Document:

Vertex Energy, Inc. 8-K

 

Exhibit 10.1

 

EXCHANGE
AGREEMENT

 

This
Exchange Agreement (this “Agreement”), dated and effective March 24, 2022 (the “Effective
Date”), is by and between, Vertex Energy, Inc., a Nevada corporation (the “Company”),
and Tensile Capital Partners Master Fund LP, a Cayman Islands exempted limited partnership (“Warrant Holder”),
each a “Party” and collectively the “Parties”.

 

W
I T N E S S E T H:

 

WHEREAS,
the Warrant Holder currently holds warrants to purchase 1,500,000 shares of the common stock, $0.001 par value per share of the
Company (the “Common Stock”), evidenced by Warrant No. T-1, dated July 25, 2019 (the “Warrants”,
and the shares of Common Stock issuable upon exercise thereof, the “Warrant Shares”);

 

WHEREAS,
the Warrant Holder desires to exchange the Warrants for shares of Common Stock, and the Company desires for the Warrant Holder
to exchange the Warrants for shares of Common Stock; and

 

WHEREAS,
the Company and Warrant Holder desire to set forth in writing the terms and conditions of their agreement and understanding concerning
the exchange of the Warrants for shares of Common Stock.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, and
other consideration, which consideration the Parties hereby acknowledge and confirm the sufficiency and receipt of, the Parties
hereto agree as follows:

 

1.            Mutual Representations, Covenants and Warranties of the Parties. Each of the Parties, for themselves and for the benefit
of each of the other Parties hereto, represents, covenants and warranties that:

 

1.1.        Such Party has all requisite power and authority, corporate or otherwise, to execute and deliver this Agreement and to consummate
the transactions contemplated hereby. Assuming the due execution and delivery of this Agreement by the other Parties hereto, this
Agreement constitutes the legal, valid and binding obligation of such Party enforceable against such Party in accordance with
its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ rights generally and general equitable principles;

 

1.2.        The
execution and delivery by such Party and the consummation of the transactions contemplated hereby do not and shall not, by the
lapse of time, the giving of notice or otherwise: (i) constitute a violation of any law; or (ii) constitute a breach of any provision
contained in, or a default under, any governmental approval, any writ, injunction, order, judgment or decree of any governmental
authority or any agreement, contract or understanding to which such Party or its assets are bound or affected; 

 

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
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1.3.        Any individual executing this Agreement on behalf of an entity has authority to act on behalf of such entity, and has been duly
and properly authorized to sign this Agreement on behalf of such entity; and

 

1.4.        All of the Warrants were acquired by the Warrant Holder for cash pursuant to the terms of that certain Subscription Purchase Agreement,
dated July 25, 2019 (the “Subscription Agreement”), and entered into between the Company and the Warrant
Holder, and investment risk associated with the Warrants dates back to the date of such Subscription Agreement.

 

2.            Exchange.

 

2.1.        The Warrants have an exercise price of $2.25 per share (the “Exercise Price”).

 

2.2.        The five-day volume weighted average price of the Company’s Common Stock for the five trading days immediately preceding
the Effective Date is $8.7148 per share (the “VWAP”).

 

2.3.        In
exchange for the Warrants (the “Exchange”), the Warrant Holder shall receive 1,112,728 shares of Common
Stock (the “Exchange Shares”), which number has been computed using the following formula: 

	 	 	 	 	 	 
	 	1,500,000
x (Y - $2.25) 

        X
        = ————————————

        

        Y 
	 	 	 	 

 

	Where:	 	X	=	the
    number of shares of Common Stock to be issued to the Warrant Holder in Exchange for the Warrants, which shall be rounded (either
    up or down, as applicable) to the nearest whole share.
	 	 	 	 
	 	 	Y	=	the
    VWAP.
	 	 	 	 

2.4.        On
or promptly following the Effective Date of this Agreement, the Warrant Holder shall return the original Common Stock Purchase
Warrant representing all of the Warrants (the “Warrant Agreement”) to the Company for cancellation or
an affidavit of lost warrant in connection therewith (as applicable), and the Warrant Holder agrees to take such other actions
and execute such other documents as may be required by the Company or the Company’s Transfer Agent to perfect the cancellation
of the Warrant Agreement and Warrants in connection with the Exchange. 

 

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
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2.5.        Promptly after the receipt and confirmation by the Company of the Warrant Agreement and the cancellation of the Warrants, the
Company shall instruct its Transfer Agent to issue Warrant Holder the Exchange Shares due in connection with the Exchange in book-entry
form, and provide the Warrant Holder reasonable evidence thereof (the “Issuance”).

 

2.6.        Effective as of the Effective Date, the Warrant Holder hereby contributes, transfers, assigns and conveys to the Company all right,
title and interest in and to all of the Warrants and the Warrant Agreement, together with any and all rights, privileges, benefits,
obligations and liabilities appertaining thereto, reserving unto such Warrant Holder no rights or interests therein whatsoever,
to have and to hold the same unto the Company and its heirs, legal representatives, successors and assigns, from and after the
date hereof to its own proper use forever.

 

2.7.        Within two business days of the Issuance, if not before, and subject to the Warrant Holder providing the Company’s legal
counsel a Rule 144 Representation Letter, in customary form (the “Rep Letter”), and such other information
and representations as may be reasonably requested by such legal counsel, and provided that such legal counsel believes that Rule
144 of the Securities Act of 1933, as amended (“Rule 144” and the “Securities Act”)
is available for the sale of such Exchange Shares, provided that the Company has confirmed with its legal counsel that its legal
counsel has no reason to believe that Rule 144 is not available for the sale of such Exchange Shares, the Company shall instruct
its legal counsel to prepare a Rule 144 opinion letter, in its customary form, and to release such Rule 144 opinion letter to
the Company’s Transfer Agent, to allow the Warrant Holder to sell the Exchange Shares pursuant to the requirements of Rule
144.

 

2.8.        The Exchange shall be deemed a transaction exempt from registration pursuant to Section 3(a)(9) of the Securities Act and Section
4(a)(2) and Rule 506 of Regulation D promulgated under the Securities Act.

 

2.9.        The Parties intend that the Exchange be treated as a “reorganization” and this Agreement as a “plan of reorganization,”
each within the meaning of Section 368(a) of the United States Internal Revenue Code of 1986, as amended.

 

3.            Representations, Warranties, Confirmations and Acknowledgements of Warrant Holder. Warrant Holder hereby represents
and warrants to the Company, that:

 

3.1.        The Warrant Holder is the sole record and beneficial owner of the Warrants and has good and marketable title to all of the Warrants,
free and clear of all liens, security interests, claims, charges, equities, pledges, options and encumbrances of any kind, other
than those arising under the Subscription Agreement, the Lock-Up Agreement, the organizational documents of the Company and applicable
securities laws. Warrant Holder has not previously assigned, sold, transferred, encumbered (including, but not limited to, providing
anyone an option or other right to purchase such Warrants) the Warrants;

  

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Tensile Capital Partners Master Fund LP 
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3.2.        Warrant Holder is an “accredited investor”, as such term is defined in Regulation D of the Securities
Act;

 

3.3.        Warrant Holder is familiar with the business and operations of the Company and has been given the opportunity to obtain from the
Company all information that the Warrant Holder has requested regarding its business plans and prospects;

 

3.4.        Warrant Holder will acquire the Exchange Shares for its own account and not with a view to a sale or distribution thereof as that
term is used in Section 2(a)(11) of the Securities Act, in a manner which would require registration under the Securities Act
or any state securities laws;

 

3.5.        Warrant Holder acknowledges that the Exchange Shares have not been registered under the Securities Act, nor registered or qualified
under any state securities laws, and that they are being offered and sold pursuant to an exemption from such registration and
qualification based in part upon such Warrant Holder’s representations contained herein and in the Rep Letter;

 

3.6.        Warrant Holder has such knowledge and experience in financial and business matters that Warrant Holder is capable of evaluating
the merits and risks of the Exchange Shares. Warrant Holder can bear the economic risk of the Exchange Shares, has knowledge and
experience in financial business matters and is capable of bearing and managing the risk of investment in the Exchange Shares.
Warrant Holder recognizes that the Exchange Shares have not been registered under the Securities Act, nor under the securities
laws of any state and, therefore, cannot be resold unless the resale of the Exchange Shares is registered under the Securities
Act or unless an exemption from registration is available. Warrant Holder has carefully considered and has, to the extent Warrant
Holder believes such discussion necessary, discussed with its professional, legal, tax and financial advisors, the suitability
of an investment in the Exchange Shares for its particular tax and financial situation and it and its advisers, if such advisors
were deemed necessary, have determined that the Exchange Shares are a suitable investment for it. Warrant Holder confirms that
it has not been offered the Exchange Shares by any form of general solicitation or advertising;

  

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
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3.7.        Warrant Holder understands and acknowledges that each certificate or instrument representing the Exchange Shares will be endorsed
with the following legend (or a substantially similar legend), unless or until registered under the Securities Act, or unless
an exemption from registration exists in connection therewith (provided that such legend shall promptly be removed in connection
with a proposed sale of such Exchange Shares pursuant to Rule 144 in connection with the terms of the legal opinion described
above or issued without such legend, subject to Rule 144):

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

3.8.        Prior
to the Warrant Holder’s entry into this Agreement, Warrant Holder has had an opportunity to review, and has in fact reviewed,
(i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2021; and (ii) the Company’s current
reports on Form 8-K and Form 10-Qs as filed with the SEC (which filings can be accessed by going to https://www.sec.gov/edgar/searchedgar/companysearch.html,
typing “Vertex Energy” in the “Company and Person Lookup” field, and clicking
the “Search” button), from January 1, 2021, to the Effective Date, in each case (i) through (ii), including
the audited and unaudited financial statements, description of business, risk factors, results of operations, certain transactions
and related business disclosures described therein (collectively the “Disclosure Documents”) and an
independent investigation made by it of the Company. Warrant Holder acknowledges that due to its receipt of and review of the
information described above, it has received similar information as would be included in a Registration Statement filed under
the Securities Act;

 

3.9.        Including the Exchange Shares, the Warrant Holder beneficially owns, as such term is defined and interpreted under the Securities
Exchange Act of 1934, as amended, less than 5% of the Company’s outstanding Common Stock (when taking into account the issuance
of the Exchange Shares), and such issuance of the Exchange Shares will further not result in the Warrant Holder exceeding the
Beneficial Ownership Limitation set forth in, and defined in, the Warrant Agreement;

 

3.10.      The Warrant Holder is not, and has not been, for at least the last 90 days, an “affiliate” of the Company,
as described and defined in Rule 144 of the Securities Act;

 

3.11.      Warrant Holder acknowledges that it is a sophisticated investor capable of assessing and assuming investment risks with respect
to securities, including securities such as the Exchange Shares, and further acknowledges that the Company is entering into this
Agreement with Warrant Holder in reliance on this acknowledgment and with Warrant Holder’s understanding, acknowledgment
and agreement that the Company is privy to material non-public information regarding the Company (collectively, the “Non-Public
Information”), which Non- Public Information may be material to a reasonable investor, such as Warrant Holder, when
making investment disposition decisions, including the decision to enter into this Agreement, and Warrant Holder’s decision
to enter into the Agreement is being made with full recognition and acknowledgment that the Company is privy to the Non-Public
Information, irrespective of whether such Non-Public Information has been provided to Warrant Holder. Warrant Holder hereby waives
any claim, or potential claim, it has or may have against the Company relating to the Company’s possession of Non-Public
Information. The Warrant Holder has specifically requested that the Company not provide it with any Non-Public Information. The
Warrant Holder understands and acknowledges that the Company would not enter into this Agreement in the absence of the representations
and warranties set forth in this paragraph, and that these representations and warranties are a fundamental inducement to the
Company in entering into this Agreement;

  

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
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3.12.      The Warrant Holder acknowledges that the Exchange of the Warrants for the Exchange Shares may involve tax consequences to the
Warrant Holder and that the contents of this Agreement do not contain tax advice. Warrant Holder acknowledges that it has not
relied and will not rely upon the Company with respect to any tax consequences related to the exchange of such Warrant Holder’s
Warrants. The Warrant Holder assumes full responsibility for all such consequences and for the preparation and filing of any tax
returns and elections which may or must be filed in connection with such Warrants;

 

3.13.      The Warrant Holder agrees not to directly or indirectly purchase, sell make any short sale of, loan grant any option for the purchase
of, or otherwise transfer or dispose of the Company’s Common Stock (or other securities, warrants, or other forms of convertible
securities outstanding or other rights to acquire such securities) until the Company has filed an 8-K with the Securities Exchange
Commission announcing this Agreement and the transactions contemplated herein, which the Company shall do no later than the first
business day following the Effective Date;

 

3.14.      Nothing herein shall modify or reduce the restrictions on the resale of Warrant Holder’s Common Stock, including the Exchange
Shares, pursuant to that certain Registration Rights and Lock-Up Agreement between the Company and the Warrant Holder, dated July
25, 2019 (the “Lock-Up Agreement”), as amended to date; and

 

3.15.      The Warrant Holder has not provided any consideration to the Company in connection with the Exchange, other than the Warrants.

  

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
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4.            Representations of the Company.

 

4.1.        The Exchange Shares to be issued by the Company pursuant to this Agreement, when issued in accordance with the provisions hereof,
will be validly issued by the Company, fully paid and nonassessable shares of the Company.

 

4.2.        For the purposes of Rule 144, and as a result of the representations of the Warrant Holder in this Agreement and the Rep Letter,
the Company acknowledges that the holding period of the Exchange Shares by virtue of Section 3(a)(9) and Rule 144(d)(3)(ii) under
the Securities Act will be deemed to have commenced as of July 25, 2019, the date of the original acquisition by the Warrant Holder
of the Warrants purchased pursuant to the Subscription Agreement, and the Company agrees not to take a position contrary to this
Section 4.2. The Company acknowledges that it is not aware of any event reasonably likely to occur that would reasonably
be expected to result in the Exchange Shares becoming ineligible to be resold by the Warrant Holder pursuant to Rule 144.

 

5.            Further Assurances. The Company and Warrant Holder agree that, from time to time, each of them will take such other
action and to execute, acknowledge and deliver such contracts, deeds, representations, confirmations or other documents as may
be reasonably requested and necessary or appropriate to allow for the transactions contemplated herein, including, but no limited
to the Exchange.

 

6.            Entire Agreement. This Agreement sets forth all of the promises, agreements, conditions, understandings, warranties
and representations among the Parties with respect to the transactions contemplated hereby and thereby, and supersedes all prior
agreements, arrangements and understandings between the Parties, whether written, oral or otherwise.

 

7.            Controlling Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada
and applicable laws of the United States of America.

 

8.            Expenses. All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such fees, costs and expenses.

 

9.            Savings Clause. If any provision of this Agreement is prohibited by law or held to be unenforceable, the remaining
provisions hereof shall not be affected, and this Agreement shall continue in full force and effect as if such unenforceable provision
had never constituted a part hereof, and the unenforceable provision shall be automatically amended so as best to accomplish the
objectives of such unenforceable provision within the limits of applicable law.

 

10.          Review and Construction of Documents. Warrant Holder represents to the Company and the Company represents to Warrant
Holder, that (a) before executing this Agreement, said Party has fully informed itself of the terms, contents, conditions and
effects of this Agreement; (b) said Party has relied solely and completely upon its own judgment in executing this Agreement;
(c) said Party has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before
executing this Agreement; (d) said Party has acted voluntarily and of its own free will in executing this Agreement; and (e) this
Agreement is the result of arm’s length negotiations conducted by and among the Parties and their respective counsel.

  

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
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11.          Specific Performance. Without limiting or waiving in any respect any rights or remedies of any party under this Agreement
now or hereinafter existing at law or in equity or by statute, each of the parties hereto shall be entitled to seek specific performance
of the obligations to be performed by the other in accordance with the provisions of this Agreement.

 

12.          Counterparts and Signatures. This Agreement and any signed agreement or instrument entered into in connection with
this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute
one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif,
..jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be
treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in person. At the request of any party, each other party shall
re execute the original form of this Agreement and deliver such form to all other parties. No party shall raise the use of Electronic
Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through
the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense,
except to the extent such defense relates to lack of authenticity.

 

[Remainder
of page left intentionally blank. Signature page follows.]

 

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
Page 8 of 9 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

 

“Company”

 

	 	Vertex Energy, Inc.	 
	 	 	 	 
	 	By: 	/s/ Benjamin P. Cowart	 
	 	 	 	 
	 	Its: 	CEO	 

 

	 	Printed Name: 	Benjamin P. Cowart	 

 

“Warrant Holder”

 

	 	Tensile Capital Partners Master
    Fund LP 
	 	 	 	 
	 	By: Tensile Capital GP LLC	 
	 	Its: General Partner	 
	 	 	 	 
	 	By:	 /s/
    Douglas J. Dossey	 
	 	Name: Douglas J. Dossey
	 	Title: Manager

  

    Vertex Energy, Inc. – Exchange Agreement
Tensile Capital Partners Master Fund LP 
Page 9 of 9Exhibit 4.4

 

DESCRIPTION OF SECURITIES

 

The following summary of the
material terms of the securities of Pontem Corporation 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 memorandum and articles of association incorporated
by reference as an exhibit to the company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “Report”),
and applicable Cayman Islands law. We urge you to read our amended and restated memorandum and articles of association in their entirety
for a complete description of the rights and preferences our our securities.

 

Certain Terms

 

Unless otherwise stated in this Report, or the context otherwise requires,
references to:

 

	 	●	“Companies Act” are to the Companies Act (as amended) of the Cayman Islands as the same may be amended from time to time;

 

	 	●	“forward purchase agreement” are to the agreement providing for the sale of the forward purchase securities to QVIDTVM Management in a private placement to occur concurrently with the closing of our initial business combination;

 

	 	●	“forward purchase securities” are to the forward purchase shares and forward purchase warrants;

 

	 	●	“forward purchase shares” are to Class A ordinary shares to be issued pursuant to the forward purchase agreement;

 

	 	●	“forward purchase units” are to the units consisting of one forward purchase share and one-third of one forward purchase warrant to be issued pursuant to the forward purchase agreement;

 

	 	●	“forward purchase warrants” are to warrants to purchase Class A ordinary shares to be issued pursuant to the forward purchase agreement;

 

	 	●	“founder shares” are to Class B ordinary shares initially purchased by our sponsor in a private placement prior to this Report and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our initial business combination as described herein;

 

	 	●	“initial shareholders” are to holders of our founder shares prior to our initial public offering;

 

	 	●	“HSM-Invest” are to HSM-Invest, a Switzerland partnership established and controlled by Mr. Muehlhaeuser; HSM-Invest is not a sponsor of the company and has no commercial purpose other than as a holding partnership to share ownership of company securities among Mr. Muehlhaeuser and other members of his family;

  

	 	●	“management” or our “management team” are to our officers and directors;

 

	 	●	“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

 

	 	●	“public shares” are to Class A ordinary shares sold as part
of the units in our initial public offering (whether they were purchased in such offering or thereafter in the open market);

 

	 	●	“public shareholders” are to the holders of our public shares, including our initial shareholders and management team to the extent our initial shareholders and/or members of our management team purchase public shares, provided that each initial shareholder’s and member of our management team’s status as a “public shareholder” will only exist with respect to such public shares;

 

	 	●	“public warrants” are to the warrants sold as part of the units
in our initial public offering (whether they were purchased in such offering or thereafter in the open market);

 

	 	●	“private placement warrants” are to the warrants issued to our sponsor and HSM-Invest in a private placement simultaneously with the closing of our initial public offering;

 

    

    

    

 

	 	●	“QVIDTVM Management” are to QVIDTVM Management LLC, an investment advisor affiliated with our sponsor that has committed capital from family offices, high net worth individuals and an endowment. Our lead director, Mr. Alici, has investment control over such committed capital;

 

	 	●	“sponsor” are to Pontem LLC, a Delaware limited liability company;

 

	 	●	“warrants” are to our public warrants and private placement warrants; and

 

	 	●	“we” “us,” “our,” “company” or “our company” are to Pontem Corporation, a Cayman Islands exempted company.

 

We are a Cayman Islands exempted company (company
number 367095) and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and
the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to
issue 850,000,000 ordinary shares, $0.0001 par value each, including 750,000,000 Class A ordinary shares and 100,000,000 Class B ordinary
shares, as well as 5,000,000 preference shares, $0.0001 par value each. The following description summarizes certain terms of our shares
as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may
not contain all the information that is important to you.

 

Units

 

Each unit consists of one Class A ordinary share
and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of
$11.50 per share, subject to adjustment as described herein. Our units, Class A ordinary shares and warrants are each traded on the
New York Stock Exchange (the “NYSE”) under the symbol “PNTM.U”, “PNTM” and “PNTM WS”
respectively.

 

Our units began trading on January 15, 2021 and our Class A ordinary shares and warrants began trading on March 8,
2021. Holders have the option to continue to hold units or separate their units into the component securities. Holders will need to
have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and warrants. No
fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless a holder
owns at least three units, such holder will not be able to receive or trade a whole warrant.

 

Ordinary Shares

 

Prior to the date of this Report, there were 17,250,000 Class B ordinary
shares outstanding, all of which were held of record by our initial shareholders, so that our initial shareholders own approximately 20%
of our issued and outstanding shares after our initial public offering. 84,000,000 of our ordinary shares are outstanding including:

 

	 	●	69,000,000 Class A ordinary shares; and

 

	 	●	15,000,000 Class B ordinary shares held by our initial shareholders.

 

    2

    

    

 

Ordinary shareholders of record are entitled to one vote for each share
held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote
together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended
and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock
exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted
on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative
vote of at least two-thirds of the shares that are voted at a general meeting of the company, and pursuant to our amended and restated
memorandum and articles of association. Such actions requiring a special resolution include amending our amended and restated memorandum
and articles of association and approving a statutory merger or consolidation with another company.

 

Our board of directors is divided into three
classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year.
There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the
shares voted for the appointment of directors can appoint all of the directors. However, only holders of Class B ordinary shares will
have the right to appoint directors in any general meeting held prior to or in connection with the completion of our initial business
combination, meaning that holders of Class A ordinary shares will not have the right to appoint any directors until after the completion
of our initial business combination. In addition, prior to the closing of an initial business combination, the company by ordinary resolution
of the holders of the Class B ordinary shares may remove a member of the board of directors for any reason.

 

Our shareholders 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 shareholders 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 calculated 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 and on the conditions described herein.
The amount in the trust account is anticipated to be $10.00 per public share. The per share amount we will distribute to investors who
properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters of our initial
public offering. Our sponsor, officers, directors and advisory board members have entered into a letter agreement with us, pursuant to
which they have agreed to waive their redemption rights with respect to their founder shares and public shares in connection with the
completion of our initial business combination. Unlike many special purpose acquisition companies that hold shareholder votes and conduct
proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash
upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is not required by
law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated
memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission
(the “SEC”), and file tender offer documents with the SEC prior to completing our initial business combination. Our amended
and restated memorandum and articles of association require these tender offer documents to contain substantially the same financial and
other information about our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If,
however, a shareholder approval of the transaction is required by law, or we decide to obtain shareholder approval for business or other
reasons, we will, like many special purpose acquisition 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 shareholder approval, we will complete our initial business
combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote of the holders of
the majority of the shares who attend and vote at a general meeting of the company. However, the participation of our sponsor, officers,
directors, advisors or their affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business
combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination.
For purposes of seeking approval of an ordinary resolution, non-votes will have no effect on the approval of our initial business combination
once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’ notice
will be given of any general meeting.

  

    3

    

    

 

If we seek shareholder approval of our initial business combination and
we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and
restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder 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 Excess Shares (as defined in the Report) without our prior consent.
However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against
our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability
to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such
Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess
Shares if we complete our initial business combination. As a result, such shareholders will continue to hold that number of shares exceeding
15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

 

If we seek shareholder approval in connection with
our initial business combination, our sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased
during or after the initial public offering (including in open market and privately-negotiated transactions) in favor of our initial business
combination. As a result, in addition to our initial shareholders’ founder shares, we would need 25,875,001, or 37.5% (assuming
all outstanding shares are voted), or 4,312,501 or 6.25% (assuming only the minimum number of shares representing a quorum are voted),
of the 69,000,000 public shares to be voted in favor of an initial business combination in order to have our initial business combination
approved. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against
the proposed transaction or whether they were a public shareholder on the record date for the general meeting held to approve the proposed
transaction.

 

Pursuant to our amended and restated memorandum
and articles of association, if we are unable to complete our initial business combination within 24 months from the closing of the initial
public offering, 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 interest earned on the funds held in the trust account (less taxes payable and up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject
to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands
law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. Our sponsor, officers, directors
and advisory board members have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating
distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within
24 months from the closing of the initial public offering. However, if our sponsor, management team or advisory board members acquire
public shares in or after the initial public offering, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time period.

 

In the event of a liquidation, dissolution or
winding up of the company after a business combination, our shareholders 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 shares, if any, having preference
over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash
at a per share price 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 taxes, divided by the number of then outstanding public shares, upon the
completion of our initial business combination, subject to the limitations and on the conditions described herein.

 

    4

    

    

 

Founder Shares

 

The founder shares are designated as Class B ordinary shares and, except
as described below, are identical to the Class A ordinary shares, and holders of founder shares have the same shareholder rights as public
shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below; (ii)
the founder shares are entitled to registration rights; (iii) our sponsor, officers, directors and advisory board members have entered
into a letter agreement with us, pursuant to which they have agreed to (A) waive their redemption rights with respect to their founder
shares and public shares in connection with the completion of our initial business combination, (B) waive their redemption rights with
respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated
memorandum and articles of association (1) to modify the substance or timing of our obligation to allow redemption in connection with
our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination within
24 months from the closing of the initial public offering or (2) with respect to any other material provisions relating to shareholders’
rights or pre-initial business combination activity, (C) waive their rights to liquidating distributions from the trust account with respect
to their founder shares if we fail to complete our initial business combination within 24 months from the closing of the initial public
offering, although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold
if we fail to complete our initial business combination within such time period and (D) vote any founder shares held by them and any public
shares purchased during or after the initial public offering (including in open market and privately-negotiated transactions) in favor
of our initial business combination; (iv) the founder shares are automatically convertible into Class A ordinary shares concurrently with
or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment as described
herein and in our amended and restated memorandum and articles of association; and (v) only holders of Class B ordinary shares will have
the right to appoint directors in any general meeting held prior to or in connection with the completion of our initial business combination.

 

The founder shares will automatically convert
into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination on a one-for-one
basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject
to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or
deemed issuable upon conversion of all founder shares will equal, in the aggregate, 20% of the total number of ordinary shares issued
in connection with our initial business combination, the number of Class A ordinary shares outstanding after such conversion, including
the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the company in connection with or in relation to the consummation of the initial business combination,
excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued,
or to be issued, to any seller in the initial business combination, any private placement warrants issued to our sponsor, officers or
directors upon conversion of working capital loans and the forward purchase securities; provided that such conversion of founder shares
will never occur on a less than one-for-one basis.

 

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 sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier of (A) three years after the completion of our initial
business combination or earlier if, subsequent to our initial business combination, the closing price of the Class A ordinary shares equals
or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least one year after our initial business combination, and (B)
the date following the completion of our initial business combination on which we complete a liquidation, merger, share exchange or other
similar transaction that results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property.

 

The holders of Class B ordinary shares will be the only shareholders of
the company that will have the right to appoint or remove directors of the company prior to or in connection with the completion of our
initial business combination. Holders of our public shares will not be entitled to vote on the appointment of directors during such time.
The provisions of our amended and restated memorandum and articles of association relating to the rights of holders of Class B ordinary
shares to appoint directors may be amended by a special resolution passed by a majority of at least 90% of our shares voting in a general
meeting. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business
combination, except as required by law or pursuant to our amended and restated memorandum and articles of association, holders of the
founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote.

 

    5

    

    

 

Register of Members

 

Under Cayman Islands law, we must keep a register
of members and there will be entered therein:

 

	 	●	the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of the shares of each member;

 

	 	●	the date on which the name of any person was entered on the register as a member; and

 

	 	●	the date on which any person ceased to be a member.

 

Under Cayman Islands law, the register of members of our company is prima
facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred to
above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal
title to the shares as set against its name in the register of members. However, there are certain limited circumstances where an application
may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further,
the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers
that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register
of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman
Islands court.

 

Preference shares

 

Our amended and restated memorandum and articles
of association authorize 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more
series. Our board of directors will be 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 thereof, applicable to the shares of each series.
Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could
adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability
of our board of directors to issue preference shares without shareholder 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 preference shares outstanding at the date hereof. Although
we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future.

 

Warrants

 

Public Warrants and Forward Purchase Warrants

 

Each whole warrant entitles the registered holder to purchase one Class
A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one
year from the closing of the initial public offering and 30 days after the completion of our initial business combination; provided in
each case that we have an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or
we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such
shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only
a whole warrant may be exercised at a 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 a holder owns at least three units, such holder 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.

 

    6

    

    

 

We will not be obligated to deliver any
Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares 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 a Class A ordinary share upon exercise of a warrant unless the Class A ordinary
share 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 Class A ordinary share underlying such unit.

 

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 best efforts to file with
the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise
of the warrants. We will use our best efforts to cause the same to become effective and 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. If a registration statement covering the Class A ordinary shares 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 ordinary shares are at the time of any exercise of a warrant not listed on
a national securities exchange such that they satisfy 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.

 

Redemption of warrants when the price per Class
A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except as
described herein with respect to the private placement warrants):

 

	 	●	in whole and not in part;

 

	 	●	at a price of $0.01 per warrant;

 

	 	●	upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

 

	 	●	if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Anti-Dilution Adjustments”) 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 his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall
below the $18.00 redemption trigger price (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

Redemption of warrants when the price per Class
A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except as
described herein with respect to the private placement warrants):

 

	 	●	in whole and not in part;

 

	 	●	at a price of $0.10 per warrant;

 

	 	●	upon a minimum of 30 days’ prior written notice of redemption;

 

    7

    

    

 

	 	●	if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Anti-Dilution Adjustments”) for any 20 trading days within the 30 trading-day period ending three trading days before we send the notice of redemption to the warrant holders;

 

	 	●	if the closing price of the Class A ordinary shares for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Anti-Dilution Adjustments”), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above; and

 

	 	●	provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” (as defined below) of our Class A ordinary shares except as otherwise described below;

Beginning on the date the notice of redemption
is given and until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers
in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares
on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per
warrant), determined for these purposes based on the volume-weighted average price of our Class A ordinary shares during the 10 trading
days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that
the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide
our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends.

 

Pursuant to the warrant agreement, references
above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have
been converted or for which they have been exchanged in the event we are not the surviving company in our initial business combination.

 

The share prices set forth in the column headings
of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price
of a warrant is adjusted as set forth under the heading “— Anti-Dilution Adjustments” below. If the number of shares
issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant
immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so
adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable
upon exercise of a warrant. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph
under the heading “— Anti-Dilution Adjustments” below, the adjusted share prices in the column headings will equal the
unadjusted share prices multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price
as set forth under the heading “— Anti-Dilution Adjustments” and the denominator of which is $10.00 and (b) in the case
of an adjustment pursuant to the second paragraph under the heading “— Anti-Dilution Adjustments” below, the adjusted
share prices in the column headings will equal the unadjusted share prices less the decrease in the exercise price of a warrant pursuant
to such exercise price adjustment.

 

    8

    

    

 

	
    

    Redemption Date
	 	Fair Market Value of Class A Ordinary Shares	 
	(period to expiration of warrants)	 	<$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	>$18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The exact fair market value and redemption date
may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption
date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will
be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and
the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted
average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption
is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants,
holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each
whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted
average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption
is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants,
holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each
whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than
0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of
the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption
feature, since they will not be exercisable for any Class A ordinary shares.

 

This redemption feature differs from the typical warrant redemption features
used in many other blank check company offerings, which typically only provide for a redemption of warrants for cash (other than the private
placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time. This
redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading
at or above $10.00 per public share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise
price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the
warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of warrants when the price per
Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant
to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility
input as of the date of the prospectus relating to our initial public offering. This redemption right provides us with an additional mechanism
by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no
longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant
holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we
determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best
interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

 

    9

    

    

 

As stated above, we can redeem the warrants when
the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide
certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their
warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares
are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary
shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such
Class A ordinary shares were trading at a price higher than the exercise price of $11.50.

 

No fractional Class A ordinary shares will be
issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to
the nearest whole number the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants
are exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the
surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants
become exercisable for a security other than the Class A ordinary shares, the company (or surviving company) will use its commercially
reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

 

Holder Election to Limit Exercise. 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 4.9% or 9.8% (as specified by the holder) of the Class
A ordinary shares outstanding immediately after giving effect to such exercise.

 

Anti-Dilution Adjustments. If the number
of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a sub-division
of ordinary shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the
number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding
ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary
shares at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to
the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the quotient of (x) the price
per Class A ordinary share paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering is
for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares,
there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or
conversion and (ii) fair market value means the volume weighted average price of Class A ordinary shares as reported during the ten (10)
trading day period ending on the trading day prior to the first date on which the Class A ordinary shares 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 all or substantially all the
holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities 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
ordinary shares in connection with a proposed initial business combination, or (d) 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
Class A ordinary share in respect of such event.

 

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

 

Whenever the number of Class A ordinary shares
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 Class A
ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will
be the number of Class A ordinary shares so purchasable immediately thereafter.

 

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In addition, if (x) we issue additional Class
A ordinary shares or equity-linked securities, other than the forward purchase 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 Class A ordinary share, (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 of our Class A ordinary shares 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 higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger
prices described above under “— Warrants — Redemption of warrants when the price per Class A ordinary share equals or
exceeds $18.00” and “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”
will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00
per share redemption trigger price described above under “— Warrants — Redemption of warrants when the price per Class
A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value
and the Newly Issued Price.

 

In case of any reclassification or reorganization
of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary
shares), 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 issued and outstanding
Class A ordinary shares), 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
Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of Class A ordinary shares 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 ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed
for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the registered holder of the 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 Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants will be 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 for the purpose of (i) curing any
ambiguity or to correct any defective provision or mistake, including to conform the provisions of the warrant agreement to the
description of the terms of the warrants and the warrant agreement set forth in this prospectus, (ii) adjusting the provisions
relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or
changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant
agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of
the warrants; provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make
any change that adversely affects the interests of the registered holders of public warrants, and, solely with respect to any
amendment to the terms of the private placement warrants, 50% of the then outstanding private placement warrants. You should review
a copy of the warrant agreement for a complete description of the terms and conditions applicable to the 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 ordinary shares and any voting rights until they exercise their warrants and receive
Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to
one vote for each share held of record on all matters to be voted on by shareholders.

 

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We have agreed that, subject to applicable law, any action, proceeding
or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction,
which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities
Act but does not apply to claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any claim
for which the federal district courts of the United States of America are the sole and exclusive forum.

 

Private Placement Warrants

 

The private placement warrants (including the Class A ordinary shares issuable
upon exercise of such warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business
combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated with our sponsor)
and they will not be redeemable by us so long as they are held by our sponsor, HSM-Invest, members of our sponsor or their permitted transferees,
except as described above under “— Warrants — Redemption of warrants when the price per Class A ordinary share equals
or exceeds $10.00.” The sponsor, HSM-Invest or their permitted transferees, have the option to exercise the private placement warrants
on a cashless basis. Except as described below, the private placement warrants have terms and provisions that are identical to the public
warrants. If the private placement warrants are held by holders other than the sponsor or its permitted transferees, the private placement
warrants will be redeemable by us and exercisable by the holders on the same basis as the public warrants.

 

Except as described above under “— Warrants — Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00,” if holders of the private placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class
A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants,
multiplied by the excess of the “fair market value” of our Class A ordinary shares (defined below) over the exercise price
of the warrants by (y) the fair market value. The “fair market value” will mean the average reported closing price of the
Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise
is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they
are held by the sponsor, HSM-Invest or their permitted transferees is because it is not known at this time whether they will be affiliated
with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will
be significantly limited. We have policies in place that prohibit insiders from selling our securities except during specific periods
of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities
if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could exercise their warrants
and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise,
the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise
such warrants on a cashless basis is appropriate.

 

Dividends

 

We have not paid any cash dividends on our ordinary
shares to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of a business combination. The payment of any cash dividends subsequent to a business combination will be within the discretion
of our board of directors at such time. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary shares and
warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer
& Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and
employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for
any liability due to any gross negligence or intentional misconduct of the indemnified person or entity. Continental Stock Transfer &
Trust Company has agreed that it has no right of set-off or any right, title, interest or claim of any kind to, or to any monies in, the
trust account, and has irrevocably waived any right, title, interest or claim of any kind to, or to any monies in, the trust account that
it may have now or in the future. Accordingly, any indemnification provided will only be able to be satisfied, or a claim will only be
able to be pursued, solely against us and our assets outside the trust account and not against the any monies in the trust account or
interest earned thereon.

 

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Certain Differences in Corporate Law

 

Cayman Islands companies are governed by the Companies
Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable
to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions
of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

 

Mergers and Similar Arrangements. In certain
circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands
exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).

 

Where the merger or consolidation is between two
Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed
information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66
2/3% in value of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if
any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger
between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary
company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court
waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes
certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

 

Where the merger or consolidation involves a foreign
company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company
are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out
below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign
company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of
those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and
remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no
receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign
company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has
been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended
or restricted.

 

Where the surviving company is the Cayman Islands
exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that,
having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able
to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of
the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or
consolidated company (a) consent or approval to the transfer has been obtained, released or waived, (b) the transfer is permitted by and
has been approved in accordance with the constitutional documents of the foreign company, and (c) the laws of the jurisdiction of the
foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger
or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction;
and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

 

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Where the above procedures are adopted, the Companies
Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the
merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must give
his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including
a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote;
(b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must
give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such
notice from the constituent company, give the constituent company a written notice of his intention to dissent including, among other
details, a demand for payment of the fair value of his shares; (d) within seven days following the date of the expiration of the period
set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later,
the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to
purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within
30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and
the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires,
the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and
such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the
fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine
the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be
the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings
until the determination of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances,
for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized
interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company
listed on a national securities exchange or shares of the surviving or consolidated company.

 

Moreover, Cayman Islands law has separate statutory
provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally
be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as
a “scheme of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme
of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate
a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and
creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders
or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that
purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman
Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved,
the court can be expected to approve the arrangement if it satisfies itself that:

 

	 	●	we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;

 

	 	●	the shareholders have been fairly represented at the meeting in question;

 

	 	●	the arrangement is such as a businessman would reasonably approve; and

 

	 	●	the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.”

If a scheme of arrangement or takeover offer (as
described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive
payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders
of United States corporations.

 

Squeeze-out Provisions. When a takeover
offer is made and accepted by holders of 90% of the shares to whom the offer relates is made within four months, the offeror may, within
a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be
made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of the shareholders.

 

Further, transactions similar to a merger, reconstruction
and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital
exchange, asset acquisition or control, or through contractual arrangements, of an operating business.

 

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Shareholders’ Suits. Maples and Calder,
our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman Islands court. Derivative
actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions.
In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our
officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities,
which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing
principle apply in circumstances in which:

 

	 	●	a company is acting, or proposing to act, illegally or beyond the scope of its authority;

 

	 	●	the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or

 

	 	●	those who control the company are perpetrating a “fraud on the minority.”

 

A shareholder may have a direct right of action
against us where the individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement of Civil Liabilities. The Cayman
Islands has a different body of securities laws as compared to the United States and provides less protection to investors. Additionally,
Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

 

We have been advised by Maples and Calder, our
Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts
of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state;
and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions
of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature.
In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the
courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without
retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation
to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty,
inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner,
and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive
or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent
proceedings are being brought elsewhere.

 

Special Considerations for Exempted Companies.
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands
may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary
company except for the exemptions and privileges listed below:

 

	 	●	an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

 

	 	●	an exempted company’s register of members is not open to inspection;

 

	 	●	an exempted company does not have to hold an annual general meeting;

 

	 	●	an exempted company may issue shares with no par value;

 

	 	●	an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

 

	 	●	an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

 

	 	●	an exempted company may register as a limited duration company; and

 

	 	●	an exempted company may register as a segregated portfolio company.

“Limited liability” means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which
a court may be prepared to pierce or lift the corporate veil).

 

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Amended and Restated Memorandum and Articles of Association

 

The Business Combination Article of our amended
and restated memorandum and articles of association contains provisions designed to provide certain rights and protections relating to
the initial public offering that will apply to us until the completion of our initial business combination. These provisions cannot be
amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has
been approved by either (i) at least two-thirds (or any higher threshold specified in a company’s articles of association) of a
company’s shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution
has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous written resolution of all of the
company’s shareholders. Our amended and restated memorandum and articles of association provide that special resolutions must be
approved either by at least two-thirds of our shareholders (i.e., the lowest threshold permissible under Cayman Islands law), or by a
unanimous written resolution of all of our shareholders.

 

Our initial shareholders, who collectively beneficially
own approximately 20% of our ordinary shares (assuming they did not purchase any units in the initial public offering), will participate
in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner
they choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

 

	 	●	if we are unable to complete our initial business combination within 24 months from the closing of the initial public offering, 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 interest earned on the funds held in the trust account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law;

 

	 	●	prior to our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on our initial business combination;

 

	 	●	although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or a valuation or appraisal firm that such a business combination is fair to our company from a financial point of view;

 

	 	●	if a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will 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 completing 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;

 

	 	●	if our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of the initial public offering or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares 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 taxes, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein; and

 

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

 

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In addition, our amended and restated memorandum
and articles of association provide we will not redeem our public shares in an amount that would cause our net tangible assets to be less
than $5,000,001. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may
enter into following consummation of the initial public offering, in order to, among other reasons, satisfy such net tangible assets requirement.

 

The Companies Act permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution. A company’s
articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority
is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum
and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering,
structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these
provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or
waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money Laundering — Cayman Islands

 

If any person in the Cayman Islands knows or suspects
or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved
with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the
course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report
such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020
Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank
of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if
the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach
of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

 

Cayman Islands Data Protection

 

We have certain duties under the Data Protection
Law, 2017 of the Cayman Islands (the “DPL”) based on internationally accepted principles of data privacy.

 

Privacy Notice

 

Introduction

 

This privacy notice puts our shareholders on notice
that through your investment in the company you will provide us with certain personal information which constitutes personal data within
the meaning of the DPL (“personal data”).

 

In the following discussion, the “company”
refers to us and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor Data

 

We will collect, use, disclose, retain and secure
personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course
of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities
of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data
in accordance with the requirements of the DPL, and will apply appropriate technical and organizational information security measures
designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage
to the personal data.

 

In our use of this personal data, we will be characterized
as a “data controller” for the purposes of the DPL, while our affiliates and service providers who may receive this personal
data from us in the conduct of our activities may either act as our “data processors” for the purposes of the DPL or may process
personal information for their own lawful purposes in connection with services provided to us.

 

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We may also obtain personal data from other public
sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected
with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature,
nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account
details, source of funds details and details relating to the shareholder’s investment activity.

 

Who this Affects

 

If you are a natural person, this will affect
you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships)
that provides us with personal data on individuals connected to you for any reason in relation your investment in the company, this will
be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them
of its content.

 

How the Company May Use Your Personal Data

 

The company, as the data controller, may collect,
store and use personal data for lawful purposes, including, in particular:

 

	 	(i)	where this is necessary for the performance of our rights and obligations under any purchase agreements;

 

	 	(ii)	where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

 

	 	(iii)	where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

 

Should we wish to use personal data for
other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

 

Why We May Transfer Your Personal Data

 

In certain circumstances, we may be legally obliged
to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman
Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including
tax authorities.

 

We anticipates disclosing personal data to persons
who provide services to us and their respective affiliates (which may include certain entities located outside the U.S., the Cayman Islands
or the European Economic Area), who will process your personal data on our behalf.

 

The Data Protection Measures We Take

 

Any transfer of personal data by us or our duly
authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPL.

 

We and our duly authorized affiliates and/or delegates
shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful
processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

 

We shall notify you of any personal data breach
that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant
personal data relates.

 

Certain Anti-Takeover Provisions of our Amended and Restated Memorandum
and Articles of Association

 

Our amended and restated memorandum and articles
of association provide that our board of directors are classified into three classes of directors. As a result, in most circumstances,
a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings.

 

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

 

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Securities Eligible for Future Sale

 

We have 69,000,000 ordinary shares outstanding. Of these shares, the Class
A ordinary shares sold in the initial public offering are freely tradable without restriction or further registration under the Securities
Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act.
All of the outstanding 17,250,000 founder shares and all of the outstanding 10,533,333 private placement warrants will be restricted securities
under Rule 144, in that they were issued in private transactions not involving a public offering. Upon the closing of the sale of the
forward purchase shares and forward purchase warrants, all of the 15,000,000 forward purchase shares, 5,000,000 forward purchase warrants
and Class A ordinary shares underlying the forward purchase warrants will be restricted securities under Rule 144.

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially
owned restricted shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person is
not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are
subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports
under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding
the sale.

 

Persons who have beneficially owned restricted
shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding,
a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only
a number of securities that does not exceed the greater of:

 

	 	●	1% of the total number of ordinary shares then outstanding, which will
equal 575,000 shares; or

 

	 	●	the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales by our affiliates under Rule 144 are also
limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

 

Restrictions on the Use of Rule 144 by Shell Companies or Former
Shell Companies

 

Rule 144 is not available for the resale of securities
initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously
a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

 

	 	●	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

	 	●	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

	 	●	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and

 

	 	●	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

As a result, our initial shareholders will be
able to sell their founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after
we have completed our initial business combination.

 

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Registration and Shareholder Rights

 

The holders of the (i) founder shares, which were
issued in a private placement prior to the closing of the initial public offering, (ii) private placement warrants, which were issued
in a private placement simultaneously with the closing of the initial public offering and the Class A ordinary shares underlying such
private placement warrants and (iii) private placement warrants that may be issued upon conversion of working capital loans will have
registration rights to require us to register a sale of any of our securities held by them pursuant to the registration and shareholder
rights agreement signed prior to the effective date of the initial public offering. Pursuant to the registration and shareholder rights
agreement and assuming $1,500,000 of working capital loans are converted into private placement warrants, we will be obligated to register
up to 28,783,333 Class A ordinary shares and 15,000,000 warrants. The number of Class A ordinary shares includes (i) 17,250,000 Class
A ordinary shares to be issued upon conversion of the founder shares, (ii) up to 10,533,333 Class A ordinary shares underlying the private
placement warrants and (iii) up to 1,000,000 Class A ordinary shares underlying the private placement warrants issued upon conversion
of working capital loans. The holders of these securities are entitled to make up to three demands, excluding short form demands, that
we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration
statements filed subsequent to our completion of our initial business combination. We will bear the expenses incurred in connection with
the filing of any such registration statements. Under the registration and shareholder rights agreement, our sponsor, upon consummation of an initial business combination,
will be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities
covered by the registration and shareholder rights agreement.

 

Pursuant to the forward purchase agreement, we
have agreed to use our reasonable best efforts (i) to file within 30 days after the closing of the initial business combination a registration
statement with the SEC for a secondary offering of the forward purchase shares and the forward purchase warrants (and underlying Class
A ordinary shares), (ii) to cause such registration statement to be declared effective promptly thereafter but in no event later than
sixty (60) days after the initial filing, (iii) to maintain the effectiveness of such registration statement until the earliest of (A)
the date on which our sponsor or its assignees cease to hold the securities covered thereby and (B) the date all of the securities covered
thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and (iv) after such registration
statement is declared effective, cause us to conduct firm commitment underwritten offerings, subject to certain limitations. In addition,
the forward purchase agreement provides for “piggy-back” registration rights to the holders of forward purchase securities
to include their securities in other registration statements filed by us.

 

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