled to any liquidation preference.

 

 

 

    	 	1	 

     

    

 

Series B Preferred Stock

 

A summary of the Certificate
of Designation for the Series B Preferred Stock is set forth below:

  

Voting. Except
as required under law, holders of the Series B Preferred Stock are not entitled to vote.

 

Conversion. Each
share of Series B Preferred Stock is convertible, at any time at the option of the holder, into one thousand (1,000) shares of
Common Stock. Notwithstanding the foregoing, conversion shall be allowed only if the converting holder of the Series B Preferred
Stock does not end up with Common Stock in excess of 4.95% of the issued and outstanding shares of our Common Stock.

 

Dividends. Holders
of the Series B Preferred Stock shall not be entitled to receive dividends.

 

Liquidation. 
Holders of the Series B Preferred Stock then outstanding shall not be entitled to any liquidation preference.

 

Series C Preferred Stock

 

A summary of the Certificate
of Designation for the Series C Preferred Stock is set forth below:

  

Voting. Except
as provided otherwise under law, holders of the Series C Preferred Stock are entitled to vote on matters presented to holders
of our Common Stock as if they held one hundred thousand (100,000) shares of Common Stock for each one (1) share of Series C Preferred
Stock.

 

Conversion. Shares
of Series C Preferred Stock are convertible, at any time at the option of the holder, at a ratio of one (1) Common Share for every
one (1) share of Series C Preferred Stock.

 

Dividends. Holders
of the Series C Preferred Stock shall not be entitled to receive dividends.

 

Liquidation. 
Holders of the Series C Preferred Stock then outstanding shall not be entitled to any liquidation preference.

 

Anti-takeover Effects of Our Amended
and Restated Articles of Incorporation and Bylaws

 

Our Amended and Restated
Articles of Incorporation and Bylaws contain certain provisions that may have anti-takeover effects, making it more difficult
for or preventing a third party from acquiring control of the Company or changing our board of directors and management. According
to our bylaws and articles of incorporation, neither the holders of our common stock nor the holders of our preferred stock have
cumulative voting rights in the election of our directors.

 

		·	No
                                         Cumulative Voting. The Nevada Revised Statutes provide that stockholders are not
                                         entitled to the right to cumulate votes in the election of directors unless a corporation’s
                                         certificate of incorporation provides otherwise. Our Amended and Restated Certificate
                                         of Incorporation and Bylaws do not provide for cumulative voting. The combination of
                                         the present ownership by a few stockholders of a significant portion of our issued and
                                         outstanding common stock and lack of cumulative voting makes it more difficult for other
                                         stockholders to replace our board of directors or for a third party to obtain control
                                         of the Company by replacing its board of directors.
		·	Issuance
                                         of “Blank Check” Preferred Stock. Our board of directors has the authority,
                                         without further action by the stockholders, to issue up to 10,000,000 shares of “blank
                                         check” preferred stock with rights and preferences, including voting rights, designated
                                         from time to time by our board of directors. The existence of authorized but unissued
                                         shares of preferred stock enables our board of directors to render more difficult or
                                         to discourage an attempt to obtain control of us by means of a merger, tender offer,
                                         proxy contest, or otherwise;
		·	Bylaws
                                         Amendments Without Stockholder Approval. Our Amended and Restated Bylaws provide
                                         that a majority of the authorized number of directors will generally have the power to
                                         adopt, amend or repeal our bylaws without stockholder approval;
		·	Broad
                                         Indemnity. We are permitted to indemnify directors and officers against losses that
                                         they may incur in investigations and legal proceedings resulting from their services
                                         to us, which may include services in connection with takeover defense measures. This
                                         provision may make it more difficult to remove directors and officers and delay a change
                                         in control of our management.

 

 

 

    	 	2	 

     

    

 

Anti-takeover Effects of Nevada Law

 

Business Combinations

 

The “business
combination” provisions of Sections 78.411 to 78.444, inclusive, of the Nevada Revised Statutes, or NRS, generally prohibit
a Nevada corporation with at least 200 stockholders from engaging in various “combination” transactions with any interested
stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder,
unless the transaction is approved by the board of directors prior to the date the interested stockholder obtained such status;
and extends beyond the expiration of the three-year period, unless:

 

		·	the
                                         transaction was approved by the board of directors prior to the person becoming an interested
                                         stockholder or is later approved by a majority of the voting power held by disinterested
                                         stockholders, or
		·	if
                                         the consideration to be paid by the interested stockholder is at least equal to the highest
                                         of: (a) the highest price per share paid by the interested stockholder within the three
                                         years immediately preceding the date of the announcement of the combination or in the
                                         transaction in which it became an interested stockholder, whichever is higher, (b) the
                                         market value per share of common stock on the date of announcement of the combination
                                         and the date the interested stockholder acquired the shares, whichever is higher, or
                                         (c) for holders of preferred stock, the highest liquidation value of the preferred stock,
                                         if it is higher.

 

A “combination”
is generally defined to include mergers or consolidations or any sale, lease exchange, mortgage, pledge, transfer or other disposition,
in one transaction or a series of transactions, with an "interested stockholder" having: (a) an aggregate market value
equal to 5% or more of the aggregate market value of the assets of the corporation, (b) an aggregate market value equal to 5%
or more of the aggregate market value of all outstanding shares of the corporation, (c) 10% or more of the earning power or net
income of the corporation, and (d) certain other transactions with an interested stockholder or an affiliate or associate of an
interested stockholder.

 

In general, an “interested
stockholder” is a person who, together with affiliates and associates, owns (or within three years, did own) 10% or more
of a corporation's voting stock. The statute could prohibit or delay mergers or other takeover or change in control attempts and,
accordingly, may discourage attempts to acquire our company even though such a transaction may offer our stockholders the opportunity
to sell their stock at a price above the prevailing market price.

 

Because we have less
than 200 shareholders of record, these “business combination” provisions do not currently apply to us. We intend to
amend our Amended and Restated Articles of Incorporation to elect not to be governed by the “business combination”
provisions. 

 

Control Share Acquisitions

 

The “control
share” provisions of Sections 78.378 to 78.3793, inclusive, of the NRS apply to “issuing corporations,” which
are Nevada corporations with at least 200 stockholders, including at least 100 stockholders of record who are Nevada residents,
and which conduct business directly or indirectly in Nevada. The control share statute prohibits an acquirer, under certain circumstances,
from voting its shares of a target corporation's stock after crossing certain ownership threshold percentages, unless the acquirer
obtains approval of the target corporation's disinterested stockholders. The statute specifies three thresholds: one-fifth or
more but less than one-third, one-third but less than a majority, and a majority or more, of the outstanding voting power. Generally,
once an acquirer crosses one of the above thresholds, those shares in an offer or acquisition and acquired within 90 days thereof
become “control shares” and such control shares are deprived of the right to vote until disinterested stockholders
restore the right.

 

 

 

    	 	3	 

     

    

 

These provisions also
provide that if control shares are accorded full voting rights and the acquiring person has acquired a majority or more of all
voting power, all other stockholders who do not vote in favor of authorizing voting rights to the control shares are entitled
to demand payment for the fair value of their shares in accordance with statutory procedures established for dissenters’
rights.

 

The effect of the
Nevada control share statutes is that the acquiring person, and those acting in association with the acquiring person, will obtain
only such voting rights in the control shares as are conferred by a resolution of the disinterested stockholders at an annual
or special meeting. The Nevada control share law, if applicable, could have the effect of discouraging takeovers of our company.

 

A corporation may
elect to not be governed by, or “opt out” of, the control share provisions by making an election in its articles of
incorporation or bylaws, provided that the opt-out election must be in place on the 10th day following the date an acquiring person
has acquired a controlling interest, that is, crossing any of the three thresholds described above. Our Amended and Restated Articles
of Incorporation state that we have elected not to be governed by the “control share” provisions, therefore such provisions
currently do not apply to us.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4

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