Document:

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

 

EXHIBIT 4.3

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

This Amendment No. 2 (this “Amendment”) dated the 10th day of March, 2020 to the Rights Agreement, dated March 11, 2018, as amended by Amendment No. 1 thereto, dated March 8, 2019 (the “Agreement”), by and between Heat Biologics, Inc. (the “Company”) and Continental Stock Transfer & Trust Company, as Rights Agent (the “Rights Agent”).  Capitalized terms used herein without definition shall have the meanings assigned in the Agreement.  

WHEREAS, pursuant to Section 27 of the Agreement, the Company and the Rights Agent may, for so long as the Rights are redeemable, from time to time, change or supplement the provisions under the Rights Agreement as the Company may deem necessary or desirable, without the approval of any holders of the Rights; 

WHEREAS, as of the date hereof, a Flip-In Event has not occurred and, as such, the Rights are presently redeemable;

WHEREAS, the Company desires to amend the Agreement to extend the final expiration date of the Rights from the Close of Business on March 11, 2020 to the Close of Business on March 11, 2021; and

WHEREAS, pursuant to Section 27 of the Agreement, the Company hereby directs the Rights Agent that the Rights Agreement shall be amended as set forth in this Amendment.

NOW THEREFORE, the Company and the Rights Agent agree to amend the Agreement as follows: 

1.

Section 7(a) of the Agreement is hereby amended and restated in its entirety in to read as follows: 

“Except as otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered holder of any Right Certificate (other than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to Section 24 hereof) may, subject to Section 11(a)(ii) hereof and except as otherwise provided herein, exercise the Rights evidenced thereby in whole or in part upon surrender of the Right Certificate, with the form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the office or agency of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price with respect to the total number of shares of Common Stock (or other securities, cash or other assets, as the case may be) as to which the Rights are exercised, at any time which is both after the Distribution Date and prior to the time (the “Expiration Date”) that is the earliest of (i) the Close of Business on March 11, 2021, (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”), (iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in Sections 1(d)(ii)(A)(z) and 13(f) at 

 

which time the Rights are terminated, or (iv) the time at which such Rights are exchanged as provided in Section 24 hereof.”

2.  “The Form of Rights Certificate attached as Exhibit A to the Agreement and the Summary of Rights to Purchase Shares of Common Stock of Heat Biologics, Inc. attached as Exhibit B to the Agreement are each amended to replace each reference to “March 11, 2020” contained therein with “March 11, 2021”

3.  This Amendment shall be effective immediately as of the date first written above, and thereafter, all references to the Agreement shall be deemed to be references to the Agreement, as amended hereby. 

4.  All other terms of the Agreement shall remain in full force and effect. 

5. The undersigned officer of the Company hereby certifies to the Rights Agent that the amendments to the Agreement set forth in this Amendment are in compliance with Section 27 of the Rights Agreement and the certification contained in this Section 6 shall constitute the certification required by Section 27 of the Agreement.

[Signature page follows]

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written. 

			
	 
	 
	 

	 

	HEAT BIOLOGICS, INC.

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	By:

	/s/ Jeffrey Wolf

	 

	Name: 

	Jeffrey Wolf

	 

	Title: 

	President and Chief Executive Officer

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Rights Agent

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	By:

	/s/ Stacy Aqui

	 

	Name: 

	Stacy Aqui

	 

	Title: 

	Vice PresidentExhibit 4.1

 

Advisors Asset Management, Inc.

18925 Base Camp Road

Monument, Colorado 80132

March 13, 2020

 

Advisors Disciplined Trust 1995

c/o The Bank of New York Mellon, as Trustee

BNY Atlantic Terminal

2 Hanson Place, 12th Floor

Brooklyn, New York 11217

 

Re: Advisors Disciplined Trust 1995 (the “Fund”)

Ladies and Gentlemen:

We have examined
the Registration Statement File No. 333-235794 for the above captioned Fund. We hereby consent to the use in the Registration Statement
of the references to Advisors Asset Management, Inc. as evaluator.

You are hereby authorized
to file a copy of this letter with the Securities and Exchange Commission.

 

	 	Very truly yours,
	 	 
	 	Advisors Asset Management, Inc.
	 	 
	 	 	 
		By	/s/ALEX R. MEITZNER
	 	 	Alex R. Meitzner
	 		Senior Vice PresidentExhibit 4.2

 

Consent of Independent Registered
Public Accounting Firm

We have issued our
report dated March 13, 2020, with respect to the financial statement of Advisors Disciplined Trust 1995 contained in Amendment
No. 1 to the Registration Statement on Form S-6 (File No. 333-235794) and related Prospectus. We consent to the use of the aforementioned
report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption “Experts”.

	 	/s/ GRANT THORNTON LLP

 

Chicago, Illinois

March 13, 2020Exhibit 4.5

 

FINTECH ACQUISITION CORP. III

 

 DESCRIPTION OF SECURITIES

 

The following summary of the material
terms of the securities of FinTech Acquisition Corp. III, a Delaware corporation (“we,” “us,” “our”
or the “Company”), is not intended to be a complete summary of the rights and preferences of such securities and is
subject to and qualified by reference to our amended and restated certificate of incorporation, our amended and restated bylaws
and the warrant agreement, dated November 15, 2018, between the Company and Continental Stock Transfer & Trust Company (the
“Warrant Agreement”), in each case incorporated by reference as exhibits to the Company’s Annual Report on Form
10-K for the year ended December 31, 2019 (the “Report”), and applicable Delaware law, including the Delaware General
Corporation Law, or DGCL. We urge you to read our amended and restated certificate of incorporation, our amended and restated bylaws
and the Warrant Agreement in their entirety for a complete description of the rights and preferences of our securities.

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 85,000,000 shares of Class A common stock, par value $0.0001 per share,
15,000,000 shares of Class B common stock, par value $0.0001 per share, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value.

 

Units

 

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

 

The Class A common stock and warrants comprising
the units began separate trading on January 7, 2019. Holders have the option to continue to hold units or separate their units
into the component securities. Holders need to have their brokers contact our transfer agent in order to separate the units into
shares of Class A common stock and warrants.

 

Common Stock

 

Class A common stock

 

Holders of record of the Company’s
Class A common stock are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our
Class B common stock have the right to elect all of our directors prior to the consummation of our initial business combination.
On any other matter submitted to a vote of our stockholders, holders of our Class B common stock and holders of our Class A common
stock vote together as a single class, except as required by applicable law or stock exchange rule. These provisions of our amended
and restated certificate of incorporation may only be amended if approved by a majority of at least 90% of our common stock voting
at a stockholder meeting. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by
applicable law or stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required
to approve any such matter voted on by our stockholders (other than the election of directors). Directors are divided into two
classes, each of which will generally serve for a term of two years with only one class elected in each year. There is no cumulative
voting with respect to the election of directors. Our stockholders are entitled to receive ratable dividends when, as and if declared
by the board of directors out of funds legally available therefor.

 

Because our amended and restated certificate
of incorporation authorizes the issuance of up to 100,000,000 shares of common stock, if we were to enter into an initial business
combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of common
stock which we are authorized to issue at the same time as our stockholders vote on the initial business combination.

 

     

     

    

 

We will provide all stockholders with the
opportunity to redeem their shares upon the consummation of our initial business combination, either in connection with a stockholder
meeting called to approve the business combination or by means of a tender offer, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including any amounts representing deferred underwriting commissions
and interest earned on the trust account, less any interest released to us for the payment of taxes, divided by the number of then
outstanding public shares, subject to the limitations described herein and any limitations (including but not limited to cash requirements)
agreed to in connection with the negotiation of terms of a proposed business combination.

 

The initial holders, our officers and directors
and Cantor Fitzgerald have agreed to waive their redemption rights with respect to their shares of Class B common stock and placement
shares, as applicable, (i) in connection with the consummation of a business combination, (ii) in connection with a stockholder
vote to amend our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination by November 20, 2020 and (iii) if we fail to consummate
a business combination by November 20, 2020 or if we liquidate prior to November 20, 2020. The initial holders and our officers
and directors have also agreed to waive their redemption rights with respect to public shares in connection with the consummation
of a business combination and in connection with a stockholder vote to amend our amended and restated certificate of incorporation
to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination by November 20, 2020. However, the initial holders and our officers and directors will be entitled to redemption
rights with respect to any public shares held by them if we fail to consummate a business combination by November 20, 2020. Cantor
Fitzgerald will have the same redemption rights as a public stockholder with respect to any public shares it acquires. To the extent
our initial stockholders or purchasers of placement units transfer any of these securities to certain permitted transferees, such
permitted transferees will agree, as a condition to such transfer, to waive these same redemption rights. Also, our sponsor and
Cantor Fitzgerald purchased an aggregate of 930,000 placement units (830,000 placement units purchased by our sponsor and 100,000
placement units purchased by Cantor Fitzgerald), at the price of $10.00 per unit, in a private placement that occurred simultaneously
with the initial public offering. If we submit our initial business combination to our public stockholders for a vote, our sponsor,
the other initial holders, our officers and our directors, have agreed to vote their respective shares of Class B common stock,
placement shares and any public shares held by them in favor of our initial business combination. Cantor Fitzgerald has not committed
to vote any shares held by them in favor of our initial business combination.

 

The decision as to whether we will seek stockholder
approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be
based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to
seek stockholder approval under the law or stock exchange listing requirement. We currently intend to conduct redemptions pursuant
to a stockholder vote unless stockholder approval is not required by applicable law or stock exchange listing requirement and we
choose to conduct redemptions pursuant to the tender offer rules of the SEC for business or other reasons.

 

If a stockholder vote is not required and
we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated
certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents
with the SEC prior to consummating our initial business combination. Our amended and restated certificate of incorporation requires
these tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, stockholder approval of the transaction
is required by law or Nasdaq, or we decide to obtain stockholder approval for business or other reasons, we will, like many blank
check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of
the outstanding shares of common stock voted are voted in favor of the business combination. A quorum for such meeting will consist
of the holders present in person or by proxy of shares of outstanding capital stock of the Company representing a majority of the
voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting. Our initial stockholders,
officers and directors will count towards this quorum and have agreed to vote any shares of Class B common stock, private placement
shares and any public shares held by them in favor of our initial business combination. These quorum and voting thresholds and
agreements may make it more likely that we will consummate our initial business combination.

 

    2

     

    

 

Assuming our initial business combination
is approved, each public stockholder may elect to redeem his, her or its public shares irrespective of whether he, she or it votes
for or against the proposed transaction, for cash equal to a pro rata share of the aggregate amount then on deposit in the trust
account, including interest but less interest released to us to pay taxes and excluding the deferred underwriting discount.

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to consummate a business combination by November 20, 2020, we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem
the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
any amounts representing interest earned on the trust account, less any interest released to us to pay our franchise and income
taxes and up to $100,000 to pay dissolution expenses, divided by the number of then outstanding public shares, which redemption
will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial holders, our officers
and directors have agreed to waive their redemption rights with respect to any shares of Class B common stock and placement shares
they hold (i) in connection with the consummation of a business combination, (ii) in connection with a stockholder vote to amend
our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our
public shares if we do not complete our initial business combination by November 20, 2020 and (iii) if we fail to consummate a
business combination by November 20, 2020 or if we liquidate prior to November 20, 2020. The initial holders, our officers and
directors have also agreed to waive their redemption rights with respect to public shares in connection with the consummation of
a business combination and in connection with a stockholder vote to amend our amended and restated certificate of incorporation
to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination by November 20, 2020. However, the initial holders, our officers and directors will be entitled to redemption rights
with respect to any public shares held by them if we fail to consummate a business combination or liquidate by November 20, 2020.
Cantor Fitzgerald will have the same redemption rights as a public stockholder with respect to any public shares it acquires.

 

If we liquidate, dissolve or wind up after
our initial business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common
stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to our
common stock, except that upon the consummation of our initial business combination, subject to the limitations described herein,
we will provide our public stockholders with the opportunity to redeem their shares of our Class A common stock for cash equal
to their pro rata share of the aggregate amount then on deposit in the trust account, including any amounts representing interest
earned on the trust account, less any interest released to us to pay our franchise and income taxes and up to $100,000 to pay dissolution
expenses.

 

Class B common stock

 

There are 8,857,500 shares of our Class B
common stock, or founder shares, outstanding. Our sponsor and Cantor Fitzgerald purchased an aggregate of 930,000 placement shares
contained in the placement units (830,000 placement shares purchased by our sponsor and 100,000 placement shares purchased by Cantor
Fitzgerald) in a private placement that occurred simultaneously with the completion of the initial public offering. The founder
shares and placement shares are each identical to the shares of Class A common stock included in the units, and holders of founder
shares or placement shares have the same stockholder rights as public stockholders, except that (i) only holders of the founder
shares have the right to vote on the election of directors prior to our initial business combination; (ii) the founder shares and
placement shares are subject to certain transfer restrictions, and (iii) each holder of founder shares has agreed, and each purchaser
of placement units has agreed, to waive his, her or its redemption rights with respect to his, her or its founder shares and placement
shares, (A) in connection with the consummation of a business combination, (B) in connection with a stockholder vote to amend our
amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public
shares if we do not complete our initial business combination by November 20, 2020, (C) if we fail to consummate our initial business
combination by November 20, 2020 and (D) upon our liquidation prior to November 20, 2020. To the extent holders of founder shares
or purchasers of placement units transfer any of these securities, such transferees will agree, as a condition to such transfer,
to waive these same redemption rights. If we submit our initial business combination to our public stockholders for a vote, our
sponsor and the other initial holders have agreed, and our officers and directors have agreed, to vote their respective founder
shares, placement shares and any public shares held by them in favor of our initial business combination.

 

    3

     

    

 

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

 

With certain limited exceptions, the founder
shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated
with our initial holders, each of whom will be subject to the same transfer restrictions) until the earlier of (i) one year after
the completion of our initial business combination, (ii) the last sale price of our Class A common stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing at least 150 days after our initial business combination, and (iii) the date following
the completion of our initial business combination on which we complete a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of our public stockholders having the right to exchange their shares of common
stock for cash, securities or other property.

 

Preferred Stock

 

Our amended and restated certificate of incorporation
provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors is authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights
and any qualifications, limitations and restrictions, applicable to the shares of each series. Our board of directors is able,
without stockholder approval, to issue preferred stock with voting and other rights that could adversely affect the voting power
and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors
to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. 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. However, if issued prior
to our initial business combination, none of the shares of our preferred stock will have any right to amounts held in the trust
account.

 

Warrants

 

Public Warrants

 

Each whole warrant entitles the registered
holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of 12 months from the closing of the initial public offering or 30 days after the completion
of our initial business combination. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole
number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrantholder.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after
the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

    4

     

    

 

We will not be obligated to deliver any shares
of Class A common stock pursuant to the exercise for cash of a warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants
is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with
respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon
exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed
to be exempt from the registration or qualifications requirements of the securities laws of the state of residence of the registered
holder of the warrants. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock
issuable upon exercise of the public warrants has not been declared effective by the end of 60 business days following the closing
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.

 

We have agreed that as soon as practicable,
but in no event later than 20 business days after the closing of our initial business combination, we will use our reasonable best
efforts to file with the SEC, and within 60 business days following our initial business combination to have declared effective,
a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and
to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as
specified in the Warrant Agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise
of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we will have failed to maintain
an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of
the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock is at the time of any exercise
of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security”
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect,
we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use
our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 

Once the warrants become exercisable, we
may call the warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice
of redemption (the “30-day redemption period”) to each warrant holder; and

 

		●	if, and only if, the reported last sale price of the
Class A common stock (or the closing bid price of our Class A common stock in the event shares of our Class A common stock are
not traded on any specific day) equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period ending
three business days before we send the notice of redemption to the warrant holders.

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

In addition, if we, at any time while the
warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders
of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the
warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption
rights of the holders of Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our Class A common stock if we do not complete
our initial business combination by November 20, 2020, or (e) in connection with the redemption of our public shares upon our failure
to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the
effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of Class A common stock in respect of such event.

 

    6

     

    

 

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

 

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

 

In case of any reclassification or reorganization
of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such
shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than
a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization
of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of
the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the
holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior
to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is
payable in the form of Class A common stock in the successor entity that is listed for trading on a national securities exchange
or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such
event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes
value (as defined in the warrant agreement) of the warrant.

 

The warrants 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 the holders of at least 65% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of public warrants.

 

The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of
the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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

 

    7

     

    

 

Placement Warrants and Loan Warrants

 

Our sponsor and Cantor Fitzgerald purchased
465,000 placement warrants, which are included in the 930,000 placement units (830,000 placement units purchased by our sponsor
and 100,000 placement units purchased by Cantor Fitzgerald) purchased at a price of $10.00 per unit for an aggregate purchase price
of $9.3 million, in a private placement that occurred simultaneously with the completion of the initial public offering. In addition,
working capital loans by our sponsor, members of our management team or any of their respective affiliates or other third parties
may be converted into warrants of the post-business combination entity at a price of $1.00 per warrant (warrants to purchase a
maximum of 1,500,000 whole shares if $1,500,000 is loaned and that amount is converted into warrants). The placement and loan warrants
will be identical to the public warrants, except that, if held by the initial holder or its permitted transferees, as the case
may be, they (a) may be exercised for cash or on a cashless basis; (b) are not subject to being called for redemption and (c) they
(including the Class A common stock issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be
transferred, assigned or sold by the holders until 30 days after the consummation of our initial business combination. In addition,
for as long as the placement warrants are held by Cantor Fitzgerald or its designees or affiliates, they may not be exercised after
November 15, 2023.

 

The placement and loan warrants will become
worthless if we do not consummate our initial business combination.

 

Amendments to our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains requirements and restrictions relating to the initial public offering that will apply to us until the consummation of
our initial business combination. These provisions, which cannot be amended without the approval of holders owning 65% of the issued
and outstanding shares of our common stock, are as follows:

 

		●	if we are unable to consummate our initial business combination
by November 20, 2020, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account, including any amounts representing interest earned on the trust account,
less any interest released to us for the payment of taxes or dissolution expenses, divided by the number of then outstanding public
shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to
receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law;

 

		●	after the completion of the initial public offering and
prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination;

 

		●	although we do not currently intend to enter into a business
combination with a target business that is affiliated with holders of founder shares, our directors or officers, we are not prohibited
from doing so. If we propose to do so, we, or a committee of independent directors, must obtain an opinion from an independent
investment banking firm that is a member of FINRA or an independent accounting firm, and reasonably acceptable to Cantor Fitzgerald,
as representative of the underwriters, that such a business combination is fair to our stockholders from a financial point of
view;

 

		●	if a stockholder vote on our initial business combination
is not required by law or Nasdaq and we do not decide to hold a stockholder vote for business or other reasons, we must offer
to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents
with the SEC prior to consummating our initial business combination which contain substantially the same financial and other information
about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

    8

     

    

 

		●	if our stockholders approve an amendment to our amended
and restated certificate of incorporation that would affect the substance or timing of our obligation to redeem 100% of our public
shares if we do not complete our business combination by November 20, 2020, we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares;
and

 

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

 

If, however, the effect of any proposed amendment,
if adopted, would be either to (i) reduce the amount in the trust account available to redeeming stockholders to less than $10.00
per share, or (ii) delay the date on which a public stockholder could otherwise redeem shares for such per share amount in the
trust account and, if such amendment is approved by persons holding at least 65% of our outstanding shares of common stock we will
provide a right for dissenting public stockholders to redeem their public shares in the same manner as if we were seeking a stockholder
vote on a business combination, except that the amount on deposit in the trust account for purposes of calculating the per share
redemption price will be determined at the close of business two business days before the meeting date. Our initial holders, executive
officers and directors have agreed to vote any founder shares and public shares they hold in favor of any such amendments that
we may propose and, accordingly, will have no redemption rights in connection therewith.

 

In addition, our amended and restated certificate
of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001 upon consummation of our initial business combination. This notwithstanding, if the effect of
any proposed amendment, if adopted, would be either to (i) reduce the amount in the in the trust account available to redeeming
stockholders to less than $10.00 per public share, or (ii) delay the date on which a public stockholder could otherwise redeem
shares for such per share amount in the trust account, we will provide a right for dissenting public stockholders to redeem public
shares if such an amendment is approved.

 

Certain Anti-Takeover Provisions of Delaware Law

 

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

 

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

 

		●	an affiliate of an interested stockholder; or

 

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

 

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

 

		●	our board of directors approves the transaction that
made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

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

 

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

 

Exclusive Forum Selection

 

Our amended and restated certificate of incorporation
requires, 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 other similar actions may be brought only in the Court of Chancery in the State
of Delaware and, if 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 our Company by providing increased
consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect
of discouraging lawsuits against our directors and officers.

 

 

9

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