Document:

Hennion & Walsh, Inc. 487

Exhibit 4.1

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

240 Greenwich
Street, 22W Floor, New York, NY 10286

 

 

 

April 22, 2021

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

SmartTrust 517 (the “Fund”)

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the Fund, consisting of the unit investment trusts (the “Trusts”) included in
the Registration Statement relating to the Fund. We enclosed a list of the securities to be deposited in the Trusts on the date
hereof. The prices indicated therein reflect our evaluation of such securities as of close of business on April 21, 2021, in accordance
with the valuation method set forth in the applicable Standard Terms and Conditions of Trust and Trust Agreements. We consent to
the reference to The Bank of New York Mellon as the party performing the evaluations of the Trust securities in the Registration
Statement (No. 333-252328) filed with the Securities and Exchange Commission with respect to the registration of the sale of the
Units of the Trusts and to the filing of this consent as an exhibit thereto.

 

Very truly yours,

 

/s/ GERARDO CIPRIANO

Gerardo Cipriano

Vice PresidentHennion & Walsh, Inc. 487

Exhibit 4.3

 

 

Consent of Independent Registered
Public Accounting Firm

We have issued our
report dated April 22, 2021, with respect to the financial statement of SmartTrust 517 contained in Amendment No. 1 to the Registration
Statement on Form S-6 (File No. 333-252328) 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 “Independent Registered Public Accounting
Firm”.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

April 22, 2021Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2020, Mallard
Acquisition Corp. (“we,” “our,” “us” or the “Company”) had the following three
classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
(i) its units, consisting of one share of common stock (as defined below) and one redeemable warrant (as defined below), (the “units”),
(ii) common stock, $0.0001 par value per share (“common stock”), and (iii) its public warrants, with each whole warrant exercisable
to purchase one-half of one share of   common stock for $11.50 per whole share (the “warrants”).

 

Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of common
stock and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the
material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by
reference to, our amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is
incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2020 (the
“Report”) of which this Exhibit 4.5 is a part.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each unit consists of one whole
share of common stock and one redeemable warrant. Each warrant entitles the holder to purchase one-half of one share of common stock
for $11.50 per whole share. Warrants may be exercised only for a whole number of shares. No fractional shares will be issued upon exercise
of the warrants. The common stock and warrants comprising the units trade separately.

 

Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. There is no cumulative voting with respect
to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can
elect all of the 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.

 

We will provide our public
stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days
prior to the consummation of our initial business combination including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described
herein. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive
their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our
business combination.

 

If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender
offer rules, our amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares
of common stock sold in our initial public offering, or 1,650,000 shares, which we refer to as the Excess Shares. However, we would not
be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our business combination.
Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our business combination,
and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination.
And, as a result, such stockholders will continue to hold that number of shares exceeding 1,650,000 and, in order to dispose such shares
would be required to sell their stock in open market transactions, potentially at a loss.

 

     

     

    

 

In the event of a liquidation,
dissolution or winding up of the company after a 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 pre-emptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for cash equal
to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination,
subject to the limitations described in the Report.

 

Redeemable Warrants

 

Each warrant entitles the holder
thereof to purchase one-half of one share of common stock at a price of $11.50 per whole share, subject to adjustment as described
below, at any time commencing on the later of October 29, 2021 or 30 days after the completion of our initial business combination. 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.

 

We will not be obligated to
deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the shares of 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 common stock upon exercise of a warrant unless common stock
issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied
with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value
and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not
effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit
solely for the share of common stock underlying such unit.

 

We have agreed that as soon
as practicable, but in no event later than 15 business days, after the closing of our initial business combination, we will use our reasonable
best efforts to file, and within 60 business days following our initial business combination to have declared effective, a registration
statement for the registration, under the Securities Act, of the shares of common stock issuable upon exercise of the warrants. We will
use our reasonable best efforts to maintain the effectiveness of such registration statement, and a current prospectus relating thereto,
until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our 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, but we will be required to 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 common
stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like)
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.

 

    2

     

    

 

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 will use our best efforts to register or qualify such shares of common stock under the
blue sky laws of the state of residence in those states in which the warrants were offered by us in our initial public offering.

 

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 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 common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the
warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y)
the fair market value. The “fair market value” shall mean the average last reported sale price of the 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 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 4.8% or 9.8% (or such other amount as a holder may specify) of the shares of common
stock outstanding immediately after giving effect to such exercise.

 

The warrants have certain anti-dilution
and adjustments rights upon certain events.

 

The warrants will be issued in registered form
under a warrant agreement between Continental, as warrant agent, and us. You should review a copy of the warrant agreement, which was
filed as an exhibit to the Registration Statement, for a complete description of the terms and conditions applicable to the warrants.
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 a majority of the then outstanding public warrants
to make any change that adversely affects the interests of the registered holders of public warrants.

 

In addition, if (x) we issue
additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our
initial business combination at a Newly Issued Price of less than $9.20 per share of common stock (with such issue price or effective
issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates,
without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for
the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions),
and (z) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be
equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described
above will be adjusted (to the nearest cent) to be equal to 165% of the greater of the Market Value and the Newly Issued Price.

 

    3

     

    

 

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 common stock or any voting rights until they exercise their warrants
and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled
to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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 common stock to be issued to the warrant holder.

 

 

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