Document:

Exhibit 4.5

 

Description of Securities Registered Pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended

 

The following description sets forth certain material terms and provisions
of the securities of Cactus Acquisition Corp. 1 Ltd (“we,” “us” or “our”) that are registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The following description of our securities
is not complete and may not contain all the information you should consider before investing in our securities.

 

This description is summarized from, and qualified in its entirety by reference
to, our amended and restated memorandum and articles of association, which are incorporated herein by reference. The summary below is
also qualified by reference to the Companies Law and common law of the Cayman Islands.

 

As of November 2, 2021, we had three classes of securities registered under
the Exchange Act:

 

		(i)	our Class A ordinary shares, par value $0.0001 per share (“Class A ordinary shares”);

		(ii)	warrants to purchase shares of our Class A ordinary shares; and

		(iii)	units consisting of one Class A ordinary share and one-half of a redeemable warrant to purchase one Class A ordinary share.

 

In addition, this Description of Securities also contains a description
of our Class B ordinary shares, par value $0.0001 per share (“Class B ordinary shares”), which are not registered under Section
12 of the Exchange Act but are convertible into Class A ordinary shares. The description of the Class B ordinary shares is necessary to
understand the material terms of the Class A ordinary shares.

 

Units

 

Each unit consists of one Class A ordinary share and one-half of a redeemable
warrant. Each warrant entitles the holder to purchase one Class A ordinary share. Pursuant to the warrant agreement dated November 2,
2021 between the Company and Continental Stock Transfer & Trust Company, as warrant agent, a warrant holder may exercise its warrants
only for a whole number of Class A ordinary shares. This means that only at least two warrants may be exercised at any given time by a
warrant holder.

The Class A ordinary shares and warrants began trading separately on December
30, 2021, and since that time, holders have the option to continue to hold units or separate their units into the component pieces.

 

Ordinary Shares

As of March 15, 2022, 15,812,500 of our ordinary shares were issued
and outstanding, consisting of:

•        12,650,000
Class A ordinary shares included in the units sold in our initial public offering; and

•        3,162,500
Class B ordinary shares held by our sponsor, Cactus Healthcare Management LP.

 

Class A ordinary shareholders and Class B ordinary shareholders of record
are entitled to one vote for each share held on all matters to be voted on by shareholders, except as required by law; provided that,
prior to our initial business combination, only holders of our Class B ordinary shares will have the right to vote on the election of
directors, and holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason. With
respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination,
except as required by law, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class.
Unless specified in the Companies Law, our amended and restated memorandum and articles of association or applicable stock exchange rules,
the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders.
Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our amended and restated memorandum
and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving
a statutory merger or consolidation with another company. Directors are elected for a term of two years. There is no cumulative voting
with respect to the election of directors, with the result that the holders of more than 50% of the Class B ordinary shares voted for
the election of directors can elect all of the directors prior to our initial business combination. Our shareholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

    

     

    

 

 

Because our amended and restated memorandum and articles of association
authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending
on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to
issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with
our initial business combination.

 

In accordance with Nasdaq corporate governance requirements, we are not
required to hold an annual meeting until one year after our first fiscal year end following our listing on Nasdaq. There is no requirement
under the Companies Law for us to hold annual or general meetings to elect directors. Consequently, because the term of our directors
elected prior to our initial public offering will extend for two years, we will not be re-electing directors at our initial annual
general meeting held following our initial public offering. It is also possible that we may not hold an annual general meeting prior to
the consummation of our initial business combination. Our amended and restated memorandum and articles of association furthermore provide
that only our board of directors — and not our shareholders — have the right to call a general meeting of shareholders.

 

We will provide our public shareholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business
combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public
shares, subject to the limitations described herein. At the completion of our initial business combination, we will be required to purchase
any Class A ordinary shares properly delivered for redemption and not withdrawn. The amount in the trust account is initially anticipated
to be $10.20 per public share. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they
do vote, irrespective of whether they vote for or against the proposed business combination. Our initial shareholders have entered into
a letter agreement with us dated November 2, 2021 (the “letter agreement”), pursuant to which they have agreed to waive their
redemption rights with respect to their Class B ordinary shares and any public shares held by them in connection with the completion of
our initial business combination. Our directors and officers have also entered into the letter agreement, imposing similar obligations
on them with respect to public shares acquired by them, if any. Permitted transferees of our initial shareholders, officers or directors
will be subject to the same obligations.

 

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

 

If we seek shareholder approval in connection with our initial business
combination, our initial shareholders have agreed (and their permitted transferees will agree), pursuant to the terms of the letter agreement,
to vote their Class B ordinary shares and any public shares held by them in favor of our initial business combination. As a result, in
addition to our initial shareholders’ Class B ordinary shares, we would need 4,743,751, or 37.5%, of the 12,650,000 public shares
sold in our initial public offering to be voted in favor of a transaction  (assuming all issued and outstanding shares are voted),
subject to any higher threshold as is required by Cayman Islands or other applicable law, in order to have such initial business combination
approved. Our directors and officers have also entered into the letter agreement, imposing similar obligations on them with respect to
public shares acquired by them, if any.

    2

     

    

 

 

Pursuant to our amended and restated memorandum and articles of association,
if we are unable to complete our initial business combination within 18 months from the closing of our initial public offering, we will
(1) cease all operations except for the purpose of winding up; (2)  as promptly as reasonably possible but not more than 10 business
days thereafter, subject to funds lawfully available therefor, redeem 100% of the public shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution
expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which
redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating
distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable law. In such case, our public shareholders may receive only $10.20 per
share, or less than $10.20 per share, upon the redemption of their shares, and our warrants will expire worthless. Under the letter agreement,
our initial shareholders have agreed to waive their rights to liquidating distributions from the trust account with respect to their Class
B ordinary shares if we fail to complete our initial business combination within 18 months from the closing of our initial public offering.
However, if the initial shareholders acquire public shares after our initial public offering, they are entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time period.

 

In the event of a liquidation, dissolution or winding up of the company
after a business combination, our shareholders at such time will be entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary
shares, except that we will provide our shareholders 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, including interest (which interest shall be net of taxes payable),
upon the completion of our initial business combination, subject to the limitations described herein.

Class B Ordinary Shares

 

The Class B ordinary shares are identical to the Class A ordinary shares
included in the units sold in our initial public offering, and holders of Class B ordinary shares have the same shareholder rights as
public shareholders, except that: (1) prior to our initial business combination, only holders of the Class B ordinary shares have the
right to vote on the appointment of directors and holders of a majority of our Class B ordinary shares may remove a member of the board
of directors for any reason; (2) the Class B ordinary shares are subject to certain transfer restrictions, as described in more detail
below; (3) our sponsor has entered into a letter agreement with us, pursuant to which it has agreed to waive: (x) its redemption rights
with respect to its Class B ordinary shares and any public shares held by it in connection with the completion of our initial business
combination (and not seek to sell its shares to us in any tender offer we undertake in connection with our initial business combination);
(y) its redemption rights with respect to its Class B ordinary shares and any public shares held by it in connection with a shareholder
vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would affect our public shareholders’
ability to convert or sell their shares to us in connection with a business combination as described herein or to the redemption rights
provided to shareholders if we do not complete our initial business combination within 18 months from the closing of our initial public
offering, as described in this prospectus, or (B) with respect to any other provision relating to shareholders’ rights or pre-initial
business combination activity; and (z) their rights to liquidating distributions from the trust account with respect to any Class B ordinary
shares they hold if we fail to complete our initial business combination within 18 months from the closing of our initial public offering
(although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we
fail to complete our initial business combination within the prescribed time frame); (4) the Class B ordinary shares will automatically
convert into our Class A ordinary shares as described below and (5) the Class B ordinary shares are entitled to registration rights. In
addition, our directors and officers have also entered into the letter agreement with respect to public shares acquired by them, if any.

 

    3

     

    

 

 

The Class B ordinary shares will automatically convert into Class A ordinary
shares on a one-for-one basis on the first business day following the completion of our initial business combination, subject to adjustment
as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities convertible or exercisable for Class
A ordinary shares, are issued or deemed issued in excess of the amounts issued in our initial public offering and related to the closing
of our initial business combination, the ratio at which Class B ordinary shares will convert into Class A ordinary shares will be adjusted
(subject to waiver by holders of a majority of the Class B ordinary shares then in issue) so that the number of Class A ordinary shares
issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of our
ordinary shares issued and outstanding upon the completion of our initial public offering plus the number of Class A ordinary shares and
equity-linked securities issued or deemed issued in connection with our initial business combination (net of redemptions), excluding any
Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination and any
private warrants issued to our sponsor, an affiliate of our sponsor, and any of our officers or directors.

 

With certain limited exceptions, the Class B ordinary shares are not transferable,
assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom will
be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination
or (B) subsequent to our initial business combination, (x) if the last reported sale price of the ordinary shares equals or exceeds $12.00
per share (as adjusted for share sub-divisions, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least six months after our initial business combination,
or (y) the date following the completion of our initial business combination on which we complete a liquidation, merger, amalgamation,
share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange
their Class A ordinary shares for cash, securities or other property.

 

Register of Members (Shareholders)

 

Under Cayman Islands law, we must keep a register of members (i.e., shareholders)
and there shall be entered therein:

 

	 	●	the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of shares;

 

	 	●	the date on which the name of any person was entered on the register as a member; and

 

	 	●	the date on which any person ceased to be a member.

 

Under Cayman Islands law, the register of members of our company is prima
facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of fact on the matters referred
to above unless rebutted) and a member registered in the register of members shall be deemed as a matter of Cayman Islands law to have
legal title to the shares as set against its name in the register of members. Upon the closing of this public offering, the register of
members shall be immediately updated to reflect the issue of shares by us. Once our register of members has been updated, the shareholders
recorded in the register of members shall be deemed to have legal title to the shares set against their name. However, there are certain
limited circumstances where an application may be made to a Cayman Islands court for a determination as to whether the register of members
reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained
by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application
for an order for rectification of the register of members were made in respect of our ordinary shares, the validity of those shares may
be subject to re-examination by a Cayman Islands court.

 

    4

     

    

 

 

Preference Shares

Our amended and restated memorandum and articles of association authorize
5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors
is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is
able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power
and other rights of the holders of the Class A ordinary shares and could have anti-takeover effects. The ability of our board of
directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change
of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although
we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future.

Warrants

 

Each whole warrant entitles the registered holder to purchase one Class
A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days following our
initial business combination. However, no warrants will be exercisable for cash unless this (or another) prospectus relating to such Class
A ordinary shares and the registration statement of which this (or such other) prospectus forms a part are then current and in effect.
The warrants are exercisable for cash only, and are not exercisable on a cashless basis. The warrants will expire on the fifth anniversary
of our completion of an initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

The private warrants, as well as any warrants underlying additional units
we issue to our sponsor, officers, directors or their affiliates in payment of working capital loans made to us, will be identical to
the warrants underlying the units being offered by this prospectus except that such warrants will be exercisable for cash or on a cashless
basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by our sponsor or its
permitted transferees.

 

We may call the warrants for redemption (excluding the private warrants
and any warrants underlying additional units issued to our sponsor, initial shareholders, officers, directors or their affiliates in payment
of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant,

 

	 	●	at any time after the warrants become exercisable;

 

	 	●	upon not less than 30 days’ prior written notice of redemption to each warrant holder;

 

	 	●	if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and

 

	 	●	if, and only if, a registration statement is then in effect with respect to the Class A ordinary shares underlying such warrants.

 

The right to exercise will be forfeited unless the warrants are exercised
prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a warrant will have no further
rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant.

 

The redemption criteria for our warrants have been established at a price
which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential
between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of our redemption
call, the redemption will not cause the share price to drop below the exercise price of the warrants.

    5

     

    

 

 

The warrants were issued in registered form under a warrant agreement between
Continental Stock Transfer & Trust Company, as warrant agent, and us, dated November 2, 2021. 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 written consent or vote, of the holders of at least 50% of the then outstanding public warrants in order to
make any change that adversely affects the interests of the registered holders.

 

The exercise price and number of Class A ordinary shares issuable on exercise
of the warrants may be adjusted in certain circumstances including in the event of a share capitalization or our recapitalization, reorganization,
merger or consolidation. However, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below their respective
exercise prices.

In addition, if (x) we issue additional Class A ordinary shares
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 Class A ordinary share, (y) Class B ordinary shares, the aggregate gross proceeds from such issuances
represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination
on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per
share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market
Value or (ii) the Newly Issued Price and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal
to 180% of the greater of (i) the Market Value or (ii) 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, 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 ordinary
shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary
shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted
on by shareholders.

 

Under the terms of the warrant agreement, we have agreed to use our best
efforts to have declared effective a prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants and keep
such prospectus current until the expiration of the warrants. However, we cannot assure you that we will be able to do so and, if we do
not maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants, holders will be unable
to exercise their warrants for cash and we will not be required to net cash settle or cash settle the warrant exercise.

 

Warrant holders may elect to be subject to a restriction on the exercise
of their warrants such that an electing warrant holder would not be able to exercise their warrants to the extent that, after giving effect
to such exercise, such holder would beneficially own in excess of 9.8% of the Class A ordinary shares outstanding.

 

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 up
to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder.

 

Dividends

 

We have not paid any cash dividends on our Class A ordinary shares to date
and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the future
will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion
of a business combination. The payment of any dividends subsequent to a business combination will be within the discretion of our then
board of directors. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations
and, accordingly, our board does not anticipate declaring any dividends in the foreseeable future.

 

    6

     

    

 

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary shares and warrant agent for our warrants
is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles
as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all liabilities,
including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity,
except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

 

Our Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum and articles of association contain
certain requirements and restrictions relating to our initial public offering that apply to us until the completion of our initial business
combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed
to be a special resolution where it has been approved by either (i) at least two-thirds (or any higher threshold specified in a company’s
articles of association) of a company’s shareholders who attend and vote at a general meeting for which notice specifying the intention
to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association,
by a unanimous written resolution of all of the company’s shareholders. Our amended and restated memorandum and articles of association
will provide that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general
meeting for which notice specifying the intention to propose the resolution as a special resolution has been given (i.e., the lowest threshold
permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

Our sponsor and its affiliates, who collectively beneficially own approximately
20.0% of our ordinary shares following the close of our initial public offering and the concurrent private placement, participate in any
vote to amend our amended and restated memorandum and articles of association and have the discretion to vote in any manner they choose.
Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

 

	 	●	if we are unable to complete our initial business combination within 18 months from the closing of our initial public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve;

 

	 	●	prior to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination;

 

	 	●	although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent firm that commonly renders valuation opinions for the type of company we are seeking to acquire or an independent accounting firm, that such a business combination is fair to our company from a financial point of view;

 

	 	●	if a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;
	 	 	 
	 	●	so long as we obtain and maintain a listing for our securities on the Nasdaq, Nasdaq rules require that our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the deferred advisory fee and taxes payable) at the time of our signing a definitive agreement in connection with our initial business combination;

 

    7

     

    

 

	 	●	if our shareholders approve an amendment to our amended and restated memorandum and articles of association that would (i) modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem our public shares if we do not complete our initial business combination within 18 months from the closing of our initial public offering or (ii) with respect to the other provisions relating to shareholders’ rights or pre-business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable) divided by the number of then issued and outstanding public shares; and

 

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

 

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

 

The Companies Law permits a company incorporated in the Cayman Islands
to amend its memorandum and articles of association with the approval of the holders of at least two-thirds of such company’s issued
and outstanding ordinary shares present (in person or via proxy) and voting at a general meeting. A company’s articles of association
may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. Accordingly, with the requisite shareholder approval, we could amend any of the provisions relating to our proposed
offering, structure and business plan which are contained in our amended and restated memorandum and articles of association. Nevertheless,
we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any
action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their
public shares.

 

Shares Eligible for Future Sale

 

Following our initial public offering we have 15,812,500 ordinary shares
issued and outstanding. Of these shares, the 12,650,000 Class A ordinary shares sold in our initial public offering are freely tradable
without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates within
the meaning of Rule 144 under the Securities Act. All of the 3,162,500 Class B ordinary shares are restricted securities under Rule 144,
in that they were issued in private transactions not involving a public offering, and are subject to transfer restrictions as described
elsewhere herein.

    8

     

    

 

Rule 144

 

A person who has beneficially owned restricted Class A ordinary shares
or warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been
one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange
Act periodic reporting requirements for at least three months before the sale. Persons who have beneficially owned restricted Class A
ordinary shares for at least six months but who are our affiliates at the time of, or any time during the three months preceding, a sale,
would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period a number of
shares that does not exceed the greater of either of the following:

 

	 	●	1% of the total number of ordinary shares then issued and outstanding, which equals 158,125 shares after our initial public offering, on an as converted basis; or

 

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

 

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

 

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

 

Historically, the SEC staff had taken the position that Rule 144 is not
available for the resale of securities initially issued by companies that are, or previously were, blank check companies, like us. The
SEC has codified and expanded this position in the amendments discussed above by prohibiting the use of Rule 144 for resale of securities
issued by any shell companies (other than business combination related shell companies) or any issuer that has been at any time previously
a shell company. The SEC has provided an important exception to this prohibition, however, if the following conditions are met:

 

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

 

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

 

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

 

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

 

As a result, our sponsor will be able to sell its Class B ordinary shares
and private warrants pursuant to Rule 144 without registration one year after we have completed our initial business combination.

 

Registration Rights

 

The holders of the Class B ordinary shares, private warrants and warrants
that may be issued on conversion of working capital loans (and any ordinary shares issuable upon the exercise of the private warrants
or warrants issued upon conversion of the working capital loans and upon conversion of the Class B ordinary shares), are entitled to registration
rights pursuant to an agreement entered into on the effective date of our IPO. The holders of a majority of these securities are entitled
to make up to two demands that we register such securities. The holders of the majority of the Class B ordinary shares can elect to exercise
these registration rights at any time commencing three months prior to the date on which these Class B ordinary shares are to be released
from their transfer restrictions. The holders of a majority of the private warrants (or underlying securities) issued to our sponsor,
officers, directors or their affiliates in payment of working capital loans made to us can elect to exercise these registration rights
at any time after we consummate a business combination. In addition, the holders have certain “piggy-back” registration rights
with respect to registration statements filed subsequent to our consummation of a business combination. We will bear the expenses incurred
in connection with the filing of any such registration statements.

 

    9

     

    

 

Exclusive Forum

Our amended and restated memorandum and articles of association provide
that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America
shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act (for the
sake of clarification, this provision does not apply to causes of action arising under the Exchange Act). Our amended and restated articles
of association also provide that unless we consent in writing to the selection of an alternative forum, the courts of the Cayman Islands
shall have exclusive jurisdiction for any derivative action or proceeding brought on behalf of our company, any action asserting a breach
of a fiduciary duty owed by any of our directors, officers or other employees to our company or our shareholders or any action asserting
a claim arising pursuant to any provision of the Companies Act.

 

Listing of Securities

 

Our units, Class A ordinary shares, and warrants are listed on the Nasdaq
Global Market, or Nasdaq, under the symbols “CCTSU,” “CCTS” and “CCTSW”.  Following December
30, 2021, Class A ordinary shares and warrants may be traded separately from the units on Nasdaq.

 

    10Exhibit
10.8

 

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

 

March
16, 2022 

 

	Principal Amount: $450,000	 

 

Cactus
Acquisition Corp 1 Limited, a Cayman Islands exempted company (the “Maker”), promises to pay to the order of Cactus
Healthcare Management L.P., a Delaware limited partnership, or its registered assigns or successors in interest (the “Payee”),
the principal sum of Four Hundred Fifty Thousand Dollars ($450,000) or such lesser amount as shall have been advanced by Payee to Maker
and that shall remain unpaid under this Note on the Maturity Date (as defined below) 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; Conversion; Maturity Date.  The entire unpaid principal balance of this Note shall be payable by Maker to Payee
on the earlier of:  (i) the date on which the Maker ceases operations under Article 49.7 of its amended and restated articles
of association for the purpose of winding up, or (ii) the date on which Maker consummates a Business Combination (as defined under
its amended and restated articles of association) (such earlier date, the “Maturity Date”).  In lieu of repayment
by Maker, the Payee may elect at least five days prior to the Maturity Date to convert, on the Maturity Date, any unpaid principal amounts
outstanding hereunder into warrants to purchase Class A ordinary shares, par value $0.0001 of Maker, at a conversion price of $1.50 per
warrant. Each such warrant will have an exercise price of $11.50 per underlying share of Maker and will otherwise be identical to the
private warrants sold by Maker to the Payee concurrently with Maker’s initial public offering. 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.
Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Four Hundred Fifty Thousand Dollars
($450,000) in drawdowns under this Note to be used for costs and expenses related to Maker’s pursuit of a Business Combination. 
Principal of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to Payee (each,
a “Drawdown Request”).  For the sake of clarity, Maker may not make any further Drawdown Requests after the Maturity
Date, at which time Payee shall have no further obligation to make funds available under this Note. Each Drawdown Request must state
the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000).  Payee shall fund each Drawdown
Request no later than ten (10) days after receipt of a Drawdown Request; provided, however, that the maximum amount of
drawdowns outstanding under this Note at any time may not exceed Four Hundred Fifty Thousand Dollars ($450,000).  No fees, payments
or other amounts shall be due from Maker to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

3.
Interest.  No interest shall accrue on the unpaid principal balance 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 thereunder,
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) or 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, on 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.

 

    2

    

    

 

9.
Notices.  All notices, statements or other documents which are required or contemplated by this Agreement shall
be: (i) in writing and delivered 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 STATE OF ISRAEL, 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 (“IPO”) conducted by the Maker (including the deferred underwriters
discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement that occurred concurrently with
the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed
with the U.S. 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]

 

    3

    

    

 

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

 

	 	Cactus Acquisition Corp 1 Limited
	 	 	 
	 	By:	/s/ Stephen T. Wills
	 	Name: 	Stephen T. Wills
	 	Title:	Chief Financial Officer

 

Each
of the below undersigned members of Payee (each, a “Member”) acknowledges that it holds a significant economic interest
in Payee and, indirectly, in Maker, and wants to ensure Maker’s successful consummation of a business combination with a target
business. Consequently, each Member hereby undertakes and commits to providing additional investments of working capital (“Investments”)
to Payee from time to time prior to the Maturity Date as necessary (as to be determined and indicated by the executive officers of Maker)
in order to fund one-third of the principal sum loaned by Payee to Maker under the Note. Each of the undersigned Members agrees that
it will equally contribute (one-third each) funds for Investments under this Note as and when requested by Maker’s Chief Financial
Officer (the “CFO”), and will transfer the Investments to Payee for lending to Maker within ten (10) days after being
requested by the CFO.

 

	 	Sincerely,
	 	 	 	 
	 	Members:
	 	 	 	 
	 	Clal Biotechnology Industries Cactus Ltd.
	 	 	 	 
	 	By:	/s/ Ofer Gonen; /s/ Assaf Segal
	 	 	Name:	Ofer Gonen and Assaf Segal
	 	 	Title:	CEO    CFO
	 	 	 	 
	 	Israeli Biotech Fund II, LP
	 	 	 	 
	 	By:  Israel Biotech Fund GP Partners II,
	 	L.P.. its general partner
	 	 	 	 
	 	By: IBF Management, Ltd.
	 	 	 	 
	 	By:	/s/ Yuval Cabilly
	 	 	Name:	Yuval Cabilly
	 	 	Title:	CEO
	 	 	 	 
	 	Kalistcare Limited
	 	 	 	 
	 	By:	/s/ [signature not decipherable]
	 	 	Name:	For and on behalf of Champel Directors Limited
	 	 	Title:	Corporate Director

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]