Document:

Exhibit
4.3

 

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

 

The following is a summary
of the material terms of FREYR Battery’s (“FREYR,” the “Company” or “our”) Ordinary Shares
and Warrants and is not intended to be a complete summary of the rights and preferences of our Ordinary Shares or Warrants. FREYR Battery’s
Consolidated Articles of Association as of November 26, 2021 (the “Articles”) are included as exhibits to the Annual Report
on Form 10-K of which this exhibit is a part. You are encouraged to read the applicable provisions of Luxembourg law and the Articles
in their entirety for a complete description of the rights and preferences of FREYR’s Ordinary Shares and Warrants.  

Ordinary
Shares

 

The
following is a summary of some of the terms of our Ordinary Shares, based on the Articles and the Luxembourg law of 10th August
1915 on commercial companies, as amended (“Luxembourg Company Law”).

 

Share
Capital

 

As of June 21, 2021, FREYR’s
issued share capital amounted to USD 40,000, represented by a total of 40,000 redeemable shares with no nominal value (the “Initial
Shares”). All Initial Shares were fully paid and subscribed for. A shareholder in a Luxembourg société anonyme
holding fully paid up shares is not liable, solely because of his or her or its shareholder status, for additional payments to FREYR or
its creditors.

 

As of June 21, 2021, FREYR
held no shares as treasury shares.

Upon effectiveness of the
First Closing, FREYR redeemed and subsequently cancelled all the Initial Shares so that the share capital of FREYR is solely represented
by the Ordinary Shares. The Articles further provide for an authorized share capital in the amount of USD 245,000,000 (including the issued
share capital but excluding the Initial Shares) divided into 245,000,000 ordinary shares with no nominal value.

Upon effectiveness of the
First Closing, FREYR redeemed and subsequently canceled all the Initial Shares so that the share capital of FREYR is solely represented
by our Ordinary Shares.

On November 26, 2021, following
the exercise of warrants by certain warrant holders, the Articles were amended and restated to reflect under Article 5.1 an increase
of the issued share capital from $116,440,191.00 (represented by 116,440,191 Ordinary Shares) to $116,853,504.00 (represented by 116,853,504
Ordinary Shares). 

The
Articles

 

FREYR
is registered with the Luxembourg Trade and Companies’ Register under number B251199.

 

Its
corporate purpose, as stated in Article 4 of the Articles, is the holding of participations, in any form whatsoever, in Luxembourg and
foreign companies, or other entities or enterprises, the acquisition by purchase, subscription, or in any other manner as well as the
transfer by sale, exchange or otherwise of stock, bonds, debentures, notes and other securities or rights of any kind including interests
in partnerships, and the holding, acquisition, disposal, investment in any manner (in), development, licensing or sub licensing of, any
patents or other intellectual property rights of any nature or origin as well as the ownership, administration, development and management
of its portfolio. FREYR may carry out its business through branches in Luxembourg or abroad. FREYR may borrow in any form and proceed
to the issue by private or public of bonds, convertible bonds and debentures or any other securities or instruments it deems fit. In
a general fashion FREYR may grant assistance (by way of loans, advances, guarantees or securities or otherwise) to companies or other
enterprises in which FREYR has an interest or which form part of the group of companies to which the Company belongs or any entity as
FREYR may deem fit (including upstream or cross stream), take any controlling, management, administrative and/or supervisory measures
and carry out any operation which it may deem useful in the accomplishment and development of its purposes. FREYR can perform all commercial,
technical and financial or other operations, connected directly or indirectly in all areas in order to facilitate the accomplishment
of its purpose. Finally, FREYR may conduct, or be involved in any way in, directly or indirectly, the development, financing, construction
and operation of batteries and/or battery cells, as well as the production of any materials required for battery cell manufacturing,
and sales of batteries and/or battery cells into markets including but without limitation, electric mobility, energy storage systems
as well as marine and aviation applications and any related or connected activity.

 

     

     

    

 

Issuance
of Ordinary Shares

 

Pursuant
to Luxembourg law, the issuance of Ordinary Shares requires approval by the general meeting of shareholders of FREYR at the quorum and
majority required for amending the Articles. The former sole shareholder of FREYR approved an authorized capital and authorized the board
of directors to issue Ordinary Shares up to the maximum amount of such authorized capital for a maximum period of five years after the
publication of the resolution of the sole shareholder approving such authorization in the Luxembourg official gazette (Recueil Électronique
des Sociétés, “RESA”). The general meeting may amend, renew, or extend such authorized capital and such
authorization to the board of directors to issue Ordinary Shares.

 

FREYR
recognizes only one (1) holder per share. In case a share is owned by several persons, they shall appoint a single proxy who shall represent
them in respect of FREYR. FREYR has the right to suspend the exercise of all rights attached to that share until such representative
has been appointed.

 

Upon
the consummation of the Business Combination, the board of directors of FREYR resolved on the issuance of Ordinary Shares out of the
authorized capital. The board of directors also resolved on the applicable procedures and timelines to which such issuance will be subjected.
If the proposal of the board of directors to issue new Ordinary Shares exceeds the limits of FREYR’s authorized share capital,
the board of directors must convene the shareholders to an extraordinary general meeting for the purpose of increasing the issued and/or
the authorized share capital. Such meeting will be subject to the quorum and majority requirements required for amending the Articles.

 

Preemptive
Rights

 

Under
Luxembourg law, existing shareholders benefit from a preemptive subscription right on the issuance of the Ordinary Shares for cash consideration.
However, FREYR’s shareholders have, in accordance with Luxembourg law, authorized the board of directors to suppress, waive, or
limit any preemptive subscription rights of shareholders provided by law to the extent that the board of directors deems such suppression,
waiver, or limitation advisable for any issuance or issuances of the Ordinary Shares within the scope of FREYR’s authorized share
capital. Such authorization will be valid for a maximum period of five years after the publication of the resolution of the sole shareholder
approving such authorization in the Luxembourg RESA. The extraordinary general meeting of shareholders may, by two-thirds majority vote,
limit, waive, or cancel such preemptive rights or renew, amend, or extend them, in each case for a period not to exceed five years. Such
shares may be issued above, at, or below market value. Under Luxembourg Company Law subject to certain formal requirements, which have
not to date been undertaken and which include the approval of the extraordinary general meeting, such shares may also be issued below
the accounting par value per share. The Ordinary Shares may also be issued by way of incorporation of available reserves, including share
premium. In addition, the board of directors has been authorized by the general meeting to allocate, within the limits of the authorized
share capital, existing shares or new shares, including free of charge, to directors, officers and staff members of the Company or of
companies or other entities in which the Company holds directly or indirectly at least 10 per cent of the capital or voting rights. Such
authorization shall by operation of law, operate as a waiver by existing shareholders of their preemptive subscription right for the
benefit of the recipients of such shares allotted free of charge. The board of directors may determine the terms and conditions of such
allocation, which may comprise a period after which the allocation is final and a minimum holding period during which the recipients
must retain the shares.

 

Repurchase
of the Ordinary Shares

 

FREYR
cannot subscribe to its own shares. FREYR may, however, itself or through its subsidiaries repurchase issued Ordinary Shares or have
another person repurchase issued Ordinary Shares for its account, subject to the following conditions:

 

		●	prior
                                            authorization by a simple majority vote at an ordinary general meeting of shareholders, which
                                            authorization sets forth:

 

		o	the
                                            terms and conditions of the proposed repurchase and in particular the maximum number of Ordinary
                                            Shares that may be repurchased;

 

		o	the
                                            duration of the period for which the authorization is given, which may not exceed five years;
                                            and

 

		o	in
                                            the case of repurchase for consideration, the minimum and maximum consideration per share,
                                            provided that the prior authorization shall not apply in the case of Ordinary Shares acquired
                                            by either FREYR, or by a person acting in his or her own name on its behalf, for the distribution
                                            thereof to its staff or to the staff of a company with which it is in a control relationship;

 

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		o	only
                                            fully paid-up Ordinary Shares may be repurchased;

 

		o	the
                                            voting and dividend rights attached to the repurchased Ordinary Shares will be suspended
                                            as long as the repurchased Ordinary Shares are held by FREYR or its direct subsidiaries.
                                            The voting rights attached to Ordinary Shares held by indirect subsidiaries will also be
                                            suspended.

 

The
repurchase offer must be made on the same terms and conditions to all the shareholders who are in the same position. In addition, as
a listed company FREYR may repurchase Ordinary Shares on the stock market without having to make or an offer to all of its shareholders.

 

The
authorization will be valid for a period ending on the earlier of five years from the date of such shareholder authorization and the
date of its renewal by a subsequent general meeting of shareholders.

 

In
addition, pursuant to Luxembourg Company Law, FREYR may directly or indirectly repurchase Ordinary Shares by resolution of its board
of directors without the prior approval of the general meeting of shareholders if such repurchase is deemed by the board of directors
to be necessary to prevent serious and imminent harm to FREYR, or if the acquisition of Ordinary Shares has been made with the intent
of distribution to its employees and/or the employees of any entity having a controlling relationship with.

 

Form
and Transfer of Ordinary Shares

 

The
Ordinary Shares are issued in registered form only and are freely transferable under Luxembourg law and the Articles. Luxembourg law
does not impose any limitations on the rights of Luxembourg or non-Luxembourg residents to hold or vote the Ordinary Shares.

 

Under
Luxembourg law, the ownership of registered shares is prima facie established by the inscription of the name of the shareholder and the
number of shares held by him or her in the shareholders’ register. Without prejudice to the conditions for transfer by book-entry
where the Ordinary Shares are recorded in the shareholders’ register on behalf of one or more persons in the name of a depository,
each transfer of the Ordinary Shares shall be effected by written declaration of transfer to be recorded in the shareholders’ register,
with such declaration to be dated and signed by the transferor and the transferee or by their duly appointed agents. FREYR may accept
and enter into the shareholders’ register any transfer effected pursuant to an agreement or agreements between the transferor and
the transferee, true and complete copies of which have been delivered to FREYR.

 

The
Articles provide that FREYR may appoint registrars in different jurisdictions, each of whom may maintain a separate register for the
Ordinary Shares entered in such register, and that the holders of shares shall be entered into one of the registers. Shareholders may
elect to be entered into one of these registers and to transfer their shares to another register so maintained. FREYR’s board of
directors may however impose transfer restrictions for shares that are registered, listed, quoted, dealt in, or have been placed in certain
jurisdictions in compliance with the requirements applicable therein.

 

In
the case of Ordinary Shares held through the operator of a securities settlement system or depository, Ordinary Shares will be made available
to the shareholders in book-entry form and, without prejudice to the provisions of the Articles, give to the shareholders in book-entry-form
beneficial ownership of the rights attaching to the Ordinary Shares.

 

Liquidation
Rights and Dissolution

 

In
the event of FREYR’s dissolution and liquidation, any surplus of the assets remaining after allowing for the payment of all of
FREYR’s liabilities will be paid out to the shareholders pro rata according to their respective shareholdings. The decision to
dissolve and liquidate FREYR requires approval by an extraordinary general meeting of FREYR’s shareholders.

 

Merger
and De-Merger

 

A
merger by absorption whereby one Luxembourg company, after its dissolution without liquidation, transfers all of its assets and liabilities
to another company in exchange for the issuance of ordinary shares in the acquiring company to the shareholders of the company being
acquired, or a merger effected by transfer of assets and liabilities to a newly incorporated company, must, in principle, be approved
at an extraordinary general meeting of shareholders of the Luxembourg company, enacted in front of a Luxembourg notary. Similarly, a
de-merger of a Luxembourg company is generally subject to the approval by an extraordinary general meeting of shareholders, enacted in
front of a Luxembourg notary.

 

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No
Appraisal Rights

 

Neither
Luxembourg law nor the Articles provide for appraisal rights of dissenting shareholders.

 

General
Meeting of Shareholders

 

Any
regularly constituted general meeting of shareholders represents the entire body of FREYR shareholders.

 

Any
holder of an Ordinary Share is entitled to attend its general meeting of shareholders, either in person or by proxy, to address the general
meeting of shareholders and to exercise voting rights, subject to the provisions of the Articles and compliance with the conditions governing
attendance or representation at the meeting. Each Ordinary Share entitles the holder to one vote at a general meeting of shareholders.
The Articles provide that general meetings of shareholders are convened in accordance with the provisions of law. The Luxembourg Company
Law provides that convening notices for every general meeting shall contain the agenda and take the form of announcements filed with
the register of commerce and companies and will be published in the RESA and in a newspaper published in the Grand Duchy of Luxembourg
at least fifteen days before the meeting. The convening notices shall also be communicated by post (or, in respect of any shareholder
having individually agreed to receive convening notices by any other means of communications, by such means of communication) to registered
shareholders at least eight days before the meeting.

 

A
shareholder may participate in general meetings of shareholders by appointing another person as his or her proxy, the appointment of
which shall be in writing. The Articles also provide that, in the case of Ordinary Shares held through the operator of a securities settlement
system or depository, a holder of such Ordinary Shares wishing to attend a general meeting of shareholders should receive from such operator
or depository a certificate certifying the number of Ordinary Shares recorded in the relevant account on the relevant record date. FREYR’s
board of director may determine the formal requirements with which such certificates must comply.

 

The
board of directors may determine a date preceding the General Meeting as the record date for admission to, and voting any Ordinary Shares
at, the General Meeting (the “GM Record Date”). If a GM Record Date is determined for the admission to and voting at a General
Meeting only those persons holding Ordinary Shares on the GM Record Date may attend and vote at the General Meeting (and only with respect
to those Ordinary Shares held by them on the GM Record Date).

 

The
annual general shareholder meeting must be held within six months from the end of the respective financial year at FREYR’s registered
office or in any other place in Luxembourg as may be specified in the convening notice of the meeting. Other general meetings of shareholders
may be held at such place and time as may be specified in the respective convening notices of the meeting.

 

Luxembourg
law provides that the board of directors is obliged to convene a general meeting of shareholders if shareholders representing, in the
aggregate, 10% of the issued share capital so request in writing with an indication of the meeting agenda. In such case, the general
meeting of shareholders must be held within one month of the request. If the requested general meeting of shareholders is not held within
one month, shareholders representing, in the aggregate, 10% of the issued share capital may petition the competent president of the district
court in Luxembourg to have a court appointee convene the meeting. Luxembourg law provides that shareholders representing, in the aggregate,
10% of the issued share capital may request that additional items be added to the agenda of a general meeting of shareholders. That request
must be made by registered mail sent to FREYR’s registered office at least five days before the general meeting of shareholders.

 

The
board of directors of FREYR has the right to adjourn a general meeting for four weeks (up to six weeks, in case of a combined ordinary
and extraordinary general meeting). It must do so if requested by one or more shareholders representing at least 10% of the share capital
of FREYR. In the event of an adjournment, any resolution already adopted by the general meeting shall be cancelled and final resolutions
will be adopted at the adjourned general meeting. Furthermore, one or more shareholders representing at least 10% of the share capital
or at least 10% of the voting rights attached to the shares issued by FREYR may ask the board of directors of FREYR questions on one
or more transactions of FREYR or any companies controlled by it.

 

Voting
Rights

 

Each
Ordinary Share entitles the holder thereof to one vote.

 

Neither
Luxembourg law nor the Articles contain any restrictions as to the voting of Ordinary Shares by non-Luxembourg residents and there is
no minimum shareholding (beyond owning a single Ordinary Share or representing the owner of a single Ordinary Share) to attend or vote
at a general meeting of shareholders.

 

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As
described further below, Luxembourg law distinguishes between ordinary general meetings of shareholders and extraordinary general meetings
of shareholders.

 

Ordinary
General Meetings. At an ordinary general meeting, there is no quorum requirement and resolutions are adopted by a simple majority
of validly cast votes. Abstentions are not considered “votes.”

 

Extraordinary
General Meeting. Extraordinary general meetings are required to be convened for among others any of the following matters: (i) the
increase or decrease of the authorized or issued capital, (ii) the limitation or exclusion of preemptive rights or the authorization
of the board of directors to limit or exclude such rights, (iii) the approval of a statutory merger or de-merger (scission), (iv) FREYR’s
dissolution and liquidation, and (v) any amendments to the Articles. Pursuant to the Articles, for any resolutions to be considered at
an extraordinary general meeting of shareholders, except for those on certain specific topics described below, the quorum shall be at
least one half (50%) of FREYR’s outstanding Ordinary Shares. If such quorum is not present, a second meeting may be convened, which
does not need a quorum. Any extraordinary resolution shall be adopted, except otherwise provided by law and the Articles, by at least
a two-thirds majority of the votes validly cast. Abstentions are not considered “votes”. The Articles provide for an increased
majority of at least 75% of votes validly cast for the amendments to Articles 9.4, 9.5 and 17.3 to the Articles. Article 9.4 set outs
the requirements for candidates for election to the board of directors, and Article 9.5 sets out the process for shareholders to propose
candidates for the election to the board of directors to the general meeting of shareholders. Article 17.3 is the articles setting the
increased majority for Articles 9.4 and 9.5.

 

Minority
Action Right. Luxembourg Company Law provides that one or more shareholders holding, in the aggregate, at least 10% of the securities
having a right to vote at the general meeting that has granted discharge to the members of the board of directors for the execution of
their mandate, may act on FREYR’s behalf to file a liability claim for damages against one or more directors for mismanagement
and/or a violation of Luxembourg Company Law, or of the Articles.

 

Dividends

 

Except
for shares held in treasury, each Ordinary Share is entitled to participate equally in dividends if and when declared out of funds legally
available for such purposes. The Articles provide that the annual ordinary general meeting of shareholders may declare a dividend and
that the board of directors may declare interim dividends within the limits set by Luxembourg law.

 

Declared
and unpaid dividends held by FREYR for the account of its shareholders do not bear interest. Under Luxembourg law, claims for dividends
lapse in favor of FREYR five years after the date on which the dividends have been declared.

 

Board
of Directors

 

The
Articles stipulate that FREYR shall be managed by a board of directors composed of no less than eight directors who may but do not need
to be shareholders of FREYR. The FREYR board of directors shall, to the extent required by law and otherwise may, appoint a chairperson
amongst its members/the independent directors. The chairperson shall preside over all meetings of the board of directors and of shareholders.
It also may appoint a secretary, who need not be a director and whose responsibility, powers and duties shall be determined by the board
of directors. The FREYR board of directors will meet upon call by the chairperson or any two directors.

 

A
meeting of the board of directors shall be quorate if the majority of the directors in office (and entitled to vote) is present or represented.
Resolutions are adopted by the simple majority vote of directors present or represented. No valid decision of the board of directors
may be taken if the necessary quorum has not been reached. In case of an equality of votes, neither the chairperson nor any other director
shall have the right to cast the deciding vote. The board of directors may also take decisions by means of resolutions in writing signed
by all directors entitled to vote. Each director has one vote except in case he/she has a conflict of interest in accordance with Luxembourg
Company Law and the Articles.

 

The
directors are appointed by the general meeting of shareholders for a period not exceeding six years and until their successors are elected;
provided however that any one or more of the directors may be removed with or without cause (ad nutum) by the general meeting
of shareholders by a simple majority of the votes cast. The directors shall be eligible for re-election indefinitely. Pursuant to the
Articles, any proposal by shareholders of candidate(s) for election to the board of directors by the general meeting of shareholders
must be (i) made by one or more shareholders who together hold at least 10% of the subscribed share capital of FREYR and (ii) received
by FREYR in writing pursuant to the provisions set forth in the Articles.

 

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Unless
otherwise determined by the board of directors, candidates for election to the board of directors must provide to FREYR, (i) a written
completed questionnaire with respect to the background and qualification of such person (which questionnaire shall be provided by FREYR
upon written request), (ii) such information as FREYR may request including, without limitation, as may be required, necessary or appropriate
pursuant to any laws or regulation applicable to the Company (including any rules, policies or regulation of any securities market where
shares of the Company are listed or trading) and (iii) the written representation and undertaking that such person is in compliance,
and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership
and trading and other policies and guidelines of FREYR or under applicable law that are applicable to directors. Any candidate to be
considered must comply as to his/her qualification and affiliations with any laws, regulations, rules or policies applicable to FREYR.

 

If
there is a vacancy on the board of directors because of death, retirement, resignation, dismissal, removal or otherwise, the remaining
directors have the right to fill such vacancy until the next general meeting of shareholders with the affirmative vote of a majority
of the remaining directors appointed by the general meeting of shareholders. Within the limits provided for by Luxembourg law, the board
of directors may delegate FREYR’s daily management and the authority to represent FREYR to one or more persons.

 

No
director, solely as a result of being a director, shall be prevented from contracting with FREYR with regard to his tenure in any office
or place of profit, or as vendor, purchaser, or in any other manner whatsoever. No contract or other transaction between FREYR and any
other company or firm shall be affected or invalidated by the fact only that any one or more of the directors or officers of FREYR is
financially interested in, or is a director, associate, officer, agent, adviser or employee of such other company or firm.

 

In
the case of a conflict of interest of a director, such director shall indicate such conflict of interest to the board of directors and
shall not deliberate or vote on the relevant matter. Any conflict of interest arising at board level shall be reported to the next general
meeting of shareholders before any resolution is put to vote.

 

The
Articles provide that directors and officers, past and present, will be entitled to indemnification from FREYR to the fullest extent
permitted by Luxembourg law against liability and all expenses reasonably incurred or paid by him or her in connection with any claim,
action, suit, or proceeding in which he or she would be involved by virtue of his or her being or having been a director or officer and
against amounts paid or incurred by him or her in the settlement thereof. However, no indemnification will be provided against any liability
to FREYR’s directors or officers (i) by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the
duties of a director or officer, (ii) with respect to any matter as to which any director or officer shall have been finally adjudicated
to have acted in bad faith and not in FREYR’s interest, or (iii) in the event of a settlement, unless approved by a court of competent
jurisdiction or the board of directors.

 

There
is no mandatory retirement age for directors under Luxembourg law and no minimum shareholding requirement for directors.

 

Amendment
of the Articles

 

Save
in respect of certain limited matters set out by Luxembourg Company Law and the Articles which allow the board of directors to implement
certain amendments to the Articles, Luxembourg Company Law requires an extraordinary general meeting of shareholders to resolve upon
an amendment of the Articles. The agenda of the extraordinary general meeting of shareholders contained in the convening notice must
indicate the proposed amendments to the Articles.

 

Warrants

 

The
following is a summary of some of the terms of (i) each one whole Warrant (other than the Private Warrants (as defined herein) and the
Working Capital Warrants (as defined herein) entitling the holder thereof to purchase one Ordinary Share at a purchase price of $11.50
per share (the “Public Warrants’), (ii) each one whole Warrant issued in connection with the Business Combination in exchange
for private placement warrants, entitling the holder thereof to purchase one Ordinary Share at a purchase price of $11.50 per share on
the same terms and conditions as Alussa’s private placement warrants (8,750,000 warrants of Alussa purchased by the Sponsor in
a private placement at the time of its initial public offering for a purchase price of $1.00 per warrant, each of which was exercisable
for one Class A ordinary share of Alussa) (the “Private Warrants”) and (iii) each one whole Warrant issued in connection
with the Business Combination in exchange for Warrants issued upon the conversion of a working capital loan, entitling the holder thereof
to purchase one Ordinary Share at a purchase price of $11.50 per share on the same terms and conditions as Alussa’s private placement
warrants (the “Working Capital Warrants”). It does not purport to be complete.

 

As
of September 20, 2021, 14,375,000 Public Warrants, 8,750,000 Private Warrants and 1,500,000 Working Capital Warrants were outstanding.
Copies of the initial warrant agreement between Alussa and Continental Stock Transfer and Trust Company dated November 25, 2019 and the
form of the amended and restated warrant agreement are attached to this Annual Report as Exhibits 10.32 and 4.1, respectively. You should
review the copy of the amended and restated warrant agreement for a complete description of the terms and conditions applicable to the
Public Warrants, Private Warrants and Working Capital Warrants.

 

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Public
Warrants

 

Each
whole Warrant entitles the registered holder to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing 30 days after Second Closing. Pursuant to the form amended and restated warrant agreement, a
warrant holder may exercise its Warrants only for a whole number of Ordinary Shares. This means that only a whole warrant may be exercised
at any given time by a warrant holder. The Warrants will expire five years after Second Closing, at 5:00 p.m., New York City time, or
earlier upon redemption or liquidation.

 

FREYR
will not be obligated to deliver any Ordinary Shares 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 Ordinary Shares underlying the Warrants
is then effective and a prospectus relating thereto is current, subject to FREYR satisfying its obligations described below with respect
to registration. No Warrant will be exercisable for cash or on a cashless basis, and FREYR will not be obligated to issue any shares
to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified under
the securities laws of the state of the exercising holder, or an exemption is available. 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.

 

Once
the Warrants become exercisable, FREYR may redeem the outstanding Warrants (excluding Private Warrants and Working Capital Warrants):

 

		●	in
                                            whole and not in part;

 

		●	at
                                            a price of $0.01 per Warrant;

 

		●	upon
                                            a minimum of 30 days’ prior written notice of redemption, which we refer to as the
                                            30-day redemption period, to each warrant holder; and

 

		●	if,
                                            and only if, the last reported sale price of the Ordinary Shares equals or exceeds $18.00
                                            per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions,
                                            reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading
                                            day period ending on the third trading day prior to the date on which FREYR sends the notice
                                            of redemption to the warrant holders.

 

FREYR
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 FREYR issues a notice of redemption
of the Warrants, each warrant holder will be entitled to exercise his, her or its Warrant prior to the scheduled redemption date. However,
the price of the Ordinary Shares may fall below the $18.00 redemption trigger price as well as the $11.50 Warrant exercise price after
the redemption notice is issued. FREYR will not redeem the Warrants unless a registration statement under the Securities Act covering
the Ordinary Shares issuable upon exercise of the Warrants is effective and a current prospectus relating to those Ordinary Shares is
available throughout the 30-day redemption period, except if the Warrants may be exercised on a cashless basis and such cashless exercise
is exempt from registration under the Securities Act. If and when the Warrants become redeemable by FREYR, FREYR may not exercise its
redemption right if the issuance of shares upon exercise of the Warrants is not exempt from registration or qualification under applicable
state blue sky laws or it is unable to effect such registration or qualification.

 

If
FREYR calls the Warrants for redemption as described above, FREYR’s management will have the option to require all holders that
wish to exercise Warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their
Warrants on a “cashless basis,” FREYR’s management will consider, among other factors, its cash position, the number
of Warrants that are outstanding and the dilutive effect on its shareholders of issuing the maximum number of Ordinary Shares issuable
upon the exercise of its Warrants. In such event, each holder would pay the exercise price by surrendering the Warrants for that number
of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants,
multiplied by the excess of the “fair market value” (defined in the form amended and restated warrant agreement) over the
exercise price of the Warrants by (y) the fair market value. The “fair market value” shall mean the average reported last
sale price of the Ordinary Shares 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, provided that in all cases, the exercise price shall correspond to at least the accounting par value
of the Ordinary Shares. If FREYR takes advantage of this option, the notice of redemption will contain the information necessary to calculate
the number of Ordinary Shares 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. FREYR believes that this feature is an attractive option to FREYR if it does not need the cash from the exercise
of the Warrants after the Business Combination. If FREYR’s management calls the Warrants for redemption and its management does
not take advantage of this option, the Sponsor and its permitted transferees would still be entitled to exercise their Private Warrants
and Working Capital 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 warrants holders been required to exercise their Warrants on a cashless basis, as described in more
detail below.

 

    7

     

    

 

A
holder of a Warrant may notify FREYR 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 9.8% (or such other amount as a holder
may specify) of the Ordinary Shares outstanding immediately after giving effect to such exercise.

 

If
the number of issued and outstanding Ordinary Shares is increased by a capitalization payable in Ordinary Shares, or by a sub-division
of Ordinary Shares or other similar event, then, on the effective date of such capitalization, sub-division or similar event, the number
of Ordinary Shares issuable on exercise of each Warrant will be increased in proportion to such increase in the issued and outstanding
Ordinary Shares. A rights offering to holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the
fair market value will be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares
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 Ordinary Shares) multiplied by (ii) one minus the quotient of (x) the price per Ordinary Share 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 Ordinary Shares, in determining the price payable for Ordinary Shares, 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 Ordinary Shares as reported during the ten trading day period ending on the trading day prior to the first date on which
the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

If
the number of issued and outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification
of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of Ordinary Shares issuable on exercise of each Warrant will be decreased in proportion to such decrease
in issued and outstanding Ordinary Shares.

 

Whenever
the number of Ordinary Shares purchasable upon the exercise of the Public 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 Ordinary Shares purchasable upon the exercise of the Public Warrants immediately prior to such adjustment,
and (y) the denominator of which will be the number of Ordinary Shares so purchasable immediately thereafter.

 

In
case of any reclassification or reorganization of the issued and outstanding Ordinary Shares (other than those described above or that
solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of FREYR with or into another corporation
(other than a consolidation or merger in which FREYR is the continuing corporation and that does not result in any reclassification or
reorganization of FREYR’s issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of FREYR as an entirety or substantially as an entirety in connection with which FREYR is liquidated
and dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Public Warrants and in lieu of FREYR’s Ordinary Shares 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 Public Warrants would have received if such holder had exercised their Warrants immediately
prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash
or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which
each Warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders
in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to
and accepted by such holders (other than a tender, exchange or redemption offer made by Alussa in connection with redemption rights held
by shareholders of Alussa as provided for in Alussa’s amended and restated memorandum and articles of association) under circumstances
in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker
(within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate
is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Ordinary
Shares, the holder of a Warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder
would actually have been entitled as a shareholder if such warrant holder had exercised the Warrant prior to the expiration of such tender
or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender
or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible
to the adjustments provided for in the warrant agreement. Additionally, if less than 70% of the consideration receivable by the holders
of Ordinary Shares in such a transaction is payable in the form of shares 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 Public Warrant properly exercises the Warrant within thirty days following public disclosure
of such transaction, the Public Warrant exercise price will be reduced as specified in the amended and restated warrant agreement based
on the per share consideration minus Black-Scholes Warrant Value (as defined in the amended and restated warrant agreement) of the Public
Warrant.

 

    8

     

    

 

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 Ordinary Shares and any voting rights
until they exercise their Warrants and receive Ordinary Shares. After the issuance of 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.

 

The
amended and restated 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 a majority of the then outstanding
Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrants.

 

Private
Warrants and Working Capital Warrants

 

The
Private Warrants and Working Capital Warrants (including the Ordinary Shares issuable upon exercise of the Private Warrants or Working
Capital Warrants) were not transferable, assignable or salable until 30 days after Second Closing (except, among other limited exceptions
to Alussa’s officers and directors and other persons or entities affiliated with the Sponsor) and they were not redeemable by FREYR
and will be exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. Otherwise, the Warrants
and Working Capital Warrants have terms and provisions that are identical to those of the Public Warrants. If the Private Warrants or
Working Capital Warrants are held by holders other than the Sponsor or their permitted transferees, the Private Warrants or Working Capital
Warrants, as applicable, will be redeemable by FREYR and exercisable by the holders on the same basis as Public Warrants.

 

If
holders of the Private Warrants or Working Capital Warrants elect to exercise them on a cashless basis, they would pay the exercise price
by surrendering his, her or its warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product
of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “fair market value” (defined in
the form amended and restated warrant agreement) over the exercise price of the Warrants by (y) the fair market value. The “fair
market value” shall mean the average reported last sale price of the Ordinary Shares for the 10 trading days ending on the third
trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent.

 

Exchange
Listing

 

The
Ordinary Shares, and Public Warrants, Private Warrants and Working Capital Warrants are currently listed on the NYSE under the proposed
symbols FREY and FREY WS, respectively.

 

 

 9Exhibit
4.6

 

DESCRIPTION
OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12

 OF THE SECURITIES EXCHANGE ACT OF 1934

 

As
of December 31, 2021, the end of the period covered by this Annual Report on Form 10-K, Archimedes Tech Spac Partners Co. (the
“Company,” “we,” “us,” or “our”) had four classes of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): the Company’s units, subunits,
common stock, par value $0.0001 per share, and warrants.

 

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

 

General

 

Our
amended and restated certificate of incorporation authorizes the issuance of 100,000,000 shares of common stock, par value $0.0001,
and 1,000,000 shares of preferred stock, par value $0.0001. As of the date of this Annual Report on Form 10-K, 17,461,000 shares
of common stock and no preferred shares are issued or outstanding. The following description summarizes all of the material terms
of our securities. Because it is only a summary, it may not contain all the information that is important to you. For a complete
description you should refer to our amended and restated certificate of incorporation and bylaws, which are filed as exhibits
to this Annual Report on Form 10-K.

 

Units
and Subunits

 

Our
units consist of one subunit (consisting of one share of common stock and one-quarter of a warrant) and one-quarter of a warrant.
The structure is for two primary reasons:

 

		●	To
Maximize Cash Available for Use Following Business Combination. We are effectively providing an incentive to our stockholders to not
redeem their subunits in connection with either our stockholder vote or our pre-business combination tender offer as they would forfeit
one-quarter of a warrant underlying the subunit in the event they elect to redeem. The goal of the foregoing is to seek to maximize the
amount of cash in trust that will be available for our use following our business combination.

 

		●	To
Minimize Dilution. This structure will reduce the total number of warrants outstanding, as compared to a structure in which one unit
consists of one share and one full warrant, in the event a portion of our stockholders elect to redeem their subunits in connection with
either our stockholder vote or our pre-business combination tender offer as any stockholder that redeems its subunits will forfeit one-quarter
of a warrant underlying the subunit.

 

We
believe this structure will be viewed more favorably by potential business combination candidates than the traditional structure
as it provides an additional incentive for stockholders to not redeem and in the event a portion of them do redeem, it reduces
overall dilution, as compared to a structure in which one unit consists of one share and one full warrant, due to a reduction
in the number of warrants outstanding.

 

Each
unit consists of one subunit and one-quarter of a warrant. Each subunit consists of one share of our common stock and one-quarter
of a warrant. Each whole warrant entitles the holder to purchase one share of common stock. Pursuant to the warrant agreement,
a warrantholder may exercise its warrants only for a whole number of shares of common stock. This means that only a whole warrant
may be exercised at any given time by a warrantholder. No fractional warrants will be issued upon separation of the units or subunits
and only whole warrants will trade. Accordingly, unless you purchase a multiple of four units or four subunits, the number of
tradeable warrants issuable to you upon separation of the units or subunits will be rounded down to the nearest whole number of
warrants.

 

The
subunits and warrants comprising the units, but not the shares of common stock and warrants included in the subunits, began to
trade separately on April 14, 2021. Holders have the option to continue to hold units or separate their units into the component
pieces.

 

The
subunits will continue to trade as a subunit consisting of one share of common stock and one-quarter of a warrant until we consummate
an initial business combination, at which time they (to the extent not redeemed) will automatically separate and the subunits
will no longer be outstanding. At such time, every four one-quarter warrants will automatically be combined to form a whole warrant
and fractional warrants will no longer exist. Since no fractional warrants will then exist and only whole warrants will trade,
investors will need to have a number of subunits divisible by four at that time or they will any fractions of a warrant they hold.
Accordingly, in order to avoid such a situation, investors that do not intend to transfer the component pieces of the units prior
to the consummation of a business combination should continue to hold their securities as a combined unit in multiples of four
so as to ensure that no portion of the warrant is lost.

 

     

     

    

 

Common
Stock

 

Our
stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. In connection
with any vote held to approve our initial business combination, our sponsor, as well as all of our officers and directors, have
agreed to vote their respective shares of common stock owned by them immediately prior to our IPO and any shares purchased in
our IPO or following the IPO in the open market, including any shares included in subunits acquired in the IPO or in the aftermarket,
in favor of the proposed business combination.

 

We
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon such consummation and, solely if a vote is held to approve a business combination, a majority of the outstanding
shares of common stock voted are voted in favor of the business combination.

 

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 eligible to vote for the election of directors can elect all of the directors.

 

Pursuant
to our amended and restated certificate of incorporation, if we do not consummate an initial business combination within 18 months
from the closing of our IPO, our corporate existence will cease except for the purposes of winding up our affairs and liquidating.
If we are forced to liquidate prior to an initial business combination, our public stockholders are entitled to share ratably
in the trust account, based on the amount then held in the trust account. Our sponsor, officers and directors have agreed to waive
their rights to participate in any liquidation distribution from the trust account occurring upon our failure to consummate an
initial business combination with respect to the founder’s common stock and private subunits. Our sponsor, officers and
directors will therefore not participate in any liquidation distribution from the trust account with respect to such shares or
subunits. They will, however, participate in any liquidation distribution from the trust account with respect to any subunits
acquired in, or following, our IPO.

 

Our
stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions
applicable to the shares of common stock, except that public stockholders have the right to sell their subunits to us in a tender
offer or have their subunits converted to cash equal to their pro rata share of the trust account in connection with the consummation
of our initial business combination. Public stockholders who redeem their subunits into their share of the trust account still
have the right to exercise any warrants they still hold outside of such subunit but will forfeit, without the receipt of any additional
consideration, the portion of the warrant included in the subunit. Accordingly, an investor may have a disincentive to exercise
redemption rights due to the loss of such portion of the warrants.

 

Preferred
Stock

 

There
are no shares of preferred stock outstanding. Our amended and restated certificate of incorporation as of the date of hereof authorize
the issuance of 1,000,000 shares of preferred stock with such designation, rights and preferences as may be determined from time
to time by our board of directors. Accordingly, our board of directors is empowered, without stockholder approval, to issue preferred
stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights
of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination, from issuing
preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class with the common
stock on a business combination. We may issue some or all of the preferred stock to effect a business combination. In addition,
the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us. Although
we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

    2

     

    

 

Warrants

 

Ther
are 6,858,000 warrants currently outstanding. Each whole warrant entitles the registered holder to purchase one share of 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 an initial business combination. However, no warrants will be exercisable for cash unless we have an effective and current
registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating
to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock
issuable upon exercise of the public warrants is not effective within 90 days following the consummation of our initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when we
shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption
provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption,
is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay
the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing
(x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise
price of the warrants and the “fair market value”(defined below) by (y) the fair market value. The “fair market
value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days
ending on the trading day prior to the date of exercise. 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 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 stockholders, 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 shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, 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, there is a current registration statement in effect with respect to the shares of common stock 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.

 

If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to
exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering
the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number
of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and
the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this
purpose shall mean the average reported last sale price of the shares of common stock for the 5 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.

 

The
warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. 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, including warrants included in the public subunits, in order to make
any change that adversely affects the interests of the registered holders.

 

    3

     

    

 

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

 

In
addition, if (x) we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share (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, initial stockholders or their affiliates, without taking into account any founder shares held by them
prior to such issuance), (y) 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, 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 price at which we
issue the additional shares of common stock or equity-linked securities, and the $18.00 redemption trigger price will be adjusted
to 180% of this amount.

 

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 shares of common stock and any voting rights until they
exercise their warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the
warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

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 shares of common stock 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 shares
of common stock to be issued to the warrant holder.

 

We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way
to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to
claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole
and exclusive forum.

 

Dividends

 

We
have not paid any cash dividends on our shares of common stock 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.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our securities and warrant agent for our warrants is Continental Stock Transfer & Trust Company, 1 State
Street, New York, New York 10004.

 

Listing
of our Securities

 

Our
units, subunits and warrants trade separately on Nasdaq under the symbols “ATSPU,” “ATSPT” and “ATSPW,”
respectively. The common stock will not trade separately unless and until we consummate an initial business combination.

 

    4

     

    

 

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

 

Staggered
board of directors

 

Our
amended and restated certificate of incorporation provides that our board of directors be classified into three classes of directors
of approximately equal size. 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.

 

Special
meeting of stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our
president or by our chairman or by our secretary at the request in writing of stockholders owning a majority of our issued and
outstanding capital stock entitled to vote.

 

Advance
notice requirements for stockholder proposals and director nominations

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates
for election as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely,
a stockholder’s notice will need to be delivered to our principal executive offices not later than the close of business
on the 60th day nor earlier than the close of business on the 90th day prior to the scheduled date of the
annual meeting of stockholders. In the event that less than 70 days’ notice or prior public disclosure of the date of the
annual meeting of stockholders is given, a stockholder’s notice shall be timely if delivered to our principal executive
offices not later than the 10th day following the day on which public announcement of the date of our annual meeting
of stockholders is first made or sent by us. Our bylaws also specify certain requirements as to the form and content of a stockholders’
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from
making nominations for directors at our annual meeting of stockholders.

 

Authorized
but unissued shares

 

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

 

Exclusive
Forum Selection

 

Our
amended and restated certificate of incorporation will require, to the fullest extent permitted by law, that derivative actions
brought in our name, actions against directors, officers and employees for breach of fiduciary duty and certain other actions
may be brought only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery
in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery
(and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following
such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or
(C) for which the Court of Chancery does not have subject matter jurisdiction. If an action is brought outside of Delaware, the
stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel. Although
we believe this provision benefits us by providing increased consistency in the application of law in the types of lawsuits to
which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision
may have the effect of discouraging lawsuits against our directors and officers.

 

Our
amended and restated certificate of incorporation provide that the exclusive forum provision is applicable to the fullest extent
permitted by applicable law, subject to certain exceptions. Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As
a result, the exclusive forum provision does not apply to suits brought to enforce any duty or liability created by the Exchange
Act or any other claim for which the federal courts have exclusive jurisdiction. In addition, our amended and restated certificate
of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts
of the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any
complaint asserting a cause of action arising under the Securities Act of 1933, as amended, or the rules and regulations promulgated
thereunder. We note, however, that there is uncertainty as to whether a court would enforce this provision and that investors
cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Section 22 of the Securities
Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created
by the Securities Act or the rules and regulations thereunder.

 

    5

     

    

 

Limitation
on Liability and Indemnification of Directors and Officers

 

Our
amended and restated certificate of incorporation provides that our directors and officers will be indemnified by us to the fullest
extent authorized by Delaware law as it now exists or may in the future be amended. In addition, our amended and restated certificate
of incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary
duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally
violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper
personal benefit from their actions as directors.

 

Our
bylaws also permit us to secure insurance on behalf of any officer, director or employee for any liability arising out of his
or her actions, regardless of whether Delaware law would permit indemnification. We have purchased a policy of directors’
and officers’ liability insurance that insures our directors and officers against the cost of defense, settlement or payment
of a judgment in some circumstances and insures us against our obligations to indemnify the directors and officers.

 

These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These
provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though
such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment
may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to these indemnification provisions. We believe that these provisions, the insurance and the indemnity agreements are necessary
to attract and retain talented and experienced directors and officers.

 

Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

 

    6

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