Document:

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP 02520T 20 2

AMERICAN COMMUNITY NEWSPAPERS INC.

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO PURCHASE ONE SHARE OF COMMON STOCK

Each Unit (“Unit”) consists of one (1) share of common stock, par value $.0001 per share (“Common Stock”), of American Community Newspapers Inc., a Delaware corporation (the “Company”),
and 
two warrants (the “Warrants”). Each Warrant entities the holder to purchase one (1) share of Common Stock for $5.00 per share (subject to adjustment). Each Warrant will become exercisable on the 
later of (i) the Company’s completion
of a merger, capital stock exchange, asset acquisition or other similar business combination and (ii) June 30, 2006, and will expire unnless exercised before 5:00 
p.m., New York City Time, on June 29, 2009, or earlier upon redemption (the “Expiration
Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not 
transferable separately prior to September 28, 2005, subject to earlier separation in the discretion of EarlyBirdCapital, Inc. The terms of the Warrants
are governed by a Warrant Agreement, dated as of 
June 30, 2005, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and 
provisions
the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 
10004, and are available to any Warrant holder on written request and
without cost. 

This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 

Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 

By

Secretary

CHIEF EXECUTIVE OFFICER

American Community Newspapers Inc.

The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
                        TEN COM
 	
                        –
 	
                        as tenants in common
 	
                         
 	
                        UNIF GIFT MIN ACT– _____________Custodian_____________
 
	
                        TEN ENT
 	
                        –
 	
                        as tenants by the entireties
 	
                         
 	
      (Cust)                               (Minor)

	
                        JT TEN
 	
                        –
 	
                        as joint tenants with right of survivorship
 	
                         
 	
                        under Uniform Gifts to Minors
 
	
                         
 	
                         
 	
                        and not as tenants in common
 	
                         
 	
                        Act _______________________
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        (State)
 

 

Additional Abbreviations may also be used though not in the above list.

 

For value received, _____________________________ hereby sell, assign and transfer unto

 

	
      PLEASE INSERT SOCIAL SECURITY OR OTHER

      IDENTIFYING NUMBER OF ASSIGNEE
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 

 

	
                         
 
	
                        (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
 
	
                         
 
	
                         
 
	
                         
 	
      Units
 
	
                        represented by the within Certificate, and do hereby irrevocably constitute and appoint
 
	
                         
 	
                        Attorney
 
	
                        to transfer the said Units on the books of the within named Company with full power of substitution in the premises.
 
			

Dated ____________________

 

	
                         
 	
                         
 
	
                         
 	
                        Notice:
 	
                        The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
 
	
                        Signature(s) Guaranteed:
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).AMERICAN COMMUNITY NEWSPAPERS INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

COMMON STOCK

SEE REVERSE FOR
CERTAIN DEFINITIONS

CUSIP 02520T 10 3

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.0001 EACH OF THE COMMON STOCK OF

Dated:

SECRETARY

CHIEF EXECUTIVE OFFICER

American Community Newspapers Inc.

The Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject to all the provisions of the Certificate of Incorporation and all amendments thereto and resolutions of the Board of Directors providing for the issue of shares of Preferred Stock (copies of which may be obtained from the secretary of the Corporation), to all of which the holder of this certificate by acceptance hereof assents.

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
                        TEN COM
 	
                        –
 	
                        as tenants in common
 	
                         
 	
                        UNIF GIFT MIN ACT– _____________Custodian_____________
 
	
                        TEN ENT
 	
                        –
 	
                        as tenants by the entireties
 	
                         
 	
      (Cust)                               (Minor)

	
                        JT TEN
 	
                        –
 	
                        as joint tenants with right of survivorship
 	
                         
 	
                        Under Uniform Gifts to Minors
 
	
                         
 	
                         
 	
                        and not as tenants in common
 	
                         
 	
                        Act _______________________
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        (State)
 

 

Additional Abbreviations may also be used though not in the above list.

For value received, _____________________________ hereby sell, assign and transfer unto

 

	
      PLEASE INSERT SOCIAL SECURITY OR OTHER

      IDENTIFYING NUMBER OF ASSIGNEE
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 

 

	
                         
 
	
                        (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
 
	
                         
 
	
                         
 
	
                         
 	
      shares
 
	
                        of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
 
	
                         
 	
                        Attorney
 
	
                        to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.
 
			

Dated ____________________

 

	
                         
 	
                         
 
	
                         
 	
                        Notice:
 	
                        The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
 
	
                        Signature(s) Guaranteed:
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN, ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).
 	
                         
 	
                         
 

 

The holder of this certificate shall be entitled to receive funds from the trust fund only in the event of the Company’s liquidation upon failure to consummate a business combination or if the holder seeks to concert his respective shares into cash upon a business combination which he voted against and which is actually completed by the Company. In no other circumstances shall the holder have any right or interest of any kind in or to the trust fund.

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