Document:

Purchase Option granted to the Representative of the Underwriters dated 12/19/06

 Exhibit 4.7 
 THE REGISTERED HOLDER OF THIS REPRESENTATIVES’ UNIT PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS REPRESENTATIVES’ UNIT PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS REPRESENTATIVES’ UNIT PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS REPRESENTATIVES’ UNIT PURCHASE OPTION FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE
EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (i) I-BANKERS SECURITIES INCORPORATED OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING; OR (ii) A BONA FIDE OFFICER OR PARTNER OF I-BANKERS OR OF ANY SUCH
UNDERWRITER OR SELECTED DEALER. 
 THIS REPRESENTATIVES’ UNIT PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY MIDDLE
KINGDOM ALLIANCE CORP. (THE “COMPANY”) OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (THE “BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION
STATEMENTS FILED ON FORMS S-1 (Nos. 333-133475 and 333-139325). 
 THIS REPRESENTATIVES’ UNIT PURCHASE OPTION IS VOID AFTER 5:00 P.M. EASTERN TIME,
DECEMBER 13, 2011. 
 REPRESENTATIVES’ UNIT PURCHASE OPTION 
 FOR THE PURCHASE OF 1 UNIT 
 OF 
 MIDDLE KINGDOM ALLIANCE CORP. 
 THIS
CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of I-Bankers Securities, Inc. (“Holder”), as registered owner of this Representatives’ Unit Purchase Option (the “Representatives’ Unit Purchase
Option”) to Middle Kingdom Alliance Corp. (the “Company”), Holder is entitled, at any time or from time to time upon the later of the consummation of a Business Combination or December 13, 2007 (the “Commencement
Date”), and at or before 5:00 p.m., Eastern Time, December 13, 2011 (the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, one (1) unit (the “Representatives’
Unit”) of the Company. 
 1) REPRESENTATIVES’ UNIT PURCHASE OPTION 
 a) The Representatives’ Unit consists of up to a total of 19,800 Series A Units at a per-unit price of $10.00 and/or up to a total of 330,000 Series
B Units at a per-unit price of $10.00. The Series A Units and Series B Units that would be issued upon the exercise of this Representatives’ Purchase Option are identical to the Units offered by the Company to the public as set forth in the
Prospectus and Registration Statements filed with the Securities and Exchange Commission (the “Commission”) on Forms S-1 (Nos. 333-133475 and 333-139325) as amended. 
 b) This Representatives’ Purchase Option shall be exercisable, in whole or in 

  

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part, commencing on the date the Registration Statement becomes effective (the “Effective Date”) and expiring on the five-year anniversary of the
Effective Date at an initial exercise price per Representatives’ Unit of $10.00, which is equal to one hundred twenty-five percent (125%) of the initial public offering price of a Firm Unit. 
 c) The Representatives’ Class A and Class B Warrants will be identical to those offered to the public except that the Representatives’
Class A and Class B Warrants shall have an exercise price of $10.00. The Class A and Class B Warrants may be exercised during the period commencing on the later of the completion by the Company of a business combination, as described more
fully in the Registration Statement (“Business Combination”) or one year from the Effective Date and terminating on the seven-year anniversary of the Effective Date or earlier upon redemption (the “Expiration Date”). 

d) If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Representatives’ Unit Purchase Option
may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Representatives’ Unit
Purchase Option. This Representatives’ Unit Purchase Option is initially exercisable at $100.00 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by
this Representatives’ Unit Purchase Option, including the exercise price per Unit and the number of Units (and Common Stock, Class B Common Stock and Class A and Class B Warrants) to be received upon such exercise, shall be adjusted as
therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. 
 2) EXERCISE OF REPRESENTATIVES’ UNIT PURCHASE OPTION 
 a) Exercise Procedure. In order to exercise this
Representatives’ Unit Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Representatives’ Unit Purchase Option and payment of the Exercise Price for the
Units being purchased payable by wire transfer in federal (same day) funds or by certified or bank cashier’s check(s) in New York Clearing House funds. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m.,
Eastern time, on the Expiration Date, this Representatives’ Unit Purchase Option shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. 
 b) Legend. Each certificate for the securities purchased under this Representatives’ Unit Purchase Option shall bear a legend as follows
unless such securities have been registered under the Securities Act of 1933, as amended (the “Act”): 
 “The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”) or applicable state law. The securities may not be offered for sale, 

  

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sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the
Act and applicable state law.” 
 c) Cashless Exercise. 
 i) In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Representatives’ Unit Purchase Option is
exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2(a), the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this
Representatives’ Unit Purchase Option into Units (the “Conversion Right”) as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash)
that number of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the Representatives’ Unit Purchase Option being converted by
(y) the Current Market Value (as defined below). The “Value” of the portion of the Representatives’ Unit Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price
multiplied by (ii) the number of Units underlying the portion of this Representatives’ Unit Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the
Representatives’ Unit Purchase Option being converted. 
 ii) As used herein, the term “Current Market Value” per Unit at any
date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the
Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The “Current Market Price” of a share of Common Stock shall mean (i) if the Common Stock
is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal
trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or
the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of
Directors of the Company shall determine, in good faith. 
 iii) The Cashless Exercise Right may be exercised by the Holder on any business
day on or after the Commencement Date and not later than the Expiration Date by delivering the Representatives’ Unit Purchase Option with the duly executed 

  

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exercise form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total
number of Units the Holder will purchase pursuant to such Cashless Exercise Right. 
 d) Notwithstanding anything to the contrary contained
in this Representatives’ Unit Purchase Option, in no event will the Company be required to net cash settle the exercise of the Representatives’ Unit Purchase Option or the Warrants underlying the Unit Purchase Option. The holder of the
Representatives’ Unit Purchase Option and the Warrants underlying the Representatives’ Unit Purchase Option will not be entitled to exercise the Representatives’ Unit Purchase Option or the Warrants underlying such Unit Purchase
Option unless a registration statement is effective, or an exemption from the registration requirements is available at such time and, if the holder is not able to exercise the Representatives’ Unit Purchase Option or underlying Warrants, the
Representatives’ Unit Purchase Option and/or the underlying Warrants, as applicable, will expire worthless 
 3) TRANSFER 
 a) Restrictions—General. The registered Holder of this Representatives’ Unit Purchase Option, by its acceptance hereof, agrees that it
will not sell, transfer, assign, pledge or hypothecate this Representatives’ Unit Purchase Option for a period of one hundred eighty (180) days following the Effective Date to anyone other than (i) I-Bankers Securities Incorporated
(“I-Bankers”) or an underwriter or a selected dealer in connection with the Offering; or (ii) a bona fide officer or partner of I-Bankers or of any such underwriter or selected dealer. On and after the first anniversary of the
Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly
executed and completed, together with the Representatives’ Unit Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five business days transfer this Representatives’ Unit
Purchase Option on the books of the Company and shall execute and deliver a new Representatives’ Unit Purchase Option or Representatives’ Unit Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right to
purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 
 b) Restrictions—Securities. The securities evidenced by this Representatives’ Unit Purchase Option shall not be transferred unless and until (i) the Company has received the opinion of counsel for the Holder that the
securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the
opinion of Cozen O’Connor shall be deemed satisfactory evidence of the availability of an exemption); or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has been filed
by the Company and declared effective by the Commission and compliance with applicable state securities law has been established. 
  

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 4) NEW PURCHASE OPTIONS TO BE ISSUED 
 a) Partial Exercise. Subject to the restrictions in Section 3 hereof, this Representatives’ Unit Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or
assignment hereof in part only, upon surrender of this Representatives’ Unit Purchase Option for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax, the
Company shall cause to be delivered to the Holder without charge a new Representatives’ Unit Purchase Option of like tenor to this Representatives’ Unit Purchase Option in the name of the Holder evidencing the right of the Holder to
purchase the number of Units purchasable hereunder as to which this Representatives’ Unit Purchase Option has not been exercised or assigned. 
 b) Loss, Theft, Destruction. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Representatives’ Unit Purchase Option and of reasonably satisfactory indemnification
or the posting of a bond, the Company shall execute and deliver a new Representatives’ Unit Purchase Option of like tenor and date. Any such new Representatives’ Unit Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
 5) REGISTRATION RIGHTS 
 a) Demand Registration. 
 i) The
Company, upon written demand (the “Initial Demand Notice”) of the Holder(s) of at least 51% of the Representatives’ Unit Purchase Options and/or the underlying Units and/or the underlying securities (the “Majority Holders”),
agrees to register on one occasion, all or any portion of the Representatives’ Unit Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying such Representatives’ Unit Purchase
Options, including the Units, Common Stock, the Warrants, and the Common Stock underlying the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration statement or a post-effective
amendment to the Registration Statement covering the Registrable Securities within forty days after receipt of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective as
soon as possible thereafter. The demand for registration may be made at any time during a period of five years beginning on the Effective Date. The Company covenants and agrees to give written notice of its receipt of any Initial Demand Notice by
any Holder(s) to all other registered Holders of the Representatives’ Unit Purchase Options and/or the Registrable Securities within ten days from the date of the receipt of any such Initial Demand Notice. 
 ii) The Company shall bear all fees and expenses attendant to 

  

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registering the Registrable Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of
the Registrable Securities, but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the
Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to qualify to do business in such
state, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company
shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section 5(a)(i) to remain effective for a period of nine consecutive months from the effective date of such registration
statement or post-effective amendment. 
 b) Piggy-Back Registration.  
 i) In addition to the demand right of registration, the Holders of the Representatives’ Unit Purchase Options shall have the right for a period of
seven years commencing on the Effective Date, to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the
Act or pursuant to Form S-8); provided, however, that if, in the written opinion of the Company’s managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being
registered by the Company or the selling stockholder(s), will exceed the maximum amount of the Company’s securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without
materially and adversely affecting the entire offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable
Securities for a period of 90 days from the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold by all stockholders in such public offering during
such 90 day period shall be apportioned pro rata among all such selling stockholders, including all holders of the Registrable Securities, according to the total amount of securities of the Company owned by said selling stockholders, including all
holders of the Registrable Securities. 
 ii) The Company shall bear all fees and expenses attendant to registering the Registrable
Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and all underwriting commissions related to the Registrable
Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in which the Representatives’ Unit Purchase Option is 

  

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exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities
shall exercise the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company shall cause any registration
statement filed pursuant to the above “piggyback” rights to remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 

c) Indemnification. 
 i) The
Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between the Underwriter and the Company or between the Underwriter and any third party or otherwise) to which any of them
may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters
contained in Section 5 of the Underwriting Agreement between the Company, I-Bankers and the other Underwriters named therein dated the Effective Date. 
 The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and
each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other
expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or
their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the Underwriters
have agreed to indemnify the Company. 
 ii) Nothing contained in this Representatives’ Unit Purchase Option shall be construed as
requiring the Holder(s) to exercise their Representatives’ Unit Purchase Options or Warrants underlying such Representatives’ Unit Purchase Options prior to or after the initial filing of any registration statement or the effectiveness
thereof. 
 iii) The Company shall furnish I-Bankers, as Representative of the Holders, participating in any of the foregoing offerings, a
signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the 

  

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Effective Date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing
under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the Effective Date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date
of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same
matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. 
 The Company shall also deliver promptly to I-Bankers, as Representative of the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company,
its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit the Representatives to do such investigation, upon reasonable advance notice, with respect to
information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of the National Association of Securities Dealers, Inc. (the “NASD”). Such
investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as
I-Bankers, as Representative of the Holders, shall reasonably request. The Company shall not be required to disclose any confidential information or other records to I-Bankers, as Representative of the Holders, or to any other person, until and
unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company), with the Company with respect thereto. 
 iv) The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities
are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing
underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any
underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall
also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders and their intended
methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and 

  

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contribution obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such
Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each
Holder shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the
Registrable Securities. 
 v) Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5(a) or 5(b) for the registration of Registrable Securities held by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule
144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule
144 (calculated as if such Holder were an affiliate within the meaning of Rule 144). 
 vi) Each Holder agrees, that upon receipt of any
written notice from the Company of the happening of any event as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and
deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 6) ADJUSTMENTS 
 a) Exercise Price
and Number of Securities. The Exercise Price and the number of Units underlying the Representatives’ Unit Purchase Option shall be subject to adjustment from time to time as hereinafter set forth: 
 i) If after the date hereof, and subject to the provisions of Section 6(c) below, the number of shares of outstanding common stock is increased by a
stock dividend payable in common stock or by a split-up of common stock or other similar event, then, on the effective date thereof, the number of shares of common stock underlying each of the Units purchasable hereunder shall be increased in
proportion to such increase in outstanding shares. In such case, the number of shares of common stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in
accordance with the terms 

  

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of the Warrants. For example, if prior to a Business Combination the Company declares a two-for-one stock dividend and at the time of such dividend this
Representatives’ Unit Purchase Option is for the purchase of one Unit at $100.00 per whole Unit (each Warrant underlying the Units is exercisable for $10.00 per share), upon effectiveness of the dividend, this Representatives’ Unit
Purchase Option will be adjusted to allow for the purchase of one Unit at $100.00 per Unit, each Unit entitling the holder to receive of up to a total of 19,800 Series A Units and/or up to a total of 330,000 Series B Units. For the Series A Units,
the Holder shall receive two shares of Common Stock and ten Class A Warrants (each Class A Warrant exercisable for $4.40 per share). For the Series B Units, the Holder shall receive two Class B Common Shares and two Class B Warrants (each
Class B Warrant exercisable for $4.40 per share). 
 ii) If after the date hereof, and subject to the provisions of Section 6(c), the
number of outstanding shares of common stock is decreased by a consolidation, combination or reclassification of the common stock or other similar event, then, on the effective date thereof, the number of shares of common stock underlying each of
the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of common stock, and the exercise price applicable thereto, issuable upon exercise of the Warrants included
in each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 
 iii) In case of any
reclassification or reorganization of the outstanding common stock other than a change covered by Section 6(a)(i) or 6(a)(ii) hereof or that solely affects the par value of such common stock, or in the case of any merger or consolidation of the
Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding common stock), or in the case of
any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Representatives’ Unit Purchase Option
shall have the right thereafter (until the expiration of the right of exercise of this Representatives’ Unit Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such
event, 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, by a Holder of
the number of Common Stock of the Company obtainable upon exercise of this Representatives’ Unit Purchase Option and the underlying Warrants immediately prior to such event; and if any reclassification also results in a change in Common Stock
covered by Section 6(a)(i) or 6(a)(ii), then such adjustment shall be made pursuant to Sections 6(a)(i), 6(a)(ii) and this Section 6(a)(iii). The provisions of this Section 6(a)(iii) shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
  

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 iv) This form of Representatives’ Unit Purchase Option need not be changed because of any change
pursuant to this Section, and Representatives’ Unit Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated in the Representatives’ Unit Purchase Options initially issued
pursuant to this Agreement. The acceptance by any Holder of the issuance of new Representatives’ Unit Purchase Options reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof. 
 b) Substitute Representatives’ Unit Purchase Option. In case of any
consolidation of the Company with, or merger of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the outstanding common stock), the
corporation formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Representatives’ Unit Purchase Option providing that the holder of each Representatives’ Unit Purchase Option then outstanding or to
be outstanding shall have the right thereafter (until the stated expiration of such Representatives’ Unit Purchase Option) to receive, upon exercise of such Representatives’ Unit Purchase Option, the kind and amount of shares of stock and
other securities and property receivable upon such consolidation or merger, by a holder of the number of common stock of the Company for which such Representatives’ Unit Purchase Option might have been exercised immediately prior to such
consolidation, merger, sale or transfer. Such supplemental Representatives’ Unit Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in Section 6. The above provision of this Section shall
similarly apply to successive consolidations or mergers. 
 c) Fractional Interests. The Company shall not be required to issue
certificates representing fractions of Common Stock, Class B Common Stock or Warrants upon the exercise of the Representatives’ Unit Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, Common Stock, Class B Common Stock or other securities, properties or rights. 
 7) RESERVATION AND LISTING 
 a) The Company shall at
all times reserve and keep available out of its authorized Common Stock and Class B Common Stock, solely for the purpose of issuance upon exercise of the Representatives’ Unit Purchase Options or the Warrants underlying the
Representatives’ Unit Purchase Option, such number of shares of Common Stock, Class B Common Stock or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of
the Representatives’ Unit Purchase Options and payment of the Exercise Price therefor, all Common Stock, Class B Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any stockholder. The Company further covenants 

  

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and agrees that upon exercise of the Warrants underlying the Representatives’ Unit Purchase Options and payment of the respective Warrant exercise price
therefor, all Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. 
 b) As long as the Representatives’ Unit Purchase Options shall be outstanding, the Company shall use its best efforts to cause all (i) Units,
Common Stock and Class B Common Stock issuable upon exercise of the Representatives’ Unit Purchase Options; (ii) Warrants issuable upon exercise of the Representatives’ Unit Purchase Options; and (iii) Common Stock issuable upon
exercise of the Warrants included in the Units issuable upon exercise of the Representatives’ Unit Purchase Option to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq National
Market, SmallCap Market, OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock, Class B Common Stock or the Public Warrants issued to the public in connection herewith may then be listed and/or quoted. 

8) CERTAIN NOTICE REQUIREMENTS 
 a) Right to
Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If,
however, at any time prior to the expiration of the Representatives’ Unit Purchase Options and their exercise, any of the events described in Section 8(b) shall occur, then, in one or more of said events, the Company shall give written
notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or
subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing,
the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders. 
 b) Enumerated Events. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its common stock for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of
retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or (ii) the Company shall offer to all the holders of its common stock any additional shares of capital stock of the
Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed. 
  

 Page 12 of 17 

 c) Change in Exercise Price. The Company shall, promptly after an event requiring a change in the
Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (the “Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be
certified as being true and accurate by the Company’s President and Chief Financial Officer. 
 d) Notice Delivery. All notices,
requests, consents and other communications under this Representatives’ Unit Purchase Option shall be in writing and shall be deemed to have been duly made when hand delivered, or sent via confirmed facsimile transmission, email or receipted
overnight courier (i) If to the registered Holder of the Representatives’ Unit Purchase Option, to the address of such Holder as shown on the books of the Company; or (ii) If to the Company, to the following address or to such other
address as the Company may designate by notice to the Holders: 
 Middle Kingdom Alliance Corp. 
 333 Sandy Springs Circle, Suite 223 
 Atlanta, GA 30328 
 Attn: David Rapaport, Secretary and General Counsel 
 Fax: 404-257-9125 
 Email: drapaport@highcapus.com 
 9) MISCELLANEOUS 
 a) Amendments. The Company and I-Bankers may from time to time supplement or amend this Representatives’ Unit Purchase Option without the approval of any of the Holders in order to cure any ambiguity, to
correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and I-Bankers may deem
necessary or desirable and that the Company and I-Bankers deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of
the modification or amendment is sought. 
 b) Headings. The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Representatives’ Unit Purchase Option. 
 c) Entire Agreement. This Representatives’ Unit Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with this Representatives’ Unit
Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

  

 Page 13 of 17 

 d) Binding Effect. This Representatives’ Unit Purchase Option shall inure solely to the
benefit of, and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or
claim under or in respect of or by virtue of this Representatives’ Unit Purchase Option or any provisions herein contained. 
 e)
Governing Law. This Representatives’ Unit Purchase Option shall be governed by and construed and enforced in accordance with the laws of the State of Florida, without giving effect to conflict of laws. The Company hereby agrees that any
action, proceeding or claim against it arising out of, relating in any way to this Agreement shall be brought and enforced in the courts of the State of Florida of the United States of America for the Southern District of Florida, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8(d) hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. 
 f) Waivers. The
failure of the Company or the Holder to at any time enforce any of the provisions of this Representatives’ Unit Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this
Representatives’ Unit Purchase Option or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Representatives’ Unit Purchase Option. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Representatives’ Unit Purchase Option shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought;
and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 
 g) Counterparts. This Representatives’ Unit Purchase Option may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto. 
 h) Exchange Agreement. As a condition of the Holder’s receipt
and 

  

 Page 14 of 17 

 
acceptance of this Representatives’ Unit Purchase Option, Holder agrees that, at any time prior to the complete exercise of this Representatives’
Unit Purchase Option by Holder, if the Company and I-Bankers enter into an agreement (the “Exchange Agreement”) pursuant to which they agree that all outstanding Representatives’ Unit Purchase Options will be exchanged for securities
or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement. 
 IN WITNESS WHEREOF, the Company has caused this Representatives’ Unit Purchase Option to be
signed by its duly authorized officer this 19th day of December 2006. 
  

			
	MIDDLE KINGDOM ALLIANCE CORP.
		
	By:	 	 /s/ B. J. Tanenbaum III

	Print Name:	 	B. J. Tanenbaum III
	Title:	 	CEO

  

 Page 15 of 17 

 Form To Be Used To Exercise Representatives’ Unit Purchase Option 
  

	TO:	Middle Kingdom Alliance Corp. 

 333 Sandy Springs Circle,
Suite 223 
 Atlanta, GA 30328 
 Attn: David Rapaport, Secretary and General Counsel) 
 Date:
            , 20     
 The undersigned hereby
elects irrevocably to exercise all or a portion of the within Representatives’ Unit Purchase Option and to purchase              Series A Units and/or
             Series B Units of Middle Kingdom Alliance Corp. and hereby makes payment of $            (at the rate
of $             per Unit) in payment of the Exercise Price pursuant thereto. Please issue the Common Stock and Warrants as to which this Representatives’ Unit Purchase Option
is exercised in accordance with the instructions given below. 
 or 
 The undersigned hereby elects irrevocably to convert its right to purchase
             Series A Units and/or              Series B Units purchasable under the within Representatives’
Unit Purchase Option by surrender of the unexercised portion of the attached Representatives’ Unit Purchase Option (with a “Value” based of $             based on a
“Market Price” of $            ). Please issue the securities comprising the Units as to which this Representatives’ Unit Purchase Option is exercised in accordance
with the instructions given below. 
  

	
	  

	[Authorized Signature]
	  

	[Print Name]
	  

	[Signature Guaranteed]

 INSTRUCTIONS FOR REGISTRATION OF SECURITIES 
  

			
	Name:	  	  

		  	[Print in Block Letters]
	Address:	  	  

		  	  

 NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN
REPRESENTATIVES’ UNIT PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A
REGISTERED NATIONAL SECURITIES EXCHANGE. 
  

 Page 16 of 17 

 Form To Be Used To Assign Representatives’ Unit Purchase Option 
 ASSIGNMENT 
 (To be executed by the registered Holder
to effect a transfer of the within Representatives’ Unit Purchase Option) 
 FOR VALUE RECEIVED,
                     does hereby sell, assign and transfer unto
                    the right to
purchase                     Series A Units and/or
                     Series B Units of Middle Kingdom Alliance Corp. (the “Company”) evidenced by the within Representatives’
Unit Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company. 
 Date:
            , 20     
  

	
	  

	[Authorized Signature]
	
	  

	[Print Name]
	
	  

	[Signature Guaranteed]

 NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN
REPRESENTATIVES’ UNIT PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A
REGISTERED NATIONAL SECURITIES EXCHANGE. 
  

 Page 17 of 17Class A Warrant Agreement dated 12/19/06

 Exhibit 4.8 
 CLASS A WARRANT AGREEMENT 
 Agreement made as of December 19, 2006 between Middle Kingdom
Alliance Corp., a corporation organized under the laws of Delaware, with offices at 333 Sandy Springs Circle, Suite 223, Atlanta, GA 30328 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with
offices at Continental Stock Transfer & Trust Company, 17 Battery Place, 8th floor, New York NY, 10004 (“Warrant Agent”). 
 WHEREAS, the Company is engaged in a public offering (“Public Offering”) of Series A Units and Series B Units (collectively, the “Units”) and, in connection therewith, has determined to issue and deliver up to
(i) 990,000 Class A Warrants (plus an additional 148,500 Class A Warrants if the representative of the underwriters exercise their over-allotment option) to the public investors plus 452,250 Class A Warrants in connection with a
private placement of securities to certain investors prior to the Public Offering (collectively, the “Class A Warrants”), and (ii) 99,000 Class A Warrants to I-Bankers Securities, Inc. (the “Representative”) or their
designees (“Representative’s Warrants” and, together with the Class A Warrants, the “Warrants”), each of such Warrants evidencing the right of the holder thereof to purchase one share, par value $0.001, of the
Company’s common stock (“Common Stock”) for $5.00, subject to adjustment as described herein; and 
 WHEREAS, the
Company has filed with the Securities and Exchange Commission Registration Statements, Nos. 333-133475 and 333-139325 on Forms S-1 (the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended
(“Act”) of, among other securities, the Warrants and the Common Stock issuable upon exercise of the Warrants; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, and exercise of the Warrants; and

 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding
and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints
the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 
 2. Warrants. 
 2.1 Form of Warrant. Each Warrant shall be
issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chief Executive Officer, Chairman of the
Board or President and Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 
 2.2 Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

 2.3 Registration. 
 2.3.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of
the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the
person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. 
 2.4 Detachability of Warrants. The securities comprising the Units will not be separately transferable until 90 days after the
date hereof unless the Representative informs the Company of its decision to allow earlier separate trading, but in no event will the Representative allow separate trading of the securities comprising the Units until the Company files a Report on
Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the Underwriter’s over-allotment
option, if the over-allotment option is exercised prior to the filing of the Form 8-K. 
 2.5 Warrants and Representative’s
Warrants. The Representative’s Warrants shall have the same terms and be in the same form as the Class A Warrants. 
 3. Terms and Exercise of
Warrants 
 3.1 Warrant Price. Each Class A Warrant and each Representative’s Warrant shall, when countersigned by the Warrant
Agent, entitle the registered holder thereof, subject to the provisions of such Class A Warrant or Representative’s Warrant and of this Warrant Agreement, to purchase from the Company the number of Common Stock stated therein, at the price
of $5.00 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price per share at
which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date. 
 3.2 Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of the consummation by
the Company of a merger, capital stock exchange, asset acquisition or other similar business combination (“Business Combination”) (as described more fully in the Company’s Registration Statement) or December 13, 2007, and
terminating at 5:00 p.m., New York City time on December 13, 2013 (“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date. Notwithstanding the foregoing, a Warrant may expire unexercised
regardless of whether a registration statement is currently effective under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
 3.3 Exercise of Warrants. 
 3.3.1 Payment. Subject to the provisions of the Warrant and this Warrant
Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan,
City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and (i) by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft payable to the order of the
Company (or as otherwise agreed to by the Company), the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection 

  

 2 

 
with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the Common Stock or (ii) in the event that the
Board of Directors of the Company, in their sole discretion, determine that the Warrants may be exercised on a “cashless basis”, by surrendering his or her Warrant 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 Warrant, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. The
“Fair Market Value” shall mean the date of exercise of the Warrant. 
 3.3.2 Issuance of Certificates. As soon as practicable after
the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he is
entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless a registration statement under the Act with respect to the Common Stock is effective. Warrants may not be
exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. 
 3.3.3 Valid Issuance.
All Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4 Date of Issuance. Each person in whose name any such certificate for Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant
was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 
 3.3.5 Warrant Solicitation and Warrant Solicitation Fee. 
 (a) The Company has engaged the Representative,
on a non-exclusive basis, as its agents for the solicitation of the exercise of the Warrants. The Company, at its cost, will (i) assist the Representative with respect to such solicitation, if requested by the Representative, and
(ii) provide the Representative, and direct the Company’s transfer agent and the Warrant Agent to deliver to the Representative, lists of the record and, to the extent known, beneficial owners of the Warrants. The Company hereby instructs
the Warrant Agent to cooperate with the Representative in every respect in connection with the Representative’s solicitation activities, including, but not limited to, providing to the Representative, at the Company’s cost, a list of
record holders of the Warrants and circulating a prospectus or offering circular disclosing the compensation arrangements referenced in Section 3.3.5(b) below to holders of the Warrants at the time of exercise of the Warrants. In addition to
the conditions set forth in Section 3.3.5(b), the Representative shall accept payment of the warrant solicitation fee provided in Section 3.3.5(b) only if they have provided bona fide services to the Company in connection with the exercise
of the Warrants and only to the extent that an investor who exercises his Warrants specifically designates, in writing, that the Representative solicited his exercise. In addition to soliciting, either orally or in writing, the exercise of Warrants
by a Warrant holder, such services may also include disseminating information, either orally or in writing, to Warrant holders about the Company or the market for the Company’s securities, or assisting in the processing of the exercise of
Warrants. 
 (b) In each instance in which a Warrant is exercised, the Warrant Agent shall promptly give written notice of such exercise to
the Company and the Representative (“Warrant Agent’s Exercise Notice”). If, upon the exercise of any Warrant more than one year from the effective date of the Registration Statement, (i) the market price of the Company’s
Common Stock is greater than the Warrant Price, (ii) disclosure of compensation arrangements between the Company and the Representative with respect to the solicitation of the exercise of the Warrants was made both at the time of the Public
Offering and at the time of exercise (by delivery of the Prospectus or as otherwise required by applicable law, rule or regulation), (iii) the holder of the Warrant confirms in writing that the exercise of the Warrant was solicited by the
Representative, (iv) the Warrant was not held in a discretionary account, and (v) the solicitation of the exercise of the Warrant was not in violation of 

  

 3 

 
Regulation M (as such rule or any successor rule may be in effect as of such time of exercise) promulgated under the Securities Exchange Act of 1934, as
amended, then the Warrant Agent, simultaneously with the distribution of the Common Stock underlying the Warrants so exercised in accordance with the instructions from the Company following receipt of the proceeds to the Company received upon
exercise of such Warrant(s), shall, on behalf of the Company, pay a fee of 5% of the Warrant Price to the Representative, provided that the Representative deliver to the Warrant Agent within ten (10) business days from the date on which the
Representative has received the Warrant Agent’s Exercise Notice, a certificate that the conditions set forth the preceding clauses (ii), (iii), (iv) and (v) have been satisfied. Notwithstanding the foregoing, no fee will be paid
to the Representative with respect to the exercise by the Underwriters or their affiliates or the Company’s officers or directors of Warrants purchased by them upon exercise of the Representative’s Warrants and still held by any of the
foregoing for their own account. The Representative and the Company may at any time during business hours, examine the records of the Warrant Agent, including its ledger of original Warrant certificates returned to the Warrant Agent upon exercise of
Warrants. 
 (c) The provisions of this Section 3.3.5. may not be modified, amended or deleted without the prior written consent of the
Representative. 
 4. Adjustments. 
 4.1 Stock
Dividends—Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of Common Stock,
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding Common
Stock. 
 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 
 4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided
in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common
Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Common Stock (other than a
change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such Common Stock), or in the case of any consolidation of the Company with or into another corporation (other than a consolidation or merger in which the
Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Common Stock), or in the case of any merger or sale or conveyance to another corporation or entity of the assets or other
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Warrants and in lieu of the Common Stock of the Company 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 Warrant holder would have received if such Warrant holder had exercised his, her or
its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
  

 4 

 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares
issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or
4.4, then, in any such event, the Company shall give written notice to the Warrant holder, at the last address set forth for such holder in the warrant register, of the record date or the effective date of the event. Failure to give such notice, or
any defect therein, shall not affect the legality or validity of such event. 
 4.6 No Fractional Shares. Notwithstanding any provision
contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the Common Stock to be issued to the Warrant holder. 
 4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such
adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant
that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 5. Transfer and Exchange of Warrants. 
 5.1
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
shall be delivered by the Warrant Agent to the Company from time to time upon request. 
 5.2 Procedure for Surrender of Warrants. Warrants
may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel acceptable to the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of
a warrant certificate for a fraction of a warrant. 
 5.4 Service Charges. No service charge shall be made for any exchange or registration
of transfer of Warrants. 
 5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver,
in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose. 
 6. Other Provisions Relating to Rights of Holders of Warrants. 
  

 5 

 6.1 No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the
rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights, to vote or to consent or to receive notice as stockholders in respect of the meetings of
stockholders or the election of directors of the Company or any other matter. 
 6.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any
Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 
 6.3 Reservation of Common Stock. The Company shall at
all times reserve and keep available a number of its authorized but unissued Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 
 6.4 Registration of Common Stock. The Company agrees that prior to the commencement of the Exercise Period, it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of, and it shall take such action as is necessary to qualify for sale, in those states in which the
Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such
registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement in lieu of physical settlement in
shares of Common Stock, regardless of whether the Common Stock underlying the Warrants is registered pursuant to an effective registration statement. 
 7.
Concerning the Warrant Agent and Other Matters. 
 7.1 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges
that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such
shares. 
 7.2 Resignation, Consolidation or Merger of Warrant Agent. 
 7.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from
all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in
writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the
holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a
successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having
its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor
Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if
for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
  

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 7.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the
Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 
 7.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which
the Warrant Agent shall be a party to and shall be the successor Warrant Agent under this Agreement without any further act. 
 7.3 Fees and
Expenses of Warrant Agent. 
 7.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such
Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 7.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 
 7.4 Liability of Warrant Agent. 
 7.4.1
Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or
suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief
Financial Officer, or Secretary of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 
 7.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s negligence, willful misconduct, or bad faith. 
 7.4.3 Exclusions. The Warrant Agent shall have no responsibility with
respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of
facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Warrant or as
to whether any Common Stock will when issued be valid and fully paid and nonassessable. 
 7.5 Acceptance of Agency. The Warrant Agent hereby
accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock (less any warrant solicitation fee due to the Representative pursuant to Section 3.3.5 herein) through the
exercise of Warrants. 
 8. Miscellaneous Provisions. 
  

 7 

 8.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company
or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
 8.2 Notices. Any notice, statement or
demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or
private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 
 Middle Kingdom Alliance Corp. 
 333 Sandy
Springs Circle 
 Suite 223 
 Atlanta, GA 30328 
 Attn: David A. Rapaport, Secretary and General Counsel 
 Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be
sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Co 
 17 Battery Place, 8th floor 
 New York NY
10004 
 Tel: (212) 845-3201 
 Fax: (212) 509-5150 
 Attn: Compliance Department 
 with a copy in either case to: 
 Cozen O’Connor 
 The Army & Navy Club Building 
 1627
I Street, NW, Suite 1100 
 Washington, DC 20006 
 Attn: Ralph V. De Martino, Esq. 
 and 
 I-Bankers Securities, Inc. 
 3340 Indian Creek
Court 
 Fort Worth, Texas 76180 
 Attn: Shelley Gluck 
 8.3 Applicable law. The validity, interpretation, and performance of this Agreement and of the Warrants shall
be governed in all respects by the laws of the State of Delaware, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be
brought and enforced in the courts of the State of Delaware or the United States District Court for Delaware, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
 8.4 Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, 

  

 8 

 
any person or corporation other than the parties hereto and the registered holders of the Warrants and, for the purposes of Sections 3.3.5, 6.4 and 8.2
hereof, the Representative, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall be deemed to be a third-party beneficiary of this
Agreement with respect to Sections 3.3.5, 6.4 and 8.2 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the
Representative with respect to the Sections 3.3.5, 6.4 and 8.2 hereof) and their successors and assigns and of the registered holders of the Warrants. 
 8.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection
by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 
 8.6
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

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

 9 

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

			
	MIDDLE KINGDOM ALLIANCE CORP.
		
	By:	 	 /s/ Bernard J. Tanenbaum III

		 	Bernard J. Tanenbaum III, Chief Executive Officer
	
	 CONTINENTAL STOCK TRANSFER &
 TRUST
COMPANY

		
	By:	 	 /s/ Steven Nelson

	Name:	 	Steven Nelson
	Title:	 	Chairman

  

 10

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